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Citi® Accelerate Savings pays a relatively high interest rate, and it doesn't require an opening deposit. The account is a worthwhile option for people who live in one of 42 states where the account is available and for anyone who qualifies to waive monthly fees.
Pros and cons
Pros
Cons
High APY on your savings (minimum $0 balance to earn)
Low minimum opening deposit
Possible to waive monthly fees
Not available in all 50 states
Monthly service fee
Citi has an F rating from the BBB, and has been involved in public settlements
Citi® Accelerate Savings - Product Name Only features
The Citi® Accelerate Savings account is only available for residents of certain US states. For the most part, it isn't available in states where there are physical Citi branch locations, so it's targeted toward online customers.
The exceptions are South Dakota and certain parts of Florida — there are branch locations in these states, and you can open a Citi® Accelerate Savings account.
Here are the parts of the US where you cannot open a Citi® Accelerate Savings account:
California
Connecticut
Select parts of Florida
Select parts of Illinois
Maryland
Nevada
New Jersey
New York
Virginia
Washington, DC
If you have access to Citi® Accelerate Savings, you have the ability to earn one of the highest interest rates out there right now.
Citi divides its checking and savings account options into tiered "packages." There are six package tiers that include a checking account, savings account, or both.
Even if you don't bundle your Citi® Accelerate Savings account with a checking account, you still must choose a package. Details like monthly fees and requirements to waive monthly fees will depend on which package tier you choose.
Is Citi trustworthy?
The Better Business Bureau rates companies based on responses to customer complaints and transparency about business practices. Citi has an F from the BBB. Here are a few scandals the company has faced in the last few years:
In 2020, the bank incorrectly sent $900 million to customers
The Officer of Comptroller of the Currency fined Citi for failing to recognize money laundering by its customers
If Citi's history of scandals worries you, you can find other high-yield savings accounts from banks with great scores from the BBB.
A good BBB rating may not necessarily mean that you will have a good relationship with the bank. If you want to get a better idea of whether a bank might be a good fit for you, also try to get different perspectives from friends, family and online reviews.
Citi® Accelerate Savings vs. PNC High-Yield Savings
We've compared Citi's high-yield savings account to the PNC High Yield Savings℠ Account. PNC is an online bank that also has physical branches.
Currently, the PNC High Yield Savings℠ Account offers a higher interest rate than Citi® Accelerate Savings. However, keep in mind interest rates can fluctuate over time.
You can only open the PNC High Yield Savings℠ Account in states where there aren't any PNC branches. If you live in Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia Wisconsin, or Washington, DC, you won't be able to open this account.
Citi® Accelerate Savings vs. Capital One 360 Performance Savings
Again, the interest rate could affect your decision between Citi® Accelerate Savings and Capital One 360 Performance Savings. Currently, Citi® Accelerate Savings offers a higher interest rate than Capital One 360 Performance Savings. However, it's important to remember that rates change over time, so this may not necessarily be the same in the future.
Capital One 360 doesn't charge monthly fees, so you may prefer it to Citi if you don't qualify to waive Citi fees. Capital One 360 is also available all across the US, so if you don't live in an area where Citi® Accelerate Savings is available, Capital One 360 is the way to go.
The current rate for Citi® Accelerate Savings is Citi® Accelerate Savings APY.
Is Citi® Accelerate Savings FDIC-insured?
Yes, Citi® Accelerate Savings is FDIC-insured. Up to $250,000 is safe per depositor in the account.
Is the Citi® Accelerate Savings Account worth it?
Citi® Accelerate Savings may be a good choice if you would like to also open a checking account and you qualify to waive monthly service fees.
For example, if you get the Citi Access Account and link your savings account, there's a $10 monthly service fee for the package unless each month, you make a direct deposit, make a qualifying online bill payment, or maintain an average monthly balance of $1,500 across your accounts.
If you live in California, Connecticut, select parts of Florida, select parts of Illinois, Maryland, Nevada, New Jersey, New York, Virginia, or Washington, DC, you might consider other options because you cannot open the account in these places.
