Opening a Citibank savings account costs nothing upfront
Citibank does not charge an opening fee to start a savings account. You can open one online, by phone, or in a branch with no initial deposit required — though Citibank does set a minimum balance threshold once the account is open.
The real cost comes later, in the form of monthly maintenance fees if your balance falls below the required minimum. Understanding what that minimum is, and what happens when you miss it, matters more than the opening itself.
Key Takeaways
- Citibank charges no fee to open a savings account, and you can fund it with any amount — even $1.
- Most Citibank savings accounts require a minimum daily balance of $500 to $2,500 depending on the account type, or you pay a monthly maintenance fee of $4 to $10.
- You can waive the monthly fee by maintaining the minimum balance, setting up direct deposit, or meeting other account requirements that vary by product.
- The account opens when ready online or takes one to two business days if you open in a branch, and you can begin using it right away.
Minimum balance requirements and monthly fees
Citibank's savings accounts come in different tiers, and each has its own minimum balance rule. The most common product is the Citibank Basic Savings account, which requires a $500 minimum daily balance. If your balance drops below $500 on any day of the month, Citibank charges a $4 monthly maintenance fee.
Higher-tier accounts like Citibank Premium Savings require a $2,500 minimum daily balance and charge a $10 monthly fee if you fall short. Some accounts waive the fee if you maintain a linked checking account with Citibank, or if you set up a direct deposit of at least $500 per month.
The fee is charged once per month, usually at the end of the billing cycle. If you dip below the minimum for one day, you still pay the full fee — there is no partial charge or grace period.
How to avoid monthly fees
The simplest way to avoid fees is to keep your balance above the minimum. For a Basic Savings account, that means $500. If you cannot maintain that, look at the fee waiver options Citibank offers for your specific account type.
Direct deposit is the most common waiver. If you have your paycheck or other regular income deposited directly into the account, Citibank often waives the monthly fee regardless of your balance. The deposit amount required varies — some accounts waive at $500 per month, others at $250. Check your account terms or call Citibank to confirm what applies to you.
Linking a checking account can also waive the fee on some savings products. Citibank may waive the savings fee if you maintain a minimum balance in the linked checking account instead, or if you have both accounts open. Again, the exact rules depend on which savings product you choose.
What you need to open an account
Opening online is the fastest route. You will need a valid government-issued ID, your Social Security number, and a current mailing address. Citibank will verify your identity and run a background check through ChexSystems, a banking history database. The account opens when ready, and you can transfer money in right away.
If you open in a branch, bring the same documents plus a debit card or checkbook from another bank to verify your identity. A branch representative can open the account on the spot, though it may take one to two business days for the account to become fully active for online transfers.
You do not need an opening deposit. You can open the account with $0 and fund it later, though remember that if you do not meet the minimum balance requirement, you will pay the monthly fee.
How long the account takes to open
Online applications usually complete in minutes. Citibank will send you a confirmation email with your account number and login details. You can log in to the online portal when ready, though transfers from outside banks may take one to three business days to clear.
In-branch openings are faster for when ready access — you can deposit cash or a check and use the account the same day. However, the account may not be fully set up for online transfers until the next business day.
If you are opening the account to receive a direct deposit, tell your employer or benefits administrator the account number and routing number as soon as you receive them. Direct deposits typically post within one to two pay cycles.
Comparing Citibank savings to other banks
Citibank's minimum balance requirements are higher than many online banks, which often have no minimum at all. Banks like Ally, Marcus, and Discover offer savings accounts with no monthly fees and no minimum balance, though their interest rates may differ from Citibank's.
Traditional banks like Chase and Bank of America also charge monthly fees on savings accounts unless you meet balance or direct deposit requirements. The trade-off is that Citibank has physical branches where you can deposit cash or speak to someone in person, while online-only banks do not.
If you plan to keep a low balance or do not have regular direct deposits, an online bank with no minimum may cost you less over time. If you value branch access or plan to maintain the minimum balance anyway, Citibank's fee structure may not matter.
What happens if you cannot maintain the minimum
If you pay the monthly fee for several months, consider whether the account still makes sense for you. Some people keep a Citibank savings account for branch access but use a no-fee online account for actual savings, transferring money between them as needed.
You can also close the account at any time with no penalty. Citibank will return any remaining balance to you, usually within five to seven business days. There is no early closure fee or waiting period.
If your situation changes and you can meet the minimum balance later, you can reopen an account. Citibank does not penalize you for closing and reopening, though a new background check will run.
Frequently Asked Questions
Can I open a Citibank savings account with no money?
Yes. Citibank does not require an opening deposit. You can open the account with $0 and fund it whenever you want. However, if you do not meet the minimum balance requirement within the first month, you will pay the monthly maintenance fee starting in month two.
What is the interest rate on a Citibank savings account?
Interest rates change frequently and vary by account type and market conditions. Check Citibank's website or call a branch for the current rate on the specific savings product you are interested in. Online banks often offer higher rates than traditional banks like Citibank.
Can I waive the monthly fee with direct deposit?
Most Citibank savings accounts waive the monthly fee if you set up direct deposit of at least $250 to $500 per month, depending on the account. Check your account terms or contact Citibank to confirm the direct deposit amount required for your specific product.
How do I open a Citibank savings account if I do not have a Social Security number?
Citibank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you may not be able to open a standard savings account. Contact a branch to ask about alternatives or accounts for non-citizens.
What if I close my account and reopen it later?
Citibank allows you to close and reopen accounts with no penalty. A new background check will run when you reopen, but there is no fee or waiting period. Your old account number will not be reused.