October 13, 2018

Citibank Review: Account Good for You?

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Editorial Note: This content is not provided by the bank. Opinions expressed here are author's alone, not those of the bank, and have not been reviewed, approved or otherwise endorsed by the bank.
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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?

Citibank Promotions

CreditDonkey Score

3.5

Savings

3.0

CD

3.0

Checking

3.0

Customer Service

4.0

Mobile App

4.5
5-point scale from CreditDonkey

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:

  • 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 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.

    Citibank

    Citi Priority Account - Up to $1,500 Cash Bonus

    Expires 1/4/2022
    • Earn up to $1,500 cash bonus when you open a new account with required activities
    • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
    • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
    • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
    • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days

  • 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 fee-free. More than 65,000 fee-free ATMs at Citibank 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.

  • 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 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.

  • 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
 Learn MoreLearn More
 

Citibank

Bank of America

OFFER
Citi Priority Account - Up to $1,500 Cash Bonus

SPECIAL OFFER
Bank of America Advantage Plus Banking® - $100 Bonus Offer - Learn More

 

Benefits and Features

SavingsCiti® 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.
Check
CD
Check
Check
CheckingCiti Priority Account: 0.01% Annual Percentage Yield
Check
Customer Service24/7 Live Customer Service (Telephone)
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
ATMsMore than 65,000 fee-free ATMs at Citibank branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo.
Approximately 17,000 ATMs
IRA CD
Check
Check
LocationsMore than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami)Approximately 4,300 retail financial centers
 Learn MoreLearn More

    Citibank: Pricing information from published website as of 09/15/2021. 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 11/26/2021 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
     Learn MoreLearn More
     

    Citibank

    Capital One

    OFFER
    Citi Priority Account - Up to $1,500 Cash Bonus

    SPECIAL OFFER
    Personal Checking Account - $100 Bonus - Learn More

     

    Benefits and Features

    SavingsCiti® 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.
    0.40% APY
    CD
    Check
    0.10% to 1.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 0.20%
    CheckingCiti Priority Account: 0.01% Annual Percentage Yield
    0.10% APY
    Customer Service24/7 Live Customer Service (Telephone)
    Mon-Sun: 8am - 11pm (ET)
    ATMsMore than 65,000 fee-free ATMs at Citibank branches and participating retail locations nationwide, including Target, CVS Pharmacy, Rite aid, Walgreens, Duane Reade and ATMs displaying Allpoint or MoneyPass logo.Over 40,000 no-fee Capital One & Allpoint ATMs
    IRA CD
    Check
    0.10% to 1.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 0.20%.
    LocationsMore than 700 Citibank branches (concentrated in New York, Chicago, Los Angeles, San Francisco, Washington DC and Miami)
    Online Only
     Learn MoreLearn More

      Citibank: Pricing information from published website as of 09/15/2021. 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 11/26/2021.

      Compare Checking Account Promos

      Chase
      Member FDIC

      Chase Total Checking® - $225 Bonus

      Expires 1/19/2022
      • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
      • Access to 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.
      • Open your account online now
      • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
      • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
      • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).
      CIT Bank
      Member FDIC

      CIT Bank Savings Connect - 0.50% APY

      • Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
      • Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
      • Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
        • Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
        • Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
        • APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
      • Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).
      HSBC
      Member FDIC

      HSBC Premier Checking - $450 Welcome Deposit

      Expires 1/5/2022
      • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
      • Open your new HSBC Premier checking account online by January 5, 2022; and
      • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
      • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
      • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

      Compare Savings Accounts

      Discover Bank
      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 or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

      Expires in 7 days
      CIT Bank
      Member FDIC

      CIT Savings Builder - 0.40% APY

      Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

      Axos Bank
      Member FDIC

      High Yield Savings

      • 0.61% APY on balance < $25,000
      • 0.25% APY on balance $25K-$100K
      • 0.15% APY on balance > $100K
      • No monthly maintenance fees
      • No minimum balance requirements
      • $250 minimum opening deposit
      • Free Incoming Wires
      • Zero minimum balance requirement

      Related: Citibank High Yield Savings available in select markets only

      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.

      Citibank

      Citi Priority Account - Up to $1,500 Cash Bonus

      Expires 1/4/2022
      • Earn up to $1,500 cash bonus when you open a new account with required activities
      • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
      • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
      • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
      • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
      Chase
      Member FDIC

      Chase Total Checking® - $225 Bonus

      Expires 1/19/2022
      • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
      • Access to 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.
      • Open your account online now
      • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
      • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
      • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).
      TD Bank
      Member FDIC

      TD Beyond Checking - $300 Cash Bonus

      • 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 Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
      HSBC Bank
      Member FDIC

      HSBC Premier Checking - $450 Welcome Deposit

      Expires 1/5/2022
      • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
      • Open your new HSBC Premier checking account online by January 5, 2022; and
      • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
      • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
      • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
      CIT Bank
      Member FDIC

      CIT Bank Money Market Account - 0.45% APY

      • 0.45% APY
      • $100 minimum opening deposit
      • No monthly maintenance fee

      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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