Citibank Online Banking

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Citibank along with a whole bunch of other banks are offering "online" savings account that earn 5% APY...What exactly does that mean and is it a good idea to switch over to one of those accounts? which banks are the best to do this with and which have the best rates?

Best Answer

APY is ?annual percentage yield? which basically is the annual interest rate with compounding included. With most online savings accounts, you don't have to ?switch over? to them. Most online savings accounts will ?link? to your current checking account so you can transfer funds electronically between them. The benefit of this is that you can keep your money earning the high yield in the online savings account and when you need to use the money to write a check or to get cash from an ATM, just make a transfer electronically to the checking account. Some accounts that do this are ING Direct, HSBC Direct, and GMAC. Citibank is one of the few that require you to open a new checking account and online savings account at the same time. The benefit of this is that the transfer between the checking account and savings account are faster than if the two accounts are at different banks. The downside is that the account isn't convenient if you don't live near a Citibank branch or ATM machine. If you want to see a list of available high yield online savings accounts and see what rates they are offering, take a look at http://www.emoneycentral.com

I have been researching online bank savings accounts because of the interest being at 5% per month, I would like to how safe these online banks are. The two I have been considering are fnbodirect.com and direct.citibank.com Any information or knowledge you have on this would be wonderful before I apply. Everything is done online and is connected to your checking or savings account you already have.

Best Answer

I've used ING for years and have no problem with them. It's totally on line and linked to my checking account. I think they're safe as long as you know who you're dealing with. Check the banks you are considering out and make sure they are legitimate banks. Both of the ones you mentioned are so I don't think you'll have a problem.

I want to put 50K in a online account, I have no citibanks near me, and i can link my Bank of America account to it......is it safe?

Best Answer

You'll be fine. I bank with Citibank and go through them if I need banking services of any kind beyond the basis checking/ savings.

Can Citibank Creditcard bill pay with online cheking account trasnfer? Also if i closed a credit bank how much point i can expect to be lose and about how long to get balance back? also if get a new credit card if i got one aleadt but getting another one would be hurt my credit score and will it balance back credit soon? i know is tought question best answr can u 10 points.

Best Answer

Citibank credit cards can definitely be paid online with a transfer from your checking account - I do it every month. I'm sorry, but I'm not sure I understand your other questions. If you close an account, it shouldn't subtract from your credit score. Opening a new one will. I don't know, if you close one but open another, if they'll even out.

hi, i have a funny question, i apply online to citibank and i somehow use a different routing number from where i live and now i am doing direct deposit to the bank and i gave a different routing number as the one on my check book. Does it matters if the routing number is different but the account number is correct i will still get the money from the direct deposits?

Best Answer

Hi. Routing numbers identify a person's bank branch. routing number remains the same throughtout the life of the account irrespective whether u move to another state (may change if your bank merges with another bank). It is the first set of numbers on the bottom of your check. U WILL NOT GET CREDIT IN THE ACCOUNT IF THE ROUTING # IS INCORRECT. if u are regularly writing checks, then the routing # should be the same as on your check. If u are still unsure call customer service of CITI and verify it with them. HOPE IT HELPS