[📌 Update November 2022: Citibank has now increased the APY (annual percentage yield) on their Accelerate Savings account twice this month following the FED’s most recent rate hike of 0.75% on November 2nd. The Citi Accelerate savings account now provides an APY of 3.25% APY (up from 3.10% APY earlier this month and up from 2.20% APY in October). The account comes with a minimum balance requirement of just $1, however you may need to meet some requirements to avoid a monthly fee. Read more below.]
Citibank, the retail banking division of Citigroup, kept their high yield “Accelerate Savings” account competitive during the low rate environment we had for the last few years. It held the line at 0.50% APY for roughly 2 years while the national average was just ~0.06% APY for a savings account and ~0.11% APY for a money market account for the majority of that period.
Today, in a rising interest rate environment, they have struggled to maintain their rate leadership as other online savings accounts have caught up and surpassed them. See where they stand among the top online savings accounts today.
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).
In this post you'll learn:
Citi Accelerate Saving Account Rate + Details
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:
- 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.
- 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.
- 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.
- 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.
- 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.
Who’s eligible for the Citi Accelerate Savings Account?
The Citi Accelerate Savings account is only available in select markets, however this market has expanded since Citi launched the account. As of September 2022, residents in all states except New York and select markets in Florida and Illinois are eligible.
Accelerate Saving Rate
|Min. to earn APY||APY|
To put the 3.25% APY yield into perspective, the current national average for a money market account and a savings account sit at just 0.29% APY and 0.24% 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 3.85% APY.
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.
The app has over 2.9 million user reviews on IOS and holds a 4.9 star rating out of 5.
The app has over 848,000 user reviews on Google Play and holds a 4.7 star rating out of 5.
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.
Cash withdrawals can be made in the same way you make deposits. These include:
- ATM withdrawal
- Local Citi branch
- Electronic bank transfer
- Wire transfer
Keep an eye on your account minimum requirements before withdrawing funds to avoid the aforementioned fees.
🤑 Earn ThankYou Points! The Citi Accelerate Savings account can earn Citi ThanYou Points when you link your eligible Citi checking account and enroll in the ThankYou Rewards program. Citi ThankYou Points can be redeemed for traveling, shopping, statement credits, etc.