Citi Accelerate High-Yield Savings Account Review
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Citi now offers high-yield savings with one of the best interest rate. But it's only available in select markets. Read this review to see if it's good for you.
Citi® Accelerate High-Yield Savings from Citi offers high interest with lower fees.
Can it stack up to the competitive rates offered by smaller (mostly online) banks?
Below, review the features, fees, and eligibility requirements.
Yes, Citi Accelerate High-Yield Savings offers 4.45% Annual Percentage Yield (APY) in select markets only. It has no minimum opening deposit. It does carry a $4.50 monthly service fee (which can be waived by maintaining a minimum average daily balance of $500).
Who Is Eligible for a Citi Accelerate Savings Account?
Citi® Accelerate High-Yield Savings account is currently available in 42 U.S. states:
- Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, select markets in Florida, Georgia, Hawaii, Idaho, select markets in Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, and Wyoming
Citi Accelerate is NOT available to:
- California
- Connecticut
- Illinois
- Maryland
- Nevada
- New Jersey
- New York
- Virginia
Current Citi High-Yield Savings APY
The current rate for the Citi® Accelerate High-Yield Savings is 4.45% APY. This is a competitive interest rate for today's low-yield environment.
In comparison, the national average rate for savings is 0.47% APY.
Here's a calculator that can help you see how much more interest you can earn with a high-yield savings account:
Keep in mind, interest rates can change quickly. When the Federal Reserve lowers interest rates, banks make less profit from loans. As a result, they offer customers lower interest rates in return for their deposits.
Compare Savings Account Promotion
- APY: 4.45%
- Monthly fee: $4.50 if you don't maintain at least $500 in the account
- Available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois.
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Citi Accelerate Savings Relationship Tiers
You can apply to open a Citi® Accelerate Savings account regardless of your Relationship Tier status.
You won't have to bundle the savings account with their checking account if you don't want to. The tiers enables you to access more benefits and services.
Relationship Tiers range from bare-bones to several that are suitable for the ultra-rich (like their Citigold Private Client account).
Citibank Accelerate Pros and Cons
Pros:
- High APY — especially for a big national bank
- No minimum opening deposit
- Many account options
- Relationship Tiers can offer a lot of perks, especially if you have multiple accounts with Citi
Cons:
- Not available to all states
- Relationship Tiers can be confusing
- Fairly high minimum balance requirement to waive the fee
FAQ
Is Citibank a good high-yield savings account?
With a high 4.45% APY, the Citi Accelerate High Yield Savings is a good account. It has one of the best rates in the nation, especially for a large bank. It's also easy to waive the monthly fee with just $500 minimum balance. However, it's not available in all states.
Is Citi high-yield savings account FDIC insured?
Yes, Citi checking and savings accounts are FDIC insured up to the federal limit of $250,000 (learn more). This includes the combined deposits in your Citi checking and savings accounts.
How it Compares
Citibank isn't the only kid on the block when it comes to high-yield savings accounts. Let's review how Citi compares to some other rivals.
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - CFBank National Association:
High-Yield Savings Account - 5.26% APY - CloudBank 24/7:
High Yield Savings Account - 5.26% APY - Customers Bank:
High-Yield Savings Account - 5.26% APY - WECU:
High-Yield Savings Account - 5.25% APY - UFB Secure Savings:
Earn up to 5.25% APY - Upgrade:
Premier Savings - Up to 5.21% APY - RBMAX:
High-Yield Savings Account - 5.20% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - CIT Bank Platinum Savings:
5.05% APY
Bottom Line: Is Citibank Good for Savings?
Citibank offers a surprisingly competitive high-yield account for a big bank.
In fact, high net worth individuals will likely gravitate toward Citi in favor of the competitors listed above due to the additional benefits that extend far beyond basic banking.
While Citi does have minimum balance criteria to waive monthly fees, the amounts are low enough that anyone who would benefit from a high-yield account should be able to easily surpass them.
The main drawback is the complex Relationship Tiers / benefits structure. While Citi may offer a little something for everyone, it can be difficult to decide what you want with all the different options.
Note: This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
TD Beyond Checking - $300 Cash Bonus
- New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Three ways to go monthly maintenance fee-free: Monthly Maintenance fee waived when you set up direct deposits of $5,000 or more within a statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 combined balance across eligible TD accounts.
- ATM perks: TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle (domestic or international).
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send Money with Zelle®, Mobile Deposit and Online Statements.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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