Citi Accelerate Savings charges a a $4.50 monthly fee.
Citi Bank; Alyssa Powell/Business Insider
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The bottom line: Citi® Accelerate Savings is a good high-yield savings account, but you can only access it if you live in certain parts of the US.
Citi® Accelerate Savings pays a relatively high interest rate, and it doesn’t require an opening deposit. The account is a worthwhile option for people who live in one of 42 states where the account is available and for anyone who qualifies to waive monthly fees.
How Citi® Accelerate Savings works
You might like Citi Accelerate Savings Account if you:You might not like Citi Accelerate Savings Account if you:
Live in a state where the account is available
Value earning a high APY on your savings (minimum $1 balance to earn)
Don’t have much money to open a savings account
Are eligible to waive monthly fees
Don’t live in a state where the account is availableCan’t meet qualifications to have monthly fees waivedAre worried about Citi’s history of scandals
Citi® Accelerate Savings features
The Citi® Accelerate Savings account is only available for residents of certain US states. For the most part, it isn’t available in states where there are physical Citi branch locations, so it’s targeted toward online customers.
The exceptions are South Dakota and certain parts of Florida — there are branch locations in these states, and you can open a Citi® Accelerate Savings account.
Here are the parts of the US where you cannot open a Citi® Accelerate Savings account:
CaliforniaConnecticutSelect parts of FloridaSelect parts of IllinoisMarylandNevadaNew JerseyNew YorkVirginiaWashington DCPuerto Rico
If you have access to Citi® Accelerate Savings, you have the ability to earn one of the highest interest rates out there right now. You just need to have a minimum balance of at least $1.
Citi divides its checking and savings account options into tiered “packages.” There are six package tiers that include a checking account, savings account, or both.
Even if you don’t bundle your Citi® Accelerate Savings account with a checking account, you still must choose a package. Details like monthly fees and requirements to waive monthly fees will depend on which package tier you choose.
Is Citi trustworthy?
The Better Business Bureau rates companies based on responses to customer complaints and transparency about business practices. Citi has an F from the BBB. Here are a few scandals the company has faced in the last few years:
In 2020, the bank incorrectly sent $900 million to customersThe Officer of Comptroller of the Currency fined Citi for failing to recognize money laundering by its customers
If Citi’s history of scandals worries you, you can find other high-yield savings accounts from banks with great scores from the BBB.
A good BBB rating may not necessarily mean that you will have a good relationship with the bank. If you want to get a better idea of whether a bank might be a good fit for you, also try to get different perspectives from friends, family and online reviews.
How Citi® Accelerate Savings compares
We’ve compared Citi’s savings account to high-yield savings accounts at two other online banks that also have physical branches: PNC and Capital One 360.
Citi
PNC Bank
Capital One 360
Savings APY
0.70% APY (minimum $1 balance to earn)
Savings APY
PNC High Yield Savings℠ Account
Savings APY
0.50% APY
Monthly fee
$4.50 (waived with average monthly balance of $500)
Monthly fee
$0
Monthly fee
$0
BBB score
F
BBB score
A+
BBB score
A
Citibank Citi Accelerate Savings AccountPNC High Yield Savings℠ AccountCapital One Capital One 360 Performance Savings™
Citi Accelerate Savings vs. PNC High-Yield Savings
The interest rate could affect whether you prefer Citibank or PNC, but remember that interest rates on savings accounts are variable. This means that the rate can increase or decrease at any time.
If you aren’t sure you can keep $500 in your savings account to waive Citi’s monthly fee, you may prefer PNC. It doesn’t charge any monthly service fees.
Citi Accelerate Savings vs. Capital One 360 Performance Savings
Again, the interest rate could affect your decision between Citi® Accelerate Savings and Capital One 360 Performance Savings, but it’s important to remember that rates change over time.
Capital One 360 doesn’t charge monthly fees, so you may prefer it to Citi if you don’t qualify to waive Citi fees. Capital One 360 is also available all across the US, so if you don’t live in an area where Citi® Accelerate Savings is available, Capital One 360 is the way to go.