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Citibank Bank Review 2024

Updated September 27, 2024
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At a glance

Best mobile banking app
4.3
Rating: 4.3 stars out of 5
Bankrate Score
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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 customers will need to contend with several fees, including monthly maintenance fees for several Citibank checking and savings accounts.

Highlights

  • 24/7 Customer Service
  • Digital Leader
  • Large Branch Network
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Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/6/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
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Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/6/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info Icon
As of 10/6/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money

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 certificate of deposit accounts (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 Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

CTA We want to know what you think about Citibank

We want to know what you think about Citibank

Do you have experience with Citibank? Let us know your thoughts.

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. The yield is comparable to what some online banks offer, which are generally more competitive than big institutions like Citibank.

There is no minimum opening deposit. However, there is a $4.50 monthly fee, though it can be waived a couple of ways, including maintaining an average monthly balance of $500.

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

The other savings option, the Citi Savings Account, isn’t known for having a competitive yield.

Pros

  • Checkmark Icon

    The Citi Accelerate Savings account offers a competitive APY.

  • Checkmark Icon

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

Cons

  • The Citi Accelerate Savings account is available only in select markets; otherwise, customers earn a very small yield.

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

  • There’s a $4.50 monthly fee, though there are several ways to waive it.

  • Citibank
    APY
    APY
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    National average APY
    How do we get this data?
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Sponsored Offer
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This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/6/2024
Rating: 4.9 stars out of 5
Info Icon
$0
Min balance for APY
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 approximately 650 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 2024 Retail Banking Satisfaction Study, though the bank tended towards high satisfaction. For example, while Citi ranked above the region average in California and Florida, it ranked below average in the New York Tri-State area.

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.

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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."

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

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The above images were last updated on August 20, 2024.

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

Gain_Spirited
Feb 1, 2023
Good Citibank Experiences?
I have money in Citibank’s HYSA. They hold deposits a day or two longer than I like, but if you can get over that it's fine. It's a savings account so I'm not looking to move a lot of money in and out.
via Reddit
InfamousSea7547
Feb 1, 2023
Citibank Incorrect Fees
Are other people having issues with CitiBank charging incorrect fees? For the last 3 months, CitiBank has tried to charge my checking account a $15 monthly fee. I then have to spend 30+ mins contacting them and explaining that my accounts are supposedly linked and that I meet all the requirements for the fee to be waived. They usually blame the previous rep I worked with, refund the fee and say it will be fixed in the future, but it keeps recurring the 1st of each month.
via Reddit

Our editor's take

Citibank’s high-yield savings account is called Accelerate Savings, which is available in select markets. You can fund your account through recurring transfers or through one-time deposits, which you can make as a transfer from another bank or another Citibank account. It may take some time for the funds to show up in your account. 

Monthly maintenance fees at Citibank can typically be waived if you meet certain criteria. If you’ve met the requirements but continue to be charged the monthly fee, it may be worth visiting a branch to fix the problem. If the issue persists, it may be worth filing a complaint with the Consumer Financial Protection Bureau (CFPB) and/or closing your account altogether.

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 Citibank compares to other banks

Compare different account types offered by Citibank. Annual percentage yields (APYs) shown were updated between Sept. 29, 2024 and Oct. 5, 2024.

Selected bank
Citibank checking account
Citibank Logo
Third Party Insured
Bankrate score
Rating: 4 stars out of 5
4.0
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Most comparable
Chase Bank checking account
Chase Bank Logo
Member FDIC
Bankrate score
Rating: 3.8 stars out of 5
3.8
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APY
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0.00% 0.01%
Minimum balance to open
$0.00 $25.00
Citibank offers two checking accounts: Access Checking and Regular Checking. The Access Checking account, a checkless account, comes with a $5 monthly service fee. The Regular Checking account, which comes with unlimited checking, charges a $15 monthly fee. Either fee can be waived if you qualify for a relationship tier or if you maintain at least $250 in direct deposits. Moreover, the fees will be waived for three months after opening the account. Both accounts come with access to more than 65,000 fee-free ATMs nationwide, but the bank charges a $2.50 fee for using an out-of-network ATM. Neither account charges overdraft nor returned item fees. Qualifying for a relationship tier — such as Citi Priority, which requires you to maintain a monthly combined average of $30,000 — comes with extra benefits, including no fees for using non-Citibank ATMs. Chase Total Checking includes features such as access to more than 15,000 ATMs and 4,700 branches across the U.S. The account has a monthly service fee of $12, which can be waived by meeting certain criteria, such as direct deposits totaling at least $500 each month or maintaining a minimum balance. This account offers customers a mobile app for managing finances as well as services like Zelle for money transfers.
  • None of Citibank’s checking accounts charge overdraft fees
  • The monthly fee required for either account will be waived for your first three months
  • The monthly fees are easy to waive with Citibank’s “Enhanced Direct Deposit,” which counts Zelle and other peer-to-peer transactions as direct deposits
  • More than 65,000 fee-free ATMs are available nationwide
  • Customers have access to more than 15,000 ATMs and 4,700 U.S.
  • branches.
  • Until Oct.
  • 16, new customers can receive a $300 bonus when they open a Chase Total Checking account and make direct deposits of $500 or more within 90 days of enrollment.
    N/A
  • Both checking accounts come with monthly service and out-of-network ATM fees, unless you qualify for a relationship tier
  • Customers who don’t meet balance requirements face monthly service fees.
  • The Chase Total Checking account does not earn interest.
    N/A

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.