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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Nat
Nat

This might be a dumb question – but does a wire transfer count to fund the account for the bonus?

John
John

Can we convert the regular savings account into this Citi Accelerate Savings Account to earn higher interest?

Daz
Daz

I recently collected $300 bonus for opening Citi Accelerate and depositing $30K for about 2.5 months. I closed my account today and it was more trouble than it should be, but I have learned that is typical of Citibank.
1. Chat would not work, so I had to phone them. 2. On phone, it took 40 minutes of time with the CSR to close the account, and to listen to her saying “thank you for waiting patiently.” 3. My online account which I use for managing my Citi credit cards (and my former Accelerate account) was eliminated. CSR gave me another phone number for their tech department for helping me re-establish online login. 4. That phone call took 15 minutes. 5. I also now recall that my online account was disabled when my Accelerate account was opened 3 months ago and needed a phone call to clear up the problem.

I resolved to not churn Citibank anymore. However, they tempted me immediately with a targeted offer of 1% of whatever I deposit up to $50K (i.e. $500 bonus) for 60+days.

JohnnyBoyJr
JohnnyBoyJr

An easy way around this would be to set up a new user id when opening a new checking/savings account.
You may also need to use a different browser for chat. It can be a bit glitchy at times.
Learn from this and how to make it much more efficient for you. Then stick it to them, and make yourself unprofitable to Citi.

Acid Bath
Acid Bath

William Charles Not sure where to post this…but this thread looked like the best choice.
I just received a targeted offer from Citi for the Accelerate Online Savings Account. Minimum Deposit & Minimum Balance ($1,000 – $29,999 for the $100 bonus OR $30,000 or more for the $300 bonus). Make required minimum deposit within 20 days of account opening and maintain balance for an additional 60 days. $4.50 monthly service fee is waived if your average balance is $500 or more or you have a linked checking account.
Offer period Jan 25th, 2022 – July 17th, 2022.
Bonus will be paid within 90 days after you complete required activities.
There is a unique invitation code in the email.

007
007

So I have same offer, terms state:

“*Important Terms and Conditions:

Your Citi® Accelerate Savings account will be opened in the Access Account Package. To waive the $4.50 monthly service fee for a Citi® Accelerate Savings account in the Access Account Package not linked to a checkless Regular Checking Account, maintain an average monthly balance of $500 or more.”

Does this mean it will affect timing of future Citi checking bonuses if I’m not doing one now?

Dale Malm
Dale Malm

Does anyone know if there is a “soft” or “hard” pull on your credit? Article mentions a soft Chex systems pull, but I just got off the phone with Rep (1-833-382-0004, ext. 1034) and they said a HARD PULL from all 3 credit agencies. Seems a bit odd, but that’s why I’m asking here. thanks in advance.

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.

Ronald
Ronald

I did this in Nov 2021; received my 100.00 bonus this week…

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.