alex.moskalyuk

CitiBank decided to go with the direct model and compete heads-to-heads with Emigrant Direct, ING Direct and HSBC Direct. CitiBank Direct offers 4.50% APY FDIC-insured savings accounts for those who already have Citibank EZ Checking, Citibank Account, Citibank Everything Counts Account or CitiGold Account. That’s right, the new deal is not for everyone, and if you weren’t happy with Citibank customer services or practices before, you cannot get online savings account from, CitiBank Direct. Meanwhile the Federal Reserve rate reached 4.75% yesterday, and with HSBC’s 4.80% APY and ING’s 4.75% APY on new money it doesn’t look like Citibank is creating much of a competition there. If they really expect money flowing in, they should go above and beyond 4.80% that HSBC Direct is currently running.