Usually, you have to turn to an online bank if you want a high-yield savings account. But the Citi® Accelerate High-Yield Savings account offers a surprisingly competitive, high-yield APY with no minimum balance requirements, plus brick-and-mortar branch access. In this review, we'll go over all the details of the Citi® Accelerate High-Yield Savings account, from its rare perks to its checking account requirement, to help you decide if it's right for you.
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Ratings Methodology
Rates asof Apr 06, 2024
Citi® Accelerate High-Yield Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
4.35%Rate infoAPY = annual percentage yield
Min. To Earn APY
$0
- High APY on all balances
- No minimum deposit
- Checking account required
- High APY not available in all states
Citi is one of the few brick-and-mortar banks that can hang with online banks in terms of savings account APYs. As long as you're comfortable opening a checking account as well, you can capitalize on the Citi Accelerate Savings' high APY while also earning Citi ThankYou points you can redeem for things you enjoy.
Rates subject to change before and after account opening. Select markets only.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Read Review Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Rate info4.35% annual percentage yield as of April 5, 2024Min. to earn: $1 | N/A | Read Review |
Open Account for CIT Platinum Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.05% APY for balances of $5,000 or more Rate info5.05% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings |
Citi® Accelerate High-Yield Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Citi® Accelerate High-Yield Savings | 4.35% | $0 |
Data source: Citi.
Citi's APY is equal to that of some of our favorite savings accounts, and you don't even need to make a minimum deposit to earn it. It's definitely higher than what you'll find from a typical brick-and-mortar bank.
Full Citi® Accelerate High-Yield Savings review
Top perks
Competitive APY: The Citi® Accelerate High-Yield Savings account earns a competitive APY of 4.35% on all balances. But you might get a higher rate at one of the banks on our best savings accounts list.
No minimum deposit: You can open a Citi® Accelerate High-Yield Savings account no matter how much money you have to invest.
All-in-one banking: Few banks can match Citibank's lineup of offerings to handle all of your banking needs in one place. Citi's credit cards offer best-in-class perks in addition to offering an array of banking accounts, personal loans, mortgages, investing, and wealth management services.
Monthly fee waived: For the first three months of your account, Citi will waive the $4.50 monthly fee. Then, you can avoid paying the monthly fee by keeping an average monthly balance of $500 or more, linking a Citi checking account, or maintaining a high Relationship Tier.
Relationship Tiers for high net worth clients: Citi now rewards clients for holding a high monthly average balance across numerous Citi accounts, like checking, CDs, IRA, and investments. If you have more than $30,000 in savings, you could get perks like waived account and non-Citi ATM fees, higher withdrawal limits, annual subscription reimbursem*nts, and more. See our section below on Relationship Tiers for more details.
What could be improved
What could be improved
Access to high-yield savings is limited: The savings account earns great rates, but only if you live in one of its eligible states, U.S. territories, or eligible regions of otherwise ineligible states. Residents in other states can't open a Citi® Accelerate High-Yield Savings account.
Monthly fee: Depending on your circ*mstances, you could end up paying a monthly fee. If you don't have a Citi checking account, or can't maintain a monthly average balance of $500, you'll pay the $4.50 account fee.
How to access your money
Citi customers can use more than 65,000 fee-free ATMs at hundreds of Citi branches across the U.S. There are also plenty of online options to access your money.
Deposit options
There are several ways to deposit funds into your Citi® Accelerate High-Yield Savings account, including:
- ATM deposit
- Local Citi branch
- Direct deposit
- Electronic bank transfer
- Wire transfer
- Check by mail
Funds from Citi savings account deposits are typically available immediately if made before cutoff times. Deposits made later are available the next business day.
Withdrawals
You can withdraw money from your Citi® Accelerate High-Yield Savings account using similar methods as deposits:
- ATM withdrawal
- Local Citi branch
- Electronic bank transfer
- Wire transfer
Depending on your Relationship Tier, you may need to leave a minimum amount of funds in your account to avoid paying monthly fees.
Citi Relationship Tiers
Citi used to offer banking packages but now has Relationship Tiers. Each Tier will reward you for maintaining a specific monthly balance. The rewards grow increasingly more generous as you move toward the top tier, but each one includes a waived monthly fee and no fees on non-Citi ATM transactions. Take a look for yourself at what each tier requires and the benefits you can get.
| Regular savings | Citi Priority | Citigold® | Citigold®Private Client | |
|---|---|---|---|---|
| Combined average monthly balance | $0 - $29,999.99 | $30,000 to$199,999.99 | To start: $200,000 to $999,999.99 To maintain: $180,000 to $999,999.99 | To start: $1,000,000+ To maintain: $800,000+ |
| APY | 4.35% | 4.35% | 4.35% | 4.35% |
| Monthly fee | $4.50 | — | — | — |
| Daily ATM withdrawal limits | $1,500 | $2,000 | $5,000 | $5,000 |
| Daily debit card purchase limits | $5,000 | $10,000 | $25,000 | $50,000 |
| Annual subscription rebates | — | — | Up to $200 | Up to $400 |
| Citigold Concierge & Culture Pass | — | — | Yes | Yes |
Data source: Compare Features & Benefits, Citi's Website.
The combined average monthly balance includes not just your Citi savings but also Citi checking accounts, CDs, IRAs, and investments accounts.
If you're new to Citi, you'll choose your Relationship Tier upon opening your account. Then, you'll need to maintain your tier's minimum balance range for three consecutive months to stay in that tier. If you want to "tier up," you'll need to maintain that tier's minimum average monthly balance for three consecutive months. The same applies for those who already bank at Citi: You won't get to choose your tier but rather will be slotted based on your combined monthly average balance for the previous three consecutive months.
This savings account is right for you if:
If you want a high-yield savings account with the convenience of in-person banking service, a Citi® Accelerate High-Yield Savings account is a great choice. It's also a convenient place to park your money if you're looking for a full-service bank.
Yes, there are monthly fees if you don't meet certain requirements. But there are enough options and fee waivers for many people to avoid these charges. Remember, there are no deposit minimums or caps on interest-earning. But if you'd rather not jump through so many hoops, many online savings accounts also offer high APYs with no monthly fees.
Keep reading about Citi:
- Citi® Priority Checking Account
- Citi CD
Our savings account methodology
At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.
FAQs
The Citi® Accelerate High-Yield Savingsaccount is ideal for savers who want to park a decent amount of savings in an account with a higher-than-average APY. It's also perfect for those who can maintain a balance of $500 monthly to avoid paying account fees.
You should get a Citi® Accelerate High-Yield Savings account if you want your savings to keep better pace with inflation without locking it in a certificate of deposit (CD) or risking it in the stock market.
Our Banking Experts
By:Kailey Hagen
Writer
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
By:Steven Porrello
Writer
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact CheckedNathan Alderman
Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
