Last year, Citibank began offering their eSavings account, an online bank account that offers competitive interest rates but requires a linked checking account that charges fees, reducing the benefit of the interest.
It looks like Citi is now improving these terms with its introduction of a new online-only — you can’t sign up in their brick-and-mortar locations — savings account. It’s called the Citibank Direct Ultimate Savings Account. If you follow that link (not an affiliate), you should see an offer for 4.65% APY (which is higher than eSavings’ current 4.5% APY) as well as a $50 account opening bonus.
In order to obtain the $50 bonus, you have to qualify by meeting all of these requirements:
* You were never a deposit account customer of CitiBank (or of its predecessors).
* The new Citibank Direct account must be opened before June 30, 2007.
* The account must stay open for at least 90 days, at which time you will receive the bonus.
There are no minimums and no fees for the account, and you can access the account with a CitiBank ATM card. You will be able to set up linked accounts at other banks for transfers.
For comparison, FNBO Direct is offering 6.0% APY through November, HSBC Direct is at 5.05% APY, and ING Direct is still lagging behind at 4.5% APY.
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Good deal ($50 bonus), but since Citi does a hard pull I think I will wait until my next AOR.