Citibank has a new online savings account called the Ultimate Savings account. (It’s not the ultimate savings account.) It varies from their e-Savings Account noted in my online savings account comparison in the following ways:
- You don’t need a linked checking account; It can stand alone, unlike the e-Savings Account.
- The interest rate is slightly lower, at 4.65% APY instead of 4.75%.
There is no minimum balance and no monthly fees. Citibank is offering a $50 bonus for signing up if have never had any bank accounts with them before. Since you only get one, also consider this $100 bonus for opening a Citi e-Savings + Checking combo with at least $5,000.
Also note that it Citibank usually does perform a hard credit inquiry with account openings (for no good reason). So it may or may not be worth it. I used to have a Citi checking account, so I’m out. Thanks Tanyetta for the tip. Fine print:
$50 Offer is only available for first-time Citibank deposit account customers, and will be paid only once to any individual. Persons who currently have or at any time have had a deposit account at Citibank (or any of its predecessor banks) are not eligible. To qualify for this offer you must apply for and open a new Ultimate Savings Account by 04/30/2007. $50 will be credited to your Ultimate Savings Account within 90 days from the end of the statement period in which your account was opened.