Citi Accelerate Savings account pays a high APY for residents of 42 US states, with no opening deposit

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  • The Citi Accelerate Savings Account from Citibank (Member FDIC) pays a high APY and doesn't require an opening deposit.
  • Citibank offers six tiered "packages," and the package you choose will determine your monthly fees and other terms for the Citi Accelerate Savings Account.
  • If you open a Citi Accelerate Savings Account along with a checking account in an Account Package or Premier Account Package, you could earn a $400 or $700 sign-up bonus, respectively.
  • If you live in one of the 42 states where Citi Accelerate Savings is available, the account is a solid high-yield savings option.
  • See Business Insider's picks for the best high-yield savings accounts »

The Citi Accelerate Savings Account pays one of the highest rates in the banking industry right now, 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.

Should you open a Citi Accelerate Savings Account?

You might like the Citi Accelerate Savings Account if you:

  • Live in a state where the account is available
  • Value earning a high APY on your savings
  • Don't have much money to open a savings account
  • Are eligible to waive monthly fees
  • Want to earn a cash sign-up bonus, AND want to open a corresponding Citibank checking account

You might not want to open a Citi Accelerate Savings Account if you:

  • Don't live in a state where the account is available
  • Can't meet qualifications to have monthly fees waived

Citi Accelerate Savings Account features

Citi Accelerate Savings Account

Citibank Citi Accelerate Savings Account

APY
Min Deposit
Featured Reward
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 3.68 out of 5 Stars
    Editor's Rating
    APY

    0.70% APY

    Min Deposit

    None

    Featured Reward

    $400 when you open along with a checking account in the Account Package, $700 when you open along with a checking account in the Priority Account PackageA five pointed star

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 3.68 out of 5 Stars
    Editor's Rating
  • Details
  • Pros & Cons
    • Monthly fee depends on whether you link to a Citibank checking account, and which checking account you choose
    • You may qualify to have the monthly fee waived, depending on which checking/savings package you have
    • No opening deposit
    • Compounding interest to maximize your savings
    • Not available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of FL, and Puerto Rico
    Pros
    • High APY
    • No opening deposit
    Cons
    • You may pay a monthly fee, depending on a variety of factors
    • Other fees depend on which checking account you link to your savings account
    • Not available in certain states

    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 Citibank 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:

    • California
    • Connecticut
    • Select parts of Florida
    • Illinois
    • Maryland
    • Nevada
    • New Jersey
    • New York
    • Virginia
    • Washington DC
    • Puerto Rico

    If you have access to a Citi Accelerate Savings Account, you have the ability to earn one of the highest interest rates out there right now, regardless of your balance. Citibank also doesn't require an opening deposit.

    Citibank 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.

    If you choose the Account Package, you may qualify for a $400 sign-up bonus, and if you go with the Priority Account Package, you could receive a $700 sign-up bonus. You must also open a checking account in these packages to get the cash rewards. These are some of the best bonuses available for opening a bank account right now.

    Read our full Citibank review »

    How Citi Accelerate Savings compares

     Citi Accelerate SavingsHSBC Direct SavingsCapital One 360 Performance Savings
    APY0.70% APY0.50% APY0.50% APY
    Opening deposit$0$1$0
    Monthly service fee$0-$30$0$0
    Customer service24/7 phone access; online chat 6 a.m. to 10 p.m. ET24/7 live chat; call 7 a.m. to 12 a.m. ET24/7 live chat; call 8 a.m. to 11 p.m. ET

    Citi Accelerate Savings vs. HSBC Direct Savings

    The interest rate may affect your choice between Citi Accelerate Savings and HSBC Direct Savings. While APY is important, keep in mind that rates fluctuate, and they've been fluctuating frequently during the coronavirus pandemic — so while one bank's rate might be higher today, things could change in the next few weeks. Your rate also isn't locked in once you open an account, so if the rate increases or decreases, it will affect your current balance.

    If you value banking with a mobile app, you may prefer Citibank over HSBC Direct. HSBC has a mobile app, but it has received poor reviews in the Apple and Google Play stores.

    HSBC Direct doesn't charge monthly fees, so if you can't qualify to have monthly fees waived with Citi, you may prefer HSBC Direct.

    HSBC Direct is available for people in all 50 states and DC, so if you live in an area where the Citi Accelerate Savings Account isn't available, HSBC Direct is the clear choice for you.

    Read our HSBC Direct Savings review »

    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 (Member FDIC), 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 Citibank if you don't qualify to waive Citibank 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.

    Read our full Capital One 360 review »

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