Citibank Review: Lucrative Bonuses and No Minimums To Open

Our Take

4.5
Our Take: Citibank has much to offer its customers and is well worth considering as your first -- or next -- bank. From its account offerings to its accessibility to its online banking capabilities, Citibank is a front runner in many areas.
  • Mobile App/Digital Experience
    4.5
  • Locations
    4.0
  • Opening Deposit Requirements
    5.0
  • Customer Service
    4.5
How did we calculate this?

      Pros

      • A wealth of checking account options
      • Both in-branch and online banking available
      • High-ranking customer service

      Cons

      • More competitive rates may be found elsewhere

      About Citibank

        City Bank of New York was created in 1812 as one of the first rival banks outside of Boston, Philadelphia and Baltimore. Throughout the years, the financial institution has seen the creation of the Panama Canal, World War I and World War II and, in 2012, it celebrated its 200th anniversary.

        Today, Citibank has over 700 branches in the U.S. and more than 1,800 branches overseas. The bank offers a full suite of banking products. With this variety and accessibility available, GOBankingRates has ranked it one of the Best Regional Banks in 2021. If you’re curious about opening an account with Citi, consider how its bank accounts and investment options can support and grow your money.

        Sponsors of

        Citibank Banking Products

        Citibank offers an array of banking products, from checking accounts and savings accounts to certificates of deposit and individual retirement accounts. While the options are plentiful, each bank account has rates and fees that deserve close examination.

        Product Key Details
        Checking Accounts
        • Interest-earning accounts available
        • No minimum opening deposit required
        • Options to waive monthly service fees
        Savings Accounts
        • Competitive interest rate
        • No minimum opening deposit required
        • Option for automatic transfers to cover overdrafts
        CDs
        • Three types of CDs offered
        • No Penalty CD: No penalty for withdrawals
        • Step-Up CD: Offers a rate increase with time
        IRAs
        • Both money market and CD options

        Citibank also offers credit cards, personal loans and lines of credit, mortgage loans, home equity loans and investment products and services.

        Citibank Checking Accounts

        Citibank offers a variety of checking account packages — both interest-earning and non-interest-earning — which gives you the ability to choose the account package that will work best for you.

        Features

        • Online bill payment
        • $0 minimum opening deposit
        • Access to Zelle money transfer service
        • Mobile check deposit

        Pros

        • Access to over 60,000 ATMs in the U.S.
        • Citi debit card eligible for Citi Entertainment rewards
        • Balance alerts and payment alerts available
        • Citigold, Citi Priority, The Citibank Account earn interest
        •  Citi Private Bank accounts, Citigold account, Citi Priority account, The Citibank Account eligible for Citi ThankYou Rewards
        Sponsors of

        Cons

        • Must take action to have monthly service fees waived — qualifying direct deposit, maintaining a minimum combined average daily balance

        Citibank Savings Account

        Citi Accelerate Savings is an interest-earning savings account that can be linked with a Citibank checking account. The account allows for automatic transfers and Citi ThankYou Rewards.

        Features

        • SafetyCheck option to cover account overdrafts
        • Optional balance and deposit alerts
        • Mobile check deposit

        Pros 

        • No minimum opening deposit
        • Easy to transfer funds between Citi and other financial institutions
        • Comparatively higher annual percentage yields when compared to online savings accounts, such as those offered by Discover and Ally

        Cons

        • Monthly service fees for every account package except Citigold and Citi Priority

        Citibank Money Market Account

        Citibank offers an insured retirement money market account as part of a banking IRA. You open an account with an initial contribution and then add funds anytime you want, up to to the maximum annual contribution limit.

        Features

        • 0.20% APY
        • $0 minimum opening deposit
        • No term limits

        Pros

        •  Ability to grow savings with no annual fee
        • Tax-advantaged accounts

        Cons

        • Money market account has a low APY compared to other financial institutions
        Sponsors of

        Citibank CD Accounts

        Citibank offers a fixed-fate CD, a step-up CD and a no-penalty CD. All three CDs are insured by the Federal Deposit Insurance Corp. and are great ways to make savings more profitable in the long term. CDs are also a great way to earn money toward upcoming large purchases like college or a trip around the world.

        Citibank also offers CDs as part of a banking IRA, which feature various terms and laddering options.

        Features

        • Citibank’s fixed-rate CDs offer a guaranteed interest rate for the entirety of your CD term, whether it be three months or five years. The APY on a fixed-rate CD is 0.25% for a five-month term and 0.10% for a one-year term.
        • Step-up CDs offer an automatic interest rate increase every 10 months with a 30-month CD term. The composite APY is 0.10%.
        • No-penalty CDs offer a chance to withdraw funds after six days from the initial deposit without any penalty fees, plus a guaranteed fixed interest rate throughout its whole, 12-month term. The APY of this CD is 0.05%.

        Pros

        • The step-up CD banking product increases interest, unlike most CDs.
        • The no-penalty CD is also unique because withdrawal fees are typical for bank CDs.
        Sponsors of

        Cons 

        • All three CD products offer low APY rates compared to online bank CD products.

          Banking Experience

          Citibank has almost 700 branch locations across the U.S. and over 60,000 fee-free ATMs. Plus, you can apply for and manage accounts, pay bills and access other services on your computer or via the bank’s mobile app. Here’s more about Citibank’s banking experience.

            Customer Service

            Citibank offers various ways to get in touch if you need help with your accounts or other banking services:

            • Chat: You can access this feature through the Citi Mobile app or online.
            • Online Banking Support Customer Service: Call 800-374-9700 to reach a customer service representative.

            Accessibility and Ease of Use

            Citibank offers a variety of ways to bank, which makes it easy to find one that works best for you. Here are five options when it comes to banking with Citibank:

            • Visit one of approximately 700 branch locations. You can find your nearest location online.
            • Find the division of banking you are trying to reach and call the direct phone number.
            • Go online or use your Citi Mobile app.
            • Contact Citi by mail. Find the address of the banking division here.
            • Enroll in CitiPhone Banking to access information about your accounts, pay bills or make transactions.
            Sponsors of

            Mobile and Digital Experience

            If you’re not afraid of technology, you can chat with a Citibank assistant online as soon as you log in to Citibank’s online banking. You can also bank on the Citibank Mobile app, which is available on Apple and Android smartphones. Citibank’s Apple app has a rating of 4.9 out of 5, and its Android app has a comparable rating.

            How To Open a Citibank Account

            Opening a Citibank account is easy. Visit Citibank’s website, and select the type of account you’d like to open. Follow the prompts. You’ll progress through these five stages to open a Citibank account:

            1. Personal information
            2. ID verification
            3. Employment and income
            4. Agreements and disclosures
            5. Transfer funds

            Key Information

            Customer Service Number: 800-374-9700

            Routing Numbers: See Citibank routing numbers by state.

            Promotions: Newest Citibank Promos & Bonuses

            Login: Citibank Login Help

            Citibank Bank Fees

            Banks, including Citibank, charge various fees. Here’s a rundown of some of the fee types and amounts that Citibank charges.

            • Monthly maintenance fees: $4.50-$30, depending on type of account
            • Overdraft fees: $34 per item
            • Wire transfer fees: $15-$35, depending on type of wire transfer
            Sponsors of

            The fees Citibank charges are in line with what many other banks charge. Citibank does offer account holders the opportunity to waive monthly maintenance fees via balance or direct deposit requirements.

              Bank Monthly Maintenance Fees Overdraft Fees
              Citibank $4.50-$30 $34
              Bank of America $4.95-$25 $35
              Wells Fargo $5-$30 $35
              Chase $4.95-$35 $34

              Citibank vs. Competitors

              Citibank vs. Bank of America

              Bank of America has more reasonable monthly maintenance fees than Citibank, with its highest fees at $25. However, Citibank’s overdraft fees are slightly lower, which could save you a few dollars a month, depending on if — and how often — you have overdrafts.

              Citibank vs. Wells Fargo

              Wells Fargo has more branch locations than Citibank: 5,200 vs. Citibank’s 700. But Citibank has a network of 60,000 ATMs, while Wells Fargo has only about 13,000 in its network.

              Citibank vs. Chase

              Chase trumps Citibank with over 4,700 branch locations — thousands more than Citibank’s approximately 700. But Citibank’s monthly maintenance fees are more reasonable with its highest fee reaching $30 versus Chase’s highest fee of $35.

              Final Take

              If you’re looking for a bank that offers a variety of account packages with $0 opening deposits and lucrative bonuses, Citibank is a perfect fit. While the bank’s fees may not be the lowest overall, they are in line with what other banks charge, and Citibank offers account holders opportunities for fee waivers.

              Plus, Citibank has a network of over 60,000 fee-free ATMs, and you can easily move funds between Citibank and non-Citibank accounts.

                  Editor’s Favorite

                  Citibank offers a competitive savings rate of 0.70% on its Citi Accelerate Savings account, which beats what’s offered by some other brick-and-mortar and online banks.

                  Citibank FAQ

                  Here are answers to some of Citibank's more commonly asked questions.
                  • What is the minimum deposit for Citibank?
                    • Citibank savings and checking accounts have a $0 minimum opening deposit.
                  • What credit score do you need for a Citibank card?
                    • Citibank does not publish the credit score needed to be approved for any of its credit cards.
                  • Is Citibank owned by Capital One?
                    • No. Citibank is part of the Global Consumer Banking Segment under the Citigroup, Inc. holding company.
                  • What ATM is free for Citibank?
                    • There are over 65,000 fee-free ATMs at Citibank branches and participating Target, CVS Pharmacy, Walgreens, RiteAid and Duane Reade locations. Additionally, all ATMs bearing Allpoint and MoneyPass logos are free.
                  • Does Citibank offer free money for signing up for an account?
                    • Yes. Citibank runs different banking promotions throughout the year. Through Jan. 5, 2021, Citibank is offering a $1,500 bonus when you open new eligible savings and checking accounts in the Citigold account package.

                  Jared Nigro contributed to the reporting in this article.

                    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 14, 2020.

                    This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citibank.

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                    About the Author

                    Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

                    Citibank Review: Lucrative Bonuses and No Minimums To Open
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