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 | 4.00% – 5.05% | 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 4.00% – 5.05% 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 |
- Limited Fees
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.
- No Account Minimums
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.
- Same Day Transfers
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.
- Savings Calculator
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.
- No Minimum Deposit
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.
- Save Automatically
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.
- Mobile Check Deposit
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.
- Waive your Monthly Service Fee
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 |
|---|---|---|---|
5.00% | $100 | Online Bank | |
4.40% | $0 | Online Bank | |
4.30% | $0 | Online Bank | |
4.35% | $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 | |
4.25% | $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.
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.
