Skip to Main Content

Citibank Bank Review 2024

Updated January 2, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

Best mobile banking app
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4 stars out of 5

Savings

Rating: 4.8 stars out of 5

About Bankrate Score

Overview

Citibank is a good option for savers looking for an institution with global reach and the fullest possible range of deposit and lending products. People who live in areas eligible for Citi’s Accelerate Savings can earn a top-tier APY. But unlike other online banks, you’ll need to have a Citi checking account or keep at least an average monthly balance of $500 in order to avoid the $4.50 maintenance fee.

Highlights

  • 24/7 Customer Service
  • Digital Leader
  • Large Branch Network
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 2/24/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 2/24/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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, including various CDs and multiple checking and savings accounts. Obtaining competitive yields on savings accounts at Citi will depend on where you live and whether you’re eligible for its Accelerate Savings account.

Citi has more than 65,000 fee-free ATMs. The bank also has more than 600 branches.

And Citi earned Bankrate’s best mobile banking app honor in the 2024 Bankrate awards.

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.

  • 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.

  • The Citi Accelerate Savings account requires you to have a checking account in the Access Account Package or have at least a $500 monthly average balance to avoid the $4.50 monthly service fee. Generally, online banks don’t have requirements like this.

Citibank banking products

4.8
Rating: 4.8 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, 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 promotional interest rate offer for existing or new Citi Savings account customers who deposit at least $25,000. Even with a competitive rate for six months, the APY was well below Bankrate’s national savings average.

Pros

  • Checkmark

    The Citi Accelerate Savings account offers a competitive APY.

  • Checkmark

    There’s no minimum deposit required to open a Citi Accelerate Savings account.

Cons

  • The competitive APY is available only in select markets; otherwise, customers earn a very small yield.

  • 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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Citibank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/24/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee Depends on the account
Out-of-network ATM fee $2.50
Excessive transaction fee None

Customer experience

Customer support

Physical presence. There are more than 670 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.

Mixed Customer Satisfaction. Citibank received mixed customer satisfaction scores in J.D. Power’s 2023 Retail Banking Satisfaction Study. For example, while Citi ranked above the region average in California and Florida, it ranked below average in Illinois and the New York Tri-State area.  

by Goldman Sachs ranked second in J.D. Power’s 2023 Direct Banking Satisfaction Study among online-only banks offering savings products.

Digital experience

Highly rated mobile app. Citibank’s mobile app has a high rating on both the Apple App and Google Play stores.  Collectively, more than four million users have reviewed the app. The app can be used to pay friends with Zelle, lock or unlock a card when it’s lost or stolen, set travel notices and even open a new account. Moreover, the app features educational financial tools for spending, budgeting and investing. 

App drawbacks. There are occasional delays for transactions to post online, sometimes until the following business day, according to a Bankrate staff member with a Citibank account. Moreover, the transaction descriptions are minimal, making it difficult to connect them to your purchases. The interface is also updated frequently, which can be a good thing, but requires you to do some digging when things are moved around.

Lightbulb

Bankrate staff insights

"I have found customer service — both over the phone and in-person at a branch — to be very kind and helpful, and I have never had a problem accomplishing whatever I needed to do," said a Bankrate staff member who uses Citibank personally. "But the chat features on the app makes it unclear whether you’re speaking with a bot or an actual representative. Responses here are significantly delayed and communication is not fluid."

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.

How does Citibank compare to other banks?

Citibank vs. Chase

Citibank and Chase are among the top three largest banks in the United States, with both banks surpassing $1 trillion in assets.

Although both banks are also similar when it comes to fees, Citibank generally offers better yields on its deposit products, notably many of its CDs and its Accelerate Savings Account. Moreover, Citibank completely eliminated their overdraft fees, but Chase is still charging more than $30 per overdrawn transaction.

All that noted, Chase offers a larger branch network that’s available in just about every state. Chase also offers auto financing in addition to mortgages; Citibank only offers the latter.

Citibank FAQs

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.