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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Citibank

Andrew Omalley Andrew Omalley Last update:

APY-the annual percentage yield provided by the Bank on certain deposits savings.

Overview

Citibank is one of the bigger banks in the United States, with over 1,300 branches found all across the nation. It also caters to people overseas, boasting over 100 million global customers. Having been started in New York City more than 200 years ago, Citibank certainly has plenty of longevity.

Some of the highlights of its consumer banking offerings are the low barriers to entry and the great online capabilities. This Citibank review will take you through everything you need to know before signing up for an account.

Citibank Account Types

You will come across a wide range of different types of accounts at Citibank. These will cover all bases, whether they are checking accounts, savings, or retirement-related. In each of these categories, you will have a variety of options. This Citibank online account review will highlight the core aspects of each respective offering.

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Access Account Package (Checking Account)

Through our Citibank Access Account Package review, we found it as a flexible option that is ideal for people who mainly want access to online banking. There will be no overdraft fees, with no checks also being possible. The monthly service fee will be $0 if you make a qualifying direct deposit or bill payment in a statement period or you keep a total average monthly balance of at least $1,500 across linked accounts. Otherwise, a monthly fee of $10 is in place.

Account Type Key Features
Access Account Package No overdraft fees
No checks
No monthly fee if you meet conditions

Basic Banking Package (Checking Account)

This is a good option for someone who needs a bit more flexibility with their banking, covering bot online accounts, and the ability to write checks. There will be no fees at non-Citibank ATMs and no monthly account fee if the main account holder is at least 62 years old. You can also waive the $12 fee if you have a sufficient account or an average balance of at least $1,500 across linked accounts.

Account Type Key Features
Basic Banking Package Unlimited checks
Perks for people who are 62+
No monthly fee if you meet conditions

The Citibank Account Package (Checking Account)

With this option, you have the option to set up a regular checking account or an interesting checking account (0.03% APY). You will avoid Citibank fees at non-Citi ATMs when you have a certain balance amount. You will also earn interest on your account balance and be able to access the Citibank rewards program. The monthly fee is 25% unless you have an average monthly balance of $10,000 across the linked deposit, investment, and retirement accounts.

Account Type Key Features
The Citibank Account Package Ability to earn interest
Access to the rewards program
No monthly fee if you meet conditions

Premium Banking (Checking Accounts)

Citibank also offers three different checking accounts for premium banking customers. The Citibank Priority Account Package gives you the option to have an interest-based checking account, access to investment advice, and travel benefits. It will cost $30 per month if you don’t have an average monthly balance of $50,000 across the linked deposit, investment, and retirement accounts.

The Citigold Account Package is only available to those people with an average monthly balance of $200,000 across the linked deposit, investment, and retirement accounts, with the Citigold Private Client Account open to those people with an average of at least $1 million across their accounts.

Account Type Key Features
Premium Banking Accounts Ideal for high net-worth individuals
Access to advisory personnel
Range of rewards and benefits

Citi Savings (Savings Account)

Citi Savings allows you to earn interest on your money, with no minimum deposit required. The greater your balance grows, the higher the rate of interest that you will earn (starts at APY of 0.04% for balances of less than $10,000). These funds are FDIC-insured and can also write checks using these funds.

You can set up the autosave option that allows you to automatically transfer funds from other accounts into your savings. While there is a $4.50 monthly account fee in place, this will be waived if your basic or access account maintains a monthly average balance of at least $500.

Account Type Key Features
Citi Savings Starting APY of 0.04%
FDIC-insured
Autosave option

Fixed-Rate CDs

You will get guaranteed rates of return if you set up a CD account at Citibank. The time lengths will vary between three months and five years, with interest rates also being different.

Interest will usually be paid on a monthly basis and you have a seven-day grace period for you to make changes to this account. The CDs will renew automatically for the same term length upon maturity. The APY for a 1-year CD is 0.10%, with this rising to 0.15% for a five-year term.

Account Type Key Features
Fixed-Rate CDs Guaranteed return
Seven-day grace period
Variety of term lengths

IRA Account

If you are looking to start planning ahead for retirement, Citibank offers some IRA accounts. You can choose to form an Insured Money Market account or a CD account. These both are FDIC-insured and do not charge any monthly fees. Naturally, there will be tax advantages associated with these accounts.

Account Type Key Features
IRA Account Two main options
No monthly fees
Tax advantages

Citibank APY

The APY rates that you come across on Citibank will depend on what particular account you are considering. Here are the APY rates for some of the more notable accounts:

Account 1 Year 3 Years 5 Years
Citi Savings 0.04% 0.04% 0.04%
Fixed-Rate CDs 0.10% 0.10% 0.15%
The Citibank Account Package 0.04% 0.04% 0.04%
Citigold Interest Checking 0.03% 0.03% 0.03%

What is a Citibank account best for?

Citibank has a get a variety of different checking account options, which can tailor to the exact needs of the consumer. There is also no minimum deposit needed when opening a checking account or a savings account, so there is no barrier to entry.

It is also the biggest issuer of credit cards in the world, so you know you are dealing with a tried and trusted bank in this regard. Finally, you have access to over 65,000 ATMs in the US where you will not get charged any fees.

Overdraft Fees

You will get charged a $35 fee for every NSF transaction or overdraft on your account. There will be a limit of four of each of these fees on a daily basis. Therefore, you will only pay a max of eight fees on a given day.

There is the option to get overdraft protection. This is a way in which you are able to avoid overdraft fees. This allows you to connect your savings account, a different checking account, or line of credit to your checking account in question. This will allow you to cover the overdraft with these linked account accounts. There will be a $12 fee per overdraft transaction if you go down this route.

Opening an account at Citibank

After you have assessed the various account types and have finalized your choice you will be ready to create this new account. This can be done in just a few minutes online. Select your preferred account types and enter all of the relevant personal information, such as Social Security number and full address.

After you complete this form, you will get an email that confirms the approval for your new account. You can then start using this account as you please. If it is a checking account, you will have your new debit card mailed out to you.

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Pros and Cons

Citibank is one of the most respected banks across the world today. Its main focus is on the US market where it has been looking after customers for more than two centuries. One of the great advantages of using Citibank is that there will be no minimum deposits required when you open up new savings or checking accounts.

It also has a great range of different account types and is the biggest issuer of credit cards in the world. You will also have access to more than 65,000 no-fee ATMs across the country.

In terms of the drawbacks of Citibank, there are certain conditions in place in order to avoid monthly account fees. If you don’t meet these requirements, then the monthly charge can be quite hefty. Another downside is that you will need a checking account in order to open a money market or savings account. Finally, if you use an out-of-network ATM, you will be paying a $2.50 charge each time.

Pros Cons
Very well-respected Certain requirements to avoid monthly fee
No minimum required deposits $2.50 charge for out-of-network ATMs
Wide range of account options Rates aren’t as competitive as others

Comparison to similar bank accounts

Citibank Bank of America TD Bank
Link to review  Link to review
APY: Min varies, up to 0.50% (Citi Savings) APY: Up to 0.05% (BOA Advantage Savings) APY: Up to 0.15% (TD Beyond Savings)
Minimum balance: Varies Minimum balance: $100 Minimum balance: $0
Benefits:

  • Large number of branches.
  • No min required deposit.
  • Good range of account options.
Benefits:

  • Thousands of branches.
  • Easily avoid monthly fees.
  • Low min required opening deposits.
Benefits:

  • No minimum required account balance.
  • Option for in-person banking.
  • Good selection of accounts.

 

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Disclaimer: Citibank.com provides information about and access to accounts and financial services provided by Citibank, N.A. and its affiliates in the United States and its territories. It does not, and should not be construed as, an offer, invitation or solicitation of services to individuals outside of the United States. Terms, conditions and fees for accounts, products, programs and services are subject to change. Not all accounts, products, and services as well as pricing described here are available in all jurisdictions or to all customers. Your eligibility for a particular product and service is subject to a final determination by Citibank. Your country of citizenship, domicile, or residence, if other than the United States, may have laws, rules, and regulations that govern or affect your application for and use of our accounts, products and services, including laws and regulations regarding taxes, exchange and/or capital controls that you are responsible for following. The products, account packages, promotional offers and services described in this website may not apply to customers of International Personal Bank U.S. in the Citigold® Private Client International, Citigold® International, Citi International Personal, Citi Global Executive Preferred, and Citi Global Executive Account Packages. Citibank HYSA allowed in all states EXCEPT: CA, CT, MD, NV, NJ, NY, VA, D.C., IL.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.