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Citi Accelerate Savings Account Review: A High APY Rare for a Big Bank

Refreshed Review Updated Dec. 15, 2022
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent.

Usually, you have to turn to an online bank if you want a high-yield savings account. But the Citi Accelerate Savings account offers a surprisingly competitive, high-yield APY with no minimum balance requirements, plus brick-and-mortar branch access. In this review, we’ll go over all the details of the Citi Accelerate Savings account, from its rare perks to its checking account requirement, to help you decide if it’s right for you.

Rates as of Feb. 3, 2023

Citi Accelerate Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
APY
3.40%
Min. To Earn APY
$1
  • Good variety of product offerings
  • High rates for a brick-and-mortar bank
  • Relationship benefits, including sign-up bonuses
  • Rare CD types
  • No minimum deposit
  • All-in-one banking

Top perks

Competitive APY: The Citi Accelerate Savings account earns a competitive APY on all balances. It's higher than what you’ll find at most brick-and-mortar banks. But you might get a higher rate at one of the banks on our best savings accounts list.

No minimum deposit: You can open a Citi Accelerate Savings account no matter how much money you have to invest.

ThankYou Points: Citi Accelerate Savings can also earn ThankYou Points. Just link an eligible Citi checking account enrolled in ThankYou Rewards. You can redeem ThankYou Points for travel, online shopping, statement credits, and more.

Mobile check deposit: You can quickly deposit checks into your account via the Citi mobile app.

All-in-one banking: Few banks can match Citibank's lineup of offerings to handle all of your banking needs in one place. Citi's credit cards offer best-in-class perks in addition to offering an array of banking accounts, personal loans, mortgages, investing, and wealth management services.

What could be improved

Checking requirement: A Citi Accelerate Savings account can't be opened on its own. You must also sign up for a Citi checking account as a part of Citi's account packages.

Access to high-yield savings is limited: The savings account earns great rates, but only if you live in one of the 43 eligible states. Residents in other states can’t open a Citi Accelerate Savings account.

Monthly fee: Depending on your account package, you could end up paying a monthly fee. But the monthly fee can be avoided if you meet certain requirements. For example, the Basic Banking package requires account holders to make one qualifying deposit and one bill payment per statement period, or maintain at least a $1,500 average monthly balance across accounts.

Confusing package structure: With almost too many options, Citibank doesn't make choosing bank accounts easy. There are six banking packages with different account options, monthly fees, and features.

How to access your money

Citi customers can use more than 65,000 fee-free ATMs and hundreds of branches across the U.S. There are also plenty of online options to access your money.

Deposit options

There are several ways to deposit funds into your Citi Accelerate Savings account, including:

  • ATM deposit
  • Local Citi branch
  • Direct deposit
  • Electronic bank transfer
  • Wire transfer
  • Check by mail
  • Mobile deposit

Funds from Citi savings account deposits are typically available immediately if made before cutoff times. Deposits made later are available the next business day.

Withdrawals

You can withdraw money from your Citi Accelerate Savings account using similar methods as deposits:

  • ATM withdrawal
  • Local Citi branch
  • Electronic bank transfer
  • Wire transfer

Depending on your banking package, you may need to leave a minimum amount of funds in your account to avoid paying monthly fees.

Alternatives to consider

A Citi Accelerate Savings account is a solid choice, but it might not be a good fit for everyone. Check out other top picks below to see how they compare.

Rates as of Feb. 3, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Rating image, 4.25 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.25/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY 3.40% 3.50% 3.30%
Min. to earn APY $1 $100 $1
Next Steps

This savings account is right for you if:

If you want a high-yield savings account with the convenience of in-person banking service, a Citi Accelerate Savings account is a great choice. It's also a convenient place to park your money if you're looking for a full-service bank.

Yes, there are monthly fees attached to some of Citi's banking packages. But there are enough options and fee waivers for many people to avoid these charges. Remember, there are no deposit minimums or caps on interest-earning. But if you'd rather not jump through so many hoops, many online savings accounts also offer high APYs with no monthly fees.

Our Banking Expert