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: You might not 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
  • Don't live in a state where the account is available
  • Can't meet qualifications to have monthly fees waived
  • Are worried about Citi's history of scandals

The bottom line: The Citi Accelerate Savings Account is a good high-yield savings account, but you can only access it if you live in certain parts of the US.

Citi Accelerate Savings Account features

Citi Accelerate Savings Account

Citibank Citi Accelerate Savings Account

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.

Citibank scandals

The Better Business Bureau gives Citi an F in trustworthiness. Here are a few scandals the company has faced in the last few years:

  • In 2018, Citi had to compensate credit card customers for neglecting to change their interest rates
  • In 2020, the bank incorrectly sent $900 million to customers
  • Citi has failed to recognize money laundering by its customers

If Citi's history of scandals worries you, you can find other high-yield savings accounts from banks with great scores from the BBB.

How Citi Accelerate Savings compares

We've compared Citibank's savings account to high-yield savings accounts at two other online banks that also have physical branches: HSBC Direct (Member FDIC) and Capital One 360 (Member FDIC).

Citibank
HSBC
Capital One 360

Savings APY

0.70% APY

Savings APY

0.30% APY

Savings APY

0.50% APY

Monthly fee

Up to $30

Monthly fee

$0

Monthly fee

$0

BBB score

F

BBB score

B-

BBB score

A

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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.

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.

This post was reviewed and updated on November 23, 2020.

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