| Account Type | APY |
|---|---|
| Citi Accelerated Savings | 3.10% |
| Citi Savings | 0.12% |
| CDs | 0.05% – 4% |
| Retirement IRA | 0.20%– 4.68% |
Citibank Online Banking Review
Citibank offers its customers many online bank accounts to meet all needs. Checking accounts, savings accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRA) are available, and we will take you through each account option in detail. Note that each checking account has a linked savings account to it.
Citibank Online Banking Highlights
DEPOSIT AMOUNT
min $500
BALANCE AMOUNT
$1,500
APY SAVINGS
Min 0.12%
ATM NETWORK
Over 65,000 fee-free atms
OTHER FEES
None
Pros & Cons
- Minimum deposit amounts are not required
- Over 65,000 ATMs and 700 branches in the US
- A full range of banking options is available
- Good CD rates
- If monthly requirements aren’t met, maintenance fees can be expensive
- Citi Accelerate Savings account is not available in several states
- Customer service can be slow at busy times
Account Type
- Checking
- Savings
- Certificates of Deposit (CD)
Citibank Checking Highlights
DEPOSIT AMOUNT
min $500
MIN BALANCE
$1,500
Pros & Cons
- Minimum deposit amounts are not required
- Over 65,000 ATMs and 700 branches in the US
- A full range of banking options is available
- Good CD rates
- If monthly requirements aren’t met, maintenance fees can be expensive
- Citi Accelerate Savings account is not available in several states
- Customer service can be slow at busy times
Citibank Savings Highlights
DEPOSIT AMOUNT
min $500
APY
Min 0.12%
MIN BALANCE
$500
Pros & Cons
- Minimum deposit amounts are not required
- Over 65,000 ATMs and 700 branches in the US
- A full range of banking options is available
- Good CD rates
- If monthly requirements aren’t met, maintenance fees can be expensive
- Citi Accelerate Savings account is not available in several states
- Customer service can be slow at busy times
Citibank Checking business Highlights
DEPOSIT AMOUNT
min $500
Pros & Cons
- Minimum deposit amounts are not required
- Over 65,000 ATMs and 700 branches in the US
- A full range of banking options is available
- Good CD rates
- If monthly requirements aren’t met, maintenance fees can be expensive
- Citi Accelerate Savings account is not available in several states
- Customer service can be slow at busy times
APYs
Features Benefits & Rewards
Most extensive ATM network range in America
Account Types
Access Account Package
The Citibank Access Account is the entry package for someone looking to open up a new account with Citibank. You get access to online banking and can waive the $10 monthly fee if you maintain a monthly balance of $1,500. Alternatively, if you make a qualifying direct deposit or bill payment in a calendar month, you can waive the monthly cost.
Basic Banking Package
The Basic Banking Package is a regular checking account that comes with unlimited check writing. As with the Access Account, a $12 monthly fee can be waived through a monthly qualifying deposit, bill payment, or by maintaining a monthly balance of over $1,500.
Citibank Account Package
The Citibank Account Package comes with the features of the Basic package but adds full-service relationship banking alongside no fees for out-of-network ATMs (otherwise charged at $2.50). This account incurs a monthly charge of $25, which is waived if you maintain a balance over $10,000 across your Citibank accounts. This is also the first account that allows you access to Citibank’s rewards program.
Premium Banking
Citibank offers three Premium Banking options to customers with higher cash balances available, all of which have enhanced benefits such as free worldwide ATM fees and reduced foreign exchange fees.
- Citi Priority Account comes with priority banking and dedicated support and requires a minimum monthly balance of $30,000
- Citigold Account gives customers their own dedicated wealth management experts and relationship manager and requires a monthly minimum balance of $200,000
- Citigold Private Client services are reserved for individuals maintaining a monthly balance of over $1 million and provide premier banking services and wealth specialists at your disposal.
Citi Savings/Citi Accelerated Savings
Each Citibank checking account also comes with a Citi Savings account that allows you to earn interest on balances held. Depending on your location, you will either be eligible for a Citi Savings Account or a Citi Accelerated Savings Account.
The Accelerated Savings account offers interest rates of 3.10%, which is significantly higher than the rate provided of 0.12% for the Citi Savings account. Therefore, ensure that you check your eligibility for an Accelerated Savings account before you open an account with Citibank.
CDs
CDs offer customers the opportunity to earn a fixed amount of interest over a set period of time. Citibank CDs require a minimum deposit of $500 and offer rates between 0.05% and 4%. We believe that the 4% 1-year CD offered by Citibank is a very competitive product worthy of note in today’s market, offering one of the best rates available anywhere. However, most of Citibank’s CDs are not competitive outside of this. Note that an early withdrawal of money invested in CDs incurs a financial penalty.
Retirement IRA
The Retirement IRA offered by Citibank allows you to plan your retirement funding. Your options are to invest in an Insured Money Market at an APY of 0.20% or an 18-month variable CD at a massive 4.68%. As with the regular 12-month CD, this is market-leading and is worthy of consideration if you are looking for a retirement IRA.
| Account Name | Key Features | Bonuses |
| Access Account |
|
|
| Basic Account |
|
|
| Citibank Account |
|
|
| Premium Accounts |
|
|
| Citi Savings/Accelerated Savings |
|
|
| CDs |
|
|
| Retirement IRA |
|
Opening an Account With Citibank
Having reviewed Citibank’s products, we decided we wanted to open a 12-month CD due to the excellent 4% interest rate available. We headed to the CD page and selected the product that we wanted.
Step 1
Citibank: choose certificate
Helpfully, the first screen gave us a clear indication of the steps required alongside detailing what we would need to do during the application process.
After making a password to create an account, we entered our address details and citizenship status. This generated the ID verification, after which we moved on to the Employment and Income stage of the application. After entering our employment details, we verified our salary via our bank statement. This process was seamless and took minutes. Finally, we moved on to the exciting part of funding the CD. We had already linked the bank account for income verification purposes, so this was very easy to do.
The last stages were to complete the online account setup and sign the CD agreements and disclosures, and the process was complete. It was one of the more straightforward CD applications we have encountered.
State Availability
Available in all states
Privacy & Security
As one of the oldest and most respected financial companies in America, the privacy and security of customer data are of utmost importance to Citibank. There are several pages on its website detailing how your personal data is collected and stored, and the company also highlights your rights to your information and opt-out options.
As expected, Citibank is fully FDIC-insured. The financial institution provides fraud protection services, proactive identity theft countermeasures, and the best-practice cyber security tools.
Customer Support
Citibank has multiple methods available to contact its customer support team. As it is such a large bank, you can call several phone numbers for different departments. As such, it is best for you to go to Citibank’s website to identify the helpline that applies to you instead of ringing the general helpline. Citibank also offers live chat services and email support for existing customers. You can also arrange a meeting in a branch to discuss your needs.
We called the general helpline to enquire about checking account rates. As expected, this was not the optimal solution, as we were placed on hold and transferred more than once. However, they were helpful when we spoke to the correct person and answered all our questions about interest rates and minimum balance requirements.
Phone Support
(888) 248-4226
Mon-Sun
24/7
In Conclusion
Citibank could be an excellent fit for you if you want a full-service bank with a rock-solid reputation and physical branches across the country. Savings rates vary significantly based upon location in the US, so ensure that you are eligible for the higher rate products before opening any account. There are also requirements you’ll need to meet to waive monthly fees for checking accounts, but if you believe you’ll meet these, Citibank is a strong consideration for your banking needs.
FAQ
You’ll need to be a US citizen or permanent resident and have a US address, SSN, and proof of ID.
The Accelerate Savings Account is available in all states except California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, Illinois, and Washington DC.
Yes, Citibank is an established, safe bank and all accounts are FDIC insured for up to $250,000 per depositor.
Citibank Disclaimer
Citibank.com provides information about and access to accounts and financial services provided by Citibank, NA, 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 the United States.
Terms, conditions, and fees for accounts, products, programs, and services are subject to change. Not all accounts, products, services, and 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. These include laws and regulations regarding taxes, exchange, and capital controls that you are responsible for following.
The products, account packages, promotional offers, and services described in this website may not apply to International Personal Bank US customers in the Citigold® Private Client International, Citigold® International, Citi International Personal, Citi Global Executive Preferred, and Citi Global Executive Account Packages. Citibank HYSA is allowed in all states EXCEPT: CA, CT, MD, NV, NJ, NY, VA, DC, and 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.
Steve is an online marketing and publishing veteran with over two decades of experience in the financial sector. With a BSc in Business & Management from the University of Maryland and an MBA in Business Finance from the University of Pittsburgh, Steve went on to serve in various senior marketing and business development roles. Now specializing in online content creation, he writes about a wide range of financial topics.
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CREDIBILITY
6.0
SUPPORT
6.0
ACCESSIBILITY
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