Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2024-02-05T22:54:43Z
- About Citi
- Overall Rating
- Pros and Cons
- Citi Personal Bank Accounts
- Personal Credit Cards
- Business Credit Cards
- Personal Loans
- Mortgages
- FAQ
- How Citi Compares
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
The information for the following product(s) has been collected independently by Business Insider: Citi Premier® Card, Costco Anywhere Visa® Business Card by Citi, CitiBusiness® / AAdvantage® Platinum Select® World Elite Mastercard®. The details for these products have not been reviewed or provided by the issuer.
About Citibank
Citi is a national bank with over 650 branches sprinkled around the US, including California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, and Washington, DC. You'll also have access to over 65,000 fee-free ATMs nationwide, plus free ATMs all over the world.
Some of Citi's accounts depend on where you live. For example, the high-yield Citi® Accelerate Savings is only available for residents of certain states.
Citi also has a new system called Relationship Tiers. If you maintain a certain account balance, you'll be eligible for Citi Priority, Citigold® Checking Account, or Citigold® Private Client Checking Account, which have more benefits and services. For example, these accounts do not have ATM fees, money order fees, or official check fees.
Citi's customer service is available 24/7 over the phone, and you can chat online from 6 a.m. to 10 p.m. ET. The bank also has an easy-to-use mobile app, which has 4.9 out of 5 stars in the Apple store and 4.8 stars in the Google Play store.
Your Citi accounts are FDIC insuredfor up to $250,000, or $500,000 for joint accounts.
Is Citi Trustworthy?
The Better Business Bureau gives Citi an F rating because it's received a high volume of customer complaints on the BBB website and it has failed to respond to many customer complaints.
In November 2023, the Consumer Financial Protection Bureau claimed Citibank intentionally discriminated against Armenian-American credit card applicants. The CFPB ordered the bank to pay $25.9 million in fees and to applicants who were impacted.
Citi Overall Rating
Product: | Personal Finance Insider rating (out of 5): |
Personal Bank Accounts | 3.25 to 4.25 |
Personal Loans | 3.25 |
Mortgages | 3.75 |
Personal Credit Cards | 2.5 to 4 |
Business Credit Cards | 3 to 4 |
Trustworthiness | 2 |
Total | 3.5 |
Citi Pros and Cons
Pros: | Cons: |
|
|
Citi Personal Bank Accounts
Citi Access Checking
Citi Access Checking
Start banking
Citi, FDIC Insured
Insider’s Rating
4/5
Perks
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
$300
Pros
- No opening deposit
- No overdraft fees
Cons
- No paper checks
- $2.50 fee for using out-of-network ATMs
- BBB gives Citi an F in trustworthiness
Product Details
- Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
- The most basic Citi checking account
- Access to over 650 branches in the US
- No minimum opening deposit
- FDIC insured
Citi Regular Checking
Citi Regular Checking
Start banking
Citi, FDIC Insured
Insider’s Rating
3.75/5
Perks
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
Fees
$15 monthly service fee
Annual Percentage Yield (APY)
See Website for Details
Minimum Opening Deposit
None
Bonus
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
$300
Pros
- No opening deposit
Cons
- $2.50 out-of-network ATM fee
- BBB gives Citi an F in trustworthiness
Product Details
- Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
- Over 650 branches
Citi Priority
Citi Priority
Start banking
Citi, FDIC Insured
Insider’s Rating
3.5/5
Fees
See website for details
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Pros
- No opening deposit
- No out-of-network ATM fees
- Access to Citi expert advisers
Cons
- BBB gives Citi an F in trustworthiness
Insider’s Take
Citi® could be a good option if you live in one of the 42 states that offers Citi® Accelerate Savings because it pays a high interest rate. Citi® is also notably featured in our guides for best low credit score mortgage lenders and best credit cards.
Product Details
- No Citi fees at non-Citi ATMs
- 0.00% Annual Percentage Yield
Citigold® Checking Account
Citigold® Checking Account
Start banking
Citi, FDIC Insured
Insider’s Rating
4.25/5
Fees
See website for details
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$200,000
Pros
- Refunds any fees charged by out-of-network ATMs
- No overdraft fees
- Access to wealth management team
- You may qualify for up to $200/year in membership and subscription rebates
Cons
- You must have $200,000 combined in Citi bank accounts, and linked retirement/investment accounts to be a Citigold member
- BBB gives Citi an F in trustworthiness
Insider’s Take
Citi® could be a good option if you live in one of the 42 states that offers Citi® Accelerate Savings because it pays a high interest rate. Citi® is also notably featured in our guides for best low credit score mortgage lenders and best credit cards.
Product Details
- No Citi fees at non-Citi ATMs
- 0.00% Annual Percentage Yield
- Within 20 days of opening, deposit $200,000 new-to-Citibank funds
- Maintain a minimum balance of $200,000 for 60 consecutive calendar days
Citigold® Private Client Checking Account
Citigold® Private Client Checking Account
Insider’s Rating
4.25/5
Annual Percentage Yield (APY)
NA
Minimum Opening Deposit
$1,000,000
Pros
- NA
Cons
- NA
Product Details
- Total branches: over 650 locations in California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, and Washington, DC.
- 65,000+ surcharge-free ATMs
Citi offers two standard checking accounts: Citi Access Checking and Citi Regular Checking.
If you'd like to get a premium checking account, the bank also offers relationship tiers: Citi Priority, Citigold® Checking Account, and the Citigold® Private Client Checking Account.
To qualify for relationship tiers, you'll need to maintain a high combined average monthly balance across linked bank accounts, retirement accounts, and investment accounts: $30,000 to $199,999.99 for City Priority, $200,00 to $999,999.99 for Citigold, or $1 million or more Citigold Private Client.
Citi® Accelerate Savings
Citi® Accelerate Savings
Read Review
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
4.45% (vary by location)
Minimum Opening Deposit
$0
Pros
- High APY (minimum $0 balance to earn)
- No opening deposit
Cons
- You may pay a monthly fee, depending on a variety of factors
- Other fees depend on which checking account you link to your savings account
- Not available in certain states
- BBB gives Citi an F in trustworthiness
Insider’s Take
You might like Citi if you live in one of the areas that offers the Citi® Accelerate Savings account, so you can earn a higher savings rate than the national average. The best high-yield savings accounts, however, offer even more competitive savings rates.
Citi® Accelerate Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
- You may qualify to have the monthly fee waived, depending on which checking/savings package you have
- No opening deposit
- Compounding interest to maximize your savings
- Not available in CA, CT, MD, NV, NJ, NY, VA, DC, certain parts of FL or IL
See Personal Finance Insider's Citi Accelerate Savings Account Review.
Citi® Savings Access
Citi® Savings Access
Start saving
Citi, FDIC Insured
Insider’s Rating
3.25/5
Fees
$4.50 monthly service fee
Annual Percentage Yield (APY)
0.03% to 0.25% (vary by location)
Minimum Opening Deposit
None
Pros
- No opening deposit
- Higher APY than many brick-and-mortar banks
Cons
- Low APY compared to high-yield savings accounts
- $4.50 monthly fee
- Only available in certain states
- BBB gives Citi an F in trustworthiness
Insider’s Take
You might like Citi if you live in one of the areas that offers the Citi® Accelerate Savings account, so you can earn a higher savings rate than the national average. The best high-yield savings accounts, however, offer even more competitive savings rates.
Citi® Savings Access review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- $4.50 monthly service fee waived during the first 3 months of account opening or with a relationship tier, $500 average monthly balance, or with a Citi checking account
- No opening deposit
- Compounding interest to maximize your savings
- Only available in CA, CT, DC, FL, IL, MD, NJ, NV, NY, SD, VA, and Puerto Rico
- Access to 650 branches
Citi has two types of accounts: Citi Savings and Citi® Accelerate Savings.
Citi® Accelerate Savings is a high-yield savings account that pays a competitive rate, and it's clearly superior to Citi Savings — but you can only open an account if you're a resident of certain markets.
Read Personal Finance Insider's Citi Savings Rates Review.
Citi Fixed Rate CD
Citi Fixed Rate CD
Start saving
Citi, FDIC Insured
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
0.05% to 5.25%
Minimum Opening Deposit
$500 ($100,000 for the top rate)
Pros
- Range of CD terms
- Relatively low early withdrawal penalties
Cons
- Rates vary depending on term
- $500 to $2,500 opening deposit, depending on your state of residence
- Must visit a branch to deposit more than $10,000
- BBB gives Citi an F in trustworthiness
Insider’s Take
Citi might be a decent option for a traditional 9-month, 1-year, or 15-month term. It also offers a good no-penalty CD rate. That said, Citi CD rates are overall low compared to the best online banks and credit unions.
Product Details
- Terms ranging from 3 months to 5 years
- Early withdrawal penalties ranging from 90 to 180 days interest
- Earn 1.10% APY on a 6-month CD; Earn 5.25% APY on a 7-month CD; Earn 4.00% APY on a 9-month; Earn 3.00% to 4.00% APY on a 12-month CD; Earn 2.50% APY on a 15-month CD
- Earn 0.05% APY on other CD terms between 3 months and 11 months; Earn 0.10% APY on the 13 months, 14 months, and 30 months; Earn 2.50% APY on other CD terms between 18 month and 5 years
- $500 opening deposit ($100,000 for the top rate on the 11-month CD)
Citi No Penalty CD
Citi No Penalty CD
Start saving
Citi, FDIC Insured
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
0.05%
Minimum Opening Deposit
$500
Pros
- $500 minimum opening deposit
Cons
- Only term option is 12 months
- BBB gives Citi an F in trustworthiness
Insider’s Take
Citi might be a decent option for a traditional 9-month, 1-year, or 15-month term. It also offers a good no-penalty CD rate. That said, Citi CD rates are overall low compared to the best online banks and credit unions.
Product Details
- Over 650 branches
- May open a 12-month CD term online
- May withdraw your full balance and interest at any time 6 days after opening an account
- Interest compounded daily, deposited monthly
- FDIC insured
Citi Step Up CD
Citi Step Up CD
Start saving
Citi, FDIC Insured
Insider’s Rating
3.25/5
Annual Percentage Yield (APY)
0.05% to 0.15%
Minimum Opening Deposit
$500
Pros
- Low minimum opening deposit
- Get a rate increase every 10 months
- Standard early withdrawal penalties
Cons
- Low interest rate
Insider’s Take
Citi might be a decent option for a traditional 9-month, 1-year, or 15-month term. It also offers a good no-penalty CD rate. That said, Citi CD rates are overall low compared to the best online banks and credit unions.
Product Details
- Earn 0.05% APY during your first 10 months, 0.10% APY for months 11 through 20, and 0.15% APY on months 21 though 30
- For CD terms of 1 year or greater, the early withdrawal penalty is 180 days of simple interest
- Interest compounded daily and deposited monthly
- FDIC insured
Citi offers three types of CDs: Citi Fixed Rate CDs, Citi Step Up CDs, and Citi No Penalty CDs.
While the bank's abundance of checking and savings account options can be staggering, its CD options are easier to follow. Step Up CDs allow you to earn a higher interest rate at a specified date, while no-penalty CDs do not charge you early withdrawal penalties if you take out money from your account before the term ends.
If you're searching for a competitive interest rate, a 1-year or 18-month Citi Fixed Rate CD might be worth considering.
See Personal Finance Insider's Citi CD review.
Citi Personal Credit Cards
Citi has a variety of credit cards, including travel credit cards, balance transfer credit cards, cash-back credit cards, and credit cards with 0% APR.
Our best Citi credit cards guide highlights the best options depending on what you're looking for. The Citi Premier® Card is our top Citi credit card for 2023.
- Citi Custom Cash Card Review
- Citi Diamond Preferred Card Review
- Citi Premier Card Review
- Citi Double Cash Card Review
- Citi Simplicity Card Review
- Citi Rewards+ Card Review
- Costco Anywhere Visa Card by Citi Review
- Citi AAdvantage Platinum Select Card Review
- Citi AAdvantage MileUp Card Review
- Citi Advantage Executive Card Review
Citi Business Credit Cards
If you have a small business, Citi has two types of credit cards. The Costco Anywhere Visa® Business Card by Citi is exclusively for Costco customers, while the CitiBusiness® / AAdvantage® Platinum Select® World Elite Mastercard® may be worth exploring if you frequently fly with American Airlines.
- Costco Anywhere Visa Business Card by Citi Review
- CitiBusiness AAdvantage Platinum Select Mastercard Review
Citi Personal Loans
Citi Personal Loans may be worthwhile if you already bank with the company. To be eligible for a personal loan at Citi, you must earn a yearly income of $10,500 or more, meet Citi's creditworthiness criteria, and have an eligible Citi bank account that has been open for at least 12 months.
See Personal Finance Insider's Citi Personal Loans Review.
Citi Mortgages
Citi offers several types of home loans, including conforming, jumbo, FHA, VA and HomeRun mortgages. The HomeRun mortgage could be a good choice if you're looking for an affordable mortgage option. Through the HomeRun mortgage program, customers may make a down payment as low as 3% with no mortgage insurance requirement.
See Personal Finance Insider's Citi Mortgage Review.
Citi FAQs
Is Citi a good bank?
Citi has a variety of home loans and credit cards. It also may be a good option if you'd like to open an online high-yield savings account with a national brand. Citi® Accelerate Savings pays more than the average savings account. That said, it's only available in certain markets.
Is Citi FDIC-insured?
Yes, Citi bank accounts are FDIC-insured for up to $250,000 per depositor.
How much is needed to open a Citi account?
Savings and checking accounts do not require a minimum opening deposit. If you'd like to open a certificate of deposit, you'll need at least $500.
How Citi Compares
We've compared Citi to three other national banks: Bank of America, Chase, and Wells Fargo.
Citi vs. Bank of America
Bank of America is a good choice if you want a larger branch network, because it has locations in 37 U.S. states and Washington, DC. You also might prefer Bank of America for a simpler banking experience, since Citi's package system can be confusing.
But Citi has a much larger free ATM network, including ATMs in other countries.
You'll probably prefer Citi if you're eligible to open the Citi® Accelerate Savings account, because you'll earn a much higher savings rate than you could with Bank of America savings accounts. As for CDs, the best CD rate between the two banks will depend on which term you choose.
Bank of America Review
Citi vs. Chase
Chase is another great option if you want a large branch network within the U.S. It has branches in every state except Alaska and Hawaii.
Chase and Citi are both known for offering several checking accounts. The best fit could come down to what you want out of a checking account and whether you can waive the monthly fee on your preferred account.
For example, if you just want a simple checking account, you might prefer Citi Access Checking over Chase Total Checking®. Both offer strong sign-up bonuses to eligible cusotmers, but Citi's account has a lower monthly fee that is automatically waived for the first three months.
Chase Bank Review
Citi vs. Wells Fargo
Again, you may prefer Wells Fargo if you want a larger branch network throughout the United States. It operates in 36 states and Washington, DC. But keep in mind that Citi has more free ATMs, both in the U.S. and abroad.
The best CD rate could come down to which term length you're looking for. Wells Fargo CD rates are decent, but the bank only offers terms up to one year. Meanwhile, Citi has CD terms up to 10 years.
Wells Fargo Bank Review
Why You Should Trust Us: How We Reviewed Citi
For our Citi review, we rate bank products and services using our editorial standards.
At Personal Finance Insider, we rate products on a scale from zero to five stars. For bank accounts, we review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.
We'll consider factors like annual fees and sign-up bonuses for credit cards, and term lengths for loans. In general, we also look at customer service and ethics.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
- Best CD rates
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- Four reasons why your debit card might be denied even when you have money
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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