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Citi Increases Interest Rates On Its Accelerate Savings Account To 3.40% APY

Last updated 07/28/2023 by

News
Summary:
The federal funds rate increases make it more expensive to borrow money, but it has given a boost to savers. For example, Citi increased the APY for its Accelerate Savings Connect account to 3.40%.
It is an excellent time to be a saver. Federal Reserve officials raised the federal funds rate again on December 14th, 2022, for the seventh time this year. The rate increased by half a percentage point, which nudged financial institutions to increase the interest rates they pay savers on deposit accounts.

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Citi offers up to 3.40% APY

Citi increased the APY on its Accelerate Savings account to 3.40%. Accelerate Savings is a high-yield savings account with a high APY and no minimum initial deposit. However, it does charge a $4.50 monthly service fee if your balance drops below $500.

Citi’s APY is competitive, but other financial institutions offer higher APYs and don’t have a monthly fee. SuperMoney’s comparison tools allow you to filter offers based on the features that matter the most to you.

Citi offers cash bonuses to new clients

A high APY is not the only way to earn rewards on your savings for Citi customers. You can also earn up to $2,000 in cash bonus by opening a Citi Priority Checking Account and completing the required activities.
To earn this limited-time offer of $200 to $2,000, you need to open a Citi Priority Checking Account from 7/18/22 through 1/9/23 and deposit qualifying funds ($10K to $300K) within 20 days of account opening and maintain your balance for an additional 60 days from the 21st day to unlock your bonus. Only New-to-Citibank checking customers can take advantage of this offer.
However, you don’t need to have $10K+ in savings to start earning rewards from opening a checking account. Here is a list of some of the best checking accounts with rewards currently available.

Key takeaways

  • The federal funds rate increase has caused banks, credit unions, and other financial institutions to increase their interest rates on deposit accounts.
  • Citi has increased the APY on its Accelerate Savings account to 3.40%.
  • Citi offers a limited-time cash bonus of up to $2,000 for new customers who open a Citi Priority Checking Account and meet certain requirements.
  • It is smart to compare multiple financial institutions when shopping for savings and checking accounts.

About Citi

Citibank is a global financial services company with over 200 years of experience serving customers in more than 160 countries. With a focus on innovation and customer service, Citi offers a range of products and services, including banking, credit cards, loans, and investments.

Pro Tip

A good saving account provides competitive annual percentage yields (APYs) and doesn't charge fees. SuperMoney reviewed hundreds of savings accounts and these are our top picks of the best savings accounts on the market

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