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? Keep reading to find out.

Citibank Promotion

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.

 CitibankBank of America
 Learn MoreLearn More
 

Citibank

Bank of America

SPECIAL OFFER
Citi Account Package - $400 Bonus - Learn More

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

 

Benefits and Features

Savings0.04% 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% - 2.50% 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% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 2.05% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
Customer Service24/7 Live Customer Service (Telephone)Mon-Fri: 8am - 11pm(ET)
Sat-Sun: 8am - 8pm (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% - 2.50% 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% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 2.05% 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 5/23/2019.

Bank of America: Pricing information from published website as of 5/23/2019 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.

 CitibankCapital One
 Learn MoreLearn More
 

Citibank

Capital One

SPECIAL OFFER
Citi Account Package - $400 Bonus - Learn More

SPECIAL OFFER
Capital One MMA - Learn More

 

Benefits and Features

Savings0.04% APY. No minimum deposit. $4.50 monthly fee unless you maintain an average monthly balance of $500.1% APY. No monthly service fee and no minimum deposit.
CD0.05% - 2.50% 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 3.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 2.70%. No deposit to open.
Money MarketA.k.a 'Savings Plus' Account. 0.01% - 0.10% APY. Minimum opening deposit $100.0.85% APY up to $9,999.99; 2.00% APY $10,000 or more. No monthly service fee and no minimum deposit.
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
Locations700 Citibank branches across 13 states (mostly in California and New York)
Online Only

Citibank: Pricing information from published website as of 5/23/2019.

Capital One: Pricing information from published website as of 5/23/2019.

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.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service 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.

Disclaimer: This content was first published on October 13, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

More from CreditDonkey:


Best Online Savings Account


Best CD Rates


Best Online Checking Account

More Articles in Reviews


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

Name
Email (won't be published)


May
26
2019

Cheap Life Insurance

Life insurance doesn't cost as much as you think—plus, there are things you can do to find the most affordable policy. Learn how to get the best deals on life insurance.

    How to Prevent Credit Card Fraud

    Credit cards are more convenient than carrying cash. But are they safe? As identity theft increases, you need to protect yourself. Read on to learn how.
More Articles in Reviews









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.