Citi Accelerate Savings
APY Savings
Our Rating
Promotion
Fees
Citi Accelerate Savings
APY Savings
Our Rating
Promotion
Fees
Citi is the third largest banking institution in the United States and a member of the Big Four banks. Given its large status, it’s no surprise that it offers a variety of deposit accounts to consumers.
One such account is the Citi Accelerate Savings account, a high-yield savings account designed to help people grow their savings over time.
The Citi Accelerate Savings account is a great choice of savings account for many people. It’s designed to be used as part of Citi’s banking packages, which offer a full suite of banking, lending, and investing services. If you’re looking for an all-in-one solution, the Citi Accelerate account might be for you.
Even if you don’t want to go all-in with Citi, the Accelerate Savings account has a competitive rate and relatively low fee waiver requirements, making it worth considering.
Pros | Cons |
|---|---|
High interest rate |
Monthly fees |
No minimum opening deposit | Better rates are available elsewhere |
Overdraft protection | Must have Citi checking |
All-in-one banking | |
Automate your savings |
What Does The Citi Accelerate Savings Offer?
Citi’s Accelerate Savings Account is designed for savers who want to earn a high interest rate without needing to complicate their lives with CDs or other restrictive accounts. It has no minimum deposit requirement and a simple fee structure.
Some of its main benefits include:
- High interest rate. This account pays 4.45% interest, which is competitive with other online savings accounts.
- No minimum opening deposit. You can open this account without having a large opening deposit.
- Overdraft protection. You can link this account to a Citi checking account to get overdraft protection.
- All-in-one banking. While not a benefit of the saving account, Citi does offer every financial service you could need, from banking to lending to investing. That makes this account appealing if you want to manage all your money in one spot.
- Automate your savings. You can set up automated transfers from a linked checking account to make saving easy.
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What Are The Main Drawbacks?
Citi’s Accelerate Savings isn’t perfect. You may have to deal with maintenance fees and other annoyances.
- Monthly fees. With a basic banking package, you’ll pay a monthly fee of $4.50 unless you have an average balance of $500 in the account.
- Better rates are available elsewhere. The Citi Accelerate Savings account offers a competitive interest rate. However, if you want the best hysa possible, there are other online banks such as CIT or LendingClub, have higher rates.
- Must have Citi checking: If you would like to open a savings account with Citi, you should have a Citi checking account.
How to Deposit and Withdraw Money?
Deposit | Withdrawl |
|---|---|
Visit an ATM | Visit an ATM |
Online transfers | Online transfers |
Mobile check deposit | |
Direct deposit | |
Mail-in deposit |
Making deposits and withdrawals from a Citi Accelerate Savings account is relatively easy. You have a few options.
- Visit an ATM: Find one of the 65,000+ fee-free ATMs around the US. They’re commonly located at Target, CVS, Walgreens, and Rite Aid. Insert your debit card, choose the account to withdraw from or deposit to, and use the menu prompts to complete the transaction
- Direct deposit: Set up direct deposit to have your paycheck go directly to your savings account
- Mobile check deposit: the steps for mobile check deposit include the following:
- Sign in to the Citi app on your phone
- Select mobile deposit
- Take a photo of your signed check to deposit the balance
- Online transfer: the steps for online transfer include the following:
- Sign in to the Citi app on your phone
- Select the transfer option
- Choose whether to move money in or out of your account
- Select the account you’re transferring from or to
- Wait for the transfer to complete
- Mail-in deposit: Sign a check and add your account number, then mail it to Citi
Should I Open a Citi Accelerate Savings Account?
If you’re considering a Citi Accelerate Savings Account, you should ask yourself these questions to make sure it’s a good fit.
- Do I want an all-in-one banking experience? Citi designs its deposit accounts, including the Accelerate Savings account, to be part of a banking package that includes checking and other financial services. If you want to use Citi for checking, lending, and other services as well, you’ll likely appreciate having an Accelerate Savings account.
- Can I avoid fees? Citi does charge a maintenance fee if you can’t meet certain minimum requirements based on the level of banking package your select. You can avoid Citi fees if you have to maintain a balance of $500, so make sure you have at least that much to dedicate to the account.
- Can I live without access to a branch? Citi offers accounts in many areas where it does not have any bank branches. You’ll have to decide if you can deal with a purely online banking experience.
- Is a rate lower than the highest available alright with me? Citi offers a competitive interest rate, but it isn’t the highest available. There are plenty of other reasons to go with this account, such as its all-in-one experience, but if you just want the highest rate, you may want to look elsewhere.
Financial Institution | Savings APY |
|---|---|
American Express
| 4.30% |
Marcus
| 4.40% |
Capital One
| 4.35% |
Synchrony Bank
| 4.75% |
Discover Bank
| 4.25% |
Lending Club | 5.00% |
Ally Bank
| 4.25% |
Upgrade
| 5.21% |
How to Open a Citi Accelerate Savings Account
Opening a Citi Accelerate Savings account is relatively simple, with the bank claiming it takes just ten minutes. As part of the process, you’ll need to choose the banking package you’d like. This will influence the services you have access to and the fees you pay.
To open an account on the Citi website:
- Select the banking package you’d like, from Citigold to Citi Access
- Choose whether you want to add a linked checking account
- Provide some personal info, like your ID and Social Security number
- Provide employment and income information
- Set up a Citi bank account
- Read the account agreements and disclosures
- Transfer funds to your account.
FAQs
Does Citi offer an IRA savings account?
Yes, Citi offers Individual Retirement Account options. You can open a traditional or Roth IRA. However, you’re limited to opening a money market account or certificate of deposit. You can’t open an Accelerate Savings account in a Citi IRA.
Does Citi offer a health savings account?
No, you cannot open a health savings account through Citi.
Can you direct deposit into a Citi savings account?
Yes, Citi allows its customers to set up direct deposits to their Accelerate Savings account. This is a great way to automate your savings.
How to close Citi Accelerate Savings account
To close any account at Citi, including an Accelerate Savings account, you’ll need to contact your account manager. As part of the process, you’ll need to fill out an account closure form and transfer all funds out of the account.
Does Citi Accelerate offer promotion?
There is a $100 – $5,000 bonus if you open a Citi savings account and deposit $10,000 – $1,000,000+. This specific promotion expired in $10,000 – $1,000,000+.
How much can I withdraw from Citi Accelerate Savings?
Citi does not place any limits on how much you can withdraw from your savings account. However, there is a daily limit on ATM withdrawals. The limit is $2,000 for people with the Citigold or Citi Priority account packages and $1,500 for everyone else.
Can I open a Citi Accelerate Savings joint account?
Yes, Citi allows customers to open joint savings accounts. It offers a fee waiver if one of the account holders is a minor or over 65.
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How We Rate And Review Savings Account: Methodology
The Smart Investor team has conducted an in-depth analysis of savings accounts offered by banks and credit unions tailored to the needs of savers. Our review focused on four key categories, with specific considerations for savers, and here's how we rated them:
- Savings Rates and Terms (40%): We thoroughly examined the interest rates provided by financial institutions, along with any unique terms and conditions attached to their savings accounts. Higher scores were awarded to banks and credit unions, offering competitive rates, reasonable minimum deposit requirements, and minimal fees, ensuring savers get the best value for their money.
- Savings Account Features (30%): This category assessed the array of features designed to cater to savers' needs, including fees, minimum deposit requirements, mobile app functionality, ATM access, and withdrawal options. Financial institutions providing a diverse range of features and convenient banking solutions received higher ratings in this category, reflecting their commitment to meeting the specific needs savers.
- Customer Experience (20%): The ease of account opening, the responsiveness of customer service, the usability of mobile apps (thoroughly tested by our team), and the bank's policies for assisting customers were evaluated in this category. Banks and credit unions offering seamless account opening processes, efficient customer service, and user-friendly digital platforms were rated higher, ensuring a positive banking experience for savers.
- Bank Reputation (10%): We considered the reputation of each financial institution, incorporating ratings from trusted sources such as JD Power, TrustPilot, and local Better Business Bureau reviews. Higher scores were awarded to banks and credit unions with positive reputations and satisfied customers, reflecting their reliability and trustworthiness.
By weighing these categories appropriately and focusing on factors relevant to savers, our review provides valuable insights to help residents of the state make informed decisions when selecting a savings account.
