When it comes to saving money, choosing the right savings account can make all the difference. With so many options available, it can be difficult to decide which one is best for you. In this article, we'll take a close look at two popular savings accounts: Citi Accelerate Savings and Marcus by Goldman Sachs High Yield Online Savings Account.
We'll compare their interest rates, fees, and features, so you can make an informed decision about which account is right for your savings goals.
Compare Savings Account Rates
Citi Accelerate Savings
$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
$50 – $250 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 12/31/2023
3.70% – 5.10%
0.05% – 4.90%
The table compares Marcus and Citi Accelerate Savings accounts based on their savings rate, minimum deposit, fees, promotions, and CD range. Marcus offers a savings rate of 4.40% compared to Citi's 4.25%. Both accounts have no minimum deposit requirement, but Citi charges fees of $4.50 to $10 per month (that can be waived), while Marcus has no fees.
In terms of CD range, Marcus offers a wider range with rates of 3.70% – 5.10% while Citi's rates range from 0.05% – 4.90%.
Compare Savings Account Benefits
Citi Accelerate Savings
No Minimum Deposit
No Account Minimums
Same Day Transfers
Mobile Check Deposit
Waive your Monthly Service Fee
One of the biggest advantages of Marcus Savings Account is that it has no fees associated with opening or maintaining the account.
This means that customers can save money without having to worry about being charged extra fees for transactions or for simply keeping their account open.
Marcus Savings Account has no minimum deposit requirements for opening an account, which makes it accessible to customers with a variety of budgets.
Additionally, customers do not need to maintain a minimum balance, which means they can keep their account open even if they have a lower balance.
Marcus Savings Account allows for same-day transfers to other banks for up to $100,000.
This makes it easy for customers to move their money around as needed without having to wait for several days for the transaction to complete.
Marcus Savings Account provides a savings calculator tool that customers can use to determine how much they can earn by storing their emergency savings or reaching financial goals with the account.
This feature helps customers understand how their money can grow over time, which can be helpful in motivating them to save more.
Unlike some savings accounts that require you to deposit a minimum amount of money to open an account, Citi Accelerate Savings allows you to open an account with no minimum deposit.
You can start saving right away, regardless of how much money you have available to deposit.
To make saving even easier, Citi Accelerate Savings offers an Auto Save feature that allows you to set up recurring automatic transfers from non-Citi accounts or your linked Citi checking account.
This means you can set it and forget it, and watch your savings grow over time.
With Citi Accelerate Savings, you can easily deposit checks from anywhere using your mobile device. This means you don't have to visit a branch or ATM to make a deposit, saving you time and hassle.
If you open a Citi Savings Account in a Basic or Access Account package, you can waive the $4.50 monthly service fee by maintaining an average monthly balance of $500.
This means you can save money on fees and put more of your hard-earned money towards your savings goals.
Alternative Savings Account To Consider
If you're looking to grow your savings, it's important to find an account that offers competitive rates. While many people stick with traditional banks for their savings needs, there are a variety of alternative savings account options that may offer better rates.
The following table explores some of the alternative savings account options available, including online banks and credit unions.
up to 4.50%
$1,000 – $5,000