Choosing the right bank for your savings can be a daunting task, especially when there are many options available. Ally Bank and Citi are two popular banks that offer high-yield savings accounts with competitive interest rates, low fees, and other great features.
In this article, we will compare Ally High-Yield Savings and Citi Accelerate Savings in detail.
Savings Rate and Deposit Comparison
Citi Accelerate Savings | Ally High-Yield Savings | |
|---|---|---|
Savings Rate | 4.45% | 3.60% |
Minimum Deposit | $0 | $0 |
Fees | $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
| $0 |
Promotion | N/A
Minimum deposit of N/A needed. Expired on N/A
| None |
Comparing Citi Accelerate Savings and Ally High-Yield Savings, Citi Accelerate Savings has a slightly higher interest rate of 4.45% compared to Ally High-Yield Savings' rate of 3.60%. Both banks have no minimum deposit requirements, making them accessible to a wide range of customers.
However, Citi Accelerate Savings has a monthly maintenance fee of $4.50 or $10 per month, depending on the account balance, while Ally High-Yield Savings has no monthly maintenance fees.
Citi Accelerate Savings is currently running a promotional offer for new customers, offering a potential reward of $100 to $5,000, while Ally High-Yield Savings does not have any current promotions.
Breaking Down Savings Account Perks
Citi Accelerate Savings | Ally High-Yield Savings |
|---|---|
High Interest Rate | No Monthly Fees or Account Minimum |
No Minimum Opening Deposit | Savings Organization Tools |
Mobile Check Deposit | Safe to Save |
Automate Your Savings | Round-Ups |
Citi's Accelerate Savings Account offers a simple and flexible option for savers who want to earn a high interest rate without any minimum deposit requirement or complicated fees. Its benefits include a competitive interest rate of 4.45%, no minimum opening deposit, overdraft protection, all-in-one banking, automated savings, and mobile check deposit.
This account is especially appealing for those who want to manage their finances in one place since Citi offers every financial service from banking to lending to investing. With the ability to set up automated transfers, savers can easily contribute to their account and maximize their savings. Additionally, the mobile check deposit feature allows for easy and convenient deposits on the go.
On the other hand, with high rate , no monthly maintenance fees or minimum balance requirements, Ally High-Yield Savings can help you focusing on growing your savings without worrying about extra costs.
Not only that, but you'll have access to 24/7 customer support and unique features like Safe to Save and Round Ups, which automatically transfer funds to your savings account. With the “buckets” feature, you can create multiple savings goals within the same account, making it easy to organize and track your progress.
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How Can Ally And Citi Improve?
Citi Accelerate Savings | Ally High-Yield Savings |
|---|---|
Monthly Fee | Maximum Monthly Withdrawals |
Must Have Citi Checking | No Cash Deposits |
- Monthly Fee
Unless you have an average balance of $500, you will pay a monthly fee of $4.50 for a basic banking package with Citi’s Accelerate Savings account.
- Must Have Citi Checking
In order to open a savings account with Citi, it is required to have a Citi checking account.
- Maximum Monthly Withdrawals
Ally High-Yield Savings Account limits the number of withdrawals to six in any given month. If you require more frequent access to your savings, this account may not be suitable for you.
- No Cash Deposits
As an online bank, Ally does not accept cash deposits. If you want to add cash to your account, you'll need to deposit it into another account and then transfer the funds electronically to your Ally High-Yield Savings Account.
- No Physical Branches
Ally is an online-only bank, which means they don't have any physical branches. While you can reach customer support 24/7, you won't have the option of face-to-face customer service.
If you prefer in-person banking experiences, this account may not be the right fit for you.
Steps to Opening a Savings Account
Opening a Citi Accelerate savings account can take a little more compared to Ally. Here's how to open them:
-
Citi Accelerate Savings
To open a Citi Accelerate Savings account, you can follow these simple steps. First, select the banking package that best suits your needs. Next, provide your personal and financial information, including your ID, Social Security number, and employment and income information.
Once verified, set up your online account, which will allow you to manage your account and set up automated savings transfers. Lastly, transfer funds to your account by either linking a checking account and transferring funds electronically or mailing in a check.
-
Ally High-Yield Savings
To open an Ally savings account, you have a few options including applying over the phone, downloading an application form and mailing it in, or the simplest way, applying online.
The online application process involves a few straightforward steps. First, visit the Ally website and navigate to the high yield savings account product page. Review the account details and click the “Apply” button to start the process.
Second, complete the application form by providing basic personal information such as your full name, address, email, phone number, and social security number. Third, verify your identity by submitting suitable forms of identification such as a valid driver's license, passport, or state-issued photo ID, as required by federal regulations.
Finally, choose your preferred funding options, though this step is optional. Once you've submitted your application, Ally will send you an email confirming approval and that your account is open.
Top Offers From Our Partners
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.10% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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The Smart Investor Savings Accounts Comparison Methodology
The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.
- Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
- Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
- Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
- Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.
