Citibank Bank Review 2020

Published March 2020 by Adrian D. Garcia

AT A GLANCE
4.1
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Bankrate Score

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User Profile

24/7 Customer Service

Laptop Best

Digital Leader

Location Pin

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. People who want the best deposit rates available should look elsewhere.

  • Savings
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    5.0
  • CDs
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    3.4
  • Checking
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    American Express National Bank

    Member FDIC

    Savings account

    1.30 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    4.1

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    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.

    What we like

    • 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 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.

    Savings accounts

    5.0

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    American Express National Bank

    Member FDIC

    Savings account

    1.30 % APY

    $ 1

    Min. balance for APY

    The Citi Accelerate Savings account is a part of the Citi banking package. It pays a competitive rate, 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.

    What we like

    • The account offers a top-tier APY.

    • 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.

    What we don't

    • The top 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

    3.4

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.35 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    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.

    What we like

    • 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.

    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

    3.9

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    Bankrate Score

    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.

    What we like

    • $0 needed to open an account.

    • All balances earn interest with tiered rates.

    • Free use of outside network ATMs.

    What we don't

    • $30 monthly service fee.

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

    Bank experience

    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.

    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.

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia joined Bankrate as a data reporter in 2018. Adrian previously spent four years covering business, trends and other news stories for Denverite.com, the Fort Collins Coloradoan and other news organizations in Colorado. He graduated with a journalism degree from the University of Colorado Boulder in 2014. He participated in ProPublica's inaugural summer data institute in 2016 and the SABEW Goldschmidt Data Immersion Training in 2019.