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Citibank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.04%APY
Savings/MMA

Pros:

  • Good rates with Citi Accelerate Savings
  • Variety of accounts available
  • Low opening required amounts
  • ATM fee reimbursement for some accounts

Cons:

  • Regular account rates not competitive
  • Competitive rates have requirements
  • Accounts have monthly fees
  • Competitive CD rates require a high amount

What You Need to Know

The Citi Accelerate Savings accounts offer competitive interest rates. These accounts are opened as packages. There are five packages to choose. The Citi Accelerate Savings account offers competitive interest rates. Those rates are competitive with other online accounts. This account is only offered to people who apply online. You can apply through Citibank online, CitiMobile, or Citiphone Banking.

Citi offers a good variety of bank accounts. They offer checking and savings accounts. They offer a wide variety of CD terms, with 16 different term options. Citi offers a variety of account packages that fit your banking needs. The packages vary depending on your account balance amounts.

There is not a required amount to open Citi Accelerate Savings accounts. The checking accounts do not have an opening required amount. But, to waive the monthly fees, you must have a set account balance. The minimum opening balance for CDs varies between markets. To earn the most competitive rates for some CDs requires a balance of over $25,000.

The Citigold account package offers ATM reimbursement. To qualify to be a Citigold member, you must have combined Citi account balances over $200,000. Once you qualify, Citi will reimburse you for any ATM fees charged by other banks or ATM providers. This is only for consumer accounts.

Most other account interest rates with Citi are not competitive. The Citi Accelerate Savings account offers rates competitive with other online accounts. There are also a few CD terms that offer competitive rates. Most other Citi account rates compare to typical bank rates.

To earn the most competitive rates with the Citi Accelerate Savings account, you must meet set requirements. These requirements help to waive the monthly fees. All the Citi Accelerate Savings accounts must be opened in a package. That means opening other Citi accounts that link to the Accelerate Savings account.

Each account has a monthly fee. The savings and checking account fees range from $10 to $30. There are ways to waive the monthly fees for each account. Having a set amount of direct deposit into the account can waive the fees. Having a set account balance can also waive the monthly fee. The balances required to waive the fees are high. It can range from $1,500 to $200,000 depending on the account.

Most Citi CD terms do not offer competitive interest rates. Only the six, 12, and 18-month CDs offer rates competitive with other online CDs. To earn the most competitive rates for the 12 and 18-month CDs requires a balance of $25,000. All the other CD rates are not competitive with other online CD accounts.

Video Review

Cool Things

Citi Private Pass

This is an entertainment access program available to Citi credit card and debit card customers. This program allows special access to events. Those events include concerts, sporting events, and dining experiences. There is no fee to use the Citi Private Pass. Access Citi Private Pass on the Citi website.

Life and Money by Citi

This section offers financial articles to help customers save money. There are articles on how to save money and energy in your home. There is a section on travel and missions across the world to give back. There are topics covering credit and stolen identities. Access these articles on the Citi website.

Thank You Points

Citi offers Thank You points for banking with them. Certain accounts earn these reward points. You must open a set account, have one direct deposit and bill pay each statement cycle. Redeem the Thank You points online for gift cards and travel options.

History

In 1812 City Bank of New York was started by New York merchants to give competitive to banks in other states. In 1865 City Bank became a national charter and became National City Bank of New York. By 1919 National City Bank had over 1,600 employees in 31 cities. The bank had more than 10,000 miles of telegraph lines. They were the first investment bank to use a transcontinental wire.

By 1920 the bank had branch locations in Italy, Brussels, Madrid, Paris, and Barcelona. By 1940 National City Bank had women working, but due to the war, they needed more help from women. By the end of 1942 women were 43 percent of the workforce. In 1968 First National City Bank became Citibank.

In 1974 Citicorp introduced the use of cards. They were used at 230 branch locations in New York. By 2011 Citi had 48 smart banking branches across the world. In 2012 Citi celebrated the 200th anniversary.

Today Citi consumer banking has more than 100 million customers. They have 209,000 employees and are the world's largest credit card issuer.

Awards and Recognition

  • Named one of the 100 Best Companies by Working Mother Magazine from 1992 to 2017
  • 100% Corporate Equality Index Company by Human Rights Campaign from 2004
  • World's Best Bank for Financial Inclusion by Euromoney Magazine

Giving Back

In 2006 Citi started Global Community Day. Every year since, Citi volunteers spend this day serving in their communities. In 2018 there were more than 100,000 volunteers in 90 countries. They worked on 1,400 service projects. Some of these projects included feeding the hungry and cleaning beaches and rivers. Volunteers spent time teaching children how to cook healthy meals. Some employees spent time fixing schools and playground equipment. Over the years Citi volunteers have volunteered almost four million hours.

In 2018 Citi funded over $4 billion in loans. These loans were specifically for affordable housing projects across the United States. They helped with over 28,000 units in more than 120 cities. Citi financed over $11 billion in small business lending. They also awarded $10.5 million in cash prizes. The awarded money went to 6,000 entrepreneurs from the Citi Microentrepreneurship awards.

Frequently Asked Questions

Is Citi FDIC insured?

Yes. Citi is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Through ATM or debit cards, free online bill pay, or electronic transfers. Some accounts offer Apple Pay. You can access your money by visiting a local branch location.

Does Citi offer mobile banking?

Yes. With the Citi mobile app, you can pay bills, make mobile check deposits, and see account balances. You can set up account notifications and transfer funds.

Is Citi free?

No. Most all Citi accounts have a monthly fee. Those fees range from $10 to $30 each month. There are ways to waive the monthly fees. That includes having a set account balance. Those balances range from $1,500 to $200,000 depending on the account.

Is Citi a good bank?

Some Citi accounts offer interest rates that are competitive with other online accounts. The minimum opening required amounts for accounts are low. They offer a good variety of banking accounts. Those accounts include checking and savings accounts, CDs, and business accounts. Not all account interest rates are competitive. To earn the most competitive rates, you must meet set qualifications. Most all Citi accounts have a monthly fee. To earn the best account perks requires a combined account balance of $200,000.

Is Citi secure online?

Citi offers zero liability for authorized transactions. If you contact Citi for transactions on your debit card promptly, you will not be liable. Citi protects personal information through 128-bit SSL encryption. Citi displays the date and time for your last visit online. After a set amount of inactivity accounts are automatically logged out.

Does Citi offer competitive interest rates?

Only a few Citi accounts offer competitive interest rates. To earn those rates requires opening set account packages and linking other accounts. The basic accounts do not offer rates competitive with other online accounts.

Can I use Citi for my business accounts?

Yes. Citi offers bank accounts for small and commercial businesses. They offer payroll and merchant services and remote check deposits.

How is Citi online banking different from the online banking my bank offers?

The Citi Accelerate Savings account offers more competitive interest rates. The rates for this account are higher than typical bank accounts. This account is only available to customers who open an account online. The rest about online banking is the same as typical banks online banking.

Do Citi checking accounts pay interest?

Citi checking accounts earn interest, but the rates are low. They are not competitive with other online checking accounts.

How do I reach customer service?

Reach customer service by phone, mail, or by visiting a local branch location. Citi also offers live chat. You can follow Citi on Facebook, Twitter, YouTube, Instagram, and LinkedIn.

Does Citi offer bill pay?

Yes. Citi checking accounts offer free bill pay. Paying bills with Citi's online bill pay system can help you earn Thank You points for some accounts.

Can I deposit cash?

Yes, at a local branch location. Deposit money to online accounts with direct deposits, electronic transfers, or wire transfers. You can also upload a check through the mobile app or mail in a deposit.

How long do transfers take?

Transfers between Citi accounts are immediate. Transfers from a Citi account to another bank typically fund the next business day. Global transfers credit to your account once they approve the transaction.

Can I sign up for direct deposit to Citi accounts?

Yes. Customers can sign up for direct deposit into Citi accounts. Having a direct deposit is one way to help waive the monthly account fees.

Bank Information

Citi Inquiries
PO Box 6500
Sioux Falls, SD 57117
1-800-374-9700

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