APY depends on Citi plan and account balance

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Citi divides its accounts into the following six “packages”:

• Access account
• Basic banking services
• The Citi Account
• Citi priority
• Citigold
• Citigold Private Client

Each package comes with different benefits. A big advantage of higher tier plans is that you can earn a better savings rate with a higher account balance.

Higher tier accounts also come with a few drawbacks, such as higher monthly service fees and more stringent requirements to waive monthly fees. You can choose to open a corresponding checking account in your plan, or you can just open the savings account.

You may notice that Citi offers two savings account options: the Citi Savings Account and the Citi® Accelerate Savings Account. These accounts have three main differences:

Exceptions to the branch location rule: There are branches in South Dakota and parts of Florida, but you can still open a Citi® Accelerate Savings. Here are the regions of the United States where you can not open a Citi® Accelerate Savings:

• California
• Connecticut
• Parts of Florida
• Illinois
• Maryland
• Nevada
• New Jersey
• new York
• Virginia
• Washington DC
• Porto Rico

However, if you live in these states, you can open a Citi savings account.

We compared the rates on Citi® savings accounts to the rates of two other banks with branches in the same regions: Wells Fargo and Bank of America.

Citi Savings Account vs. Wells Fargo Way2Save Savings

You will earn a higher APY with a Citi Savings Account than with a Wells Fargo Way2Save® Savings Account, regardless of which Citi plan you choose. However, you could end up paying more monthly fees with Citi, depending on which plan you open. A high monthly fee can negate the earnings of a higher rate.

Citi Savings Account vs. Bank of America Advantage Savings

Similar to Citi’s plan system, Bank of America offers different levels of membership that offer higher rates. However, the lowest membership pays only 0.01% APY, and you have the potential to earn more with a higher-level Citi plan than with a higher-level Bank of America account.

Again, Citi’s monthly fee is higher than what Bank of America charges, unless you qualify to waive the fee. High fees could offset what you would earn with a higher rate.