Citibank began as the City Bank of New York in 1812, but its current name references the eight-letter wire code address used when the bank was incorporated in 1967. Today, Citibank has more than 700 bank branches in urban centers across the United States and over 2,600 worldwide. Citibank offers a range of customer-focused banking products along with access to 65,000 fee-free American ATMs and thousands in other countries. If you’re looking for a bank with great product variety and global reach, Citibank may fit the bill. If your priority is great interest rates to grow your savings, you may be better served elsewhere.
Citibank at a glance
|Minimum Savings Deposit||Maximum Savings APY||1-Year CD Rate||J.D. Power Survey Score||Key Benefit|
|Citibank||$0||.90%||0.25%||811||Worldwide branch and ATM networks|
What we like about it
With hundreds of branches and thousands of no-fee ATMs in the United States, paired with a variety of account options and worldwide reach, Citibank offers a great combination of coverage and convenience. Citibank is also great for those looking to increase their wealth with a high-yield savings account. With just $500, even basic banking customers can waive monthly fees and enjoy the .90% APY.
Things to consider
Citibank’s interest rates are on the low end of brick-and-mortar banks. Moreover, while the bank offers multiple services and account tiers with varying benefits and rates, access to higher-level tiers requires a substantial combined balance.
Citibank checking accounts
Citibank offers five account packages, each with its own checking account type:
Access Account Package: This package includes the Affordable Account Banking account, which requires no minimum opening deposit and offers access to all Citi digital products and services with no overdraft fees. There is a monthly maintenance fee of $10, which can be waived with one qualifying direct deposit or a $1,500 combined average across all linked Citibank accounts. This account does not include paper checks.
Basic Banking Package: The Simple Checking option offered under the Basic Banking Package adds unlimited check writing and a waived monthly service fee if the first listed account holder is at least 62 years of age. Fees are also waived under the same conditions as the Affordable Access account; otherwise, they’re $12 per month.
The Citibank Account Package: This package offers the Full-Feature Relationship Checking account, which includes the option to earn interest on checking balances and earn Citi ThankYou Rewards Points, which can be redeemed for travel miles or gift cards, or spent via an online storefront. In addition, if clients maintain a monthly balance of $10,000 across linked accounts, the $25 maintenance fee is waived and there’s no Citi fee for using non-Citi ATMs.
Citi Priority Package: The Priority Banking with Dedicated Support account provides professional strategies and guidance from Citi Personal Wealth Management Advisors, preferred pricing and rates on select products and increased Citi ThankYou Reward point rates. The $30 monthly service fee is waived with $50,000 in combined account balances.
Citigold Package: There is no monthly service fee for the Banking and Wealth Management account, but to remain a Citigold member you must maintain a minimum combined balance of $200,000. Account holders enjoy interest on checking balances as well as a personal Citigold Relationship Manager to assist with any of their banking needs.
Citibank savings accounts
Citibank offers the Accelerate Savings option to its customers. The Savings Accelerate option is an add-on to any one of the checking account packages. No matter which package you choose, the APY on the savings account is .90%. But as the account balance grows, so will the accrued interest and savings. When opened with an Access Account or Basic Banking package, a minimum balance of $500 is needed to waive the monthly fee.
Citibank money-market accounts
Citibank advertises its money market accounts as high-yield savings under either the Accelerate Savings option or its Savings Plus product, which include lower-than-average APY for balances under $25,000 and on-par interest rates for anything over $25,000. It’s also worth noting that rates remain the same from $25,000 to $5,000,000.
CDs from Citibank range from 3-month to 5-year terms. For terms of one year or less, interest can be paid monthly or at maturity; for terms over one year, interest is paid monthly. Citibank offers three CD types:
Fixed Rate: Fixed rate CDs offer terms from 3 months to 5 years that automatically renew at maturity. They include a 7-day grace period after maturity to change term length, deposit or withdraw funds.
Step Up CD: The Step Up CD offers an automatic interest rate increase every $10 months, and requires a $500 minimum opening balance.
No Penalty CD: This 12-month CD has a $500 opening balance requirement and average interest rates for the term. The benefit? You can withdraw all funds without penalty 6 days after your term begins.
Citibank IRA accounts
Citibank offers both traditional and Roth IRA accounts. Contributions to traditional IRAs can be made up to age 70 1/2 and money can be withdrawn at any time, but may incur a penalty tax. Roth-account contributions have no age limit, but no withdrawals can be made until the account has been active for five years.
Citibank credit cards
Citibank offers clients a variety of credit cards, including:
The Citi Rewards+℠ Card: This card has $0 annual fee, 0% introductory APR on purchases and balance transfers for 15 months and then an ongoing APR of 13.49% - 23.49% (Variable) and earns 15,000 bonus points after spending $1,000 within the first three months of opening the account. The Rewards+ card also “rounds up” to the nearest 10 points on every purchase.
The Citi® Double Cash Card: Cardholders enjoy double cash back: 1% when they make purchases, and another 1% when they pay for those purchases. The card also includes 13.99% - 23.99% (Variable) APR on balance transfers for 18 months and average interest rates for purchases then an ongoing 13.99% - 23.99% (Variable) . There is no annual fee.
The Citi Simplicity® Card: There are no late fees or penalty rates on this card, along with a $0 annual fee. Cardholders enjoy 0% APR on purchases for 18 months followed by a slightly higher-than-average variable-interest rate of 14.74% - 24.74% (Variable).
Citibank provides multiple investment products, including annuities, retirement savings, mutual funds, bonds, equities and education savings. Clients can personalize their plan with the help of a Citi Wealth Advisor.
The bottom line
Citibank offers multi-tiered banking packages to meet a wide variety of customer needs. A large national and international footprint makes it easy to get advice or purchase new products on-demand, while the bank’s huge ATM network helps limit extra banking fees — but substantial balance requirements and middling interest rates may frustrate some clients. If you’re looking for a reliable bank with interconnected account options and easy branch access, Citibank is a good choice. If you’re in the market for higher interest rates and more straightforward offerings, other institutions may provide better options.
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