Banking » Compare Banks » Marcus Online Savings Account vs Citi Accelerate Savings: Compare Side By Side
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Marcus Online Savings Account vs Citi Accelerate Savings: Compare Side By Side

While Citi is a traditional bank, its savings rates are very competitive. How's the rates, features and tools compare - and who is the winner?
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

When it comes to saving money, choosing the right savings account can make all the difference. With so many options available, it can be difficult to decide which one is best for you. In this article, we'll take a close look at two popular savings accounts: Citi Accelerate Savings and Marcus by Goldman Sachs High Yield Online Savings Account.

We'll compare their interest rates, fees, and features, so you can make an informed decision about which account is right for your savings goals.

Compare Savings Account Rates

Marcus
Citi Accelerate Savings
Savings Rate
4.40%
4.45%
Minimum Deposit
$0
$0
Fees
$0
$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
Promotion
None
$50 – $300 New customers should deposit $1,000 – $5,000 to get the promotion. Expired on 06/30/2024
CD Range
3.90% – 5.10%
0.05% – 4.75%

The table compares Marcus and Citi Accelerate Savings accounts based on their savings rate, minimum deposit, fees, promotions, and CD range. Marcus offers a savings rate of 4.40% compared to Citi's 4.45%. Both accounts have no minimum deposit requirement, but Citi charges fees of $4.50 to $10 per month (that can be waived), while Marcus has no fees.

 In terms of CD range, Marcus offers a wider range with rates of 3.90% – 5.10% while Citi's rates range from 0.05% – 4.75%.

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Compare Savings Account Benefits

Marcus
Citi Accelerate Savings
Limited Fees
No Minimum Deposit
No Account Minimums
Save Automatically
Same Day Transfers
Mobile Check Deposit
Savings Calculator
Waive your Monthly Service Fee

One of the biggest advantages of Marcus Savings Account is that it has no fees associated with opening or maintaining the account. 

This means that customers can save money without having to worry about being charged extra fees for transactions or for simply keeping their account open.

Marcus Savings Account has no minimum deposit requirements for opening an account, which makes it accessible to customers with a variety of budgets.

Additionally, customers do not need to maintain a minimum balance, which means they can keep their account open even if they have a lower balance.

Marcus Savings Account allows for same-day transfers to other banks for up to $100,000.

This makes it easy for customers to move their money around as needed without having to wait for several days for the transaction to complete.

Marcus Savings Account provides a savings calculator tool that customers can use to determine how much they can earn by storing their emergency savings or reaching financial goals with the account.

This feature helps customers understand how their money can grow over time, which can be helpful in motivating them to save more.

Unlike some savings accounts that require you to deposit a minimum amount of money to open an account, Citi Accelerate Savings allows you to open an account with no minimum deposit. 

You can start saving right away, regardless of how much money you have available to deposit.

To make saving even easier, Citi Accelerate Savings offers an Auto Save feature that allows you to set up recurring automatic transfers from non-Citi accounts or your linked Citi checking account. 

This means you can set it and forget it, and watch your savings grow over time.

With Citi Accelerate Savings, you can easily deposit checks from anywhere using your mobile device. This means you don't have to visit a branch or ATM to make a deposit, saving you time and hassle.

If you open a Citi Savings Account in a Basic or Access Account package, you can waive the $4.50 monthly service fee by maintaining an average monthly balance of $500.

This means you can save money on fees and put more of your hard-earned money towards your savings goals.

Alternative Savings Account To Consider

If you're looking to grow your savings, it's important to find an account that offers competitive rates. While many people stick with traditional banks for their savings needs, there are a variety of alternative savings account options that may offer better rates.

The following table explores some of the alternative savings account options available, including online banks and credit unions.

Bank/Institution
Savings APY
Min Deposit
Type
Up to 5.00%
$100
Online Bank
4.40%
$0
Online Bank
4.25%
$0
Online Bank
4.25%
$0
Online Bank
5.21%
$0
Online Banking
4.25%
$0
Online Bank
4.35%
$0
Online Bank
4.50%
$100
Online Bank
3.06% – 3.10%
$0
Credit Union
4.2%
$0
Online Bank
up to 4.60%
$1,000 – $5,000
Online Bank
3.00%
$5
Credit Union

Compare Citibank Savings

While Citi Accelerate Savings account offers a slightly higher APY than Capital One 360 Performance Savings, it has drawbacks to consider.

Citi Accelerate Savings vs Capital One 360 Performance Savings: Which Is Better

Compare Citi Accelerate Savings and Ally Savings rates, features, benefits, and limitations to determine which one is the best option for you.

Citi Accelerate Savings vs Ally High-Yield Savings: Comparison

Compare Marcus Savings

American Express and Marcus offer competitive rates on savings with no monthly fees. However, a mobile check deposit is not available.

Amex High Yield Savings vs Marcus Savings Account

Ally and Marcus Savings account offer competitive rates on savings with no monthly fees. Compare account features, benefits and drawbacks.

Ally Bank Savings Account vs Marcus Online Savings Account: Which Is Better?

Compare SoFi and Marcus Savings account rates, features, benefits, and limitations to determine which one is best for your needs.

SoFi High Yield Online Savings Account vs. Marcus Online Savings Account: Which Offers More?

Our 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.

Savings Accounts Reviews

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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