Citibank is a multinational bank that offers deposit and investment accounts as well as mortgages and personal loans. They have a large online presence as well as around 700 brick-and-mortar locations across the U.S.
Read more about Citibank’s wide range of accounts and deals that might be worth considering when looking for your next bank.
Citibank Checking Accounts
Citibank has different checking accounts to choose from. There’s a handy tool on the website that recommends the best account for you based on the amount you plan to keep at Citibank and which services you need. There’s also a side-by-side comparison to help you review the features of each account.
Several Citibank checking accounts have no minimum opening deposit. The monthly account service fee can be waived if you maintain a balance specific to your type of Citibank account.
The most basic checking account is the Access Account, which has no minimum opening deposit, and a $10 monthly service fee that is waived when you make a qualifying direct deposit or bill payment per statement period or maintain a combined average monthly balance of at least $1,500. You cannot write checks on this account — all transactions are electronic — and it earns no interest. It does not earn Citi ThankYou Rewards either, and you are charged for using non-Citi ATMs.
At the other end of the spectrum is the Citigold account. To qualify for this account, you must maintain an average monthly balance of $200,000 or more in qualifying linked deposit, investment and retirement accounts. There is no service fee, no fee for standard checkbook orders, no fee for using non-Citi ATMs and the annual fee on your Citi Personal Wealth Management investment account is waived. This account earns Citi ThankYou Rewards on eligible products and services linked to your checking account.
Citibank Savings Accounts
There are savings accounts that correspond to each of Citibank’s checking accounts, and they are promoted as a package. In order to qualify for the account with the most features, you will probably want to open both checking and savings.
The standard APY for Citibank savings accounts ranges from 0.04 percent to 0.15 percent, depending on the type of account and your account balance. The standard interest rate for a basic Citibank savings account with a $10,000 balance is 0.04% APY.
Citibank offers CDs for terms ranging from three months to five years. Interest rates are modest, with a one-year CD paying 0.25% APY on a $10,000 deposit. By comparison, Capital One offers a one-year CD that pays 2.08% APY, with no minimum deposit.
Citibank Sign-Up Offers
If you’re looking to move your banking relationship to Citibank, you might get a bonus for doing so. As of April 26, 2018, customers who open a new checking and savings account in the Citibank Account Package and deposit at least $15,000 get a bonus of $400 after keeping the funds in there for at least 60 days. If you have more cash to deposit — at least $50,000 — you can get a bigger Citibank reward with a bonus of $600 deposited to your account.
Citibank Online Banking Features
Citibank has just about 700 branches, but it has a big online presence. The website is user-friendly and has a lot of tools to help you figure out which accounts are right for you.
The Citi Mobile app provides real-time access to all your Citibank accounts. You can get notifications when a check clears, when a payment is due or when a transaction is made. You can pay bills and deposit checks from the app. You can also search up to the last 150 transactions you’ve made, locate a branch or ATM or activate a credit card from your phone.
The Citi Mobile app is available for iPhone, Apple Watch and Android. The Apple version has additional features for customers of Citi Personal Wealth Management accounts, such as the ability to buy and sell equities, mutual funds and ETFs. You can also transfer funds globally between your Citi accounts with the Apple version of the app.
Applying for a Citibank Account
You can apply for a Citibank account on the website. You’ll need your Social Security number and another form of identification such as a driver’s license or passport, as well as standard information like your name, address, phone number, email address and employer. Some of the higher-end accounts require approval to ensure you have the assets to qualify for the perks they’re providing.
Who Is Citibank Good For?
Citibank offers a good amount of products and services — savings accounts, checking accounts, credit cards, mortgage and home equity loans, personal loans, investments and even insurance. If you’re looking for one-stop shopping for financial services, and you have significant assets, Citi might be the bank for you.
If you do most of your banking online, or you happen to live near one of the almost 700 Citibank locations in the U.S., Citibank might be an even better option.
On the downside, you can certainly get higher rates elsewhere, but that might mean having several accounts at different banks. If you want the convenience of having everything in one place and getting service based on your net worth, look into Citibank.