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Citibank Bank Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 5 stars out of 5

Checking

Rating: 4.2 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

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Overview

This bank is good for customers looking for an institution with global reach and the fullest possible range of deposit and lending products.

Highlights

  • 24/7 Customer Service
  • Digital Leader
  • Large Branch Network
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Citibank is among the world’s largest financial institutions, with well over $1 trillion in assets. It offers a comprehensive selection of banking products. These include its High-Yield Savings account, its Basic Banking Package checking accounts, its CDs and its credit cards. It is also the largest bank to eliminate overdraft fees. Obtaining competitive yields on savings accounts at Citi will depend on where you live and whether you’re eligible for its High-Yield Savings account.

Citi has more than 2,300 Citi ATMs and 60,000 fee-free ATMs. The bank also has more than 600 branches.

Pros

  • Checkmark

    Those in eligible markets for the Citi Accelerate Savings are able to earn a competitive yield on their savings accounts.

  • Checkmark

    As one of the largest banks, Citibank offers unique advantages that come with scale, including global coverage in terms of branches and ATMs.

  • Checkmark

    Citi’s mobile banking app is very well-regarded.

  • Checkmark

    Citi tends to have bank account bonus offers available for new customers who open a new account.

Cons

  • The yields offered on deposit products are generally on the low side in certain markets, but better rates are often available elsewhere in those markets.

  • Citi’s banking service packages charge monthly fees if accounts fall below minimum balance thresholds.

  • The Citi Accelerate Savings account is not available in a number of states.

  • Citi’s banking packages can be confusing for consumers.

Citibank bank products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Citibank savings overview

The Citi Accelerate Savings account has been paying a competitive yield since it launched a few years ago.

The Citi Accelerate Savings account is a part of the Citi banking package. It pays a competitive yield, but it's only available in select markets. There is no minimum opening deposit. However, you must maintain an average monthly balance of $500 to waive the $4.50 monthly service fee.

Having both checking and savings accounts at Citi can help you avoid monthly service fees.

The Citi Savings Account isn’t known for having a competitive yield. But the Citi Accelerate, if it’s available in your area, is known for offering a yield comparable to some online banks.

During our review, there was a savings bank account bonus for a Citi Savings account. But the product eligible had an APY below Bankrate’s national savings average and was only for certain markets.

Pros

  • Checkmark

    The Citi Accelerate Savings account offers a competitive APY in certain states and markets.

Cons

  • The competitive APY is available only in select markets.

  • You need to keep an average monthly balance of at least $500 to waive the $4.50 monthly service fee. Many online savings accounts don’t have these requirements.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Citibank customers have access to more than 60,000 surcharge-free ATMs nationwide.

Bank customers can use its well-reviewed mobile app to pay friends with Zelle, lock or unlock a card when it’s lost or stolen and even open a checking or savings account through the app.

About Citibank

Citibank’s roots stretch back to the City Bank of New York, which was established in 1812. By the late 19th century, it had grown into National City Bank, the largest financial institution in the United States at that time. The bank changed its name to Citibank in 1976 and moved to its current headquarters in Sioux Falls, South Dakota in 2011.

Citibank is the retail banking subsidiary of the multinational financial services company Citigroup. There are around 675 Citibank branches in the U.S. and it supports customers in more than 160 countries. Account holders have access to more than 65,000 fee-free ATMs in the U.S. and thousands more overseas.

Citibank became the largest bank to eliminate overdraft fees in June 2022.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.