I need some information on Citibank e-Savings account.

[Goldmoon1380]

I am trying to decide if I want to open the Citibank e-Savings account. I havent heard that much about them in this boards. I just have a few questions for anybody who has this acct with Citibank. I already have an ING acct so i was wondering if they work the same as ING. Do you need to link it wih your personal checking acct. If you need to take money out how long those it take for the transfer to be completed. Thank you for any info.

 

[SleepyatDVC]

If you already have any accounts with checking with Citibank, you can just open an e-Savings account and link them all together. The rate is currently 5%. Otherwise, you will need to open a Citibank checking on-line at the same time, I think.

Transferring money between my Citibank accounts is easy as pie (which isn't good for some people ) and instantaneous.

I use it as my primary Citibank saving account now. I need to maintain a minimum balance all Citibank to avoid all fees. So, the money I use to keep in my Citibank money market accounts, I now keep in the higher e-Savings.

Hope this helps.

 

[windycitymom]

I have a Citibank e-savings account. In fact, I transferred everyone's (the kids) regular savings account into their own e-savings account too. You don't need a minimum amount in the e-savings account to earn 5%. You can transfer between accounts instantly (but I'm already signed up for online banking - it's so easy and convenient). Their regular savings accounts pay only a paltry 1.25% and the e-savings pay 5 percent.

If you don't mind my asking, why would you want a Citibank e-savings account if you already have a ING account? Does ING pay 5% too?

 

[disneynutt1225]

I LOVE LOVE LOVE my Citibank e-savings account. We already have a checking relationship with them (no fees with direct deposit OR 2 online bill payments per month) so I opened up an e-savings account a couple of months ago. I really love it. The transfers are instantaneous, unlike ING which can take 2-3 days. I closed my ING accounts and am exclusively banking with Citibank for now.

 

[Goldmoon1380]

I have a Citibank e-savings account. In fact, I transferred everyone's (the kids) regular savings account into their own e-savings account too. You don't need a minimum amount in the e-savings account to earn 5%. You can transfer between accounts instantly (but I'm already signed up for online banking - it's so easy and convenient). Their regular savings accounts pay only a paltry 1.25% and the e-savings pay 5 percent.

If you don't mind my asking, why would you want a Citibank e-savings account if you already have a ING account? Does ING pay 5% too?

ING is only paying 4.35% so I am looking to open another account that pays a little higher interest. I though CitiBank e-savings account was a good option since they are well known. After reading the good reviews I think I might go ahead and open the CItiBank e-savings acct. I'm going to need to open the Checking account too. Does anybody knows if they required a minimum balance for the checking account.

 

[LorieR]

ING is only paying 4.35% so I am looking to open another account that pays a little higher interest. I though CitiBank e-savings account was a good option since they are well known. After reading the good reviews I think I might go ahead and open the CItiBank e-savings acct. I'm going to need to open the Checking account too. Does anybody knows if they required a minimum balance for the checking account.

Check out EmigrantDirect - they are offering 5.15% right now. No minimum. I have been with them for 1-1/2 years now and am very happy with them. I also have ING acounts. You don't need to open a checking account with them - I use the same one I have linked for ING. If you search on this board you will find other satisfied Emigrant customers

 

[raven69david]

I'm going to need to open the Checking account too. Does anybody knows if they required a minimum balance for the checking account.

When you are about to open an e-Savings account at Citibank, you will also be prompted to open a checking account. The most popular account is the EZ checking account as it gives you the fee waivers for the monthly service fee and per-check fees with Direct Deposit, 2 online bill payments or by meeting the $1500.00 daily average balance requirement of the account.

 

[webray]

Try capital one money market if you are looking for ease of getting to your money. The rate is better than anyone elses also.

 

[branv]

So you could have any number of savings account opened with a $0.00 balance in them and they'd never be assessed a service fee as long as they are linked to the primary checking account.

So here's a question for you We currently have an e-savings account and two checking accounts through Citibank. DH's father keeps a savings account with his and DH's name on it in case of emergencies (I'm not sure why, but it's something he wants to do) at some local small town bank. We told him about the Citibank esavings account, since his money is just sitting there not working for him. He's very interested in the 5% e-savings account, but doesn't want to open a whole other account to use it, and we don't want to mix his money with our current personal e-savings account.

SO

Are we allowed to have TWO e-savings accounts attached to the same checking account, or are we limited to one per? And can we have his name on just the one savings account or will they try to put his name on all of our accounts?

Thanks

 

[raven69david]

So here's a question for you
Are we allowed to have TWO e-savings accounts attached to the same checking account, or are we limited to one per? And can we have his name on just the one savings account or will they try to put his name on all of our accounts?

Thanks

You can have as many e-Savings accounts as you want, however you will be steered away from opening multiple accounts if you ask customer service. Dunno why, but that's the way it is. You are still free to open as many as you want as it's done online-only without anyone to stop you from doing it.

You can open another e-Savings account and list him as a signer on that specific account only, however you will open yourself up to other problems. Currently there is a technical issue with adding a signer online when the e-Savings account is opened. Due to this technical issue you would need to open an additional e-Savings account as a single signer account (no one else listed), and then add him as a signer either by visiting the bank (if you have one in your area) or you will have to submit the request in writing which will take quite a while.

 

[branv]

Thanks!

 

[cseca]

When you are about to open an e-Savings account at Citibank, you will also be prompted to open a checking account. The most popular account is the EZ checking account as it gives you the fee waivers for the monthly service fee and per-check fees with Direct Deposit, 2 online bill payments ( you can make two $1.00 bill payments to yourself and that would satisfy the requirement) or by meeting the $1500.00 daily average balance requirement of the account. Remember, any one of those 3 options will get you the fee waivers on the checking account. As for the e-Savings account, Citibank will waive the service fees on any savings account linked to your primary checking account. So you could have any number of savings account opened with a $0.00 balance in them and they'd never be assessed a service fee as long as they are linked to the primary checking account.
...

Hi raven69david,
Thanks so much for the info.
I checked the website and where can I find the information above? Regarding the requirements (online bill pay, etc. etc.)?

All I found is this fine print regarding the ez checking and e-savings:

To qualify for Free Citibank® EZ Checking, you must apply online for both a new regular checking and e-Savings Account in the EZ Checking package by 12/31/2006. Your relationship package will then be free of monthly maintenance fees and per-check fees. Charges for other account-related services may apply. All accounts are subject to approval. Offer only available for first-time Citibank checking/deposit account customers, and is valid only once for any individual.

So does this mean to get the 5% I have to have ez checking, regular checking AND e-savings?

Thanks again!

 

[raven69david]

So does this mean to get the 5% I have to have ez checking, regular checking AND e-savings?

Thanks again!

To get the 5% you have to have an open and active checking account. The type of account you maintain is up to you (i.e. regular checking, ez checking, everything counts account checking). It's really that simple.

Here is the link for the e-Savings account: https://web.da-us.citibank.com/cgi-..._detail.jsp?BS_Id=eSavings&BV_UseBVCookie=yes

The requirements are in footnote 1 at the bottom of the page. Here they are verbatim:

"1Citibank EZ Checking is free of monthly maintenance fees and per checks fees with two or more qualifying electronic bill payments from, or a direct deposit to, a Regular checking account during the monthly statement period. Qualifying electronic bill payments are individual or recurring bill payments that you make to a third party; by pre-authorized transfer; using Citibank Online; or using CitiPhone Banking® bill payment service. Staff-assisted bill payments are subject to a monthly maintenance charge of $4.95. Payments you make by check and transfers between linked accounts do not qualify. When the $1,500 minimum balance requirement is not met, your package will be subject to a maintenance fee and a per check fee that are as follows: $.50 per check in CA and NV; in all other markets you get 10 free checks: after that, it's $1 each. There is also a monthly service fee of $7.50 fee in NY, NJ, CT and TX, and $9.50 in all other states."

Footnote #2 provides you with the requirements of earning the 5% (i.e. the e-Savings has to be linked to an open/active checking account).

 

[cseca]

Thanks so much raven69david!
One last question: "... you can make two $1.00 bill payments to yourself and that would satisfy the requirement". Do we have to do this every month to get the free checking? Or we just have to do the bill payments in the first month and that would qualify for the free checking forever?

 

[starwood]

HSBC is 5.05%.

 

[LorieR]

EmigrantDirect is 5.15% and you don't need to open a checking account with them! It works the same way as ING - it gets linked to your existing checking....

 

[raven69david]

Thanks so much raven69david!
One last question: "... you can make two $1.00 bill payments to yourself and that would satisfy the requirement". Do we have to do this every month to get the free checking? Or we just have to do the bill payments in the first month and that would qualify for the free checking forever?

To get the free checking you will need to make the 2 bill payments every month, however if your e-Savings account will have more than $1500.00, then it's really not needed. Remember you get the free checking if you have any one of the following:

1. 2 online bill payments

OR

2. balance requirement is met

OR

3. direct deposit

If you will not have more than $1500.00 in the e-Savings account, then you can either schedule the two bill payments as recurring bill payments or you can have funds direct deposited from your existing payroll department. This is good if you have access to the HR portion of your company via online access. Most company's offer this as a cost saving measure and it's the fasterst/easiest method to manage your payroll and other HR/Payroll related services within your company.