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.
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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 3.80% 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 3.80% APY. This is a competitive interest rate for today's low-yield environment.
In comparison, the national average rate for savings is 0.41% 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: 3.80%
- 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 - 4.30% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.30% APY
- 4.30% 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
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 3.80% 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.
- Valley National Bank:
High-Yield Savings Account - 4.39% APY - Mission Valley Bank:
High Yield Savings Account - 4.35% APY - DR Bank:
High-Yield Savings Account - 4.35% APY - Citizens State Bank:
High-Yield Savings Account - 4.35% APY - First Community Bank:
High-Yield Savings Account - 4.33% APY - mph.bank:
High-Yield Savings Account - 4.31% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.31% APY - Western Alliance Bank:
High-Yield Savings Premier - 4.30% APY - CIT Bank Platinum Savings:
4.30% APY - Dayspring Bank:
High-Yield Savings Account - 4.26% 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
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 - $300 Bonus Offer
- The $300 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 05/31/2025.
- To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
HSBC Premier - Earn Up to $3,000
Start an HSBC Premier relationship today. Earn up to $3,000 when you open a Premier checking and Premier Relationship Savings account by February 28, 2025 and complete qualifying activities
Here's what you get with an HSBC Premier relationship
- Access to wealth products, insights and advice from an HSBC Wealth Relationship Manager through HSBC Securities (USA) Inc.*
- Easily open an account online, from the comfort of your home.
- Manage your banking needs across different time zones, with 24/7 support.
- Manage your money around the world - from global transfers to multi-currency needs.
- New to the U.S.? Build your U.S. credit history with one of our_credit cards. Or if you're buying a new home, you can use your international credit history to apply.
- Go beyond banking with special offers, referrals for tax advice, relocation services, and more.
How the offer works
You could earn up to $3,000 when you open a Premier checking and Premier Relationship Savings account by February 28, 2025 and complete qualifying activities. Add New Deposits to your Premier Relationship Savings account by March 31, 2025 and maintain your Premier Relationship Savings balance through June 30, 2025.
- Get a $1,000 Cash Bonus: Add and maintain New Deposits of $100,000 to $249,999
- Get a $2,000 Cash Bonus: Add and maintain New Deposits of $250,000 to $499,999
- Get a $3,000 Cash Bonus: Add and maintain New Deposits of $500,000+
Steps to qualify for the Cash Bonus
- Open a Premier checking account.
- Open a Premier Relationship Savings account by February 28, 2025.
- Add New Deposits of $100,000 or more into your Premier Relationship Savings account by March 31, 2025.
- Maintain $100,000 or more in your Premier Relationship Savings account through June 30, 2025.
If all offer requirements are met, the Cash Bonus will be deposited into your Premier Relationship Savings account by August 29, 2025.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.30% APY
- 4.30% 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
Write to Justin Barnard at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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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