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Citi® Accelerate Savings (Member FDIC; select markets only) has an excellent 4.30% APY. With that yield, which is higher than savings account rates at many other banks, the name makes sense. However, the rate for Citi’s basic savings account is much lower, at 0.03% APY. Here’s a look at how the savings accounts measure up compared to other options.

Citibank rates and fees

Citi® Accelerate Savings rate	4.30%
Citi basic savings rate	0.03%
How they compare	The average national rate for savings accounts is 0.45% APY.
Monthly fees on Citi® Accelerate Savings and basic savings	$4.50. (Can be waived; see bank site for details.)
Citi® Accelerate Savings availability	The Citi® Accelerate Savings account is available in many states, including Alabama, Alaska, Arizona, Arkansas, Colorado, Delaware, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin and Wyoming. It is also available in select markets in Florida and Illinois. The basic Citi savings account is available in states where Citi® Accelerate Savings is not available.

» Find this month’s best savings account rates in NerdWallet’s best savings rates

How Citibank compares to online banks

Large banks like Citibank tend to have accounts with higher monthly fees and lower rates for savings. Citibank’s savings accounts do have monthly fees, and its basic Citi savings account has a low rate.

However, Citi® Accelerate Savings — available in select markets — offers a much better return compared to many national banks. This high-yield savings account has a monthly fee, but it is relatively easy to avoid. If it is available in your market, it's worth a look.

» Learn more: Read NerdWallet’s Citibank review

If Citi® Accelerate Savings is not available to you, however, you have other options at online banks. Along with higher rates, many online accounts come with no monthly fees or minimum balance requirements.

» Check out high-interest rate options with NerdWallet’s best high-yield online savings accounts