Tuesday, April 04, 2006

Citibank is introducing the new e-savings account

As the internet savings account becomes more and more popular, Citibank doesn't want to sit behind any more. Last week it rolled out its own version of e-savings account, trying to attract more new customers and retain more old customers like myself. Most of our fund, which has been sitting in Citibank, has been transferred to other accounts like ING & HSBC. The only reason that keeps me from closing the accounts in Citibank is the widely spread B&M branches and ATMs. So when I heard about this new product from Citibank, I opened this account online immediately.

The opening process was pretty smooth and I got approved instantly. It appeared to be a money market account in the account description though. And one weird thing was that I was unable to add my husband as the co-signer online. According to my experience, I think for the current account owner, it should be a soft credit pull, since I haven't received any alert from my credit monitoring program.

Here is a snapshot of this e-savings account:
1. No minimum balance requirement, 4.50% APY
2. Free real-time transfers between e-savings and checking account.
3. To open an e-savings account, you must have a Citi checking account. Or you must apply for one at the time you apply for your e-savings account. (If you can still find the $200 bonus promotion to open an EZ checking account, that would be a good deal)
4. Transfer money between external accounts & e-savings account via inter institution transfers, which is not free.
Type of Transfer Standard Next Day
Incoming TO Citibank FREE $3
Outgoing FROM Citibank $3 $10

5. you can't write checks
6. it can only be applied for online.

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