Citibank Review – Forbes Advisor

With some 200 million customer accounts worldwide, Citibank, the retail banking subsidiary of Citigroup, Inc., is one of the world’s largest consumer banks. The origins of this American banking giant date back to 1812 in New York. Citibank, or Citi for short, offers a full range of financial services, including accounts and personal banking. Many of its offerings are bundled together, from basic accounts to private banking and wealth management options.

This review focuses primarily on the personal banking solutions offered by Citibank to help you assess whether they are right for your banking needs.

Account details and annual percentage returns (APY) are accurate as of August 10, 2022. Account availability and APYs may vary by location.

Account Basics

Verification

Citibank offers six checking account packages for customers, with various features and fees. Citibank divides its account packages into two categories: everyday banking and premium banking.

Here are the current account packages in Citi’s Everyday Banking category:

• Access to account
• Basic banking services
• The Citibank account

Here are the current account packages in Citi’s Premium Banking category:

• Citi Priority Account
• Citigold account
• Citigold Private Client

In all six packages, Citibank distinguishes between Regular Check (available with and without paper checks) and Interest Check. Service fees on account packages range from zero fees to $30 per month, depending on the account package. You can waive the monthly service fee by meeting specific account plan requirements.

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

The Access Account package offers regular check-free checking, which includes a debit card and free access to Citibank’s ATM network. The account provides online and mobile banking tools, but no paper checks. Another advantage of this access account package is the absence of 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 the regular check. This account provides paper checks (the first standard checkbook is free).

The Citi Priority account package offers a check interest option, which pays 0.01% APY on all balances.

Savings

Depending on your zip code, Citibank savings accounts are called either Citi Accelerate Savings or simply Citi Savings.

Citi Accelerate is a high-yield savings account offering one of the highest rates in the bank, currently 1.40% APY. There are no minimum deposit requirements to open an account or earn interest, and no cap on how much you can earn with Citi Accelerate. However, the account is only available in 41 states; it is not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia, or parts of Florida and Illinois.

In places where Citi Accelerate is not offered, Citi savings accounts pay lower interest than other national banks. Earnings on this account range from 0.05% to 0.15% APY depending on your balance and the account feature package you choose.

All Citi Savings Accounts charge a monthly service fee which can be waived by meeting certain account requirements each month. Service fees range from $4.50 to $25 for savings accounts not linked to a checking account.

CD

If you have extra funds to set aside and earn interest, Citibank offers three types of CD accounts. Its fixed rate CDs are standard CDs available in 19 terms ranging from three months to five years. Withdrawals made before a CD’s maturity date are subject to an early withdrawal penalty.

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

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

Citibank’s No Penalty CD offers a more flexible CD account option. This 12 month CD allows you to withdraw your entire balance without penalty at any time after the first six days of account funding. The account requires a $500 deposit and currently earns 1.50% APY.

Other accounts and services

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

• Bank IRAs
• Credit card
• Home Equity Loans
• Home loan
• Home refinancing
• Investment solutions
• Personal lines of credit
• Personal loans
• Current account for small business
• Small Business Credit Cards
• Small business loans
• Small Business Savings Account
• Wealth Management Solutions

Distinctive features

Besides offering most of its bank accounts as part of packages, there are a few other features that make Citibank stand out from other banks. First, some account features are specifically tied to the account package, not the specific account type. For example, with some account packages, you will be charged ATM fees for using non-Citibank ATMs. Other account packages offer a way to waive these fees, and Premium Banking account packages do not charge these fees at all.

Another popular feature offered with certain account packages is access to Citi ThankYou Rewards, better known as the 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 some Citi credit cards is a program called True Name. The program allows transgender and non-binary people to use the name of their choice 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.

Access on the go

Citibank accounts can be accessed online and through its mobile app, available in the App Store (4.9 out of 5 stars) and Google Play (4.7 out of 5 stars). Through the app, you can manage accounts, deposit checks, access your FICO credit score, and message customer service. You can also message Citibank through your online account or by tweeting @AskCiti.

Advantages

• A wide variety of checking and savings account packages
• Competitive interest rate on the High Yield Savings Account
• Large network of ATMs
• Many account service fees can be waived by meeting account requirements
• Three Types of CD Account

The inconvenients

• Not all accounts are available in some areas of the United States
• Expensive monthly fees if you don’t meet the requirements for your account
• Lower rates than most online banks
• CD rates are not competitive with online banks
• Approximately 700 local Citibank branches in the United States

How Citibank positions itself

Citibank’s High Yield Savings Account offers a competitive rate against some of the top online banks, but you can usually find higher rates with some research. Interest rates on the rest of Citibank accounts do not compare to what is available at online banks.

Citibank is a good choice for people looking for full banking services and who can meet monthly account requirements to waive monthly fees. It’s also a good choice if you live in an area with access to Citibank’s High Yield Savings Account or use ATMs often due to its large network of free ATMs.

Frequently Asked Questions (FAQ)