Citibank Bank Review 2019

Citibank Logo


Citibank is among the world’s largest financial institutions, with well over $1 trillion in assets. It offers a comprehensive selection of banking products.

24/7 Customer Service
Digital Leader
Large Branch Network


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.

When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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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 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 700 Citibank branches in the U.S. and more than 1,800 overseas. Account holders have access to more than 65,000 fee-free ATMs in the U.S. and thousands more overseas.

Customers are offered five tiers of banking service packages — access account, basic banking, the Citibank account, Citi priority, and Citigold — with APYs and fees depending on their combined average account balances. Customers may link their checking, savings and retirement accounts to factor their average account balances.

This bank is good for customers looking for an institution with global reach and the fullest possible range of deposit and lending products. People who want the best deposit rates available should look elsewhere.


  • As one of the largest banks on earth, Citibank offers unique advantages that come with scale, including global coverage in terms of branches and ATMs.
  • Citi’s online banking portal is very well regarded, offering excellent ease of use, a very good mobile banking app and other financial management apps.
  • A variety of customizable alerts help you manage your accounts.


  • The yields offered on deposit products are among the lowest nationally available rates.
  • Citi’s banking service packages charge monthly fees if accounts fall below minimum balance thresholds.
  • For all savings accounts, a $100 account minimum opening balance is required.

Citibank Services

Savings Rating


The Citi Accelerate Savings account is a part of the Citi banking package. It has a solid promotional rate with a balance of $25,000 or more in the Citibank account package. The rate sounds great, but it only lasts for a maximum of three months.


  • You can earn Citi ThankYou Points when your savings is linked to an eligible checking account and enrolled in Citi ThankYou Rewards.
  • You can deposit checks using the Citi Mobile Check Deposit Service.
  • This account offers a competitive introductory rate for the first three months.


  • Introductory rate makes the product seem competitive when the APY isn’t.
  • APY on this account isn’t competitive with other institutions.
  • Citibank’s website says “Simplify Your Savings.” But different account packages (Access Account, Basic Banking, The Citibank Account Citi Priority and Citigold) and possible consumer confusion over rate versus APY make the banking experience more complicated than at other institutions.

Savings accounts available from other banks

CDs Rating


Citibank offers CDs across various terms. The minimum deposit is $500 in most states. It’s $1,000 in California and Nevada and a bit higher in places like Maryland ($2,500). Interest is paid out monthly, but customers with terms of 1 year or less may have interest paid at maturity. Early withdrawal penalties are standard: 90 days of interest for 1-year CDs and 180 days of interest for 5-year CDs.


  • Interest is compounded daily.
  • Low minimum deposit required to open a CD.
  • Savers with higher balances may earn more interest, depending on the CD term.


  • Yields are low compared to what online banks offer.
  • Grace period before automatic renewal is short (seven days rather than 10 days).
  • CD must be funded from a linked Citibank account.

CDs available from other banks

2.40% APY
2.55% APY
2.55% APY
Checking Rating


Citi Priority Account Package offers tiered-interest rates with Interest Checking. There’s no minimum balance to open the account, but a combined average monthly balance of $50,000 must be maintained to avoid the $30 monthly service fee. Account holders can use Citbank and outside-network ATMs for free. Other options include Interest Checking through the Citibank Account Package (requires $10,000 in combined average monthly balances to waive a $25 monthly fee) and Citigold Interest Checking, available with balances of at least $200,000.


  • $0 needed to open an account.
  • All balances earn interest with tiered rates.
  • Free use of outside network ATMs.


  • $30 monthly service fee.
  • Customers are charged $34 for insufficient funds, up to $136 per day.

Checking accounts available from other banks

MMAs Rating


Citibank technically doesn’t offer an account with the term “money market” in it. But the Citi Savings has money market characteristics since it offers check writing privileges. The Citi Savings offers a strong Promotional Interest Rate, but it expires three months after the date the Citi Savings Account was opened — or potentially sooner.


  • The account has check-writing privileges.
  • The account has a competitive 3-month interest rate — but the higher rate is short lived, hence why the APY is so low.
  • The Citi Savings has check writing privileges. (This doesn’t apply if the account was opened in the Access Account Package.)


  • Keep your eye on the maximum standard APY on $500,000 or more, rather than paying attention to a short-lived introductory rate.
  • Citibank doesn’t offer a competitive standard APY.
  • There are much higher non-introductory APYs out there at other institutions.

MMAs available from other banks

Bank Experience Rating


When you bank with a big bank, you expect access and Citibank doesn’t disappoint. Customers have access to more than 65,000  surcharge-free ATMs nationwide. They also can call a human customer service agent 24 hours a day, seven days a week. Moreover, Citi’s mobile banking app experience stands out on a few fronts. Most notably, non-bank customers can use Citi’s mobile banking app to aggregate financial data from their disparate accounts and get spending insights. In other words, anybody can get a Mint-like experience through Citi  —  without having to sign up for an account. Customers of the bank can also use the 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.

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