Citi Accelerate Savings account review
Citi Accelerate Savings isn't available on Finder right now.
- Annual Percentage Yield (APY)
- Up to
4.35%
- Fee
- $4.50 per month
(can be waived) - Minimum deposit to open
- $0
Our verdict
Earn 4.35% APY on your balance, but only in select states.
The Citi Accelerate Savings account is best for those who don't live near a Citi branch and want to take advantage of a high-yield savings account. It offers a competitive 4.35% APY that's higher than most competing accounts. But it's a far cry from a straightforward savings account. Signing up for a Citi Accelerate Savings account means you must also enroll in a Citi banking package, which comes with its own perks and drawbacks, including a potential monthly fee and the opportunity to earn rewards.
If you don't qualify for this account or it's not available in your area, the Citi Savings account may be your next best option. The APY tops out at a meager 0.25%, but you'll have the ability to earn Citi ThankYou Rewards and special perks depending on your account package.
Pros
-
Security of FDIC insurance
-
Automatic transfers with Auto Save
-
Ability to earn higher rates as your balance grows, depending on your package
Cons
-
$4.50 monthly fee
-
Requires a banking package
-
Overdraft fees
-
Limited availability
How do I open Citi Accelerate Savings account?
Open a Citi Accelerate Savings account in six steps:
- Go to the provider’s site and follow the steps to apply.
- Navigate to Savings from the Banking tab.
- Scroll to Accelerate Savings and select See Details.
- Scroll to the banking packages and select Apply Now below your desired option.
- Enter your personal information and select Next.
- Continue through the steps of verifying your details, entering your income information and funding your account. Then Submit your application.
Eligibility
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
Choose a package to go with your Accelerate Savings account
When you open an account, you’ll choose from one of five Citi banking packages with varying monthly fees, waiver conditions, linked accounts and perks by state. All packages must have a linked Citi checking account to maintain balances and avoid the monthly fee.
| Package | Monthly fee | How to avoid fee | APY | Features |
|---|---|---|---|---|
| Basic Banking Package | $12 |
| 4.35% | Unlimited check-writing privileges |
| Citibank Account Package | $25 |
| 4.35% |
|
| Citi Priority Account Package | $30 |
| 4.35% |
|
| Citigold Account Package | $0, but to open you must keep at least $200,000 total across eligible linked accounts every month |
| 4.35% |
|
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. You’ll pay a $10 monthly fee when you link a checking account to your Citi Accelerate Savings account. To waive this fee, you’ll need a monthly qualifying direct deposit, a monthly qualifying bill pay or maintain a monthly balance of at least $1,500 between all your Citi accounts. If you don’t link a Citi checking account, your monthly fee drops to $4.50. Maintain a balance of at least $500 to avoid this service fee.
- Requires a banking package. Opening this savings account requires simulanteously opening a Citi banking package, which comes with its own set of fees, perks and account stipulations.
- 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
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.
Availability
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 Citi Accelerate Savings with other accounts
Enter your deposit amount into the table to see how much interest you could earn with Citi Accelerate Savings versus the competition.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
How do I deposit or withdraw my money?
There are several ways to access money in your Citi Accelerate Savings account.
Deposits
- Online, phone or wire transfer
- Mobile check deposit
- Direct deposit
- By mail
Withdrawals
- Online, phone or wire transfer
- Request a check
Citi Accelerate Savings reviews and complaints
Despite the fact that Citi is one of the four largest banks in the US, it doesn’t have many reviews or complaints online. As of June 2022, it has only 51 customer reviews on Trustpilot for a total 1.4 out of 5-star rating. The Better Business Bureau gives Citi an F rating for failing to respond to over 6,000 complaints in the last three years.
On Reddit, users say they’ve had issues with opening and funding the account, along with app issues. Other users say customer service can be difficult to get ahold of.
How can I get in touch with customer service?
Get help with your account in four ways:
- Live chat. Log in to your account to chat live with a representative.
- Phone. Call 800-374-9700.
- Branch. Visit one of Citi’s brick-and-mortar locations.
- Mail. Send a letter to:
Citi Inquiries
PO Box 6500
Sioux Falls, SD 5711
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Citi Accelerate Savings is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on savings. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days
- $0 monthly or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
- Member FDIC
Your reviews
Peter Finder
Writer
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