Minimum age
18 years
Citi Savings Account
Citi Savings Account pays 0.05% a year on the lowest balance you held in the month, credited monthly. It comes with a debit card and has no cheque book.
At a glance
Key facts
Monthly Fee
AED 25/month below AED 3,000
Annual Rate0.05% interest
Minimum BalanceAED 3,000
The Citi Savings Account is a place to keep money you do not need for daily bills while still being able to reach it at any time. It pays interest every month and comes with a debit card, but not a cheque book. That is how it differs from the Citi Current Account, which has cheques and pays nothing. You can open it in AED or in a major foreign currency, and you manage it through Citibank Online, the Citi Mobile app and CitiPhone banking. It is opened at a Citi branch.
Who can open it
Residency
UAE resident
Fees and balance
The monthly charge uses a different measure from the interest. Citi averages your balance across the month, and when the average is AED 3,000 or more there is no charge. Below that, the fee is AED 25 for the month. Each account is tested on its own, so money sitting in another Citi account does not count towards this one. Citigold and Citigold Private Client customers pay no fee.
Minimum balance
AED 3,000
Monthly fall-below fee
AED 25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceAverage monthly balance of AED 3,000 or more
- Other exemptionsNot charged to Citigold or Citigold Private Client customers
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 25, charged in a month when your average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. It is not charged in a month when you stay at or above that amount. More on this
Interest
How interest works
PayoutMonthly
Calculated onLowest balance in the month
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Which balance counts
- The return is worked out on the lowest balance the account held during the month, so a withdrawal lowers the return for that whole month. More on this
What your money earns here
Held for
1 year
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 5
interest over 1 year
0.05%
a year
interest earned over time
Citi does not use your average balance to work out the interest. It takes the lowest end-of-day balance you had at any point in the month and pays the rate on that figure, then credits the interest to the account monthly. In practice one large withdrawal, even for a single day, lowers the amount that earns for the whole month. Money you add late in the month does not lift that month's interest either, because the earlier, lower balance is the one that counts. US dollar balances in a Citi Savings Account earn no interest.
Benefits
International Debit Card
Reach your savings at ATMs and in shops, with free cash withdrawals at Citibank ATMs worldwide.
Savings in Major Currencies
Open the account in AED or in a major foreign currency.
Online and Phone Banking
Manage the account through Citibank Online, the Citi Mobile app and 24-hour CitiPhone banking.
How to open
Before you apply
1.Minimum balance: AED 3,000.
2.Debit card included.
Application steps
1.Confirm you are a UAE resident and at least 18 years old.
2.Gather your original Emirates ID and a passport copy. A UAE visa copy is needed only when the Emirates ID lacks sponsor details.
3.Take the documents to a Citi branch, where a representative helps you open the account.
4.Choose the currency: AED or a major foreign currency.
5.Once Citi approves the application, expect a confirmation SMS and a welcome letter within one day of opening.
6.Activate the debit card and register for Citibank Online. Monthly e-statements are sent to your registered email.
Good to know
Good option for
You want a savings pot in AED or a foreign currency that you can reach at any time by card or transfer, and your balance stays steady through the month.
Consider another account if
Earning a return is the main goal. At 0.05% a year the interest is small, so compare the savings accounts list, or a Citi Time Deposit for money you can lock away.
Frequently asked questions
Get answers to common questions about the Citi Savings Account