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Wednesday, March 29, 2006 

Citibank Offers 4.5% e-Savings Account

We have a brick and mortar bank with competitive offer for a high-yield savings account. Citibank just re-introduced its e-Savings Account with the very competitive rate of 4.50% APY. It seems they waited till Fed increased the interest rates. No minimum balance is required but to open a Citibank e-Savings Account you must have or open a checking account, you can choose from Citibank EZ Checking, Citibank Account, Citibank Everything Counts Account or CitiGold Account relationship package. I currently have Citibank EZ Checking account and I see a number of advantage with opening an e-Savings account:
  • You have access to your money via ATM or local Citibank branches in your area. They have quite wide physical branch network, check if there is one near you.
  • *I am assuming* Transferring money from your Citi checking account to savings account will be immediate and will not take days as it does with online savings account.
  • Their website has far better user interface when compared to HSBCdirect, Emigrant Direct and ING.
  • Also if you are doing 0% balance transfers and putting money in a savings account to earn interest for a year or so. Citibank offers some of the best 0% balance transfers offers, it will be much easier to setup minimum monthly payments from your savings account to credit card.
  • If you have any Citi credit card it will qualify towards minimum balance requirement for checking account.

Overall it looks like a good total banking package.