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In this article, we will compare Capital One 360 Performance Savings and Citi Accelerate Savings in detail. We will examine their savings account rates, minimum deposit requirements, and account perks to help you determine which bank is best suited for your financial needs.
Additionally, we will evaluate any promotions or offers that each bank may be running for new customers to help you maximize your savings.
Exploring Savings Rates and Minimum Deposits
Citi Accelerate Savings | Capital One 360 Performance Savings | |
|---|---|---|
Savings Rate | 4.45% | 3.80% |
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 Capital One 360 Performance Savings, Citi Accelerate Savings has a higher interest rate of 4.45% compared to Capital One 360 Performance Savings' rate of 3.80%. 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 Capital One 360 Performance 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 Capital One 360 Performance Savings does not have any current promotions.
Compare Savings Account Perks: Citi vs. Capital One
While Both Capital One 360 Performance Savings and Citi Accelerate Savings offers competitive rates, there are unique benefits for each account:
Citi Accelerate Savings | Capital One 360 Performance Savings |
|---|---|
Mobile Check Deposit | Highly Competitive APY |
Automate Your Savings | No Minimum Balance or Monthly Fees |
No Minimum Deposit | Some Branch Access Available |
Competitive Rate | Free Credit Monitoring Services |
- Competitive Rate
Citi Accelerate Savings offers 4.45% APY, which is competitive with other online savings accounts.
- No Minimum Deposit
No minimum deposit required to open the account.
- Automate Your Savings
Automated savings with the ability to set up automated transfers from a linked checking account.
- Mobile Check Deposit
Mobile check deposit is available, making it easy to deposit checks from anywhere.
- Highly Competitive APY
Get a far higher than average APY on your balance with the 360 Performance Savings account.
- No Minimum Balance or Monthly Fees
Open and maintain your account without any minimum balance requirements. Enjoy the benefits of no monthly maintenance fees. It makes the account one of the best savings accounts available.
- Free Credit Monitoring Services
Access credit monitoring services without extra fees and improve your financial and credit health.
- Some Branch Access Available
Capital One has a small number of full-service branches in several states, especially on the East Coast, and Cafes that offer banking services, WiFi, and money coaching.
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 4.35% 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.
Top Offers From Our Partners
Advertiser Disclosure
How Can Citi And Capital One Improve?
Citi Accelerate Savings | Capital One 360 Performance Savings |
|---|---|
Must Have Citi Checking | No ATM Access |
Monthly Fee | 6 Withdrawal Allowed |
Transfer Delay |
Citi's Accelerate Savings account has some drawbacks that you should consider before opening an account.
One of these is monthly fees, which you'll have to pay if you have a basic banking package and don't maintain an average balance of $500 in your account. Additionally, to open a savings account with Citi, you must have a Citi checking account.
Capital One 360 Performance Savings has a few drawbacks to consider. Firstly, the account does not provide an ATM card, which makes accessing your funds a little tricky. Secondly, there is a cap of six withdrawals or transfers out of the account per statement cycle, and exceeding this limit may result in a fee or account closure.
Finally, if you’re transferring to or from an external account, you may experience transfer delays, which can take a couple of days.
Steps to Opening a Savings Account
Opening Citi and Capital One savings account can be done in 10 minutes, as long as you have the relevant documents:
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Citi Accelerate Savings
Here are 3-4 steps to open a Citi Accelerate Savings account:
Choose your desired banking package: Citi offers several banking packages, ranging from Citigold to Citi Access. Choose the one that best fits your needs.
Provide personal and financial information: To open an account, you'll need to provide personal information such as your ID and Social Security number, as well as employment and income information.
Set up your online account: Once your personal and financial information is verified, you'll need to set up your online account. This will allow you to manage your account online, as well as set up automated savings transfers.
Transfer funds to your account: Finally, you'll need to transfer funds to your new Citi Accelerate Savings account to start earning interest. You can do this by linking a checking account and transferring funds electronically, or by mailing in a check.
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Capital One 360 Performance Savings
To open a Capital One 360 Performance Savings account, first, browse the bank's website and find the Performance 360 Savings product page to learn about the account features.
If you decide to proceed, click the “apply” button and fill in the standard application form with your personal information, including your name, phone number, address, and social security number. Lastly, to comply with federal regulations, verify your identity by providing a copy of your driver's license, passport, or state-issued photo ID.
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How We Compare Savings Account: 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.
