Citi Checking Account Review 2024: Low Fees and Relationship Banking Services
Written by
Dawn Allcot
Edited by
Melanie Grafil
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Quick Take: With more than $1 trillion assets held in the U.S., Citi® is considered one of the "big four" American banks, ranking fourth based on assets. It has 654 branches across the U.S. for personalized service, 2,300 Citi ATMs, plus access to a network of 65,000+ fee-free ATMs nationwide.
Pros
- 654 branches
- Vast ATM network
- Generous welcome bonus
- No overdraft or returned item fees
- Robust mobile app
Cons
- Monthly maintenance fees
- Need a minimum balance of $30,000 to qualify for Relationship benefits
- No interest earnings
Citi Checking Accounts Overview
The bank offers two checking account products: Access checking for those who don’t need paper checks, and Regular checking, which offers unlimited check-writing capabilities. A Citi Access account is certified as a low-cost account by Bank On National Account Standards, with a $5 monthly fee that’s easily waivable.
Key Features
Here are some of the things we like best about Citi banking and its checking account offerings.
Bonuses
When you open a new checking account, you may qualify for a $300 bonus. You must open a new checking account and make two Enhanced Direct Deposits of $1,500 or more in the first 90 days of account opening. This offer is online only and good through July 8, 2024.
Enhanced Direct Deposits include deposits through Zelle and transfers through payment platforms like Paypal and Venmo. That makes it easier for gig workers and 1099 contractors who may not receive direct deposit through an employer to qualify for the bonus and other perks.
Fees
The Access checking account has a $5 service fee. The Regular checking account has a $15 monthly service fee. Citi waives the fees on either account for the first three months and then in any subsequent month that you have more than $250 in Enhanced Direct Deposits. Citi also waives the fee if you reach a Citi Relationship Tier, which begins with a combined average monthly balance of $30,000 across all Citi deposit and investment accounts.
Access checking has a $2.50 fee for non-Citi ATM use. Regular checking customers can have that fee waived as long as they meet the requirements of at least $250 in Enhanced Direct Deposits each month. Neither account has overdraft or returned item fees.
Relationship Banking
Citi rewards its high-net-worth customers with Relationship Tiers that provide additional perks and benefits. This system makes it worthwhile to open an investment account and savings account with Citi, rather than going through another service.
Once you have more than $30,000 in combined accounts, you’ll receive higher savings rates, and a Citi Personal Financial Wealth Management professional to provide financial check-ups. When your combined balance reaches $200,000, you’ll have a dedicated team to provide financial guidance, plus you’ll get $200 in cash back for various subscription services. Online wire transfer fees are also waived.
Once your account balance exceeds $1 million, Citi will increase your limits for mobile check deposits, ATM cash withdrawals and other services. You’ll receive advanced wealth planning services, $400 in cash back for subscriptions and other benefits.
Mobile App
Citi’s mobile app is user-friendly and intuitive, and includes features such as mobile check deposit. Apple’s App Store gives the app a 4.9 overall rating with nearly 3.9 million reviews. Android users also like the app, giving it 4.7 stars across 1.14 million reviews.
In May 2024, Android user “Robin” wrote, “The app is easy to navigate. It provides instant access to transactions as they are posted, including those that are pending. You can easily personalize your app to your likes and needs.”
How Citi Checking Stands Out
The Citi Access checking account was rated one of GOBankingRates’ Best Checking Accounts in 2024, citing its mobile check deposit capabilities as a stand-out feature. It’s easy to waive fees for Citi Access or Citi Regular checking, which is another benefit. Citi’s vast ATM network and branches across the U.S. also set it apart. You won’t find local or regional banks with as many branches; you would have to choose one of the big four to find comparable in-person banking options.
Comparable Checking Account Options
From local and regional banks to credit unions and even large national banks, you have plenty of options to choose from in your search for one of the best banks.
Citi vs. Chase
Citi’s rival, Chase, also offers checking account options with easy-to-waive fees, relationship banking services for high-net-worth customers, a robust and intuitive mobile app, and a wide network of ATMs. Chase has Citi beat when it comes to branches for in-person banking, with 4,700+ branches across the U.S.
Citi vs. Axos Bank
If you prefer to bank entirely online and avoid fees without worrying about direct deposit requirements, you might consider Axos Bank, also rated one of GOBankingRates’ top checking accounts. Axos has no monthly maintenance or overdraft fees, early direct deposit, and rewards checking, that delivers 1% cashback on signature transactions.
How To Apply
If you’re wondering how to open a bank account at Citi, you have options. You can open an account through the Citi Mobile app, online or at a branch. To claim the bonus offer, you’ll need to open the account online. You’ll need to provide your personal information, including your Social Security Number or Taxpayer Identification Number, date-of-birth, and your mailing address.
You don’t need to make a deposit immediately when you open your account, but the Citi website recommends funding it within 90 days to avoid account closure.
Who Citi Checking Is Best For
Citi is best for someone who wants the convenience of in-person branches and the security of a big-name bank. High net worth customers may also consider taking advantage of Citi’s Relationship banking benefits, but even people who are opening their first bank account will appreciate the low fees of a Citi Access checking account.
Final Take
If you’re looking for a straightforward, low-fee bank with access to plenty of branches and ATMs, it’s worth considering Citi.
FAQ
- Does Citi offer free checking?
- Citi's two checking account products, Access Checking and Regular Checking, have $5 and $15 monthly maintenance fees. However, it's easy to waive these fees by meeting minimum direct deposit requirements.
- How to avoid Citi monthly checking fee?
- What is the minimum balance to open a Citi account?
- There is no minimum opening balance for a Citi checking account. You will want to fund the account within 90 days or Citi reserves the right to close the account.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
