Combining Your Savings and Rewards Card For More Value With Citi
Citi recently launched their high yield savings program – Accelerate Savings. This account offers an annual interest rate of 2.36%. This return rate crushes the average savings rate of most US Savings Account. Citi customers now have the opportunity to earn more through a “Citi Priority Banking Package”. The offer allows customers to earn more with their Citi Preferred Rewards Card and have full access to the Citi Accelerate Banking Account. Let’s take a look at the specifics and see who this offer makes the most sense for.
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The Citi Banking Package – How The Offer Works
- Citi Bank clients open a Citi Banking Package
- Customers will fund their new accounts
- Your eligible Citi Card is automatically linked to your account
- Instantly begin earning 25% more points with your eligible card
The offer is pretty simple and very little action is required on the end of the client besides opening your new accounts. The Citi Banking Package includes the Citi Accelerate Savings Account along with the Citi Checking Account. Citi Accelerate Savings Account features include:
- 2.36% interest rate
- This rate is 13x the national average
- No minimum balance requirements
- $4.50 monthly servicing fee*
Citi Priority Checking Account Features Include:
- No foreign transaction fees on debit charges
- Access to over 60,000 Citi ATMs
- Ability to enroll your account with ThankYou Rewards
- $30 monthly servicing fee
Learn More An Additional Citi Bank Credit Card Customer Feature – The Citi Flex Loan
Who Is This Offer Best Suited For?
One key feature of the Citi Priority Banking Package is that customers have the ability to waive the $30 monthly servicing fee. Clients will have to maintain a $50,000 balance across all accounts in order to waive their annual fee. This may seem high but in reality these accounts are designed for customers who are planning to save funds in a safe, high interest, savings account. Additional benefits of the Priority Banking Package includes the ability to link your retirement and investment accounts. These accounts would also count towards your $50,000 account balance requirement.
While meeting the $50,000 servicing fee waiver isn’t a requirement to make this a “good offer”, this package is going to be best suited for customers intent on saving. The accelerate account is specifically designed as a safe and profitable investment tool.
Citi Priority Banking Package ThankYou Rewards Bonus
Eligible Citi Credit Card customers will receive the biggest bonus from this offer. For instance, Citi Preferred Cardholders will earn an additional 25% ThankYou Points every billing period through January 31st, 2021. This would amount to almost two full years of receiving an extra 25% on all of your credit card rewards. ThankYou points are redeemable for everything from statement credit to travel and their is no shortage as to how you can use your reward points.
High Yield Savings vs Traditional Savings Accounts
As mentioned earlier, the Accelerate Savings Account is what is known as a high yield savings account. Traditional saving accounts offer a paltry 0.18% interest on the funds you maintain in your account. This is a terrible way to stash your cash. Customers who have significant savings need to find options to allow their money to earn interest. Many consumers use the investment markets for their purpose. Investments in stocks/index funds/etc are great options but come with a level of risk. High yield saving accounts can be seen as a safe alternative.
A smart portfolio should have a broad investment strategy that exposes the investor to an acceptable level of risk. While the stock market regularly provides the greatest returns – it is important for many consumers to supplement their financial strategies with safe investments. The Citi Accelerate Account is one such option. Your will earn a steady 2.36% interest without any risk of the market impacting your investment.
Final Thoughts On The Priority Banking Better Together Offer
This offer is not going to appeal to all consumers but for customers who are interested in a safe, high yield savings account option, the additional benefits make this a great choice. Citi Credit Card customers who have an eligible card (like the Citi Preferred Card) can earn a substantial increase in their reward rates. Furthermore, as volatility in the stock market continues to scare some investors, many consumers are looking for safe options like the Accelerate Account. Ultimately, the stock market has historically shown to be the ultimate investment tool. However, for customers who are looking to diversify their holdings and include a safe investment, the Priority Banking Offer with an eligible card could be a great option.
What is your favorite safe method to set aside savings while earning money? Are you a fan of money market accounts? Bonds? Let us know in the comments below!