Citi® Accelerate Savings Review: High APY from a Big Bank

Citi® Accelerate Savings logo

Citi® Accelerate Savings

9.5

BankBonus.com rating

Expert Take

The best savings accounts should always come with a few benchmark perks, such as high rates, low fees, and plenty of online functionality. Overall, Citi® Accelerate Savings hits two out of three. The savings rate is on the higher end, and the app is outstanding, but there are more fees than you'll see with fully online options.

Pros

  • High savings rate
  • Great mobile app
  • No minimum balance requirement

Cons

  • Various account fees
  • Not available in all 50 states

Citi® Accelerate Savings logo

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at Citi® Accelerate Savings

Citi® Accelerate Savings is a high-yield online savings account from Citibank N.A. While big banks are typically known for ground floor savings rates on deposit accounts, Accelerate Savings serves as Citi’s HYSA.

Learn how the Citi® Accelerate Savings account can help you reach your savings goals. In this Citi® Accelerate Savings review, we’ll explore its top features and how it stacks up against other online options.

Citi® Accelerate Savings Features

Here are the top features that the Citi® Accelerate Savings account includes:

Available in 43 States

Citi® Accelerate Savings is available in every state except California, Connecticut, Maryland, Nevada, New Jersey, New York, and Virginia.

The account is also not open to customers in Washington, DC, and it’s only available in select markets in Florida and Illinois.

Account Packages

You can open a Citi® Accelerate Savings account with any of the following bank accounts:

  • Access Checking (Checkless banking)
  • Regular Checking (Unlimited check writing)

Annual Percentage Yield (APY)

The trademark account feature of Citi® Accelerate Savings is its high-earning APY. At 4.45%, it’s one of the best rates available among traditional banks.

Best of all, the high rate is available as long as your balance is at least $0, and there’s no limit on earnings.

Automated Savings

Citi helps you put personal finance on autopilot with automatic savings tools.

You can set savings goals, track progress, customize a budget, and transfer funds automatically between your Citi accounts.

65,000+ Free ATMs

With your Citi debit card, you’ll have fee-free access to more than 65,000 Citi and MoneyPass ATMs in the US. Citi® Accelerate Savings don’t limit the number of withdrawals per month; however, they have daily limits, including:

  • $1,500 for non-relationship-tier accounts
  • $2,000 for Citi Priority Relationship tier accounts
  • $5,000 for Citigold® and Citigold® Private Client Relationship tier

Mobile App

The Citi mobile banking app is extremely well-liked, especially for a traditional bank. The app has an impressive 4.9-star rating in the App Store and a 4.7-star rating in the Google Play Store.

Since Citi® Accelerate Savings is an online account, app functionality becomes even more critical.

With the app, you can manage all of your Citi accounts and credit cards, make mobile check deposits, and move money around as needed.

Overdraft Protection

If you have any Citi checking and savings account, you can enroll in Safety Check for overdraft protection on your checking account.

afety Check automatically transfers funds from your savings to your checking if you overdraw to avoid an overdraft fee.

Fees

A Citi® Accelerate Savings wouldn’t be complete without discussing its fees. Fortunately, the Citi® Accelerate Savings has no minimum opening deposit or minimum balance requirements, so anyone can easily open an account.

However, this is still a Big Four bank account, so don’t expect a complete absence of account fees.

Here’s everything you need to know about the cost of a Citi® Accelerate Savings account.

Monthly Maintenance Fees

The monthly fee for a Citi® Accelerate Savings account is $4.50 per month.

But you can avoid it by maintaining an average monthly balance of $500 or more in your savings, having a Citi checking account, or meeting one of the relationship tiers.

ATM Fees

Citi has one of the most extensive ATM networks of the big banks, with more than 65,000 free locations. If you use an out-of-network ATM, there’s a $2.50 fee, plus the fee the ATM charges.

Wire Transfer Fees

Citi charges fees for a wire transfer, but they vary based on whether they are incoming or outgoing wires.

The Everyday package charges $15 per incoming wire, but all premium packages waive the incoming wire fee. Outgoing domestic wires are $25, and international outgoing wires are $35.

Getting Started

If you’re the Citi® Accelerate Savings review convinced you that you’re ready to open a Citi® Accelerate Savings account, you can open it online in minutes.

All you need to get started is a valid ID with your name, address, date of birth, and social security number.

You can link an external account or move money over from an existing Citi account to fund your new account. If, for some reason, you can’t open your account online, you can contact Citi via phone.

Promotions

There’s no promotion tied directly to the Citi® Accelerate Savings account at the moment, but Citi has a few other attractive promotions.

Here are some of the best Citi® promotions going on right now:

1. Enhanced Direct Deposit - $300 bonus

Expires: July 8, 2024

Earlier last year, Citi offered an Enhanced Direct Deposit bonus to some existing cardholders when they opened a qualifying new checking account and completed required activities. Now they've opened it up to everyone as a new product launch.

How to earn the bonus

The Enhanced Direct Deposit sign up offer requires you to set up direct deposits in order to earn the $300 bonus. Full requirements to receive this bonus are:

  1. Open a new eligible Citi Checking account with Enhanced Direct Deposits.
  2. Within 90 days, complete at least 2 Enhanced Deposits directly into your new checking account totaling $1,500 or more. (Deposit your way from recurring paychecks, retirement payments, pensions, and more)
  3. Bonus will be deposited within 30 days after required activities have been completed

read the full terms

2. Citi® Accelerate Savings - 4.45% APY

Expires: Limited Time

Citi offers a really competitive APY rate in their Citi® Accelerate Savings account, a high-yield savings product.

You can find slightly higher rates elsewhere, but nearly all of those will have balance limits. In other words, you'll earn a great rate on the first $15k, but then the rate drops considerably.

Citi, on the other hand, has no limit. So for those who have sizable savings they'd like to keep liquid, Citi® Accelerate Savings will often win out.

There's no opening deposit minimum or ongoing balance requirements, but do keep in mind that having a $0 balance for longer than 3 months could cause your account to be closed.

How to earn the bonus

The Citi® Accelerate Savings sign up offer requires you to complete the following in order to earn the 4.45% APY. Full requirements to receive this bonus are:

  1. Open a new Citi® Accelerate Savings account using the link below.
  2. Transfer money from a different bank or an existing Citi account.
  3. Interest compounds daily and will be credited to your account each month.

read the full terms

3. Citi® Self Invest - up to $500 bonus

Expires: March 31, 2024

Available nationwide to new and existing customers, Citi is offering up to a $500 bonus when you add new-to-Citi funds to a Citi® Self Invest account.

As is typical with Citi promotions, this is a tiered offer: the more you add, the more you earn. You'll need to deposit at least $10,000 to earn a $100 reward, or at least $200,000 to receive the full $500.

You'll need to also maintain your funds through a date defined in the table below:

Month opened/new funds addedFunding periodMaintain Funds Through
September 2023through 10/31/2023 11/30/2023
October 2023through 11/30/2023 12/31/2023
November 2023through 12/31/2023 01/31/2024
December 2023through 01/31/2024 02/29/2024
January 2024through 02/29/2024 03/31/2024
February 2024through 03/31/2024 04/30/2024
March 2024through 04/30/2024 05/31/2024

How to earn the bonus

The Citi® Self Invest sign up offer requires you to deposit and maintain a minimum balance in order to earn the $500 bonus. Full requirements to receive this bonus are:

  1. Open a new Citi® Self Invest account or add new-to-Citi funds to an existing account.
  2. Opt-in to eDelivery of statements and confirmations.
  3. Bonus will be tiered based on the total amount added: $10,000 to earn $100; $50,000 to earn $200; $200,000 to earn the full $500.
  4. Maintain the New-To-Citi funds in your account through the “maintain funds” deadline as outlined in the chart.
  5. Bonus will be credited on the last day of the 3rd month following the “maintain funds” period.

read the full terms

Security

Citi has all of the resources in place to provide peace of mind for online banking regarding security.

You’ll get personalized support if your identity or account is compromised. Citi provides 24/7 fraud monitoring, plus real-time alerts if suspicious activity is suspected.

When banking online or through the app, you can count on 128-bit encryption and multi-factor authentication to keep your sensitive information safe.

All Citi accounts are FDIC-insured, so deposits are protected for up to $250,000.

Customer Service

When you need help with your Citi® Accelerate Savings account, Citi’s online help center is available through the website or the app. You can browse FAQs, use live chat, or send a secure email.

Citi has a dedicated online banking phone line (888-248-4226).

Unfortunately, Citi seems to provide a level of customer support that runs par for the course with bigger banks — at the moment, the bank has a customer service rating of just 1.5 stars (out of 5) on Trustpilot.

Pros & Cons

Pros

  • High savings rate
  • No minimum balance requirement
  • Great mobile app
  • Tons of accompanying banking products

Cons

  • Various account fees
  • Must sign up for account packages
  • Low-rated customer service
  • Not available in all markets

Alternatives to Citi® Accelerate Savings

If you live in one of the states where Citi® Accelerate Savings isn’t available or just want to browse what else is out there, there are plenty of high-rate online savings accounts to choose from.

Check out the best alternatives to the Citi® Accelerate Savings account:

It’s also worth looking into credit unions like Alliant or Connexus, which tend to offer lower fees than banks with comparably high-yield rates.

Frequently Asked Questions

Is Citi® Accelerate Savings good?

The best savings accounts should always come with a few benchmark perks, such as high rates, low fees, and plenty of online functionality.

Overall, Citi® Accelerate Savings hits two out of three. The savings rate is on the higher end, and the app is outstanding, but there are more fees than you’ll see with fully online options.

That said, one of the main draws of the account is that it comes with the Citigroup name. The bank is a well-established member-FDIC financial institution plus a major credit card issuer.

What is the interest rate on Citi® Accelerate Savings?

The account currently comes with a 4.45% APY for balances of $0 or more. Like most accounts, the rate is variable and will adjust over time based on market trends and the Federal Reserve.

Also, this is well above Citi’s CD rates, which hover between 0.05% to 0.25% APY.

What is the Citi® Accelerate Savings account?

The Citi® Accelerate Savings account is Citi’s online, high-yield savings account. Unlike most traditional bank accounts, Citi® Accelerate Savings is a checkless, online bank account that provides higher returns than a standard savings account.

Is Citi® Accelerate Savings Right For You?

Our Citi® Accelerate Savings review is that the Citi® Accelerate Savings account is a seemingly perfect balance between old and new. The account is high-earning and fully digital while retaining the brand name and vast resources of a Big Four Bank.

High-yield savings accounts aren’t the norm for brick-and-mortar banks. With Citi’s huge market presence and modern features, the account feels like traditional banking’s answer to the ever-expanding selection of upstart neobanks.

On the other hand, it still falls a little short of many of its digital counterparts. Fees are avoidable but not non-existent. The account also isn’t available nationwide, and Citi’s overall level of customer service is questionable.

If nothing else, Citi® Accelerate Savings is a good sign that traditional banks are starting to understand where their savings options have been falling short.

The consumer banking space has more options than ever, and big banks must continue to embrace modern practices to stay competitive. Here’s to hoping that there’s more to come.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired or changed.

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