Citibank Checking & Savings Account Review – Plenty of Features and Tools
Citibank Financial Services review, including Citibank Checking Account, Citi Savings Account, Citi credit cards. 60,000 fee free ATMs and 700 US locations.
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Citigroup is one of the largest financial institutions in the U.S. So it would stand to reason that its consumer banking wing, Citibank, would offer decent checking and savings accounts.
In this Citibank review, we’ll look closely at what the “megabank” has to offer so you can decide if it’s a good fit for your hard-earned money.
Citibank Review
Citibank
Citibank’s size helps it achieve economies of scale and convenience for customers giving them thousands of convenient locations, free access to more than 60,000 fee-free ATMs, free online bill pay, and much more. However, as with many brick-and-mortar-focused banks, interest rates aren’t as great as what you’ll find with online-only accounts.
Compare Current Savings Account Rates
Citibank Features
| Citibank | Features |
|---|---|
| Banking Account Types | Checking, Savings, Money Markets, CDs |
| Other Account Types | Credit Cards, Auto Loans, Home Loans, IRAs, Investments through Citigroup |
| Minimum Required Deposit to Open Account | $0 |
| Number of Branches | 690 |
| ATM Network Size | 60,000+ |
| ATM Reimbursements | Depends on Package |
| Remote Deposit | Yes |
| App Availability | iOS, Android, Amazon Apps, Windows Phone, and Mobile Optimized Website |
| Bill Pay | Yes |
| Person to Person Money Transfers | Zelle |
| Money Transfers | ACH, Wire Transfers, Zelle |
| Customer Service Types | Phone, Live Chat, Email |
| Customer Service Hours | 24/7 |
| Member FDIC | FDIC Certificate #7213 |
| Routing Number / ABA Number | Varies by State |
| Current Promotions | See more Bank Promotions |
Additional Features
- 60,000-Plus Fee-Free ATMs. No matter where you are in the U.S., it’s likely there’s an ATM you can use for free nearby.
- Mobile Deposit. You can use the Citibank app to deposit checks, so there’s no need to stop in at a brick-and-mortar branch.
- Citi Entertainment. Use your Citibank debit card to purchase presale concert tickets, exclusive sports experiences, culinary tours, and more.
- Mobile Wallet Compatibility. You can add your Citibank debit card to a mobile wallet for added convenience.
- Citi ThankYou Rewards. With eligible checking accounts, you can start earning ThankYou Rewards on purchases to redeem for gift cards.
What Is Citibank?
Citibank is a full-service financial institution, offering a variety of financial services to meet almost any need. It offers a full suite of banking services, including checking, savings, money market accounts, mortgages, loans, credit cards, and much more.
Because Citibank is such a large financial institution, you can find branches in many locations, including more than 700 locations in the U.S. and more than 1,800 overseas. Citi also offers free access to more than 60,000 ATMs, giving you quick access to your cash wherever you are.
How to Get Started with Citibank
Opening a Citibank checking or savings account is easy. You’ll need to be a U.S. citizen or resident and at least 18 years old. You’ll also need to provide your physical address, date of birth, and Social Security number.
Funding Your Citibank Account. You can deposit money in a Citibank account by wire transfer from another bank, authorizing a direct deposit, or mailing in a personal or cashier’s check.
Citibank Account Options
Citibank Checking and Savings Accounts
In general, Citibank lumps its checking accounts with savings options into handy banking packages.
As mentioned above, these accounts offer access to more than 60,000 fee-free ATMs nationwide, online banking, free online bill pay, free mobile banking with CitiMobile, online check images, paperless bank statements, and 24/7 customer support.
Some accounts also offer customers the opportunity to earn ThankYou Points, which can be redeemed for gift cards, discounts, and other rewards.
Here are the different Citibank Check and Savings Account options, including the monthly fees, if applicable, and the minimums required to waive the monthly service fees.
Citigold:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: N/A
- Ways to Avoid Monthly Service Fee: There are no monthly service fees for Citigold clients. To qualify for Citigold, maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts.
Citi Priority:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $30
- Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts.
The Citibank Account:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $25
- Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts.
Basic Banking:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $12.00. $4.50 for a Citi Savings account not linked to a Regular Checking Account.
- Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month AND one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts. Fee also waived for first listed account owners 62 or older.
- Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a Regular Checking Account: Maintain an average monthly balance of $500 or more.
Access Account:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $10.00. $4.50 for a Citi Savings account not linked to a checkless Regular Checking Account
- Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month OR one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts.
- Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a checkless Regular Checking Account: Maintain an average monthly balance of $500 or more.
Citibank CDs
Citibank also offers certificates of deposit (CDs) with terms currently varying from three months to five years. There’s no minimum required for CDs, but some terms pay higher rates for invested amounts over $10,000.
Citi’s CD rates are better than what you’ll find at most brick-and-mortar banks. However, you’ll still find higher payouts with online-only banks that don’t have to pay huge overhead costs.
For a more information, check out our rundown of the top CD rates.
Citibank Pros & Cons
- Plenty of Features. Citibank hasn’t skimped on online and mobile features. You can do everything from depositing checks to setting up a budget.
- Huge Number of ATMs. Citibank operates more than 60,000 free ATMs across the country.
- International Branches. You may just find one if you’re traveling abroad and need to access a Citibank office. There are more than 1,800 international Citibank branches. (International transaction fees may apply.)
- Easy Mobile Deposits. It’s easy enough to make mobile deposits from your cellphone.
- Compatible With Other Apps. You can easily connect your Citi checking and saving accounts with online money management apps such as Mint.com, Personal Capital, and others.
- Not the Highest Rates. Like many banks with a brick-and-mortar presence, Citibank doesn’t pay the highest interest rates. If you want to maximize your money’s earning potential, check out an online-only bank.
- International Transaction Fee. To be honest, we’d expect a bank with an international presence to waive international fees. That’s not the case here.
- Packaged Accounts. Citibank’s checking and savings account packages are convenient for some, but other folks would prefer a la carte accounts.
Conclusion
Citibank provides users with plenty of banking products and options. And it offers lots of tools and features on its web and mobile sites.
However, not everyone will be pleased with lackluster rates. If you find that to be the case, check out one of the online-only banks such as Ally Bank and CIT Bank.
