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If you're already a Citi customer with a checking account or credit card, there's no denying that it'd be convenient to sock away surplus cash by opening a Citi savings account. But beware, as the lure of convenience could turn out to be a terrible financial decision.
That's because Citi's High-Yield Savings Account only pays a competitive interest rate in certain areas of the country, determined by ZIP code. Everywhere else, the rate it pays on savings balances isn't just low—it's essentially nothing.
We looked at where you can earn Citi's 4.10% savings account rate—and where you'd instead be paid just 0.03%. Since we can't search tens of thousands of ZIP codes, we dug into Citi's rate in the country's 50 largest cities, using the most populated ZIP code in each. What we found in those large metropolitan areas is that the 4.10% rate is offered in roughly two-thirds of the cities, while about a third can only get Citi's 0.03% rate.
Whether or not you live in one of the cities listed below, you'll need to check your own ZIP code when opening a Citi savings account. If you can only earn 0.03% where you live, consider where to stash your cash instead. We make that research easy with our daily ranking of the top-paying savings accounts, which currently pay up to 5.50%.
| Availability of Citi's 4.10% High-Yield Savings Account Rate | |||
|---|---|---|---|
| Primary City of 50 Largest Metros | State | Most Populous ZIP Code in Primary City (used for Citi rate search) | Is 4.10% Savings Rate Available? |
| Atlanta | GA | 30349 | Yes |
| Austin | TX | 78745 | Yes |
| Baltimore | MD | 21215 | -- |
| Birmingham | AL | 35242 | Yes |
| Boston | MA | 02128 | Yes |
| Buffalo | NY | 14221 | -- |
| Charlotte | NC | 28269 | Yes |
| Chicago | IL | 60629 | -- |
| Cincinnati | OH | 45238 | Yes |
| Cleveland | OH | 44130 | Yes |
| Columbus | OH | 43228 | Yes |
| Dallas | TX | 75217 | Yes |
| Denver | CO | 80219 | Yes |
| Detroit | MI | 48228 | Yes |
| Fresno | CA | 93722 | -- |
| Grand Rapids | MI | 49504 | Yes |
| Houston | TX | 77084 | Yes |
| Indianapolis | IN | 46227 | Yes |
| Jacksonville | FL | 32210 | Yes |
| Kansas City | MO | 64118 | Yes |
| Las Vegas | NV | 89110 | -- |
| Los Angeles | CA | 90011 | -- |
| Louisville | KY | 40214 | Yes |
| Memphis | TN | 38109 | Yes |
| Miami | FL | 33186 | -- |
| Milwaukee | WI | 53215 | Yes |
| Minneapolis | MN | 55407 | Yes |
| Nashville | TN | 37211 | Yes |
| New York | NY | 10467 | -- |
| Oklahoma City | OK | 73160 | Yes |
| Orlando | FL | 32828 | Yes |
| Philadelphia | PA | 19120 | Yes |
| Phoenix | AZ | 85032 | Yes |
| Pittsburgh | PA | 15237 | Yes |
| Portland | OR | 97229 | Yes |
| Providence | RI | 02909 | Yes |
| Raleigh | NC | 27610 | Yes |
| Richmond | VA | 23223 | -- |
| Riverside | CA | 92503 | -- |
| Sacramento | CA | 95823 | -- |
| Salt Lake City | UT | 84120 | Yes |
| San Antonio | TX | 78245 | Yes |
| San Diego | CA | 92154 | -- |
| San Francisco | CA | 94112 | -- |
| San Jose | CA | 95123 | -- |
| Seattle | WA | 98115 | Yes |
| St. Louis | MO | 63129 | Yes |
| Tampa | FL | 33647 | Yes |
| Virginia Beach | VA | 23464 | -- |
| Washington, D.C. | DC | 20011 | -- |
For savers who can't get the 4.10% rate, Citi does have another offer that might be worth considering. If you can muster an opening balance of $25,000 or more, Citi is offering a three-month promotional savings rate of 4.50%. But to earn that rate, you have to maintain your balance at or above that level. Let it dip below $25,000 and your rate will plunge to 0.03%.
If you're just socking away $25,000 or more in cash and have no problem leaving it there, 4.50% is an acceptable return. But you'll want to move your money after the three-month promo period is over and your rate is downgraded. For instance, if you were to keep your money in the account for a full year, your effective annual percentage yield (APY) would only be 1.17% APY (4.50% for three months, then 0.03% for nine months).
If you want to earn a competitive rate for longer, or want more flexibility on your minimum balance, you're in luck—because we can lead you to a long list of great options paying 5.00% or more.
Every business day, Investopedia tracks over 100 banks and credit unions that offer high-yield savings accounts to customers nationwide. Many of these are online banks or online subsidiaries of brick-and-mortar banks, and they have less well-known names than Citi.
But if depositing your money in one of these smaller institutions feels risky, rest assured that it's safe. FDIC insurance applies equally to all member banks. So, if a smaller online bank you're considering is an FDIC member, your deposits are just as safe at that bank as at an exceptionally large one like Citi. Even the behemoths of Chase, Bank of America, and Wells Fargo carry the exact same deposit protection that smaller FDIC banks do. (The NCUA offers the same kind of protection for credit unions.)
You can earn significantly more by going with one of these smaller players, and you can also avoid the high balance requirements of Citi's top 4.50% rate. For instance, our ranking of the best high-yield savings accounts offers almost 20 choices that pay at least 5.00% and as much as 5.50%. And the majority have ongoing balance requirements of no more than $1,000—with many having no minimum requirement at all.
We update these rankings every business day to give you the best deposit rates available:
Best 3-Month CD Rates
Best 6-Month CD Rates
Best 1-Year CD Rates
Best 18-Month CD Rates
Best 2-Year CD Rates
Best 3-Year CD Rates
Best 4-year CD Rates
Best 5-Year CD Rates
Best High-Yield Savings Accounts
Best Money Market Accounts
Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
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