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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

  • CD Rates
  • Savings Accounts
  • Checking Accounts

Savings Accounts

Apple Launches High Yield Savings Account – 4.15% APY!

Written by: editorial staff
April 17, 2023
Fact Checked : Dan Nelson
April 17, 2023

image credit: apple.com/newsroom/

Apple teamed up with Goldman Sachs to launch their high yield savings account on April 17, 2023 (see press release here).

Like many popular online savings accounts, this high yield savings account from Apple comes with no minimum deposit requirements, minimum balance requirements or monthly maintenance fees.

To see if this savings account is right for you, continue reading our review below.

Apple Savings Account Rate + Details

The Apple Savings account is FDIC-insured up to $250,000 per depositor via Goldman Sachs.

As noted, this account comes with no minimum deposit requirement ($250k maximum) and can be set up and managed through your Apple Card in your Apple Wallet dashboard.

High Yield Saving Rate

Minimum BalanceAPY
$04.15%
APY = Annual Percentage Yield

To put this yield into perspective, the national average for a savings account and money market account sit at just 0.37% and 0.54%, respectively, according to FDIC data, with the top yields from online banks just now inching over the 5.00% APY mark.

Compounding and Crediting Interest

Interest on your Apple Savings account is compounded daily and credited back to your account monthly. Interest payments can be tracked via your Apple Wallet account.

Setting Up Your Account

Setting up and managing your high yield savings account is pretty simple and straightforward. To start, you’ll need an Apple Card with Apple Wallet.

Once you have this, go to your Apple Wallet dashboard and look for the high yield savings offer. This should be a one click set up.

Once it’s set up all of your Daily Cash earned will automatically be deposited into the savings account. If you’d like to change this destination you can configure it in your settings.

Also, if you’d like to add more funds to your high yield savings account you can do this via your Apple Cash balance or by linking up a separate bank account.

Accessing Your Cash

You may withdraw or deposit funds into your savings account via your Apple Cash account.

Transfers must be at least $1.00 and can not exceed $10,000. There is also a $20,000 cap on transfers per 7 day rolling period (i.e. you can only transfer up to $20k within any 7 day period).

To learn more about deposits and withdrawals, you can visit the deposit account agreement (PDF here).

How does Apple High Yield Savings Compare?

Apple isn’t the only tech company to launch a savings account in this interest rate environment.

Take a look at some other well known tech and fintech firms that have recently launched savings accounts and compare their APYs (annual percentage yields) with Apple and Goldman Sachs offer.

Institution + AccountAPY
Apple High Yield Savings4.15%
PayPal Savings4.15%
SoFi Online Bank Account4.00%
Affirm Savings3.75%
APY = Annual Percentage Yield

Final Thoughts

If you’re already using an Apple Card with Apple Pay and Apple Wallet, then opening up this high yield savings account with an APY of 4.15% to help grow your Daily Cash is a no brainer.

Just remember, this is a variable-rate account, meaning it can change at any time without notice.

Filed Under: Savings Accounts

Popular Direct CD Rates – Now up to 5.05% APY!

Written by: Lauren Graves
April 11, 2023
Fact Checked : Dan Nelson
April 11, 2023

Popular Direct is the online division of Popular, Inc. – a global financial services provider headquartered in Puerto Rico.

Depending on where you live you may see variations of this name. For example, they operate as Banco Popular in Puerto Rico and the Virgin Islands, and as Popular Bank in the U.S.

In this article, however, we’ll just be discussing the online division, Popular Direct, and their FDIC-insured savings products.

Like most online-only banks, Popular Direct is open membership and easy to join from a computer or mobile device.

Popular Direct is able to provide better rates on its savings products than most traditional banks, but its product suite is minimal. They offer just an “Ultimate Savings” account and standard CDs at this time. Both of which come with steeper than usual minimum deposit requirements.

We’ve also learned that Popular Direct will place a 60 day hold on any withdrawals for new accounts. So if you planned on moving funds in or out of their high yield savings account within 60 days of opening it, you may want to look elsewhere. Popular Direct notes that this is a security measure and your funds will still accrue interest during the holding period.

Popular Direct CD Rates + Account Details

image credit: populardirect.com

Popular Direct certificate accounts are now much more competitive than they were earlier in 2022. Their short term CD rates feature some of the highest yields anywhere in the country as per the time of this writing.

CD Rates

CD TermAPY
3 month4.10%
6 month4.75%
1 year5.05%
18 month4.90%
2 year4.60%
3 year4.45%
4 year4.30%
5 year4.50%
APY = Annual Percentage Yield

To give the annual percentage yields above some context, the national average for 1 year CDs and 5 year CDs sit at roughly 1.49% APY and 1.35% APY, respectively, according to FDIC data.

Minimum Deposit Requirement

A steep minimum deposit requirement of $10,000 is required to open an account. Interest is compounded daily and credited monthly. Unfortunately with Popular Bank CDs, you may not withdraw credited interest prior to maturity.

Grace Period

The automatic renewal grace period on one of these accounts is 10 days after the date of maturity. Fees for early withdrawal from a Popular Direct certificate of deposit account are quite high.

Early Withdrawal Penalties

Early withdrawal:

  • from a term of less than 91 days will cost you 89 days’ interest,
  • from a term of 91 days to 12 months will cost you 120 days’ interest,
  • from a term of 12 to 36 months will cost you 270 days’ interest,
  • from a term of 36 to 60 months will cost you 365 days’ interest, and
  • from a term of 60 months or more will cost you 730 days’ interest.

Popular Direct “Ultimate Savings” account APY + Details

Popular Direct savings accounts are federally insured by the FDIC up to $250,000 and direct deposit products with this bank are opened through Popular Bank.

Savings Account Rate

BalanceAPY
$5,0004.65%
APY = Annual Percentage Yield

A Popular Direct Ultimate Savings account will earn you an APY of 4.65%. To put this in perspective the average yield for a savings account nationwide is hovering around 0.37% APY with the top yields from online banks just inching over the 5.00% APY mark.

You’ll want to note all potential fees before opening a savings account with Popular Direct.

  1. If you close your account within 180 days of issuance, you’ll be charged a $25 fee.
  2. A monthly dormancy fee of $5 is applied to accounts that have been inactive for 12 months.
  3. An excessive withdrawal fee of $5 is charged for every deposit or transfer over the federally-enforced 6 transaction limit.
  4. A low balance fee of $4 is charged if account balances dip below $500.

Interest is compounded daily and credited monthly.

To transfer money into this account, you will need to link an external account with another bank. You can then initiate an ACH electronic transfer or set up direct deposit. From there, you may transfer funds electronically from a savings account to a certificate account as long as this doesn’t cause you to exceed the monthly transaction limit.

Banking Experience and Customer Sentiment

There aren’t a lot of customer reviews for Popular Direct, but don’t expect too much from this institution based on the reviews that have been left. Out of 90 ratings on DepositAccounts, Popular Direct scored an average rating of 2 stars and 53 of the user reviews left were paltry 1-star ratings.

Most customer complaints seem to be about untrustworthy service with some users reporting deceitful representatives and broken contracts. Aside from that, the majority of customers are displeased with the dropping interest rates on Popular Direct deposit products and inexplicably frozen accounts. As for positive reviews, people like the competitive rates—especially those available a couple of years back.

Overall, people aren’t happy with Popular Direct’s web and mobile banking platforms either. The Popular Direct app has 1.8 stars on Google Play and 1.4 stars on the App Store. The online banking portal and apps have been described as “astonishingly terrible,” and “buggy.”

Other online-only banks that offer ATM or branch access to their customers have an edge over Popular Direct, as Popular Direct accounts can only be managed via online banking, mobile banking, and ACH authorizations through linked external bank accounts.

There is no Popular Direct ATM network in the U.S., but even if there were, members wouldn’t be able to use it. As of right now, Popular Direct doesn’t have a checking account in its product suite and might not any time soon. This means no debit or ATM cards.

To contact customer service and get the most appropriate service or answers, visit the Popular Direct website and find the link that most closely relates to your needs. The general customer care line is 1-(800)-274-5696 and representatives can be reached in this way 24 hours a day, 7 days a week. You can also get help by selecting the “Contact Us” link via “Support” through the website and sending a service request or sending mail to the address below: Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

You will not be able to get the help you need through Popular Bank or Banco Popular if you are an online-only user, so be mindful of this.

Filed Under: CD Rates, Savings Accounts Tagged With: Popular Direct

Live Oak Bank CD Rates – Now up to 5.00% APY!

Written by: editorial staff
April 7, 2023
Fact Checked : Dan Nelson
April 7, 2023

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

image credit: liveoakbank.com

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

CD Rates

TermAPY
6 months4.80%
1 year5.00%
18 months2.00%
2 year2.00%
3 year2.00%
4 year2.00%
5 year2.00%
APY = Annual Percentage Yield

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 1.49% and 1.35% APY, respectively, according to recent FDIC data.

Opening a Deposit Account

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$04.00%
APY = Annual Percentage Yield

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.37% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Filed Under: CD Rates, Savings Accounts Tagged With: Live Oak Bank

E-Trade Premium Savings Account – Now 3.75% APY!

Written by: editorial staff
April 4, 2023
Fact Checked : Dan Nelson
April 4, 2023

E-Trade has teamed up with Morgan Stanley to offer banking products along with their well-renowned brokerage services.

This account is ideal for those who use E-Trade on the brokerage side and would like to earn a competitive APY (annual percentage yield) on uninvested funds.

Money can be moved seamlessly from brokerage account to premium savings account with easy access to your funds and quick deposits.

E-Trade’s Premium Savings account currently pays an APY of 3.75% on all balances and has no minimum deposit requirements or balance requirements to maintain.

To see if this account is right for you, continue reading our review below.

E-Trade Premium Savings Rate + Account Details

image credit: etrade.com

As mentioned the E-Trade Premium Savings Account has no minimum deposit requirement to open it nor any balance requirement to maintain it. That said, if you open the account and fail to fund it within 30 days, they will close the account.

Premium Savings Account Rate

Min. DepositAPY
$03.75%
APY = Annual Percentage Yield

To put this yield into context, the national average for a savings account and a money market account sit at just 0.37% APY and 0.54% APY, respectively, according to FDIC data.

There are, however, a few online banks and nationally available credit unions now paying 4.50% APY or more on variable rate savings accounts.

All funds are federally insured by the FDIC up to $500,000. This is double the normal coverage of $250,000 for deposits held at most banks and credit unions.

Compounding and Crediting Interest

The E-Trade Premium Savings account features daily compounding interest. Interest begins compounding on the date of your initial deposit and continues until the last full day prior to the withdrawal.

Interest is credited to your account monthly.

Opening the Account

The account is available to consumers nationwide and can be opened online in minutes. E-Trade also has branches in 17 states where you can stop by to open the account in-person if you’d prefer. Below are the following states in which E-Trade has branches. You can locate a specific branch here.

  • Arizona
  • California
  • Colorado
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New York
  • North Carolina
  • Oregon
  • Pennsylvania
  • Texas
  • Washington

Managing the Account

Once your account is open, you can transfer money between your brokerage account and the Premium Savings account easily and you’ll have instantaneous access to your transferred funds.

If you’re depositing funds via the mobile app, only a portion of your funds will be immediately available. You must wait until the 4th business day to access the full deposit. This is similar to Robinhood and other brokerage accounts with savings features.

E-Trade’s apps receive relatively high ratings. Their IOS app has a 4.6 out of 5 star rating with nearly 140k ratings and their Android app has a 3.9 out of 5 star rating with over 41k reviews.

How E-Trade Premium Savings Compares

E-Trade offers one of the highest yields on the market for brokerage accounts with FDIC-insured savings account options.

For comparison see the chart below:

BrokerageAPY on idle cash
E-Trade3.75%
Robinhood1.50% – or – 4.40% with Gold
SoFi4.00%
Fidelity2.47%
APY = annual percentage yield

Final Thoughts

If you are already an active trader on E-Trade and are in the market for a savings account to park uninvested cash, then opening up the Premium Savings Account by E-Trade via Morgan Stanley is a no-brainer.

That said, if you’re just in the market for a high yield, FDIC-insured savings account or money market account without any brokerage account tied to it, then slightly higher yields can be found through a handful of online banks and credit unions with nationwide acceptance.

Filed Under: Investing, Savings Accounts Tagged With: E-Trade, Morgan Stanley

Capital One 360 Performance Savings – Now 3.40% APY!

Written by: Lauren Graves
March 7, 2023

Having been founded in 1994, it might come as a surprise that ​Capital One​ is the fifth-largest consumer bank in America today. Capital One is much newer compared to other big banks and this shows in the way the institution embraces technology and innovation.

In 2011, Capital One—at the time a bank offering mostly just credit cards and mortgages—purchased ING Direct, a struggling multinational financial services corporation, and rebranded these accounts as Capital One 360 accounts. These became a suite of online savings, checking, and certificate products that are separate from Capital One products, and Capital One 360 became the bank’s online sector.

Today, the Capital One 360 product suite includes the following FDIC-insured products:

  • The 360 Performance Savings Account (Variable rate of 3.40% APY)
  • 360 CDs – now up to 5.00% APY (Fixed rates, see the rates here)
  • 360 Checking (Variable rate of 0.10% APY)
  • Kids Saving Account (Variable rate of 0.30% APY)
  • Money Teen Checking (Variable rate of 0.10% APY)

In this review we’ll cover the variable rate savings accounts including the 360 Performance Savings account, the 360 IRA Savings account and the Kids Savings account.

Capital One 360 Performance Savings Account Rate + Details

The Capital One 360 Performance Savings account is what brings many people to the digital institution, and it’s no secret why. The account is open to pretty much anyone, and in the past, has come with very noteworthy cash bonuses. Today the account still earns a reasonable 3.40% APY.

Savings Rate

Minimum DepositMinimum BalanceAPY
$0$03.40%
APY = Annual Percentage Yield

To give the yield above some context, the national average for savings accounts sits at just 0.35% according to FDIC data. However, there are some banks offering savings rates above the 4.00% APY mark following the Fed’s latest 0.25% rate hike at the culmination of their January 31st and February 1st meetings.

Compounding Interest

Interest is compounded and paid monthly. Interest is returned to the Performance Savings account when paid.

A 360 Performance Savings account is easy to open and can be created in about 5 minutes. Funds can be easily transferred electronically between other Capital One accounts or external bank accounts.

Fees

Capital One 360 Performance Savings Account Fees

TypeFee
Account Maintenance$0
Outgoing Domestic Wire$30
Statement Copies$5 per statement

In accordance with federal regulation D, you may make no more than six transactions—withdrawals or transfers—into or out of this account in a month. All Capital One 360 deposit products are FDIC insured up to $250,000 per depositor.

Capital One IRA Savings Account

Capital One offers a variable rate online savings account designed for your IRA (individual retirement account) or Roth IRA.

360 IRA Online Savings Rate

Minimum DepositMinimum BalanceAPY
$0$03.40%
APY = Annual Percentage Yield

If you don’t already have an IRA or Roth IRA with Capital One you will need to open one of these first. Navigate to the 360 IRA Online Savings page and click on the option suited for your needs.

Traditional IRAs and Roth IRAs have many differences. In a nutshell, contributions to Traditional IRAs may be done before taxes are withdrawn from your paycheck, and earnings within the account are then taxed once the funds are withdrawn (presumably, incrementally starting at retirement).

Roth IRA’s are basically the opposite in that contributions are made with your after-tax earnings, and withdrawals from the account upon retirement can be made tax-free.

You may want to consult with your tax advisor before coming to your final decision.

Capital One Kids Savings Account

These accounts are great for kids learning the value and discipline of saving money. You’ll have to have another account set up before opening the Kids Savings Account, but once you do, you’ll be able to schedule automatic allowance deposits and keep track of transactions.

Kids Savings Account Rate

Minimum DepositMinimum BalanceAPY
$0$00.30%
APY = Annual Percentage Yield

On top of the general features mentioned above, there are some neat savings tools for you and your kid(s) to use. For example, you can create individual accounts based on each of your kid’s savings goals so they can watch their money grow.

On the down side, this is one of Capital One’s deposit accounts that hasn’t seen its yield increase with the rising interest rate environment.

Capital One 360 Banking Experience & Reviews

Out of a staggering 63,534 customer reviews on WalletHub, Capital One scored a respectable 3.7 stars out of 5. This might just seem average, but 61% of all reviews of the bank were either 4 or 5 stars, so it’s safe to say that most Capital One customers are happy with their banking experience. Capital One is especially popular for its excellent travel and rewards credit cards—how the bank got its start—and is often recognized for going above and beyond for its customers. 

Though most banks and credit unions claim to care more about their customers’ satisfaction and well-being than anything else, few prove it to the extent that Capital One does. In fact, Capital One’s personalized customer support and “customer-centric culture” is so superior to the standard that Forbes published an article (since removed) about it. And for the most part, there are no major complaints against the bank worth noting.

To reach customer support, you can call 1-(877)-383-4802 for general help or track down the specific help center best suited to help you with a problem. For 360 support, call 1-(800)-289-1992 if you’re a new customer and 1-(888)-464-0727 if you’re an existing customer; both lines are available from 8 AM to 11 PM 7 days a week. You can also tweet @AskCapitalOne.

All 360 accounts can be managed 100% digitally through the very highly-rated Capital One mobile app for Apple and Android devices or through the easy-to-use and comprehensive online portal. And although Capital One 360 is technically separate from its brick and mortar parent, the bank is not online-only, so customers of the digital bank can expect to have about the same access to customer service, branches, ATMs, etc. as customers of the traditional bank. 

You can do everything you could possibly need to do with your money—from funding to withdrawals—entirely from your phone or computer, but maybe you’re a person that also wants to be able to walk into a branch or up to an ATM to manage your money too. Unlike many online banks, Capital One 360 lets you do that. 

As a Capital One 360 customer, you will have access to over 39,000 surcharge-free ATMs and over 900 branches/cafes. Branches, however, can only be found in eight U.S. states, so accessibility could be considered limited for a bank but is still far better than most online-only institutions.

Filed Under: Savings Accounts

Citi Accelerate Savings – Now 3.85% APY!

Written by: Lauren Graves
February 21, 2023

Citibank, the retail banking division of Citigroup, kept their high yield “Accelerate Savings” account competitive during the low rate environment we had prior to 2022.

Today, in our rising interest rate environment, the Citi Accelerate Savings rate remains well above the national average but Citi has struggled to be a rate leader as other online savings accounts have caught up and surpassed them.

Plus the fact that this account needs to be opened in conjunction with another Citibank account makes it more of a burden than other alternatives on the market.

To see if the Citi Accelerate Savings account is right for you, continue reading our review below.

Related: Citibank’s CD rates, while currently lower than what you can find with online banks, have the highest yields of all the big banks (Wells Fargo, Chase, Bank of America and US Bank).

Citi Accelerate Saving Account Rate + Details

image credit: citi.com

The Citi Accelerate Savings account is only available in select markets, however this market has expanded since Citi launched the account. As of January 2023, residents in all states except New York and select markets in Florida and Illinois are eligible.

Accelerate Saving Rate

Min. to earn APYAPY
$1.003.85%
APY = Annual Percentage Yield

📌 Please note: This rate varies by region. The rate we’ve listed below is accurate in the regions we surveyed which included Florida, Pennsylvania, Colorado and Washington state. You’ll have to check your own individual zip code here to see the rate available in your region.

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.44% APY and 0.33% APY, respectively, according to recent FDIC data.

That said, some of the highest yielding variable-rate accounts from FDIC-insured online banks and nationally available credit unions are now topping 4.00% APY.

Additional Citi Accounts Required

Prior to setting up your Citi Accelerate Savings Account you’ll need to first open one of Citibank’s 6 banking packages and meet some monthly requirements to avoid fees. Keep in mind there may be fees on both the checking side AND the Citi Accelerate Savings side if criteria isn’t met.

Below are the 6 packages to choose from. All come with the Citi Accelerate Savings Account:

  1. Citigold – For high net worth clients. In order to have a Citigold Account Package, you must have at least $200,000 across eligible linked deposit, retirement and investment accounts. There are no monthly service fees for Citigold clients on the checking or Accelerate Savings side.
  2. Citi Priority – Also tailored to higher net worth individuals or joint account holders. Package includes a regular or interest checking account and Citi Accelerate Savings Account upon opening. Must maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts to avoid a $30 monthly service fee.
  3. The Citibank Account – Package includes a standalone Citi Accelerate Savings Account upon opening. Link to a regular or interest checking account and maintain required balances to help avoid monthly service fees. Must maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts to avoid a $25 monthly service fee.
  4. Citi Elevate Account – Package includes an interest checking account and Citi Accelerate Savings Account upon opening. To avoid a $15 fee on the checking side, you’ll need to keep a monthly balance of at least $5,000. If your Citi Accelerate account is not linked to your checking account you’ll need to maintain a $500 average balance in it to avoid a $4.50 monthly fee.
  5. Basic Banking/Access Account – Package includes a standalone Citi Accelerate Savings Account upon opening. To avoid a $12 monthly service fee, you must either make one qualifying direct deposit AND one qualifying bill payment per statement period OR maintain a combined monthly average of $1,500 in linked accounts. As with the Elevate Account, if your Citi Accelerate account is not linked to your checking account you’ll need to maintain a $500 average balance in it to avoid a $4.50 monthly fee.

Compounding and Crediting Interest

Interest is compounded daily and paid to your account monthly.

Accessing Your Money

Citi customers have free access to more than 65,000 ATMs as well as 723 branches here in the United States alone. There are also plenty of online options to access and manage your money.

Citibank has taken pride in building industry-leading digital banking products and tools. In 2018 Citibank was named (again) as the “World’s Best Digital Bank” by Global Finance.

Once you have your username and password, you can login anytime, anywhere to your account here.

You can also download their native app(s) on IOS or the Google Play Store.

image credit: apple.com

The app has over 3.3 million user reviews on IOS and holds a 4.9 star rating out of 5.

The app has over 942,000 user reviews on Google Play and holds a 4.8 star rating out of 5.

Depositing Funds

There are a number of ways to deposit funds into your Citi Accelerate Savings account. These include:

  • ATM deposit
  • Direct Deposit
  • Check by Mail
  • Electronic bank transfer
  • Local Citi branch
  • Mobile Deposit
  • Wire transfer

Funds from Citi savings account deposits are typically available immediately if made before cutoff times around 6-7pm EST. Any deposit made after this time is generally available the next business day.

Withdrawing Funds

If you would like to withdraw funds from your Citi Accelerate Savings account, first transfer them to your Citi checking account that was required upon opening. You can do this via the Citi apps (links provided above), online, over the phone or at a local branch.

Once the money is in your Citi checking account you can withdraw cash at a local ATM with the debit card that came with your checking account. You can also perform a wire transfer or electronic bank transfer just be sure to take note of the associated fees that may come with these services.

Citi Accelerate Savings Account FAQs

Still have questions about the Citi Accelerate Savings account? See what other consumers are asking around the web along with our responses below.

Is the Citi Accelerate Savings Account FDIC-insured?

Yes. Citibank is member FDIC and deposits held in all Citibank accounts (cumulatively) are federally insured up to $250,000 per depositor.

How can I close my Citi Accelerate Savings Account?

The easiest way to close the account is to speak with your account manager and get the required form needed. Once you’ve filled out the account closure form, return it to your representative and transfer the remaining funds out of the account to $0 the balance.

Filed Under: Savings Accounts Tagged With: Citibank

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