Our quick take: The Citi® Accelerate Savings account currently offers an interest rate that’s more than 10 times higher than the national average, with no minimum balance required to open an account and no cap on the amount of interest you can earn. However, you may be able to get a higher rate with another bank.
Pros:
- The Annual Percentage Yield (APY) is higher than the industry average
- Avoidable monthly service fee
- No account minimums required
- Fee-free withdrawals at more than 70,000 ATMs nationwide
- 24/7 digital access with the Citi app
- Easy funding with online money transfers or the mobile app
Cons:
- Lower APY than competing accounts from smaller banks
- Minimum balance of $500 required to avoid a $4.50 monthly service fee unless you also have a checking account in the Access Account Package
- $2.50 non-Citibank ATM fee applies unless you have a checking account in the Access Account Package or maintain a $500 balance
- Not available in every state or region
Best for: People who want access to physical bank branches and can keep a balance of at least $500 to avoid monthly service fees.
The Citi® Accelerate Savings account: What you need to know
The Citi® Accelerate Savings account is a no-frills high-yield savings account geared toward people who are comfortable using digital tools while still having access to a physical bank branch. This account can be easily opened online in a matter of minutes, and users can monitor their account balance, deposits and other details using Citi online banking tools.
While interest rates go up and down with the market over time, Citi® Accelerate Savings is currently offering more than 10 times the national average interest rate of a 0.40% APY. The 4.35% APY you get with Citi® Accelerate Savings is competitive with many other high-yield savings accounts offering the best rates right now, but lower than many of our favorites.
It’s also a good choice for those looking to quickly access their savings without any fees from nearly anywhere in the US, since Citibank has more than 70,000 ATMs nationwide.
Advantages of the Citi® Accelerate Savings account
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The Citi® Accelerate Savings account comes with several benefits, and it all starts with the fact you can open your account from the comfort of your home. You don’t have to visit a physical bank location to fill out any paperwork, and you only need your name, address, Social Security number and date of birth to open your account online.
This high-yield savings account also comes with the power of Citi online banking, which lets you monitor every detail of your account online or by using the Citi mobile app. The app lets you manage your accounts — even external accounts — in one place using your favorite mobile device, and you can even deposit checks using the app without having to physically submit them in person or via mail if you have a linked Citi checking account.
You also don’t have to worry about the safety of your money with this account. Not only is Citibank a large, national bank, but deposit accounts at the bank are FDIC-insured for up to $250,000 (including principal and accrued interest) per depositor. Citi also advertises that this account has no limits on how much interest you can earn. However, this is a benefit that most high-yield savings accounts offer.
Finally, the Citi® Accelerate Savings account doesn’t require a minimum balance to get started, though you do need to have at least $1 deposited in order to earn the 4.35% APY. There are also no monthly maintenance fees if you either have a checking account in the Citi Access Account Package or maintain an average monthly balance of $500 or more.
Disadvantages of the Citi® Accelerate Savings account
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If you aren’t able to meet the requirements to avoid the monthly maintenance fees, you’ll be charged a monthly service fee of $4.50 and a $2.50 non-Citibank ATM fee. So even with a 4.35% APY, you may not get enough value out of the Citi® Accelerate Savings account if you have to pay that monthly service fee.
On the other hand, if you already have a Citi checking account in the Citi Access Account Package or don’t mind setting one up, then you won’t have to worry about the Citi® Accelerate Savings monthly maintenance fee. Or, if you have a considerable amount in savings to stash away, then maintaining a $500 average monthly balance might not be an issue. But those just starting out with a small amount of savings may want to look for another high-yield savings account that never charges a monthly fee.
Also, while the Citi® Accelerate Savings account is available in most states and regions, there are a small handful of areas where customers won’t be eligible for it. That said, it’s easy to enter your zip code and quickly find out if you’re in an area covered by the account.
Finally, the Citi® Accelerate Savings account has a lower interest rate than many competing accounts from online only bank accounts. We’ll dive into some alternatives in the next section, so make sure that you compare your options before you open a high-yield savings account.
Other online savings accounts to choose from
Before you settle on the Citi® Accelerate Savings account, it can help to compare all the best options available today. The chart below shows how Citi’s high-yield savings account compares to some other online savings accounts that offer similar rates and features.
As you can see, several other online savings accounts offer a higher APY with fewer fees and no account minimums. For example, the Bask Bank Interest Savings Account offers a higher 4.85% APY. Likewise, the CIT Bank Savings Connect and UFB Secure Savings account both offer a higher APY with no account minimums or fees.
That said, you’ll need to be comfortable with an online-only banking experience with these alternative bank accounts. If you prefer having access to a physical bank branch, it could be worth getting a lower rate with the Citi® Accelerate Savings account.
Should you open a Citi® Accelerate Savings account?
If you already have an eligible Citi checking account or you plan to keep at least $500 in your new savings accounts at all times anyway, opening the Citi® Accelerate Savings account could help you secure 4.35% APY without a monthly service fee. This can be a smart move if you like Citi’s platform and are accustomed to using the bank’s mobile app.
But if you don’t mind managing multiple bank accounts, you’re probably better off with a different high-yield savings account that earns a better interest rate. One of the best alternatives is the Bask Bank Interest Savings Account that earns 4.85% APY, which is a whole 0.50% higher than the Citi® Accelerate Savings account.
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