Citibank Review 2024 (2024)

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Citi Account Basics

Checking

Citi offers six checking account products for customers, with various features and fees. Citi divides its account products into two categories: Everyday Banking and Premium Banking.

Here are the checking account products within Citi’s Everyday Banking category:

  • Access Account
  • Basic Banking
  • The Citibank Account

Here are the checking accounts within Citi’s Premium Banking category:

  • Citi Priority Account
  • Citigold® Checking Account
  • Citigold Private Client

Within the six products, Citi distinguishes between Regular Checking (available both with and without paper checks) and Interest Checking.

All six products offer a paperless statement option and require no minimum opening deposit for either checking or savings accounts.

The Access Account Package offers “checkless” Regular Checking, which comes with a debit card and fee-free access to Citi’s ATM network. The account provides online and mobile banking tools but no paper checks. Another perk of this Access Account Package is no overdraft fees.

If you’re looking for a basic checking account but still prefer the ability to write checks, check out the Citibank Basic Banking Package, which includes Regular Checking. This account provides paper checks (the first standard checkbook is free).

Savings

Depending on your ZIP code, Citi’s savings accounts are called either Citi® Accelerate Savings or just Citi Savings.

Citi Accelerate is a high-yield savings account offering 4.45% APY—one of the bank’s highest rates, but still below rates offered by the top high-yield savings accounts. There’s no minimum deposit requirement to open an account or earn interest. There’s also no cap on how much you can earn with Citi Accelerate. However, the account is not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia or parts of Florida and Illinois.

In the places where Citi Accelerate is not offered, Citi Savings accounts pay lower interest than other national banks and much lower than the best online savings accounts. Earnings on this account vary, depending on your balance and the package of account features you choose.

All of Citi’s savings accounts feature monthly service fees that can be waived by meeting certain account conditions each month. Service fees range from $4.50 to $25 for savings accounts not linked to a checking account. Many of the best savings accounts don’t charge any monthly fees.

Citi Certificates of Deposit

If you have extra funds to set aside and earn interest, Citi offers three CD account types. Its Fixed Rate CDs are standard CDs available in 19 term lengths ranging from three months to five years. Withdrawals made before the CD’s maturity date are subject to an early withdrawal penalty. Some CD terms offer promotional rates close to the best CD rates.

CD TermAPYMinimum Deposit

3 Months

0.05%

$500

4 Months

0.05%

$500

5 Months

0.05%

$500

6 Months

4.75%

$500

7 Months

0.05%

$500

8 Months

0.05%

$500

9 Months

3.75%

$500

10 Months

0.05%

$500

11 Months

0.05%

$500

12 Months

2.00% to 3.00%

$500

13 Months

0.10%

$500

14 Months

0.10%

$500

15 Months

4.00%

$500

18 Months

2.00%

$500

24 Months

2.00%

$500

30 Months

0.10%

$500

36 Months

2.00%

$500

48 Months

2.00%

$500

60 Months

2.00%

$500

Another option is Citi’s Step Up CD. This 30-month CD requires a $500 minimum opening balance. With a Step Up CD, the interest rate automatically increases every 10 months.

  • 1 to 10 months: 0.05% APY
  • 11 to 20 Months: 0.10% APY
  • 21 to 30 Months: 0.15% APY

The Citi No-Penalty CD offers a more flexible CD account option. This 12-month CD allows you to withdraw your full balance without penalty at any time after the first six days from account funding. The account requires a $500 deposit and currently earns 0.05% APY. This is similar to rates offered by the best no-penalty CDs.

Other Accounts and Services

As a full-service bank, Citi offers a wide variety of banking accounts and services. Here are some of the bank’s other offerings:

  • Banking IRAs
  • Credit cards
  • Home equity loans
  • Home lending
  • Home refinancing
  • Investing solutions
  • Personal lines of credit
  • Personal loans
  • Small business checking account
  • Small business credit cards
  • Small business loans
  • Small business savings account
  • Wealth management solutions

Distinguishing Features

Along with offering most of its bank accounts as part of packages, a few other features make Citi stand out compared to other banks. First, some account features are tied specifically to the account package, not the specific account type. For example, with some account packages, you’ll be charged an ATM fee for using non-Citi ATMs. Other account packages offer a way to waive this fee, and Premium Banking account packages don’t charge this fee at all.

Another popular feature offered with some account packages is access to Citi ThankYou Rewards, known more as a credit card rewards program. You can earn ThankYou points with an eligible Citi checking account and by meeting specific criteria each statement period.

A newer feature on select Citi credit cards is a program called True Name. The program allows transgender and non-binary people the ability to use their chosen name on eligible Citi credit cards. After making the change, any interaction with customer service, online or through the mobile app, will refer to the customer’s preferred name.

Best Citi Credit Cards Of 2024

Learn More

See Also
Citi China

Access on the Go

Citi accounts are accessible online and through its highly-rated mobile app, available in the App Store and Google Play. Through the app, you can manage accounts, deposit checks, access your FICO credit score and message customer service. You can also message Citi through your online account or by tweeting @AskCiti.

Citi Fees

Like many banks, Citi charges fees for certain services and features. Here’s a look at the fee structure at Citi.

Citi Monthly Service Fees

Citi’s savings accounts charge a monthly service fee which can sometimes be waived by meeting certain account activity requirements.

Citi Wire Transfer Fees

Citi charges a fee to transfer funds to non-Citi accounts. Fee amounts vary depending on which type of account you have with the bank. Fees range from $17.50 to $25 for domestic wire transfers and $25 to $35 for international wire transfers. Citi waives outgoing and incoming wire transfer fees on many of its accounts.

Citi

Banks often charge a fee when using a debit card overseas for purchases or to withdraw money at an ATM. This fee is sometimes referred to as a currency conversion fee. Citi charges a 3% foreign transaction fee on debit card use outside of the U.S. on select Citi accounts.

How Citi Stacks Up

Citi’s high-yield savings account offers a rate that is competitive with some of the best online banks, but you can generally find higher rates with some searching. Interest rates on the rest of Citi’s accounts don’t compare to what’s available at online banks.

Citi is a good choice for individuals looking for full-service banking and who can meet monthly account requirements to waive certain fees. It’s also a smart choice if you live in an area with access to Citi’s high-yield savings account or use ATMs often because of its large fee-free ATM network.

Chase vs. Citi

Chase and Citi are well-known banks offering a variety of banking products and services. Chase Bank operates a larger domestic footprint with more than 4,700 U.S. branches, while Citi has roughly 700 U.S. branches. If you frequently withdraw cash via ATMs, Citi offers a much larger nationwide network of fee-free ATMs: 70,000 versus 16,000 for Chase.

Neither bank is a top choice for competitive APYs on savings and CD accounts. Chase and Citi charge monthly fees on many accounts, but both offer ways to waive those fees in some cases.

Citi vs. Bank Of America

Bank of America is another national bank that offers a full suite of financial products and services. Like Citi, Bank of America offers low interest rates on its savings accounts and CDs. The banking giant operates more local branches than Citi, with 4,300 financial centers across the country. But BofA only has 16,800 ATMs compared to Citi’s 70,000.

Where Bank of America shines is its relationship benefits. Bank of America Preferred Rewards members have access to monthly fee waivers and higher relationship rates on deposit accounts.

Citi vs. Wells Fargo

Both Citi and Wells Fargo are full-service banks offering branch banking services as well as highly rated mobile apps.

Citi and Wells Fargo are known for offering low interest rates on deposit accounts. Wells Fargo has more options for custodial accounts with checking and savings options for teens and kids. A positive for both banks is that they each offer several different account options to meet varied banking needs. While both banks charge monthly fees on many of their account offerings, they also offer opportunities to waive monthly fees by meeting specific criteria.

Is Citi a Good Bank?

Citi is a good bank if you’re looking for full-service banking solutions at a brick-and-mortar institution. With its expansive fee-free ATM network and local branches across the country, Citi accounts offer convenient access to your money.

However, beyond the bank’s high-yield savings account, Citi accounts don’t offer competitive rates. You can find higher APYs at many online banks, and often, these accounts don’t charge monthly fees either.

Frequently Asked Questions (FAQs)

Is Citi FDIC Insured?

Yes, all Citi bank accounts are FDIC insured (FDIC No. 7213) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

What is required to open a Citi account?

To apply for a bank account at Citi, you must be 18 years of age or older, a U.S. citizen or resident alien, and be able to answer questions to verify your identity.

Who is Citi owned by?

Citi is a division of Citigroup Inc., a global financial services company with over 200 million customers in over 160 countries.

Is Citi a good bank?

Citi is a good bank if you’re looking for solid full-service banking products and services and access to plenty of fee-free ATMs. If you’re looking to earn the best interest rates on your deposits, you may find better rates at an online bank.

How do I get a live person at Citi?

You can reach banking support via phone at 888-248-4226.

Citibank Review 2024 (2024)

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