October 13, 2018

Citibank Review: Account Good for You?

Read more about Citibank
This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

Citibank offers credit cards and banking services. But service fees and balance requirements are on the high side. Is it the right bank for you? Read this review to find out.

Overall Score

3.5

Savings

3.0

CD

3.0

Checking

3.0

Customer Service

4.0

Mobile App

4.5
5-point scale (the higher, the better)

Pros and Cons

  • Perks for high balance customers
  • Many fee-free ATMs
  • Global presence
  • No free checking option
  • Higher balance requirements
  • Low savings APY

Bottom Line

Large national bank best for high balance customers

Citibank has a large number of branches and ATMs throughout the US. But it's a bank geared towards those with high balances in their deposit accounts.

Low-balance customers may find the requirements too high and the perks a bit lacking. See if their offerings are good for you.

Services Offered

Citibank's deposit products work a little differently than other banks. Instead of an individual checking or savings account, you open a "package" with both.

In order to keep most of the money you deposit in these accounts, you'll need regular direct deposits and high balances. If you don't, you may end up paying high fees.

Citibank offers the following packages:

  • Affordable Access Banking: This basic package is for consumers who don't write checks. Even though you get a checking account, it doesn't come with paper checks.

    Instead, you can use Citi's online banking platform to pay your bills and manage your finances. There are no overdraft fees for this account because Citi won't approve transactions that exceed your balance.

    You do have to commit to one direct deposit or one qualifying bill payment to waive the monthly fee. If not, you have to have at least $1,500 in your combined accounts to waive the fee.

  • Basic Banking: If you won't keep a balance higher than $1,500 in your account, but you want access to paper checks, the Basic Banking account is a good choice.

    You can write an unlimited number of checks, use the online banking services and Citibank or partner ATMs. As an added perk, if you are 62-years old or older, your monthly fee is automatically waived.

    You also won't pay any non-Citibank ATM fees if you are over the age of 62.

  • Citibank Account Package: If you keep a minimum of $10,000 in your checking, savings, retirement, or investment accounts, you can use the Citibank Account Package.

    In exchange for the larger balance, you won't pay any non-Citibank ATM fees, you may earn interest on your checking account balance (not just savings), and you get your first order of checks free of charge.

    Note: If you choose to open a checking and savings account, the rates and fees you will pay will be determined by the package you choose.

  • Citi Priority Package: With a combined balance of $50,000 in your Citi accounts, the Priority Package offers financial advice over the phone from a Citi Financial Advisor.

    You'll also get preferred rates on deposit products, and waived fees in addition to the standard benefits of online banking and use of Citi ATMs worldwide.

  • Citigold Package: If you can maintain a monthly balance of $200,000 in your combined Citi accounts, the Citigold package offers all of the benefits of the above packages plus a dedicated financial services team, around-the-clock customer support, waived or reduced fees, and preferred pricing and rates on Citi deposit products.

Citi also offers a variety of CD and IRA options to help you reach your investment and/or retirement goals.

© CreditDonkey

Reasons We Like Citibank

  • Citibank has a large network of ATMs that you can use free of charge. There are 2,400 ATMs within the 700 Citibank branches in the US.

    There are also thousands more ATMs available for use fee-free, including outside of the United States. You just have to locate a MoneyPass ATM.

  • Citibank has more than 1,800 branches outside of the United States. If you travel, it may be helpful to have your bank in the country you travel to as it can save you money and confusion.

    Keep in mind that foreign exchange fees may apply to any withdrawals made overseas.

    Your Citibank Routing Number:
    Each state that Citibank is located in has its own routing number. Use the routing number on the lower left-hand side of your checks when routing money to your account either via Direct Deposit or from any other type of transfer.

  • You can pay your bills online through your Citi checking account. If you are tired of mailing paper checks, you can set up online bill pay right through your Citi account.

    This service is free and handles paying your bills for you, whether you set up a one-time payment or put your bills on a recurring payment status.

  • You can make mobile deposits with the Citibank app. As long as you have an iPhone, iPod Touch or Android device, you can download the Citibank app.

    Within the app, you can deposit your checks from the comfort of your own home by taking a picture of the front/back of the check and following the on-screen prompts.

  • You don't need a minimum opening deposit to open any Citi checking account package. If you need an account for Direct Deposit of your paycheck, the Citi checking account may be a viable option.

    You don't need any money to open the account initially. Plus, if you just need a basic checking account, your one direct deposit will qualify for you to waive the monthly maintenance fee.

  • You can earn Citi Thank You Reward Points with some of the Citi bank accounts. The type of account package and banking that you do will determine the amount of points you earn.

    You can then combine those points with any Citi Thank You Points earned with your credit card to earn rewards faster.

    Citibank Credit Card: Citi offers a large variety of credit cards, each with its own benefits. Whether you want to earn rewards, avoid late/penalty fees, or want to earn cash back, Citi offers a variety of options.

    If you open a Citicard that earns Thank You Points, you can combine them with your Thank You Points earned on your deposit products.

  • The online Citibank platform is user-friendly. Whether you need to transfer funds, pay a bill, check balances, or review your spending, the online platform is easy to navigate.

    You can even link outside bank accounts to your Citi account to truly have one-stop banking when you log into your Citi account.

  • You have several options to contact Citibank's customer service. You can call 1-800-374-9700; chat online by logging into your account and choosing the "chat" option; or visit a branch in person.

    FYI: You can also make an appointment online through Citibank's portal.

  • Citibank offers a variety of CD options with terms ranging between 3 months to 5 years. They also offer automatic renewal at maturity and CD laddering to give you access to your funds while allowing the interest to grow.

  • You can open a Citibank IRA with either a money market account or CD. There is no monthly fee for either account and they are both FDIC insured. This gives you some reassurance that your retirement funds will be there even if Citibank were to go out of business.

Reasons You May Want to Look Elsewhere

  • You can't open just a checking account or just a savings account. You have to open a "package," which includes both a checking and savings account.

    You must satisfy the average monthly balance requirements between the accounts (or any other Citi deposit accounts you have) in order to have the monthly service fee waived.

  • The rates on their savings and CDs are on the low side. If you compare the savings and CD rates to other national banks, they may compare.

    But, if you compare them to nationwide online banks, the rates often pale in comparison. If you don't mind not having a physical branch to bank at, an online bank may be a better choice.

  • Even if you link an eligible deposit account to cover overdrafts, it will still cost you money. Citibank charges $10 for every transfer they have to make on your behalf to cover an overdraft. Of course, this is better than the $34 overdraft fee charged for every overdraft.

How It Compares

Bank of America:
Bank of America is more widely spread throughout the United States, making it easier to find a branch for in-person banking.

Bank of America also offers lower interest rates than online banks. It requires at least $500 in direct deposits for its lowest account to waive the monthly fee.

 

Citibank

Bank of America

SPECIAL OFFER
Citigold Package - $1,500 Bonus - Learn More

SPECIAL OFFER
Advantage Plus Banking Checking Account - $100 Bonus - Learn More

 

Benefits and Features

Savings0.04% - 0.06% APY. No minimum deposit. $4.50 monthly fee unless you maintain an average monthly balance of $500.0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.05% - 0.50% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets.Standard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 7,13, 25, and 37 months. Minimum deposit of $10,000.
Customer Service24/7 Live Customer Service (Telephone)Mon-Fri: 8am - 9pm(ET)
Sat: 8am - 8pm (ET)
Sun: 8am-5pm (ET)
ATMs2400 ATMs across the country. Citibank also works at all MoneyPass ATMs, which means access to over 60,000 no-fee ATMs.Approximately 15,900 ATMs around the country.
IRA CDCan convert an IRA to a regular CD account. 0.05% - 0.50% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets.Standard Term CD: 0.03% - 0.15% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.20% - 0.45% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
Locations700 Citibank branches across 13 states (mostly in California and New York)4600 retail financial centres around the country and brances in more than 40 other countries.

Citibank: Pricing information from published website as of 03/29/2020.

Bank of America: Pricing information from published website as of 03/29/2020 based on 91107 zip code.

Capital One:
Capital One has caught on to the online banking competition. They made Capital One 360 as a result, which offers competitive interest rates. There are also no monthly fees or minimum monthly balance requirements.

The trade-off with Capital One 360 is the lack of physical branches to conduct your banking in person.

 

Citibank

Capital One

SPECIAL OFFER
Citigold Package - $1,500 Bonus - Learn More

SPECIAL OFFER
Current Promotion - Learn More

 

Benefits and Features

Savings0.04% - 0.06% APY. No minimum deposit. $4.50 monthly fee unless you maintain an average monthly balance of $500.
1.50% APY
CD0.05% - 0.50% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets.0.60% to 1.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 1.00%
Customer Service24/7 Live Customer Service (Telephone)
Mon-Sun: 8am - 11pm (ET)
ATMs2400 ATMs across the country. Citibank also works at all MoneyPass ATMs, which means access to over 60,000 no-fee ATMs.Over 39,000 no-fee Capital One & Allpoint ATMs
IRA CDCan convert an IRA to a regular CD account. 0.05% - 0.50% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets.0.60% to 1.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 1.00%.
Locations700 Citibank branches across 13 states (mostly in California and New York)
Online Only

Citibank: Pricing information from published website as of 03/29/2020.

Capital One: Pricing information from published website as of 03/29/2020.

Bank Promos for March 2020:

Compare Checking Account Promos

    Chase

    Chase Premier Plus Checking℠

    • Enjoy $300 as a new Chase checking customer, when you open a Chase Premier Plus Checking℠ account and set up direct deposit.
    • Enjoy $300, more benefits, and earn interest on your new Chase checking account.
    • The $25 Monthly Service Fee is waived when you keep an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances.
    • No Chase fee on first four non-Chase ATM transactions per statement period.
    • Earn interest on your checking account balance.
    • Access to 16,000 Chase ATMs and nearly 4,900 branches
    • Open your account online now.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
    Axos Bank

    Rewards Checking

    • Up to 1.25% APY
    • No minimum balance requirements
    • No fees to open or maintain account
    • Overdraft Protection
    • Daily Compounding Interest
    • FDIC insured
    TD Bank

    TD Beyond Checking

      New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
    • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
    • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
    • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
    • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
    • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
    • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
    • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
    • Monthly maintenance fee waived on one TD Simple CheckingSM account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.

Compare Savings Accounts

    CIT Bank

    CIT Bank Bonus Offer: $300 for New and Existing Customers

    CIT Bank now offers up to $300 cash bonus for new and existing CIT Savings Builder customers. This limited time promotion expires May 30, 2020. Conditions apply.

    Expires 5/30/2020
    Discover Bank

    Discover Online Savings - $200 Cash Bonus

    To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 4/6/20, 11:59 PM ET, online or by phone. Enter Offer Code CY320 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 4/20/20, 11:59 PM ET. Maximum bonus eligibility is $200.

    What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 5/4/20. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

    Expires 4/6/2020
    Betterment

    Betterment Everyday - Earn up to 0.30% APY

    • FDIC insurance covering up to $1,000,000 at program banks
    • Access cash in 1-2 business days
    • No minimum balance
    • No fees on balance
    • Unlimited withdrawals

Bottom Line

If you are a Citicard holder or you are going to take advantage of Citi's Thank You Points on their deposit products, it may be a good option.

Citi can be especially beneficial for those who travel or need access to a large ATM network.

Just make sure that you can meet the minimum requirements for each account or you risk paying hefty monthly fees, which defeats the purpose of saving.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

More from CreditDonkey:


Best Online Savings Account


Best CD Rates


Best Online Checking Account

Compare:



Leave a comment about Citibank Review: Account Good for You?

Name
Email (won't be published)


First Foundation Bank Review

First Foundation Bank offers one of the best savings account interest rate and is FDIC insured. So what's the catch? Read this review for the pros and cons.

About CreditDonkey®
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.