Citi High Yield Savings Account
Existing Citi customers who want a fee-free high-yield savings option within their current banking relationship.
Citi Accelerate Savings pays a competitive APY with no monthly service fees on e-statements. Backed by Citibank, one of the largest U.S. banks. Rate and terms may vary by location.
Confirm the current APY on the bank's website — it changes frequently. Check whether the rate requires a direct deposit or minimum balance.
May 14, 2026
SwitchWize Research Desk · methodology
- No monthly maintenance fee
- FDIC insured up to $250,000
Is a high-yield savings account FDIC insured?
Yes. High-yield savings accounts at FDIC-member banks are insured up to $250,000 per depositor. Your principal cannot decrease due to market movements — a key difference from money market funds, which are not FDIC insured.
Does the advertised APY require a minimum balance?
It depends on the institution. Some high-yield savings accounts pay the same rate on all balances (no tiers), while others require a minimum daily balance to earn the top rate. Check the bank's disclosure page before opening.
How often does a savings APY change?
High-yield savings rates are variable — they move in response to Federal Reserve policy. Rates typically adjust within weeks of a Fed decision. SwitchWize tracks rates daily; the figure on this page reflects the most recently observed rate.
Can I lose money in a high-yield savings account?
No. Your deposited principal is protected by FDIC insurance up to $250,000. The APY is variable and will change over time, but that only affects future interest earned — never your principal.
How does a high-yield savings account differ from a money market account?
Both pay competitive variable rates and are FDIC insured, but money market accounts sometimes include check-writing or a debit card. High-yield savings accounts typically offer fewer transaction features but often pay a higher APY. Compare current rates for both before deciding.
Is the interest taxable?
Yes. Interest earned in a high-yield savings account is fully taxable at both federal and state levels. You'll receive a 1099-INT for any year you earn $10 or more. Unlike Treasury money market fund income, savings interest has no state-tax exemption.
Rates are sourced from Bankrate and verified by SwitchWize. SwitchWize may earn a referral fee when you click through to a partner. Content is for informational purposes only and does not constitute financial advice. Verify current rates directly with the institution before opening an account.