Citibank Review: Account Good for You?
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Citibank, a CreditDonkey partner, offers banking services and credit cards. But service fees and balance requirements are on the high side. Is it the right bank for you?
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CreditDonkey Score | 3.5 | ||
Savings | 3.0 | ||
CD | 3.0 | ||
Checking | 3.0 | ||
Customer Service | 4.0 | ||
Mobile App | 4.5 | ||
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 typically 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:
- Access Account Package: 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, and use 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 on accounts opened prior to July 18, 2022. 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 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 average monthly balance of $30,000+ in eligible linked deposit, retirement and investment accounts, the Citi 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.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Citigold Package: If you can maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment 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.
Citigold® Checking Account - Earn up to $2,000 Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citigold® Checking Account with required activities
- Within 20 days of opening, deposit $200,000 new-to-Citibank funds
- Maintain a minimum balance of $200,000 for 60 consecutive calendar days. The bonus will be deposited to your open, eligible account within 30 calendar days after you complete all required activities.
- No monthly service fee when you maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts
Citi also offers a variety of CD and IRA options to help you reach your investment and/or retirement goals.
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Reasons We Like Citibank
- Citibank has a large network of ATMs that you can use fee-free. More than 70,000 fee-free ATMs at Citi branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo.
- 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.
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. - 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 1-888-248-4226; 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 CDs are on the low side. If you compare the 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.
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 $250 in direct deposits for its lowest account to waive the monthly fee.
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Citibank | Bank of America | |
|---|---|---|
Citi Priority Account - Earn up to $2,000 Cash Bonus | Bank of America Advantage Plus Banking® - $100 Bonus Offer - | |
Benefits and Features | ||
| Savings | Citi® Accelerate High-Yield Savings available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois. |  |
| CD | | |
| Checking | Citi Priority Account | |
| Money Market | | |
| Customer Service | 24/7 Live Customer Service (Telephone) |
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| ATMs | More than 70,000 fee-free ATMs at Citi branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo. | |
| IRA CD | | |
| Locations | More than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami) | Approximately 3,800+ retail financial centers |
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Citibank: Pricing information from published website as of 01/31/2023. This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi. Bank of America: Pricing information from published website as of 5/15/2023 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.
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Citibank | Capital One | |
|---|---|---|
Citi Priority Account - Earn up to $2,000 Cash Bonus | 360 Checking Account - | |
Benefits and Features | ||
| Savings | Citi® Accelerate High-Yield Savings available in AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida and Illinois. | |
| CD | | 3.30% to 4.75% APY. Terms of 6 months to 5 years. 12-month CD APY of 4.75% |
| Checking | Citi Priority Account | |
| Money Market | | |
| Customer Service | 24/7 Live Customer Service (Telephone) | |
| ATMs | More than 70,000 fee-free ATMs at Citi branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo. | Over 70,000 no-fee Capital One & Allpoint ATMs |
| Locations | More than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami) | |
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Citibank: Pricing information from published website as of 01/31/2023. This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi. Capital One: Pricing information from published website as of 5/28/2023. | ||
- Chase coupon for National Bank
- Discover Bank offer code
- CIT Bank promo code (read latest review)
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Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Rewards Checking Plus - Up to 2% Cash Back
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Free Checking Account for Sole Proprietors and Single-Member LLC
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Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 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 to account within 30 days of account open date. 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. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.05% APY
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- $1 minimum deposit
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CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Bottom Line
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.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
TD Beyond Checking - $300 Cash Bonus
- 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, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- 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 contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 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 to account within 30 days of account open date. 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. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
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