Dedicated to Deposits: Deals, Data, and Discussion

Citibank's e-Savings Account Now 4.75%

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Citibank just increased the yield of their e-Savings Account from 4.50% to 4.75% APY. This is a good sign that Citibank is serious about keeping this savings account competitive. When Citibank relaunched this account last March with a 4.5% APY, it was unclear if this was just a one-time promo rate. Early this month, a Citibank official was quoted by the New York Times saying that "when the Fed increases rates, we will go up as well." I'm glad it to see this was more than just talk. Hopefully, it'll encourage EmigrantDirect, HSBC Direct and others to stay competitive.

Citibank's e-Savings account now joins with Amboy Direct's new Premium Online Savings Account (see post) as the highest yield no-minimum savings account. Even though Citibank doesn't have any minimum balance requirements, it does require a Citibank checking account. Another negative about e-Savings is that it has been reported that Citibank does a hard inquiry when opening this account (see FW thread). There are also some perks like Citibank Thankyou Points (see FW thread), and hopefully, they'll do another checking account bonus program like the $200 bonus program they started last January.

Thanks goes to the commenter who mentioned this news in the finding deals post.


Comments
Comment #1 by Anonymous posted on
Anonymous
4.85% IndyMacBank E-Money Market

http://www.indymacbank.com/Individuals/Banking/page.asp?pSection=pdEMMRate

$1,000 - $9,999.99 4.11% 4.20%
$10,000 - $24,999.99 4.11% 4.20%
$25,000 - $49,999.99 4.74% 4.85%
$50,000 + 4.74% 4.85%

Product Features and Requirements

· Minimum to open is $1000

· Interest is compounded daily and paid or reinvested into the account monthly. Interest tiers feature higher interest for higher balances starting at balances of $1,000. No interest is paid for each day your balance falls below $1,000 during the month.

· Monthly fee is $7 if your balance falls below $1,000 during the month.

· Check writing and Visa Check Card are not available.

· ATM access is available. Indymac Bank® will not charge you a fee for using any ATM.

· You may open this account as a retirement account. Subject to retirement account restrictions.

· Rates guaranteed until 8/31/06.

· New money only.

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Comment #2 by 50 Bucks (anonymous) posted on
50 Bucks
This is a wonderful deal if you combine it with their $200 checking account bonus. I have both and the fast tranfer time between checking and savings is just what I've been looking for. Plus they have locations almost as prevalent as BofA, so convenience is excellent. I'm impressed.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
They should give some significant competition to the others. Like you said, add this high rate to the convenience factor and they're hard to beat.

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Comment #4 by Anonymous posted on
Anonymous
It's 5.0% APY on e-Savings account now.

Same rate avail. from Washington Mutual.

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