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Citi Accelerate Savings account offers a competitive high-yield APYs provided you live in a state where it's available. It's rare to find a big bank offering high rates like this. The Citi Accelerate Savings account does it without any deposit requirements. Keep reading this Citi Accelerate Savings review to help you decide if one might be right for you.
Rates as
of Oct. 12, 2021
| Offer | Our Score | APY | Best For |
|---|---|---|---|
Citi Accelerate Savings Member, FDIC |
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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. |
APY: 0.50% | Best For: High APY |
Top perks
Competitive APY: The Citi Accelerate Savings account earns an incredible 0.70% APY on all balances. That's much higher than the national average. It's also higher than what you’ll find at most brick-and-mortar banks. You may still 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 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 its 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 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 42 eligible states. Residents in other states can’t open a Citi Accelerate Savings Account. Those people can only use a standard Citi savings account with a maximum rate of 0.15% APY.
Monthly fee: Depending on your account package, you could end up paying a monthly fee. The monthly fee can be avoided with certain behaviors. For example, the Basic Banking package just requires accountholders to make one qualifying deposit and make 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 five 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 700 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 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 Oct. 12, 2021
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 is a great choice. It's also a great place to park your money if you're looking for a full-service bank.
Yes, there are monthly fees attached to some banking packages. But there are enough package options and fee waivers to avoid fees if you want. Don't forget there are no deposit minimums or caps on interest-earning. If you'd rather not jump through so many hoops, though, many online savings accounts also offer high APYs, but with no monthly fees.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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