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20 Years
Helping You Live Richer
Reviewed
by Experts
GOBankingRates Score
4.9
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Citi® offers a high-yield savings account, similar to what you might find in an online-only bank. You can combine the in-person service, vast ATM network, convenience of local branches and security of a big bank with a generous APY so your savings grows faster.
- APY
4.9
- Fees
4.8
- ATM Access
5.0
- Ways to Save
5.0
How did we calculate this?
Pros
- Vast ATM network
- High APY
- Unlimited amount of cash withdrawals (up to account limits)
- Round-up savings
Cons
- Not available in every state
- Monthly fee may apply, depending on account
- Must open accounts online
Citi Accelerate Savings Overview
Citi seeks to compete with online banks with the introduction of the Citi Accelerate high-yield savings account. It delivers APY, currently more than 14 times the national average. Citi makes it easy to save with automatic transfers, round-up savings and more. It’s also easy to access your money through the bank’s vast ATM network.
Key Features
Here are some of the things we like best about the Citi Accelerate High-Yield savings account.
APY
For most people shopping around for a savings account, the interest rate is the first consideration. After all, you want your money to grow faster. With a APY, Citi competes favorably with some of the top online banks and their high-yield savings products. Interest rates fluctuate, but right now, an Accelerate Savings delivers more than 14 times the national average APY for traditional banks.
Fees
The Citi Accelerate Savings Account has a low monthly fee of $4.50, which is waived for the first three months after account opening. Citi will continue waiving the fee if you are part of Citi’s Relationship Tiers program, with a minimum balance of $30,000 across deposit and investment accounts, or if you are a Citi checking customer, or if you maintain a $500 or more average monthly balance in your Accelerate Savings account.
ATM Access
Citi boasts more than 70,000 fee-free ATMs nationwide, making it easy to withdraw cash whenever you need it. Plus, you can make as many withdrawals as you need, as long as you don’t exceed daily withdrawals amounts of $1,500 per account per business day for regular customers, $2,000 for Priority Relationship Tier customers, and $5,000 for Citigold® or Citi Private Client customers.
Ways to Save
Citi makes it easy for you to save money by transferring from a linked Citi checking account, depositing cash at an ATM or rounding up debit card transactions so you can save your “spare change” in your high-yield savings account. You can also set up recurring transfers at specific intervals or whenever you receive a direct deposit. You can split deposits between your checking and savings account. If you have a goal of saving 10% of your pay each month, you can automate that process and let your money work for you.
How Citi Accelerate Savings Stands Out
Citi Accelerate Savings stands out primarily for its high APY with a minimum balance of just $1 to earn that APY, which you won’t find in most traditional brick-and-mortar banks. You won’t find a rate over 4% with any of the other “big four” banks, and Wells Fargo, which offers 2.50%, requires a high minimum balance to earn that rate.
Comparable Savings Account Options
Citi’s Accelerate Savings is designed to compete with online banks offering high APYs. But if you’re looking for a traditional bank, you can also find a handful of alternatives.
Citi vs. Wells Fargo
Wells Fargo is the only other bank of the “big four,” a list comprised of Chase, Wells Fargo, Bank of America and Citi, that offers anything remotely close to a high-yield savings. However, to qualify for a Wells Fargo Platinum Savings account with APY, you’ll need a balance of at least $1 million, and $25 to open the account.
Citi vs. Bask Bank
If you’re looking for a no-frills savings account that beats Citi’s APY, consider Bask Bank. Rated one of GOBankingRates’ Best High-Yield Savings Accounts for 2024, the bank delivers a APY.
There is no monthly fee and no minimum deposit or balance requirements.
The drawback to Bask Bank Interest Savings? No ATM card, which can make it harder to access your money in a pinch.
How to Apply
You can only open a Citi Accelerate Savings online. Be aware that Citi does not offer this product in a handful of states or Washington, D.C. You won’t have access to this product in California, Connecticut, certain regions of Florida, Illinois, Maryland, Nevada, New Jersey, New York, or Virginia.
Opening a Citi Savings is straightforward. You’ll need some personal information, including your Social Security Number or Tax ID number, name, birthdate, and address. You’ll also need to provide employment and income information and set up an online Citi account. Since Accelerate Savings is an online-only account, you’ll also need to agree to receive paperless statements before you submit your application.
Who Citi Accelerate Savings is Best For
Citi Accelerate Savings is best for anyone who wants a high-yield savings account backed by one of the largest, most reputable banks in the U.S. To take advantage of all the benefits, you should be willing to open a Citi checking account or already be a Citi checking customer.
Final Take
If you’re looking for a high-yield savings in a brick-and-mortar bank, Citi Accelerate is worth considering.
FAQ
- What is the maintenance fee for Citi Accelerate Savings account?
- Citi Accelerate Savings has a $4.50 monthly maintenance fee, which is easily waived if you are a member of Citi's Relationship Tier banking, or if you have a Citi checking account.
- How do I withdraw money from my Citi Accelerate Savings?
- Citi Accelerate savings allows unlimited ATM withdrawals up to your daily amount limit. There's also no cap on transfers to and from linked accounts and withdrawals at a Citi branch.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 23, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
