Citibank Checking & Savings Account Review – Plenty of Features and Tools

Some links below are from our sponsors. Here’s how we make money.

Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone. This article may contain links from our advertisers. For more information, please see our Advertising Policy.

Citibank Logo
Citigroup is one of the largest financial institutions in the U.S. So it would stand to reason that its consumer banking wing, Citibank, would offer decent checking and savings accounts. In this Citibank review, we’ll take a close look at what the “megabank” has to offer so you can decide if it’s a good fit…

Citigroup is one of the largest financial institutions in the U.S. So it would stand to reason that its consumer banking wing, Citibank, would offer decent checking and savings accounts.

In this Citibank review, we’ll take a close look at what the “megabank” has to offer so you can decide if it’s a good fit for your hard-earned money.

Citibank Review
Citibank Logo

Product Name: Citibank

Product Description: Citibank's size helps it achieve economies of scale and convenience for customers giving them thousands of convenient locations, free access to more than 60,000 fee-free ATMs, free online bill pay, and much more. However, as with many brick-and-mortar-focused banks, interest rates aren't as great as what you'll find with online-only accounts.

  • Products & Services
  • Interest Rates
  • Fees & Charges
  • Website / App
  • Customer Service
4.3

Summary

When it comes to Products & Services, Citibank likely has whatever you’re looking for. However, checking and savings accounts are lumped into combination packages, which you might not want. Citibank’s Interest Rates aren’t the highest; check rates at online-only banks first. We’re surprised Citibank still has Fees & Charges on international purchases. In terms of Website/App accessibility, Citibank’s website and app offer a plethora of tools to make your financial life easier. Customer Service is 24/7.

Citibank Features

CitibankFeatures
Banking Account TypesChecking, Savings, Money Markets, CDs
Other Account TypesCredit Cards, Auto Loans, Home Loans, IRAs, Investments through Citigroup
Minimum Required Deposit to Open Account$0
Number of Branches690
ATM Network Size60,000+
ATM ReimbursementsDepends on Package
Remote DepositYes
App AvailabilityiOS, Android, Amazon Apps, Windows Phone, and Mobile Optimized Website
Bill PayYes
Person to Person Money TransfersZelle
Money TransfersACH, Wire Transfers, Zelle
Customer Service TypesPhone, Live Chat, Email
Customer Service Hours24/7
Member FDICFDIC Certificate #7213
Routing Number / ABA NumberVaries by State
Current PromotionsSee more Bank Promotions

Additional Features

  • 60,000-Plus Fee-Free ATMs. No matter where you are in the U.S., it’s likely there’s an ATM you can use for free nearby.
  • Mobile Deposit. You can use the Citibank app to deposit checks, so there’s no need to stop in at a brick-and-mortar branch.
  • Citi Entertainment. Use your Citibank debit card to purchase presale concert tickets, exclusive sports experiences, culinary tours, and more.
  • Mobile Wallet Compatibility. You can add your Citibank debit card to a mobile wallet for added convenience.
  • Citi ThankYou Rewards. With eligible checking accounts, you can start earning ThankYou Rewards on purchases to redeem for gift cards.

What Is Citibank?

Citibank is a full-service financial institution, offering a variety of financial services to meet almost any need. It offers a full suite of banking services, including checking, savings, money market accounts, mortgages, loans, credit cards, and much more.

Because Citibank is such a large financial institution, you can find branches in many locations, including more than 700 locations in the U.S. and more than 1,800 overseas. Citi also offers free access to more than 60,000 ATMs, giving you quick access to your cash wherever you are.

How to Get Started with Citibank

Opening a Citibank checking or savings account is easy. You’ll need to be a U.S. citizen or resident and at least 18 years old. You’ll also need to provide your physical address, date of birth, and Social Security number.

Funding Your Citibank Account. You can deposit money in a Citibank account by wire transfer from another bank, authorizing a direct deposit, or mailing in a personal or cashier’s check.

Citibank Account Options

Citibank Checking and Savings Accounts

In general, Citibank lumps its checking accounts with savings options into handy banking packages.

As mentioned above, these accounts offer access to more than 60,000 fee-free ATMs nationwide, online banking, free online bill pay, free mobile banking with CitiMobile, online check images, paperless bank statements, and 24/7 customer support.

Some accounts also offer customers the opportunity to earn ThankYou Points, which can be redeemed for gift cards, discounts, and other rewards.

Here are the different Citibank Check and Savings Account options, including the monthly fees, if applicable, and the minimums required to waive the monthly service fees.

Citigold:

  • Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
  • Monthly Service Fee: N/A
  • Ways to Avoid Monthly Service Fee: There are no monthly service fees for Citigold clients. To qualify for Citigold, maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts.

Citi Priority:

  • Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
  • Monthly Service Fee: $30
  • Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts.

The Citibank Account:

  • Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
  • Monthly Service Fee: $25
  • Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts.

Basic Banking:

  • Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
  • Monthly Service Fee: $12.00. $4.50 for a Citi Savings account not linked to a Regular Checking Account.
  • Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month AND one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts. Fee also waived for first listed account owners 62 or older.
  • Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a Regular Checking Account: Maintain an average monthly balance of $500 or more.

Access Account:

  • Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
  • Monthly Service Fee: $10.00. $4.50 for a Citi Savings account not linked to a checkless Regular Checking Account
  • Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month OR one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts.
  • Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a checkless Regular Checking Account: Maintain an average monthly balance of $500 or more.

Citibank CDs

Citibank also offers certificates of deposit (CDs) with terms currently varying from three months to five years. There’s no minimum required for CDs, but some terms pay higher rates for invested amounts over $10,000.

Citi’s CD rates are better than what you’ll find at most brick-and-mortar banks. However, you’ll still find higher payouts with online-only banks that don’t have to pay huge overhead costs.

For a more information, check out our rundown of the top CD rates.

Citibank Pros & Cons

Citibank Pros

  • Plenty of Features.Citibank hasn’t skimped on online and mobile features. You can do everything from depositing checks to setting up a budget.
  • Huge Number of ATMs. Citibank operates more than 60,000 free ATMs across the country.
  • International Branches. If you’re traveling abroad and need to access a Citibank office, you may just find one. There are more than 1,800 international Citibank branches. (International transaction fees may apply.)
  • Easy Mobile Deposits. It’s easy enough to make mobile deposits from your cellphone.
  • Compatible With Other Apps. You can easily connect your Citi checking and saving accounts with online money management apps such as Mint.com, Personal Capital, and others.

Citibank Cons

  • Not the Highest Rates. Like many banks with a brick-and-mortar presence, Citibank doesn’t pay the highest interest rates. If you want to maximize your money’s earning potential, check out an online-only bank.
  • International Transaction Fee. To be honest, we’d expect a bank with an international presence to waive international fees. That’s not the case here.
  • Packaged Accounts. Citibank’s checking and savings account packages are convenient for some, but other folks would prefer a la carte accounts.

Conclusion

Citibank provides users with plenty of banking products and options. And it offers lots of tools and features on its web and mobile sites.

However, not everyone will be pleased with lackluster rates. If you find that to be the case, check out one of the online-only banks such as Ally Bank and CIT Bank.

Get Instant Access
FREE Weekly Updates! Enter your information to join our mailing list.

Posted In:

About Ryan Guina

Ryan Guina is the founder and editor of Cash Money Life. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF and is a current member of the IL Air National Guard.

Ryan started Cash Money Life in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about military money topics and military and veterans benefits at The Military Wallet.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free account here.

Reader Interactions

Comments

    Leave A Comment:

    Comments:

    About the comments on this site:

    These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

  1. DH says

    Citibank has recently been advertising their Citi Acclerated Savings account for a high APY. However for those who’re only going to open a savings account with them, beware that their mobile app does not offer Mobile Deposit if you don’t have a checking account. So basically Citibank’s dumbest way to deposit checks into the savings account is “by mail” if you don’t have local branches near you.

Disclaimer: The content on this site is for informational and entertainment purposes only and is not professional financial advice. References to third party products, rates, and offers may change without notice. Please visit the referenced site for current information. We may receive compensation through affiliate or advertising relationships from products mentioned on this site. However, we do not accept compensation for positive reviews; all reviews on this site represent the opinions of the author. Privacy Policy

Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.