Citibank Checking and Savings Account Review
- What is Citibank?
- Citibank checking and savings accounts
- Citibank fees
- Citibank Features
- Who is Citibank best for?
- Who shouldn’t use Citibank?
- Citibank pros and cons
- Citibank vs. competitors
- The bottom line
What is Citibank?
Citibank checking and savings accounts
Citibank checking accounts
- Citi Basic Checking Account Package – Ideal for anyone seeking standard checking services who want an in-person banking experience or need to cash paper checks.
- Citi Access Account Package - Best for anyone looking for standard service online rather than in-branch service.
- CitiElevate Account Package - Great for anyone who can maintain an average monthly checking account balance of $5,000 and only need online access.
- The CitiBank Account - Best for anyone who will carry an average balance of $10,000 or more and who would also like to earn CitiBank rewards points.
- CitiPriority Account Package - Ideal for account owners who carries a high balance (around $50,000) and is looking for access to investing tools and Citibank ThankYou points. (Citibank does offer investment accounts, as well.)
- CitiGold Account Package - Designed for high wealth individuals carrying a balance of $200,000 or more, with travel benefits, Citibank points, and investing tools and advisement. There is also an international version of this account.
- CitiGold Private Account Package - Best for anyone needing to withdrawal large amounts of money daily (up to $5,000 from ATMs) who carry an average balance of $1 million.
Citibank savings accounts
- Citi Accelerate - Depending on your zip code, you might be eligible for Citi’s high-yield savings account — a major benefit over national competitors. This savings account yields 0.70% annual percentage yield (APY) on average (specific rates vary).
- Citi Savings - If you’re not eligible for Citi Accelerate based on your zip code, Citi Savings is a basic savings plan that will earn you between 0.04% and 0.13% savings rates.
- Citi Miles Ahead - This account is invitation-only and reserved for CitiBank credit card members. You won’t yield APY, but you will gain 25% miles on everyday purchases.
|Checking Account Type||Monthly Fee||Waiver Criteria||Minimum Deposit Amount|
|Basic||$10 ($4.50 if savings account is not linked)||$1,500/mo or 1 direct deposit and 1 bill payment||$0|
|Access||$12 ($4.50 if savings account is not linked)||$1,500/mo or 1 direct deposit and 1 bill payment||$0|
|The CitiBank Account||$25||$10,000/mo combined||$0|
Sign up bonuses
- Earn $200 cash bonus if you open the basic checking account, you deposit $5,000 within 30 days of opening your account. Maintain this balance for 60 calendar days to obtain your bonus.
- Earn $400 cash bonus if you open the basic checking account, you deposit $15,000 within 30 days of opening your account. Maintain this balance for 60 calendar days to obtain your bonus.
- Earn $700 cash bonus if you open the basic checking account, you deposit $50,000 within 30 days of opening your account. Maintain this balance for 60 calendar days to obtain your bonus.
Quick access to customer service
Excellent mobile and digital features
Who is Citibank best for?
Anyone looking for a high yield APY
Anyone with regular direct deposits
Who shouldn’t use Citibank?
Anyone with non-traditional income
Anyone requiring in-person service
Citibank pros and cons
- Bonuses and rewards. We’ve already touched upon the many signup bonuses Citibank offers, but this bank also provides rewards points and travel miles with certain accounts, known as Citi ThankYou rewards. This can be extremely helpful for anyone who already has a Citibank credit card (or is considering opening one) and for individuals who travel often.
- No minimum deposit required. One pro that stands out to me is the $0 deposit requirement that accompanies all Citibank accounts. While some banks require a deposit amount to open a new account, Citibank does not.
- Easy access to ATMs. As mainly online banking for the majority of the country, you might not have access to Citibank locations near you. It provides you with Citibank ATM access across the country and will even pay you back on in-network ATMs that charge you a service fee.
- No standalone savings account. Sure, most people with savings accounts also have a checking account, but some people are only interested in savings. I don’t like that Citibank requires opening a checking account to take advantage of their savings account features.
- Overdraft fees. If you ever accidentally spend more money than what’s in your checking account, Citibank’s overdraft fees are quite steep. Not only does Citibank charge $34 per transaction — this fee can be charged up to four times a day. This means you could end up with $136 in overdraft fees, daily, before you realize what’s happened. They do often overdraft protection to move fees from savings to checking, but this paid option is slightly underwhelming since you’ll be paying the bank to cover your charges with your own money. Some higher-tier accounts do have overdraft protection, but many of the basic accounts do not.
- Monthly fees. I’m not a fan of Citibank’s monthly fees to hold a checking or savings account, even though you can avoid them by carrying a particular balance, signing up for monthly bill pay, or receiving direct deposits. These terms aren’t on par with major competitors and are disappointing to see, particularly for the standard checking and savings accounts.
Citibank vs. competitors
Citibank vs. Bank of America
Citibank vs. Wells Fargo
|Minimum Deposit||Monthly Fee||Savings APY||Overdraft Fee||Number of Branches|
|Citibank||$0||$4.50 - $30||0.04% - 0.70%||$34 per transaction (4 transactions per day)||700|
|Bank of America||$100||$8||0.03%||$35 per transaction (4 transactions per day)||4,400|
|Wells Fargo||$25||$10||0.01%||$35 per transaction (3 transactions per day)||5,400|
The bottom line
Reclaim Up to $610/Year in Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But, who has the time to look around for around a new company?
A website called CarInsurance.net makes it super easy to see if you’re getting the lowest price. All you have to do is enter your ZIP code and your age, and it’ll show you your options.
Using CarInsurance.net, people have saved up to $610 a year.
It takes just a few minutes to see how much CarInsurance.net could put back in your pocket. And the best part? Because we’re driving less, some insurers are slashing prices this month.