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Citi® Accelerate High-Yield Savings Review: A High APY Rare for a Big Bank

Review Updated
Kailey Hagen
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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. 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.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of Motley Fool Money. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The Citi® Accelerate High-Yield Savings account might be for you if: You're interested in earning a high APY on your savings account funds without giving up access to a nationwide branch network. Customers with all balances can earn competitive rates, but those with balances of at least $30,000 can qualify for additional relationship benefits.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Citi® Accelerate High-Yield Savings
Open Account for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Citi® Accelerate High-Yield Savings

View Website for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our 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.
4.00/5 Circle with letter I in it. Our 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
View Website for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

APY
4.00% Rate info Circle with letter I in it. APY = annual percentage yield
Min. To Earn APY
$0
  • High APY on all balances
  • No minimum deposit
  • 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. In addition to a high interest rate, it also gives you the opportunity to earn Citi ThankYou points you can redeem for things you enjoy. And those who qualify for one of its Relationship Tiers could receive even more benefits.

Rates subject to change before and after account opening. Select markets only.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You 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!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full Citi® Accelerate High-Yield Savings review

Here's a closer look at all the Citi® Accelerate High-Yield Savings account has to offer.

Citi® Accelerate High-Yield Savings interest rate

Account APY Minimum Deposit
Citi® Accelerate High-Yield Savings 4.00% $0
Data source: Citi.

The Citi® Accelerate High-Yield Savings account'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.

Fees

Citi® Accelerate High-Yield Savings customers could face the following fees. However, there are ways to waive several of them, and there are others that most customers won't encounter too often.

Fees Standard Fee Citi Priority Citigold® Citigold® Private Client
Monthly Service Fee $4.95 (waivable with $500 average monthly balance) Waived Waived Waived
Non-Citi ATM Fee $2.50 (waivable with $500 average monthly balance) Waived Waived Waived
Clerical Research (per hour, one-hour minimum) $25.00 $25.00 $25.00 $25.00
Collection of Checks Drawn on Foreign Bank $30.00 $30.00 $30.00 $30.00
Expedited Domestic Delivery of Replacement Debit Card $6.00 Waived Waived Waived
Foreign Currency Exchange Fee – Under $1,000 $5.00 Waived Waived Waived
Foreign Exchange Fee 3% Waived Waived Waived
Legal Process Per Service $125.00 $125.00 $125.00 $125.00
Money Order for Customers $5.00 Waived Waived Waived
Official Check $10.00 Waived Waived Waived
Stop Payment Request $30.00 Waived Waived Waived
Wire Transfer – Incoming Domestic and International $15.00 Waived Waived Waived
Wire Transfer – Outgoing Online Domestic $25.00 $17.50 Waived Waived
Wire Transfer – Outgoing Domestic Other Channels $35.00 $35.00 $35.00 Waived
Wire Transfer – Outgoing Online International $35.00 $25.00 Waived Waived
Wire Transfer – Outgoing International Other Channels $45.00 $45.00 $45.00 Waived
Data source: Citibank.

Minimum balance

There is no minimum balance requirement to open the Citi® Accelerate High-Yield Savings account. However, customers on its Everyday Benefits tier will need at least a $500 average monthly balance to avoid its monthly service fee. And you must deposit money into the account within the first 90 days to avoid account closure.

Withdrawal limit

The Citi® Accelerate High-Yield Savings account doesn't limit how many withdrawals you can make from your savings account each month. Many other accounts limit you to six free withdrawals per statement cycle.

But there are daily limits on ATM card withdrawal limits. This is $1,500 for Everyday Benefits tier customers, but those on other Citi Relationship Tiers can withdraw up to $5,000 per day.

Mobile app

The Citi Mobile app is available to Android and iOS customers. Both apps have received high ratings from millions of users.

Both apps allow you to view your balance, transfer funds, and even remotely deposit checks. Those who have other Citi accounts, like a Citi credit card, can also manage this from the app.

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.

Online user reviews

Citi has received largely positive feedback from customers, scoring above average in nearly every region it featured in on the latest J.D. Power U.S. Retail Banking Satisfaction Study.

However, the company currently has an F rating with the Better Business Bureau. This appears to be due to recent lawsuits that claim Citi didn't do enough to protect or reimburse its customers who were victims of electronic fraud.

Top perks

Competitive APY: The Citi® Accelerate High-Yield Savings account earns a competitive APY of 4.00% 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 reimbursements, and more. See our section below on Relationship Tiers for more details.

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 circumstances, 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.

Is the Citi® Accelerate High-Yield Savings account FDIC insured?

Yes, the Citi® Accelerate High-Yield Savings account comes with $250,000 of FDIC insurance per depositor, per account ownership category. Those who open a joint account will receive additional protection.

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 4.00% 4.00% 4.00% 4.00%
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.

Citi® Accelerate High-Yield Savings is right for you if:

The Citi® Accelerate High-Yield Savings account could be a good fit for you if:

  • You want to earn a high yield but don't want to give up the convenience of in-person banking.
  • You're looking for a full-service bank that offers checking and savings accounts, loans, credit cards, and more.
  • You plan to keep at least $500 in your savings account at all times to avoid the account's monthly fee.

Keep reading about Citi:

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • The Citi® Accelerate High-Yield Savings account 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. Currently, you can earn 4.00% APY on your funds with no minimum balance requirements.

  • There is no minimum deposit to open a Citi® Accelerate High-Yield Savings account. However, the bank may close accounts that have a zero balance for 90 or more days.