
Citi® Accelerate Savings
Would you recommend Citi® Accelerate Savings to your friends?
Community Rating | Mostly recommended |
Monthly Maintenance Fee |
$0 - $4.50 (Verified 08/23/2023)
|
APY (Annual Percentage Yield) |
4.25% (Verified 08/23/2023) |
Minimum Balance to Earn APY | $1 |
Number of Reviews | 7 |
Citi® Accelerate Savings Review
Citi® Accelerate Savings is offered by Citi®, a bank founded in 1812 and based in New York, NY. It is made possible by a bank partnership with Citibank, N.A.. Citi® Accelerate savings are available in 40 states across the USA.
Key Takeaways
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.25%, which is much higher than the average interest rate for a savings account. However, you must keep a minimum balance of $1 to earn that insterest rate.
- No monthly maintenance fee. Maintain an average monthly balance of $500 to waive your $4.50 monthly service fee.
- No minimum initial deposit. There is no minimum balance required to open an account online.
Citi® Accelerate savings Pros & Cons
Pros | Cons |
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Citi® Accelerate savings FAQ
Are Citi® Accelerate Savings deposits federally insured?
Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #07213) through Citibank, N.A.. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
Does Citi® offer a signup bonus?
Citi® Accelerate savings doesn't offer a signup bonus.
What is the minimum initial deposit for Citi® Accelerate savings?
There is no minimum deposit to open a Citi® Accelerate savings.Description | |
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Minimum Balance to Avoid Monthly Fee | $500 |
Minimum Balance to Earn APY | $1 |
Minimum Opening Deposit | $0 |
Minimum Required Balance | $1 |
What APY does Citi® Accelerate Savings offer?
Citi® Accelerate savings offers an APY of 4.25% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.What fees does Citi® Accelerate savings charge?
Citi® Accelerate savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.
However, you can waive the monthly fees if you have a minimum daily balance of $500.
- Outgoing domestic bank transfers come with a $25 fee.
- Incoming domestic bank transfers come with a $15 fee.
- Outgoing international bank transfers come with a $35 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- Incoming international bank transfers come with a $15 fee.
What features and perks does Citi® Accelerate savings offer?
This savings account includes the following features:
- Fraud monitoring - Citi® Accelerate savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Mobile Banking Services - Citi® Accelerate savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Citi® Accelerate savings?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Citi® Accelerate savings?
The customer support email for Citi® Accelerate savings is customer.help@citi.com.
How do people rate the customer service and user experience of Citi® Accelerate savings?
Overall, Citi® Accelerate savings is mostly recommended based on community reviews that rate customer service and user experience.
Message From Citi® Accelerate savings
Contact
- Headquarters
-
388 Greenwich Street
New York, NY 10013 USA - (800) 950-5114
- Visit Site
- Email Support
Other Services by Citi®
Other Savings Accounts by Citi®
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- Colorado
- Delaware
- Georgia
- Hawaii
- Idaho
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Hampshire
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Utah
- Vermont
- Washington
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
Minimum Balance to Avoid Monthly Fee | $500 |
Minimum Balance to Earn APY | $1 |
Minimum Opening Deposit | $0 |
Minimum Required Balance | $1 |
Citi® Accelerate Savings Community Reviews
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