Citibank Review (2024)

With some 200 million customer accounts worldwide, Citi®, the retail banking subsidiary of Citigroup, Inc., is one of the world’s largest global consumer banks. This U.S.-based banking giant’s origins trace all the way back to 1812 in New York. Citibank, or Citi for short, offers a full range of financial services, including personal banking accounts and services. Many of its offerings come packaged together, from basic accounts to private banking and wealth management options.

This review focuses primarily on personal banking solutions offered by Citi (a Forbes Advisor partner) to help you gauge whether it’s a good fit for your banking needs.

Account details and annual percentage yields (APYs) are accurate as of Nov. 8, 2022. Account availability and APYs may vary based on location.

Account Basics

Checking

Citioffers six checking account packages for customers, with various features and fees. Citidivides its account packages into two categories: Everyday Banking and Premium Banking.

Here are the checking account packages within Citi’s Everyday Banking category:

• Access Account
• Basic Banking
• The Citibank Account

Here are the checking account packages within Citi’s Premium Banking category:

• Citi Priority Account
• Citigold® Checking Account
• Citigold Private Client

Service fees on account packages range from no fees to $30 per month, depending on the account package. You can waive monthly service fees by meeting specific account package requirements.

All six packages 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).

Savings

Depending on your ZIP code, Citi’s savings accounts are called either Citi Accelerate Savings or simply Citi Savings.

Citi Accelerate is a high-yield savings account offering one of the bank’s highest rates, currently 3.10% APY. There’s no minimum deposit requirement to open an account or earn interest, and no cap on how much you can earn with Citi Accelerate. However, the account is not available in every state; it 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. Earnings on this account range from 0.05% to 0.15% APY depending on your balance and the package of account features you choose.

All Citi savings accounts charge 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.

CDs

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 a CD’s maturity date are subject to an early withdrawal penalty.

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

Citi’s 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 3.10% APY.

Other Accounts and Services

As a full-service bank, Citi offers a wide variety of banking accounts and services. Here are some of the bank’s other offerings:

• Banking IRAs
• Credit cards
• Home equity loans
• Home lending
• Home refinancing
• Investing solutions
• Personal lines of credit
• Personal loans
• Small business checking account
• Small business credit cards
• Small business loans
• Small business savings account
• Wealth management solutions

Distinguishing Features

Along with offering most of its bank accounts as part of packages, a few other features make Citi stand out compared to other banks. First, some account features are tied specifically to the account package, not the specific account type. For example, with some account packages, you’ll be charged an ATM fee for using non-Citi ATMs. Other account packages offer a way to waive this fee, and Premium Banking account packages don’t charge this fee at all.

Another popular feature offered with some account packages is access to Citi ThankYou Rewards, known more as a credit card rewards program. You can earn ThankYou points with an eligible Citi checking account and by meeting specific criteria each statement period.

A newer feature on select Citi credit cards is a program called True Name. The program allows transgender and non-binary people the ability to use their chosen name on eligible Citi credit cards. After making the change, any interaction with customer service, online or through the mobile app, will refer to the customer’s preferred name.

Access on the Go

Citi accounts are accessible online and through its mobile app, available in the App store (4.9 stars out of 5) and Google Play (4.7 stars out of 5). Through the app, you can manage accounts, deposit checks, access your FICO credit score and message customer service. You can also message Citi through your online account or by tweeting @AskCiti.

Pros

• A wide variety of checking and savings account packages
• Competitive interest rate on high-yield savings account
• Large ATM network
• Many account service fees are waivable by meeting account requirements
• Three CD account types

Cons

• Not all accounts are available in some areas of the U.S.
• Costly monthly fees if you don’t meet account requirements
• Lower rates than most online banks
• CD rates aren’t competitive with online banks
• Roughly 700 local Citi branches in the U.S.

How Citi Stacks Up

Citi’s high-yield savings account offers a rate that is competitive with some of the best online banks, but you can generally find higher rates with some searching. Interest rates on the rest of Citi’s accounts don’t compare to what’s available at online banks.

Citi is a good choice for individuals looking for full-service banking and who can meet monthly account requirements to waive monthly fees. It’s also a smart choice if you live in an area with access to Citi’s high-yield savings account or use ATMs often because of its large fee-free ATM network.

Frequently Asked Questions (FAQs)