Citi Accelerate Review: High Yield Savings Account (1.6% APY)

Update 3/20/20: Rate has been reduced to 1.6%

Update 1/5/2020: Rate has been reduced to 1.75% (down from 2.21%) not 100% sure when this change happened.

Update 9/3/19: Rate lowered from 2.36% to 2.21%.

Offer at a glance

  • Interest Rate: 2.36% APY
  • Minimum Balance: None
  • Maximum Balance: None, FDIC insured up to $250,000
  • Availability: Available in the following states: TX, AL, AK, AZ, AR, CO, DE, GA, HI, ID, IN, IA, KS, KY, LA, OK, ME, MA, MI, MN, MO, MS, MT, NE, NH, NM, NC, ND, OH, OR, PA, RI, SC, SD, TN, UT, VT, WA, WV, WI and WY and the following territories, possessions and military addresses of AA, AE, AP, AS, GU, MP, PR and VI
  • Hard/soft pull: Soft pull
  • ChexSystems:  Yes
  • Credit card funding: None
  • Monthly fees: $4.50
  • Insured: FDIC

The Offer

Direct link to offer

  • Citi has launched a new high yield savings account called ‘Citi Accelerate’. It’s only available in select states and offers 2.36% APY.

 

Avoiding Fees

This account has a $4.50 monthly fee, this is waived if you have a balance of at least $500. There is also a $2.50 ATM fee if you use a non-Citibank ATM.

Our Verdict

Interesting to see Citi offer a high yield savings account, also interesting that it’s actually somewhat competitive compared to the best current high yield accounts. Traditionally financial institutions such as Citi with a large bank presence have offered incredibly low (e.g 0.01% APY) even on savings accounts. Citi has indicated previously that they wanted to open the largest national online bank, so I wonder if this roll out is part of this or not.

Hopefully this puts pressure on other larger banks to start offering high interest savings accounts. At the moment I don’t really see any reason to open this account, although it might help waive the monthly fees on Citi checking accounts (and it’s possible to get a bonus for opening those). For a list of the best current high yield accounts, click here.

Hat tip to UA6RBP

 

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Mike
Mike

Now down to 0.50

Vic
Vic

Last new year (2020), I was planning to “sort out my finances” and was looking into opening a savings account. At that time, this Citi savings was one of the highest. Now it is .50%..!!! Such a nosedive!

Pete
Pete

Received a $200 targeted offer: Open a new Citi ElevateSM High-Yield Checking Account by December 31, 2020. Then, within 30 days after account opening, deposit a minimum balance of $5,000 and maintain the balance for 60 days to receive your $200 cash bonus.

Pete
Pete

Whoops elevate not accelerate so different account but still a good offer.

Snowbird
Snowbird

Now down to 1.10% APY.

Ryan
Ryan

1.20% APY now.

JL
JL

1.35% now

Can avoid monthly charge by linking it with one of Citi banking packages (that have sign up bonus) and meeting fee waiver requirements for the package

Dave
Dave

1.4% apy now

Jeremy
Jeremy

Down to 1.39 on their site
at least in Colorado

InsGadget
InsGadget

Citi just “upgraded” my Access Accelerate account to a Citibank Banking Account without my knowledge, permission, or consent. Increased the minimum required balance for waiving fees to $10,000 and changed that monthly service fee from $4.50 to $25. Their customer service says the Access package is no longer available. They did refund the $25 fee and I am in the process of transferring my money out and closing the account.

Avoid Citi. They are doing what Wells Fargo did, and they should be reprimanded. https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

Daz
Daz

Their site on 3-20-20 says 1.60%

ArtNomad
ArtNomad

I’m seeing 1.85% 2/10/2020