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.
Features Benefits & Rewards
Most extensive ATM network range in America
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.
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 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.
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.
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.
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.
- Available in all states