You know that high-yield online savings accounts have become mainstream when Citibank offers one. Actually, Citibank, offers three: e-Savings, Ultimate Savings, and Ultimate Money.

The e-Savings Account was Citibank’s first high-yield online savings account. It’s not a stand-alone account, but actually requires customers to have or open a checking account in the Citibank EZ Checking, Citibank Account, Citibank Everything Counts®, or CitiGold® Account relationship package. New checking accounts must be opened at the time of opening the e-Savings Account. The Citibank e-Savings Account must also appear on the same statement as the checking account.

The checking and e-Savings accounts become a relationship package. As long as customers retain the relationship package, it will be free of monthly maintenance charges and per-check fees. If at any time the e-Savings Account is not statement-linked to one of the checking accounts, the e-Savings Account will no longer earn the high yield, but instead will earn interest at the rate then applicable to the Citibank Day-to-Day savings account.

The e-Savings Account has no minimum balance requirement and counts as one of the three products or services required to help you earn ThankYou Points.

Your initial deposit can be funded via a transfer from your current bank account, by using your credit card, or by mailing in a check.

Once your account is open, you can deposit money into your e-Savings account at a Citibank ATM, by visiting a Citibank Financial Center, or by mail. You can also transfer money into your Citibank e-Savings account from an external (non-Citi) account using Citibank’s Inter Institution Transfers.

The e-Savings Account is probably best for those who live near a Citibank branch or ATM machine and who have or intend to use a Citibank checking account. Having a checking and savings account at the same bank makes many things easier such as record keeping, the ability to use on online system for both of your accounts, and faster transfers between the two accounts.