Citibank still offers an attractive 1.25% APY for its online high yield savings account called Ultimate Savings. This top interest rate can only be enjoyed if consumers will open an account over the internet or apply over the phone.

This savings account does not require one to open a checking account. The website says it also does not collect any fees but the fine print says this will apply if it is taken as a stand-alone account through the Citi EZ Checking account packages. That is not really that clear so it will be best to ask the bank what charges may be deducted when you open the Ultimate Savings account.

When you open the savings account, you get free access to online banking, mobile, and telephone banking. You can also get rewards points if you decide to link it to a Citibank checking account and enroll it to their ThankYou Network.

We have received reports that Citibank does not anymore do a hard credit pull when you apply for an account.

One downside that we heard about this online savings account is the limitation implemented when you are transferring funds. One example of this is the limit imposed on the outbound external transfer set to a max of $2000 per day and $10K every month.

Another Citibank offering is their e-Savings account that earns 1.01% APY. This one requires a checking account. Opening balance requirement is just $100. The 1.01% does not sound so good but with how the market is going today, it is still very competitive.

If you want to know more about the saving options you have with Citibank, you can call their toll free number through 1-800-374-9500.

Citibank is insured with the FDIC through certificate number 7213.