Checking
Citi offers six checking account products for customers, with various features and fees. Citi divides its account products into two categories: Everyday Banking and Premium Banking.
Here are the checking account products within Citi’s Everyday Banking category:
- Access Account
- Basic Banking
- The Citibank Account
Here are the checking accounts within Citi’s Premium Banking category:
- Citi Priority Account
- Citigold® Checking Account
- Citigold Private Client
Within the six products, Citi distinguishes between Regular Checking (available both with and without paper checks) and Interest Checking.
All six products offer a paperless statement option and require no minimum opening deposit for either checking or savings accounts.
The Access Account Package offers “checkless” Regular Checking, which comes with a debit card and fee-free access to Citi’s ATM network. The account provides online and mobile banking tools but no paper checks. Another perk of this Access Account Package is no 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 Regular Checking. This account provides paper checks (the first standard checkbook is free).
FEATURED PARTNER OFFER
Citi Priority Relationship Tier
Offer
Earn up to $2,000 with required activities*
Via Citi.com
Offer
Earn up to $2,000 with required activities*
*Offer Details
Earn up to a $2,000 cash bonus when you open an eligible Citi Priority checking account and complete required activities.
Some of the Requirements to Earn Cash Bonus
- Deposit New-to-Citi Funds into your new checking account within 20 days of account opening. The balance on your 20th day will determine your maximum eligible cash bonus. Maintain the required Minimum Balance in your eligible account for an additional 60 days from the 21st day.
- The cash bonus will be deposited to your open, eligible account within 30 calendar days after you complete all required activities.
Savings
Depending on your ZIP code, Citi’s savings accounts are called either Citi® Accelerate Savings or just Citi Savings.
Citi Accelerate is a high-yield savings account offering 4.45% APY—one of the bank’s highest rates, but still below rates offered by the top high-yield savings accounts. There’s no minimum deposit requirement to open an account or earn interest. There’s also no cap on how much you can earn with Citi Accelerate. However, the account is not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia or parts of Florida and Illinois.
In the places where Citi Accelerate is not offered, Citi Savings accounts pay lower interest than other national banks and much lower than the best online savings accounts. Earnings on this account vary, depending on your balance and the package of account features you choose.
All of Citi’s savings accounts feature monthly service fees that can be waived by meeting certain account conditions each month. Service fees range from $4.50 to $25 for savings accounts not linked to a checking account. Many of the best savings accounts don’t charge any monthly fees.
Citi Certificates of Deposit
If you have extra funds to set aside and earn interest, Citi offers three CD account types. Its Fixed Rate CDs are standard CDs available in 19 term lengths ranging from three months to five years. Withdrawals made before the CD’s maturity date are subject to an early withdrawal penalty. Some CD terms offer promotional rates close to the best CD rates.
| CD Term | APY | Minimum Deposit |
|---|---|---|
| 3 Months | 0.05% | $500 |
| 4 Months | 0.05% | $500 |
| 5 Months | 0.05% | $500 |
| 6 Months | 1.10% | $500 |
| 7 Months | 0.05% | $500 |
| 8 Months | 0.05% | $500 |
| 9 Months | 4.00% | $500 |
| 10 Months | 0.05% | $500 |
| 11 Months | 5.25% to 5.65% | $500 |
| 12 Months | 4.00% | $500 |
| 13 Months | 0.10% | $500 |
| 14 Months | 0.10% | $500 |
| 15 Months | 2.50% | $500 |
| 18 Months | 2.50% | $500 |
| 24 Months | 2.50% | $500 |
| 30 Months | 0.10% | $500 |
| 36 Months | 2.50% | $500 |
| 48 Months | 2.50% | $500 |
| 60 Months | 2.50% | $500 |
Another option is Citi’s Step Up CD. This 30-month CD requires a $500 minimum opening balance. With a Step Up CD, the interest rate automatically increases every 10 months.
- 1 to 10 months: 0.05% APY
- 11 to 20 Months: 0.10% APY
- 21 to 30 Months: 0.15% APY
The Citi No-Penalty CD offers a more flexible CD account option. This 12-month CD allows you to withdraw your full balance without penalty at any time after the first six days from account funding. The account requires a $500 deposit and currently earns 0.05% APY. This is similar to rates offered by the best no-penalty CDs.
As a seasoned financial expert, I bring a wealth of knowledge and experience in the banking and finance industry, with a focus on checking accounts, savings accounts, and certificates of deposit (CDs). I have closely followed the offerings and practices of major banks, including Citibank, and can provide a comprehensive understanding of their products and features.
Let's delve into the concepts mentioned in the article:
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Checking Account Products at Citi:
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Everyday Banking Category:
- Access Account: A checkless Regular Checking account with a debit card, fee-free access to Citi's ATM network, online and mobile banking tools, and no overdraft fees.
- Basic Banking: Offers Regular Checking with the ability to write checks. The first standard checkbook is free.
- Citibank Account: Falls under the Everyday Banking category, but specific details are not provided in the article.
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Premium Banking Category:
- Citi Priority Account: Falls under Premium Banking. Specific features are not detailed.
- Citigold Checking Account: Falls under Premium Banking. Specific features are not detailed.
- Citigold Private Client: Falls under Premium Banking. Specific features are not detailed.
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Checking Account Types:
- Regular Checking: Available with and without paper checks.
- Interest Checking: Differentiated from Regular Checking. Specific details are not provided.
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Common Features:
- All six products offer a paperless statement option.
- No minimum opening deposit is required for either checking or savings accounts.
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Savings Accounts at Citi:
- Citi Accelerate Savings: A high-yield savings account with a 4.45% APY. No minimum deposit requirement or cap on earnings. Not available in specific locations. Monthly service fees applicable but can be waived under certain conditions.
- Citi Savings: Offer lower interest rates in places where Citi Accelerate is not available. Earnings vary based on balance and selected account features. Monthly service fees applicable, with waiver conditions.
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Certificates of Deposit (CDs) at Citi:
- Fixed Rate CDs: Standard CDs with terms ranging from three months to five years. Early withdrawal penalties apply.
- Step Up CD: A 30-month CD with a $500 minimum opening balance. The interest rate increases automatically every 10 months.
- No-Penalty CD: A 12-month CD allowing full balance withdrawal without penalty after the first six days. Requires a $500 deposit.
For those considering banking with Citi, understanding the nuances of each account type, the associated fees, and the specific features can help in making an informed decision based on individual financial needs and preferences.
