I was debating whether to close my Citi checking accounts (moved over to Dollar Savings Direct, the other EmigrantBank online account) when I saw it.
Fine print on the first page:
1 Annual Percentage Yield (APY) is accurate as of 9/30/2008 and is subject to change without notice. The rate will apply only to accounts opened through citibank.com or by phone, and may change after the account is opened. Fees may reduce earnings.
You must apply online at citibank.com or by phone to open a Citibank® Ultimate Savings Account in one of the following qualifying relationship packages: Citibank® EZ Checking, Citibank Account, Citibank Everything Counts®, or Citigold® Account. Applicant must be a citizen or resident alien of the United States (U.S.) who is at least 18 years old with a valid U.S. taxpayer identification number. All accounts are subject to approval. Deposits are subject to Citibank's standard funds availability schedule.
2 No monthly maintenance fee applies when held as a stand-alone account in the Citibank Account relationship package. Other account charges may apply.
Terms and conditions related to this account are available in the Client Agreement.
Message edited by: pekkle on 2008-09-30 14:04:08 CDT
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
"There is no minimum balance associated with USA and no fees. You can close your USA by calling customer service, sending a message, or visiting your local financial center. Please advise us what you want us to do with the funds. We can transfer them to your checking account(if any) or send the balance to your account address in a check."
1.25% interest rate as of 8/22/09
Message edited by: Zoot on 2009-08-22 12:07:29 CDT
The problem with all Citi bank accounts is that they have a moronic (profit-motivated) $2,000 limitation per day on ACH transfers to external bank accounts. In other words, Citi makes it extremely difficult for you to withdraw your money, and they are very happy to collect interest while you dribble the balance out, $2,000 at a time. (At that, they issue a fraud alert and lock out transfers based on the "suspicious" behavior of making consecutive $2,000 withdrawals. I still haven't gotten the lock lifted, after numerous assurances that it would be.)
Wow this is awesome, prior to now it was 2.26% APY. I have several of these accounts Now I don't feel as bad using them. (I'm assuming the rate will be applied to existing accounts as well.)
Funny thing is the Ultimate Money Account is still at 3%... it used to be that the UMA earned a higher rate than the USA.
ETA: 6 month CD is also now up to 4% APY.
Message edited by: tuffghost on 2008-09-30 14:25:07 CDT
scott1961 said:I just opened with Citi and that problem can be avoided by just having a checking account alsoNo, it can't. Transfers between Citi accounts are fine, but anything out to another bank is the $2,000 dribble.
hpmoon said:scott1961 said:I just opened with Citi and that problem can be avoided by just having a checking account alsoNo, it can't. Transfers between Citi accounts are fine, but anything out to another bank is the $2,000 dribble. So why not just transfer to the checking as much as you want to take out and then write a check?
Has anyone figured out whether this rate applies to people who already have a Citibank Ultimate Savings account (in other words, does it apply automatically to all holders of this account)?
I couldn't figure it out online, and the CSR I spoke to seemed to be not that on top of things.
ohhenry1 said:Has anyone figured out whether this rate applies to people who already have a Citibank Ultimate Savings account (in other words, does it apply automatically to all holders of this account)?
I couldn't figure it out online, and the CSR I spoke to seemed to be not that on top of things.
If anyone figures it out, please let us know.
If not you could always open a new one, link it to your existing accounts, and transfer the money into it. I assume it would apply to existing accounts though.
RE: WHETHER THIS RATE APPLIES TO EXISTING ACCOUNTS
I assume it would apply to existing accounts though.
it should be for existing accounts since this APY is posted on the rates page I just spoke with a different CSR who seemed somewhat knowledgeable and he said that the interest rate on my existing Ultimate Savings Accounts is still 2.25% (or so), and that to get the 3.5% rate, I would have to open up a new account. Frankly, I don't like this level of complexity, etc.. I like the way Emigrant and ING do it, with all holders of the same accounts being subject to the same policies and rates (listed on the front page) regardless of when the account was opened. Clear, simple, straight-up.
If not you could always open a new one, link it to your existing accounts, and transfer the money into it. I am open to jumping through some hoops for rewards, but there's no way to know if they won't just decrease the rate the next day. I don't feel that dealing with a bank should be like dealing with airline tickets, all mysterious and everything . . .
Of course, I hope that the CSR was wrong, and that my existing account will get the new 3.5% rate. If anyone finds out anything more on this issue, please keep us posted.
Message edited by: ohhenry1 on 2008-09-30 14:57:25 CDT
ohhenry1 said:RE: WHETHER THIS RATE APPLIES TO EXISTING ACCOUNTS
I assume it would apply to existing accounts though.
it should be for existing accounts since this APY is posted on the rates page I just spoke with a CSR who seemed somewhat knowledgeable and he said that the interest rate on my existing Ultimate Savings Accounts is still 2.25% (or so), and that to get the 3.5% rate, I would have to open up a new account. Frankly, I don't like this level of complexity, etc.. I like the way Emigrant and ING do it, with all holders of the same accounts being subject to the same policies and rates (listed on the front page) regardless of when the account was opened. Clear, simple, straight-up.
If not you could always open a new one, link it to your existing accounts, and transfer the money into it. I am open to jumping through some hoops for rewards, but there's no way to know if they won't just decrease the rate the next day. I don't feel that dealing with a bank should be like dealing with airline tickets, all mysterious and everything . . .
Of course, I hope that the CSR was wrong, and that my existing account will get the new 3.5% rate. If anyone finds out anything more on this issue, please keep us posted.
I don't see why the 3.5% wouldn't apply to existing accounts...it's not like the 3.5% USA is a promotion or anything. The 3.5% rate is already updated in their rates list.
ohhenry1 said:RE: WHETHER THIS RATE APPLIES TO EXISTING ACCOUNTS
I assume it would apply to existing accounts though.
it should be for existing accounts since this APY is posted on the rates page I just spoke with a different CSR who seemed somewhat knowledgeable and he said that the interest rate on my existing Ultimate Savings Accounts is still 2.25% (or so), and that to get the 3.5% rate, I would have to open up a new account. Frankly, I don't like this level of complexity, etc.. I like the way Emigrant and ING do it, with all holders of the same accounts being subject to the same policies and rates (listed on the front page) regardless of when the account was opened. Clear, simple, straight-up.
If not you could always open a new one, link it to your existing accounts, and transfer the money into it. I am open to jumping through some hoops for rewards, but there's no way to know if they won't just decrease the rate the next day. I don't feel that dealing with a bank should be like dealing with airline tickets, all mysterious and everything . . .
Of course, I hope that the CSR was wrong, and that my existing account will get the new 3.5% rate. If anyone finds out anything more on this issue, please keep us posted.
I would guess the CSR is clueless. Citi changed the APR many times before and everyone got the same APR on the same type of account.
Message edited by: AlexTheMan on 2008-09-30 15:03:50 CDT
ohhenry1 said:Has anyone figured out whether this rate applies to people who already have a Citibank Ultimate Savings account (in other words, does it apply automatically to all holders of this account)?
I couldn't figure it out online, and the CSR I spoke to seemed to be not that on top of things.
This has been USUALLY the case, unless citibank invents a totally new savings account, then everyone inherits the new rate. (higher or lower)
And their phone CSRs are kind of space monkeys.
The worrisome discrepancy now is the Delta between the USA (no annoying prereqs) and the UMA (needs checking and direct deposit/billpay)
I would agree that everyone including existing accounts will get the same new rate. I looked at their web site, and found nowhere mentioned that only new accounts would enjoy the new rate.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Now I don't feel as bad using them. (I'm assuming the rate will be applied to existing accounts as well.)
