Citibank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Citi Private Pass
  • Fee-free ATMs
  • Earn Thank You Points
  • Business Banking

Cons:

  • Most accounts have fees
  • High daily balances
  • High opening balances for savings accounts
  • Low interest rates

What You Need to Know

Citi Private Pass is an entertainment program for credit and debit card holders. You can buy tickets to concerts, sporting events, restaurants, and movie screenings before others. The best deals are found on Twitter or with a weekly email. There is no fee from Citi to make purchases through Citi Private Pass.

Citi has thousands of ATMs across the United States and in 20 other countries. You can get cash without paying a fee at these ATMs. Free ATMs have the Citibank brand. MoneyPass ATMs are free too. Talking ATMs are at every Citibank branch with ATMs. If you aren’t a CitiGold or Priority member and use a non Citi ATM you will be charged the fee. You can find ATMs and branches on Citi’s website.

Three checking accounts and many credit cards offer thank you points. You earn points from qualifying purchases, direct deposits and bill pay. These points can be used to make a variety of different purchases. The only checking accounts that earn points are Citibank account, Citi Priority Package and CitiGold. These accounts require high account balances.

Citi offers small or commercial business banking. Checking accounts differ depending on the number of transactions made. Citi offers different cash flow options for deposits and customer payments. Business payroll services and credit cards are available.

Every account offered has fees except CitiGold. To be a member of CitiGold requires $200,000 in accounts. The fees range from $10 to $30. Waive fees by maintaining a monthly average balance. Those balances are high. They range from $500 to $50,000. Checking accounts must have a balance of $1,500 always to waive the fee. Basic savings accounts can have the fee waived if you are older than 62 or have a direct deposit into the account.

The opening balances for savings accounts are $100. There isn’t a required amount to open a checking account. But, you will be charged the account fee if you don’t have $1,500 to $50,000 in the account. The amount is different for each account.

Interest rates for checking and savings accounts aren’t found on the website. Not all checking accounts earn interest. Citibank interest rates aren’t competitive to other online banks. You don’t know what you earn until you sign up.

Cool Things

CD Laddering

This is a strategy to help you earn more interest. Spreading money between many CDs with different maturity dates earn better rates. When a one year CD matures, you can reinvest the money into a five year CD. At the end of five years, you will have five five-year CDs. One of those CDs will mature each year. You earn the most interest and still have access to the money. To learn more call 1-800-374-9500.

Financial Education on Wealth Management

Learn about personal finance, investing, retirement, college funds, taxes, and insurance. Financial calculators help you see the exact amount of money needed to reach goals. You can contact a financial advisor to discuss your specific goals at 1-866-755-0467.

One specific topic is for customers who have children or grandchildren with mental or physical disabilities. This information helps you know how to prepare financially. It explains what accounts to set up, who to talk to, and how to navigate government benefits.

CitiGold

By being a member you receive a dedicated team. You get a relationship manager and a personal wealth management financial advisor. These team members help answer banking and investing questions.

CitiGold members earn the most Citi Thank You Rewards Points. They have the best investment capabilities and opportunities. Members get unlimited refunds on ATM fees and waived or reduced fees for overdraft protection and wire transfers. Access to exclusive travel services and to CitiGold lounge. Customer support is available 24/7 (1-888-CITIGOLD).

To become a CitiGold member you must have a monthly balance of $200,000. This amount can be combined from deposits, retirement and investing accounts. There are no monthly service fees for clients.

MasterPass

This makes online shipping easy and convenient. You can store Citi credit card and shipping information to one location. Shopping and checkout is faster. You can save up to six different addresses. Once you know what to buy, select the ‘Buy with MasterPass’ logo at checkout. You can then choose from saved credit cards and shipping addresses.

Text Banking

Access your account information through a text anytime. Enroll to text banking and select the accounts you want to track. Text BAL to number given and your balances will be text back to you. Other commands include credit card balance, recent transactions, and help.

History

Citibank was started in 1812 as City Bank of New York. In 1865 Citibank joined the national banking system and became The National City Bank of New York. It quickly became one of the biggest banks in the United States.

The National City Bank of New York became the first bank in the US to open an office overseas. The first branch was in Argentina. In 1960 the bank decided to start offering credit cards. Their first credit card was “The Everything Card.” They realized having their own credit card was too expensive. Instead they decided to join with Master Charge—now MasterCard. In 1968 First National City Bank became Citibank.

Citibank was one of the first banks to introduce the ATM. Now customers offer free access to thousands of ATMs across the U.S. and in 20 other countries.

Citibank has helped finance the Panama Canal and the Dakota Access Pipeline project. Citi has sponsored sporting events: Citi field in New York, Washington Open tennis championship, Australian Rugby Union team, and Indy Car Racing.

Awards and Recognition

  • World’s largest credit card issuer with 55 million accounts
  • Provide over 88 million business accounts including Best Buy, Macy’s, and The Home Depot
  • More than $11 billion in loans for small businesses in 2016
  • Ranked number one in sales quality, trading quality, e-Trading, and market share

Giving Back

Citibank believes in people. They partner with foundations around the world that are making positive changes. Some of these “Community Progress Makers” include:

The Malala fund helps keep girls in school in areas torn by war or political upheaval.

Deepwater Wind is the first Off Shore Wind Farm to help create clean energy.

Pathways to Progress help address the issue of youth unemployment. This program works with youth ages 16-24. They learn leadership, financial, and workplace skills. Citi encourages the youth to have an entrepreneurial mindset.

Citi Salutes helps veterans find careers.

Mission Economic Development Agency helps keep affordable housing options for low income families. They offer financial coaching to help them better their life.

Frequently Asked Questions

Is Citibank 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?

By debit card, checks, free online bill pay, ATMs, and transfers between Citi accounts. You can connect your Citi account to your current bank accounts and transfer money between accounts. Money can be sent, received or requested through Zelle. Citi also has branches all over the United States and in other countries.

Does Citibank offer mobile banking?

Yes. You can access your accounts through any smart phone, tablet or computer. The app allows you to lock your debit or credit card if stolen. You can complete all banking needs and transfer money with Zelle on the app. You can also use text banking.

Is Citibank free?

The CitiGold account is the only free account. All others have fees. You can have the fee waived by keeping an average amount in the account each month. Those amounts range from $500 to $50,000. The fees range from $10 to $30 a month.

Is Citibank a good bank?

This bank is best used for those who are investing large amounts of money. To avoid the fees, you must maintain at least $500 for savings accounts and $1,500 for checking accounts. The interest rates aren’t much higher than other banks and considerably lower than other online banks. But, if you have a large amount of money to invest the perks of Citibank are much better. Fees are waived, interest rates are higher, and you earn points as well as interest on accounts.

Is Citibank secure online?

Yes. They protect your information through encryption and verifying your identity. At log in the last date and time you signed on is displayed to protect you. Citi automatically logs you out if you are way too long. You can set your security preferences on their website.

Does Citibank offer competitive interest rates?

No. Their interest rates are typical of other banks, but less than online. If you can invest a large sum of money you will receive higher interest rates.

Can I use Citibank for my business accounts?

Yes. Citibank offers business accounts for small or commercial businesses. These accounts give your customers more ways to pay. You can deposit checks from your office and have business credit cards. Citi can help you establish your business in other countries.

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

Citi has branches all over the United States and in other countries. This online banking isn’t different from any other bank with branches. You can access your accounts online and in person.

Do their checking accounts pay interest?

No. Some checking accounts earn thank you points. You must have at least $10,000 in checking, retirement, and investing accounts to earn thank you points.

How do I reach customer service?

Through online chat, mail, or by phone. The numbers and addresses to different services are on their website.

Does Citibank offer bill pay?

Yes. Bill pay is free and available with every checking account.

Can I deposit cash?

Yes, if you make your deposit at a branch. Direct deposit, wire transfers, transfers between accounts, mobile check deposit, and the mail are other ways to make a deposit.

How long do transfers take?

Transfers from Citi to another bank take one day. Wire transfers are generally on the same day. Global transfers can take longer.

Can I sign up for direct deposit to this account?

Yes.

Bank Information

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

Favorite Rates

E*TRADE Bank
Savings 10/12/2018
APY 1.90%
Rate 1.88%
For APY $100
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
Learn More &
Open Account
Capital One 360
MMA 10/12/2018
APY 1.85%
Rate 1.83%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Up to 1.85% APY
Learn More &
Open Account