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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abourneFL
abourneFL

I just opened this account with the email promotion for $100 for depositing $10k. Not good on it’s own but I’m also doing the checking bonus. This account is not showing up in my online login even after several days.

Is this Citi being Citi and I’ll have to spend 2 hours on the phone just to get them to link my accounts?

abourneFL
abourneFL

Pleasantly surprised I was able to get this resolved in less than 10 minutes with a phone agent.

Linda
Linda

Received a $100 offer: Open a Citi Accelerate Online Savings Account, earn $100 when you deposit $10,000 within 20 days of opening your account, and maintain at least $10,000 minimum balance for an additional 60 days (starting after the initial 20th day). Offer Period between July‌ 1, 20‌21 and September 3‌0, 20‌21.

Alex
Alex

William Charles Chuck looks like it is being extended – same $100 offered did show up yesterday for me.

Woori
Woori

William Charles Chuck I got a paper mailer for this, expiration date Dec 31. Same $100 bonus, but also says must be a Citi credit card holder to be eligible for the offer.

Woori
Woori

Works out to a minimum of 4.5% APY, and as high as 6.5% depending on when you deposit the $10k.

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.

Alex
Alex

Elevate is checking. Accelerate is savings.

William Charles Chuck actually doesn’t look like you got these 2 online accounts from Citi covered properly yet.

Disclaimer says not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, Washington DC, Puerto Rico and select markets in Florida and Illinois though.

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