Dedicated to Deposits: Deals, Data, and Discussion

Citibank's 4.5% e-Savings Account

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We have another bank in the high yield savings account game. Citibank just re-introduced its e-Savings Account with the very competitive rate of 4.50% APY. According to this FW thread, Citibank began the e-Savings Account around last May. The rate had been at 3.25% APY when Citibank ended it last October. There must have been some doubt at Citibank whether it was worth it for them to be in this game. Perhaps they now see the popularity of these high yield savings accounts. Hopefully, they'll now make the commitment to be in it for the long term.

Here are some of the important details of the Citibank e-Savings Account:
  • No minimum balance requirements
  • To open a Citibank e-Savings Account you must have or open a checking account in the Citibank EZ Checking, Citibank Account, Citibank Everything Counts Account or CitiGold Account relationship package.
  • You can only open the account online.
  • Your initial deposit can be funded via a transfer from your current bank account, by using your credit card, or by mailing in a check.
  • Once your account is open, you can deposit money into your e-Savings account at a Citibank ATM, by visiting a Financial Associate at a Citibank Financial Center, or by mail. You can also transfer money into your Citibank e-Savings account from an external (non-Citi) account using Citibank’s Inter Institution Transfers.
  • Once your account is open, you can withdraw the available funds in your Checking or e-Savings account using your Citibank ATM/Debit card at thousands of ATMs worldwide. You can transfer your money to an external (non-Citi) account using Citibank’s Inter Institution Transfers service. You can also visit a Citibank Financial Center.

This new e-Savings account is good news for savers. It may not have the best rates, but it adds competition. Credit for this find goes to a commenter who posted on it in the finding deals post. Thanks!

Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
thanks for the posting.
how is the linking to your regular bank compared to ING?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It looks to be very similar. It doesn't seem to say the external account has to be a checking account. This could be one advantage over ING. Also, with this e-Savings account, you have more options for making deposits.

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Comment #3 by Anonymous posted on
Anonymous
But.....Citibanks' Interinstitutional Transfer only allows movement of $2000 at a time...very limited compared to other high yield internet banking accounts.

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Yes, a $2K transfer limit is rather restrictive.

The requirement of a checking account is also an issue since all have requirements to avoid fees.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
For the latest info on Citibank's e-Savings Account as of 6/26/06, refer to this post. The rate is now at 5%.

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