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Citibank joints Internet Banking with 4.5% APY

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    Citibank joints Internet Banking with 4.5% APY

    It's good to see one of the major banks joining the Internet banking rate with competitive rates. So folks who aren't comfortable with not able to see their bank can now get great rates too. However, you need to open the account online.

    #2
    Re: Citibank joints Internet Banking with 4.5% APY

    Competition, gotta love it. I'd like to see Chase come up with something similar.

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      #3
      Re: Citibank joints Internet Banking with 4.5% APY

      Why do you have to open an account on line? That is what is preventing me from opening up a new savings, or money market account.

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        #4
        Re: Citibank joints Internet Banking with 4.5% APY

        Online bank accounts allow banks to reduce personnel and administrative costs. That's why they are able to offer higher interest rates.

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          #5
          Re: Citibank joints Internet Banking with 4.5% APY

          Here's a link to Citibank's offer:
          http://direct.citibank.com/CBOL/06/esavings/default.htm

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            #6
            Re: Citibank joints Internet Banking with 4.5% APY

            FYI - You must have a Checking account relationship with Citi to open the savings...

            "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. Your Citibank e-Savings Account must also appear on the same statement as your checking account. Regular Checking accounts do not earn interest. Fees may apply to the checking account.

            If at any time your e-Savings Account is not statement linked to a checking account in a relationship package listed above, your e-Savings Account will earn interest at the rate paid on the Citibank Day-to-Day savings account."

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              #7
              Re: Citibank joints Internet Banking with 4.5% APY

              Just an FYI:
              For anyone interested in this savings account who doesn't already have a checking account with Citibank: Call 1-866-810-9040 and mention offer code MVR3. This gets you $100 if your account is open for 120 days and you meet the requirements to avoid monthly service fees. You can also get a second $100 for linking an exisiting Citi credit card and tranferring money from your checking account to pay the Citi card. Requirements don't seem to hard to meet: use direct deposit, use bill pay, or keep a minimum balance. The down side is that Citibank does a hard pull on your credit report to open this checking account. I have also heard you will get it with the high interest savings as well. I can confirm a hard pull for checking, but I did not see one for this savings account just a few weeks later. YMMV and of course you'd have to decide if this was right for you before jumping on board.

              I am thrilled since I just opened accounts with Citibank to get the $200. This savings account will certainly make the accounts I just opened more useful to me.

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                #8
                Re: Citibank joints Internet Banking with 4.5% APY

                $1,500.00 minimum combined balance requirement or you will be charged a maintenance fee and per check charge.

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                  #9
                  Re: Citibank joints Internet Banking with 4.5% APY

                  TOO MUCH FINER PRINT - it's scary!!

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                    #10
                    Re: Citibank joints Internet Banking with 4.5% APY

                    So here I sit w/ my multiple ING accounts. Basking in the easiness of it all (But losing out on these bonuses, and the fine health benefits of reading fine print...)

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                      #11
                      Re: Citibank joints Internet Banking with 4.5% APY

                      Thank you, DMONTNGREY!!! I just called Citi and used the MVR3 code and I too will have $200.00 back from Citi. The offer is good til April 24 if anyone else is interested. Also, what is not mentioned, is if you are over 62 all fees are waved so the whole deal is totally free. Awsome.

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                        #12
                        Re: Citibank joints Internet Banking with 4.5% APY

                        I'm glad you were able to jump in on this offer as well! It does take time and patience to get the ball rolling on this, but worth it if you can stick with it. I hear both good and bad things about this bank. I figure I will just decide on my own! So far so good. There aren't any brick and mortar branches near me, so this will be a temporary account for me to park some money in. Part of my master plan to help my mother get debt free and collection agency free!

                        I chose to send $5 per week via direct deposit. I wont miss that from my paycheck and it keeps the accounts fee free. Works for me. To each their own of course.

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                          #13
                          Re: Citibank joints Internet Banking with 4.5% APY

                          All I can say is if their banking service is as good as their rewards credit card, I will be one happy customer. By using my Citi Rewards Card I have gotten $300 dollars back for the last two years even though I pay off my entire card balance each month. I went into the nearest Citi Bank branch here in Los Angeles after speaking with the phone rep, and the manager couldn't have been nicer. Since this is a special promotion with which branch staff are not familiar, she was not able to access the records to check on a minor detail, but her attitude was very kind and helpful. The requirements are a cinch to meet. Thanks again, dmontngrey!

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                            #14
                            Re: Citibank joints Internet Banking with 4.5% APY

                            I'm really happy with the cash rewards I've earned on their credit card as well. Too bad I have to switch cards for a while. All part of that same master plan to free my mom from these debt monsters. I'm currently exploring rewards with 2 other credit cards, one another Citicard. Haven't decided yet which to use. I have a feeling I'll be happy to get back to the original one a year from now!

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                              #15
                              Re: Citibank joints Internet Banking with 4.5% APY

                              At least, dmontngrey, you are sharp enough to realize you can get a second rewards card from Citi once you've reached your cap limit on the first card. The CSR told me many people get up to three cards from Citi so they can keep getting money back when each card is capped. Since it takes me most of the year to reach $300 dollars I opted not to get a second card from Citi.
                              I post this because some one might be as naive as me and think once you've reached your capped limit, you need to use another rewards card from another company. Maybe this will help someone. I hope so.

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