Citibank Bank Review 2021

Published March 2021 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

bank-logo

24/7 Customer Service

Digital Leader

Large Branch Network

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

  • Savings
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    4.1
  • CDs
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    3.5
  • Checking
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    4.1
  • MMAs
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    4.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Quorum

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    4.3

    Bankrate Score

    Citibank is among the world’s largest financial institutions, with well over $1 trillion in assets. It offers a comprehensive selection of banking products. It has branches in around a quarter of the continental 48 states.

    What we like

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

    • 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.

    What we don't

    • The yields offered on deposit products are generally on the low side, with better rates often available elsewhere.

    • 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.

    Savings accounts

    4.1

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Quorum

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    The Citi Accelerate Savings account has been paying a competitive yield since it launched around a couple of 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.

    What we like

    • The Citi Accelerate Savings account offers a top-tier APY, in certain states and markets.

    • Linking your savings with an eligible checking account allows you to earn Citi ThankYou Points.

    • You can deposit checks using the Citi Mobile Check Deposit Service.

    What we don't

    • The competitive APY is available only in select markets.

    • 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.

    CD rates

    3.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Citibank offers CDs 21 CDs across various terms. This gives consumers more variety than they’ll get at most other banks.

    However, the yields are low compared to other banks.

    The minimum deposit is $500 in most states. In some areas, there might be a higher minimum opening deposit requirement.

    Early withdrawal penalties are standard in all markets: 90 days of interest for 1-year CDs and 180 days of interest for 5-year CDs.

    Citi also offers a one-year no-penalty CD and a 30-month step up CD in certain areas/markets.

    What we like

    • Low minimum deposit required to open a CD.

    What we don't

    • 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.

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    You don’t need to make an opening deposit with Citi’s Basic Banking Package Simple Checking account.

    The monthly service fee ($12) is waived for those 62 or older who are the primary account owner. So this might be a good option for people in that age group. Primary account owner’s 62 and older also will have Citi’s fee to use an out-of-network ATM waived too. But the other ATM might charge those users.

    Checking account customers can earn ThankYou points by using an eligible checking account and having a qualifying direct deposit and a qualifying bill payment made every monthly statement cycle.

    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 Citibank 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.

    What we like

    • You don’t need to make an opening deposit for the Basic Banking account.

    • A direct deposit and a bill pay are easy ways to waive the Basic Banking account’s monthly maintenance fee.

    • All balances earn interest with tiered rates on the Interest Checking account.

    • Free use of outside network ATMs.

    What we don't

    • The basic banking account has a $12 maintenance fee.

    • Citibank customers are charged $34 for insufficient funds, up to $136 per day. That’s a little above the average fee of $33.47.

    Money market accounts

    4.7

    Bankrate Score

    The Citi Accelerate Savings (basic banking package) is reviewed as a money market account, because it has check-writing privileges. The account offers a competitive yield and there’s no minimum needed to open the account.

    The monthly maintenance fee is waived for those that are 62 years of age or older. Keeping $500 in the Citi Accelerate Savings basic banking package is another way to waive the $4.50 monthly service fee.

    What we like

    • The Citi Accelerate Savings basic banking package offers a competitive yield.

    • There isn’t a minimum opening deposit requirement for the Citi Accelerate Savings basic banking package.

    • People 62 years old or older get the $4.50 maintenance fee waived.

    What we don't

    • There are other money market accounts that don’t have a monthly service fee.

    • There are other money market accounts that don’t require you to keep a certain minimum balance.

    Bank experience

    Citibank 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.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth