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Citi Accelerate Savings account review

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Earn 0.7% APY on your balance, but only in select states.’s rating: 4.0 / 5.0


Citi now offers an online savings account with a competitive APY. You’ll get the security of signing on with a Big Four bank and practical tools to help manage your money, but there’s a monthly service fee if your balance dips below $500.






Minimum deposit to open


To waive the feeMaintain an average monthly balance of $500
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$20
More Info

Expert review

Peter Carleton

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Citibank Accelerate Savings account is best for those looking for a high-yield savings account. It offers a competitive APY and you can earn rewards depending on the Citi package you choose at signup.

But it’s unavailable in eight states and customers have complained about issues with opening and funding the account.

Choose a package to go with your account

When you open an account, you’ll need to choose from one of five Citi banking packages with varying monthly fees, waiver conditions, linked accounts and perks by state:

  • Access Account. Bundles digital check deposits, transfers and bill pay with no overdraft fees — but also no paper checks or ThankYou Rewards.
  • Basic Banking. Step up from Access with check-writing capabilities.
  • Citibank Account. Get the potential to earn interest on checking and savings with ThankYou Rewards and reimbursements on non-Citi ATM fees.
  • Citi Priority. Strengthen your investments with financial guidance, resources and preferred rates on products and services.
  • Citigold. Gilded support with interest checking, a dedicated relationship manager and the strongest investment capabilities.

What are the benefits of the Citi Accelerate Savings account?

You have the ability to somewhat customize your benefits depending on the banking package you choose. This FDIC-insured, high-yield savings account offers a suite of benefits:

  • Competitive interest rate. In select areas, you can earn an APY as high as 0.7% — higher than many everyday savings accounts.
  • ThankYou Rewards. Citibank Account, Citi Priority or Citigold packages earn points that you can redeem for gift cards, travel rewards and more.
  • No minimum deposit. Open your account with any amount.

What should I look out for?

Watch out for potential drawbacks that can get in the way of leveraging your savings:

  • $4.50 monthly fee. Maintain a balance of at least $500 to avoid a service fee.
  • Overdraft fees. Citi charges $34 for overdrafts or $10 to cover the transaction unless you choose a high-tier package
  • Limited availability. You can only open this account online or by phone and it’s unavailable in the following states:
  • California
  • Connecticut
  • Florida
  • Illinois
  • Maryland
  • New Jersey
  • Nevada
  • New York
  • Virginia
  • Customer complaints. As of October 2020, vocal Redditors say they’ve had issues with opening and funding the account, along with app issues that exclude this account from their general banking info.
  • Withdrawal limits. There’s a daily withdrawal limit of $2,000 and a monthly limit of $10,000.

If you don’t live in an eligible state, you’ll want to keep looking. As always, compare your options when choosing a savings account.


After speaking with a Citi representative, we were informed that this account is only available in states that don’t have a large presence of Citi branches. Some Reddit users mention issues opening this account due to their proximity to a branch, but Citi did not mention anything about distances when we reached out for more details.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

How do I apply?

  1. Visit the Citi website and navigate to Savings from the Banking tab.
  2. Scroll to Accelerate Savings and click See Details.
  3. Scroll to the banking packages and click Apply Now below your desired option.
  4. Enter your personal information and click Next.
  5. Continue through the steps of verifying your details, entering your income information and funding your account. Then Submit your application.


You must meet general requirements to apply:

  • At least 18 years old
  • Residency in an eligible state
  • US citizen
  • Social Security number or taxpayer ID
  • Government-issued ID

Required information

Gather personal and financial details that include:

  • Name and contact information
  • Date of birth
  • Employment and income information

How do I deposit or withdraw my money?

Access depends on whether you’re depositing or withdrawing from your account.


  1. Online, phone or wire transfer
  2. Mobile check deposit
  3. By mail


  1. Online, phone or wire transfer
  2. Request a check

How can I get in touch with customer service?

Get help with your account in three ways:

    • Live chat. Log in to your account to chat live with a representative.
    • Phone. Call 800-374-9700.
    • Mail. Send a letter to

Citi Inquiries
PO Box 6500
Sioux Falls, SD 5711

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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