Citibank Review – Quality Banking Products for Everyday Use

Citibank is one of the major national banks in the United States, offering a wide range of banking products and services for everyday use. With over 200 years of experience, Citibank has established itself as a leading financial institution known for innovation and customer service. This detailed Citibank review covers everything you need to know about their checking accounts, savings accounts, credit cards, loans, investment products and online/mobile banking.

Introduction to Citibank

Citibank was founded in 1812 and is headquartered in New York City. It has over 700 branches across the major metro areas in the US and provides 24/7 phone and online customer service. Citibank is a subsidiary of Citigroup, one of the largest financial services companies in the world.

Some key highlights about Citibank:

• Over 200 years of banking experience and expertise
• Offers full-service national retail banking products
• Features advanced digital banking through industry-leading apps and website
• Provides 24/7 live customer service and thousands of ATM locations
• Manages over $1.3 trillion in deposits and holds the largest credit card lending portfolio in the world

Citibank aims to provide quality banking products to meet the financial needs of consumers and businesses. They strive to offer convenience, flexibility and value.

This detailed review covers Citibank’s main products, features, fees, pros and cons to help you determine if they are the right fit for your banking needs.

Citibank Checking Accounts

Citibank offers three main checking accounts: Basic Banking, Plus Banking and Citigold Account Package.

Basic Banking

Basic Banking is Citibank’s most affordable checking account. Here are the main features:

• Minimum opening deposit of $0
• No monthly service fee with a $500 minimum daily balance, otherwise $12 monthly fee
• Free access to over 65,000 ATMs nationwide
• Online and mobile banking with bill pay
• Debit card with contactless pay
• Paper checks available

Pros of Basic Banking:

• No minimum balance to open
• Simple online banking and mobile app
• Large ATM network with fee-free access
• Low $500 balance requirement to avoid monthly fee

Cons:

• $12 monthly fee if under $500 balance
• No interest earned on balances
• Limited account features compared to higher-tier accounts

The Citibank Basic Banking account is a dependable choice if you want basic checking services with minimal fees. It offers digital banking convenience with the backing of a major national bank.

Plus Banking

Plus Banking provides more features and account perks beyond basic checking. Here are the main features:

• $500 minimum opening deposit
• $10,000 minimum daily balance to avoid $30 monthly fee
• Access to Citibank Global Network of fee-free ATMs
• Online and mobile banking with bill pay
• Debit card with contactless pay
• Paper checks available
• Account alerts and unlimited check writing

Additional Plus Banking perks include:

• Unlimited non-Citibank ATM fee reimbursements
• 10% bonus when redeeming ThankYou Points
• Roadside assistance dispatch service
• Savings on general admission tickets

Pros of Plus Banking:

• More robust online and mobile banking
• Perks like ATM fee reimbursements
• 10% bonus on ThankYou Points redemptions
• Higher daily balance required to avoid monthly fee

Cons:

• $30 monthly fee without $10k minimum balance
• Lower interest rate than Citigold account
• Limited branch access compared to Citigold

The Citibank Plus account offers nice upgrades from basic checking like better online banking, rewards perks and reimbursements if you can meet the higher minimum balance.

Citigold Account Package

The Citigold Account is Citibank’s premium checking and banking package. Key features include:

• $200,000 minimum balance for no monthly fee, otherwise $30 fee
• Worldwide access to Citigold Centers and Citi Private Bank Lounges
• 24/7 access to dedicated banking advisors
• Online and mobile banking with robust features
• Personalized debit card and checks
• Elite benefits from Citibank’s relationships with complementary brands

Additional Citigold perks encompass:

• No fees for overdrafts or stop payments
• No foreign transaction fees
• Preferred rates on savings accounts
• Complimentary wire transfers and cashier’s checks
• Valet parking, dining and entertainment privileges

Pros of the Citigold Account:

• White glove banking experience with dedicated advisors
• Unlimited access to Citi Private Bank lounges
• Fee waivers and preferred pricing on many services
• Elite benefits and discounts from luxury brand partners

Cons:

• Very high minimum balance of $200k to avoid monthly fee
• Mostly beneficial for high net worth individuals
• Few branch locations compared to larger national banks

The Citigold Account Package delivers premium banking for qualifying high net worth clients who can benefit from the specialized service, convenience and privileges.

Citibank Checking Account Fees and Fine Print

When opening a Citibank checking account, here are some important fees, policies and disclosures to take note of:

• Monthly service fees if you fall below the minimum account balance
• $2.50 fee for non-Citibank ATM transactions, unless you have an account with unlimited reimbursements
• $34 overdraft fee per item with no courtesy overdraft (accounts will decline if insufficient funds)
• Large incoming wire transfer fee of $15
• Minimum opening deposit required ($0 to $200k depending on account)
• Scheduled international wire transfers available for $35 fee per transfer
• Account closing fee of $50 if closed within 180 days of opening
• Check hold policies delay funds availability from deposited checks
• Account agreements governed by Citibank terms and conditions

Citibank checking accounts offer convenience and banking value when you meet the balance requirements and utilize the digital services to avoid extra fees. Be sure to review full fee schedules and disclosures so you know what to expect.

Citibank Savings Accounts

For saving money, Citibank provides two primary options: Basic Savings and Citi® Accelerate Savings.

Basic Savings

Citibank’s Basic Savings is a standard savings account with no monthly fees and options to earn interest. Features include:

• No minimum opening deposit or balance
• No monthly service fees
• Variable interest rate based on your account balance
• FDIC insured up to maximum allowable limit
• Access via online, mobile and in-branch

Pros of Basic Savings:

• Easy to open with no minimum deposit
• Can be opened alongside a Citibank checking account
• Simple way to start saving with no monthly fee

Cons:

• Very low interest rate compared to high-yield savings from other banks
• No option to set up recurring automatic savings transfers

The Citi Basic Savings Account offers an accessible place to store your funds while earning a small return. It provides the basics, but savvy savers may want to look elsewhere.

Citi® Accelerate Savings

The Citi® Accelerate Savings Account aims to help you build savings faster through a rewards structure. Features include:

• 0.03% variable interest rate
• Opportunities to earn a higher savings rate from rewards
• No minimum opening deposit or balance requirement
• No monthly service fees
• Make recurring transfers from Citi checking account
• Qualify for rewards by saving steadily and increasing balance

Pros of Citi® Accelerate Savings:

• Innovative rewards model incentivizes regular savings habits
• Easy to open along with eligible Citi checking account(s)
• Rewards can boost overall return beyond base interest rate

Cons:

• Very low base interest rate of 0.03%
• Need to make regular monthly transfers and save steadily to earn full rewards
• Miscellaneous fees like overdraft fees can apply

The Citi® Accelerate Savings Account incentivizes disciplined saving with cash rewards to augment the very low regular interest rate. The account aims to accelerate your savings by rewarding consistent deposits and balance growth.

Citibank Savings Account Fine Print

Key details to note with Citibank savings accounts:

• Interest rates subject to change at any time based on Citibank discretion
• Fees may apply for overdraft transactions or excess activity
• Transfers out of savings limited to 6 per month by federal regulation
• Savings accounts only FDIC insured up to $250,000 per depositor
• May need to open checking account to have full access to some savings features
• Different statement cycles and transfer processing times for savings vs. checking
• Account terms and conditions detailed in customer agreement

Review savings account disclosures to understand how transfers, interest, fees and access work so you can maximize your savings.

Citibank Certificate of Deposit Accounts

Citibank offers competitive certificate of deposit (CD) accounts with higher interest rates for customers seeking to grow savings in a set time period. Key features include:

• Variety of CD terms ranging from 6 months to 5 years
• Interest rates increase with longer CD terms
• Minimum opening deposit of $500
• No monthly service or maintenance fees
• FDIC insurance provided on deposits up to applicable limits
• Option to defer interest until CD matures or make monthly payments

Here are the pros and cons of Citibank CD accounts:

Pros:

• Can earn significantly higher interest than a regular savings account
• FDIC insured for security of principal
• Flexible terms from 6 months up to 5 years
• No monthly fees associated with the account

Cons:

• Require a higher minimum deposit to open
• Withdrawals prior to maturity incur a penalty
• Interest rates still lower than some competing banks
• Limited liquidity compared to savings

Citibank CDs provide guaranteed fixed returns on savings for designated terms. They are a suitable option if you have extra funds and timeline in mind for saving toward a goal.

CD Account Interest Rates, Terms and Fees

Citibank offers both standard term CDs and a No-Penalty CD with more flexible redemption. Current rates as of October 2023:

CD Term	Interest Rate	Minimum Opening Deposit	Early Withdrawal Penalty
6 months	2.05%	$500	3 months interest
1 year	2.60%	$500	6 months interest
18 months	3.00%	$500	9 months interest
2 years	3.10%	$500	12 months interest
3 years	3.20%	$500	18 months interest
4 years	3.30%	$500	24 months interest
5 years	3.35%	$500	30 months interest
No-Penalty	0.05%	$500	None

Key things to note with Citibank CD accounts:

• Interest rates and terms shown are current as of October 2023
• Rates are subject to change at any time at Citibank’s discretion
• FDIC insurance covers up to $250,000 per depositor
• No monthly maintenance fees associated with any CD terms
• Interest payments can be sent monthly or deferred till maturity

Compare Citibank CD terms and interest rates to find the suitable timeframe for your savings goals.

Citibank Credit Cards

Citibank offers a suite of credit cards that earn flexible ThankYou Points on spending. Different cards are available to meet various needs:

Citi Rewards+® Card

• Earns 2X points per $1 spent at supermarkets and gas stations
• 15% points rebate on first 100,000 points redeemed per year
• 20,000 bonus points after $1,000 spend in 3 months
• No annual fee

Citi Premier® Card

• Earns 3X points on travel, gas stations, restaurants, air travel, hotels
• 80,000 bonus points after $4,000 spend in 3 months
• $95 annual fee

Citi Prestige® Card

• Earns 5X points on air travel and restaurants
• 50,000 bonus points after $4,000 spend in 3 months
• $495 annual fee, $250 travel credit

Citi Custom CashSM Card

• 5% cash back in top eligible spend category each month
• Up to $500 cash back within first 12 months
• No annual fee

Citi Double Cash Card

• 2% cash back – 1% on all purchases and 1% when you pay it off
• 18 month 0% intro APR on balance transfers
• No annual fee

Citibank credit cards are a great way to earn rewards on spending with no foreign transaction fees. Different cards are better suited depending on your spending habits and if you prefer flexible points or cash back.

Credit Card Fees, APRs and Things to Know

Here are some key details to understand about Citibank credit cards before applying:

• APRs range from 16.99% to 26.99% variable by card, influenced by creditworthiness
• Balance transfer fees of 3% (min $5) apply on transfers to a Citi card
• Cash advance fees of 5% (min $10) on advances from ATMs, banks, etc.
• Potential late fees up to $40 if payment not received by due date
• No foreign transaction fees on international purchases
• Eligibility for approval influenced by individual credit score and profile
• Citi application rules may disqualify you if opened or closed card in past 24 months

Compare your spending habits and preferences to select the optimal Citibank card for earning rewards or cash back. Factor in rates, fees and approve likelihood before applying.

Citibank Personal Loans

Citibank offers competitive personal loan options to finance life’s bigger expenses and consolidate debt. Loan details include:

• Fixed APRs from 7.99% to 18.99% based on factors like credit score
• Loan terms of 3 to 6 years available
• No application, origination or pre-payment fees
• Loan amounts from $3,000 up to $100k
• Receive funds as soon as the next business day

Types of personal loans offered:

No Collateral Loan

• Unsecured loan with no collateral requirement
• Qualify based on creditworthiness alone

Citibank Personal Line of Credit

• Revolving line of credit up to $100k limit
• Higher variable interest rate than fixed loans
• Draw as needed, interest accrues on outstanding balance

Pros of Citi personal loans:

• Pre-qualified rates available without impacting your credit score
• Fixed rates from 7.99% APR with auto pay discount
• No application or origination fees to open the loan
• Fast funding turnaround if approved
• Online application and access through Citibank account

Cons:

• Require good credit (~720+ score) for best rates
• Origination can take 5-7 business days on standard loans
• Variable rates on lines of credit may increase over time
• Lack of flexible payment options

Citibank personal loans provide an online borrowing experience with competitive fixed rates. Pre-qualifying lets you view potential rates first before a hard inquiry is made.

Fine Print for Personal Loans

Some key personal loan details and disclosures:

• Loan eligibility and APR subject to creditworthiness
• Rates range from 7.99% to 26.24% APR currently
• Loans from $3,000 to $100k available
• Autopay discount of 0.25% on APR available
• Additional late fees if payment more than 15 days late
• Prepayment allowed without penalty
• Loans funded into Citibank account within 1-5 business days

Review loan costs, terms, rates and all policies before borrowing. Personal loans are an unsecured form of financing to use selectively.

Citibank Home Equity Loans and Lines of Credit

Citibank offers home equity loans and lines of credit with competitive rates to utilize your home’s available equity.

Home Equity Loan

This is a fixed rate installment loan using home equity as collateral. Details include:

• Fixed rates from 5.99% – 8.99% APR
• Loan amounts up to $500k
• Terms up to 20 years
• Uses home as collateral to secure loan
• Fixed monthly payment schedule

Pros:

• Lower fixed interest rate than variable HELOC rates
• Straightforward fixed monthly payments
• Potentially tax-deductible interest

Cons:

• Home used as collateral – foreclosure risk if default
• Lengthy application process with appraisal
• Closing costs and fees can be high

Home Equity Line of Credit (HELOC)

This is a revolving line of credit using home equity as collateral with a variable interest rate. Details include:

• Current variable rates from 7.49% – 9.49% APR
• Credit line up to 80% of home equity
• Draw period up to 10 years
• Pay interest-only on outstanding balance
• Payback period up to 20 years

Pros:

• Flexible access to approved credit line as needed
• Only pay interest on what you use
• Potentially tax-deductible interest

Cons:

• Home used as collateral – foreclosure risk if default
• Variable interest rate may increase over time
• Closing costs and fees can apply

Citibank home equity products allow homeowners to leverage home equity for large expenses and projects. Compare the differences to select the suitable borrowing option.

Home Equity Loan/HELOC Fees and Considerations

Here are some fees and factors to take note of:

• Application fee, appraisal fee, and closing costs can range from $100 to $1,000+
• APR ranges from 5

• APR ranges from 5.99% to 9.49% based on product, credit, and home value factors
• Variable rates on HELOC may fluctuate over the life of the loan
• Your home is used as collateral – failure to repay can result in foreclosure
• Tax and insurance payments must be maintained on property
• Minimum finance amount may apply, often $15,000
• Maximum loan-to-value ratio typically up to 80%
• Typical terms up to 20 years for repayment
• Apply with a participating Citibank mortgage lender

Leveraging home equity allows access to low-rate financing but comes with risk if repayment cannot be made. Get full details on rates, terms, fees and clauses before utilizing home equity credit from Citibank.

Citibank Investing and Trading

Citibank offers brokerage and investment accounts through affiliated providers to deliver a wide selection of securities and financial products.

Citi Personal Wealth Management

• Full-service investing guidance from personal advisor
• Tailored portfolios and wealth management plans
• Access to stocks, bonds, mutual funds, etc.
• Generally require $200k minimum to get started

Self-Directed Investing through Citibank

• Online stock and ETF trading through Citibank
• Access to mutual funds, bonds, options, and more
• Robo-advisor services provided through Goal Planning & Advice
• DIY investing platform without personal advisor

Citi Margin Lending

• Borrow against eligible securities in account
• Competitive margin interest rates
• Higher risk – use margin wisely

Pros:

• Wide range of securities and investments available
• Integrated with Citibank deposit accounts
• Personal advisor services and robo-advisor options

Cons:

• Advisory services have high minimum account balances
• Self-directed lacks human guidance and advice
• Margin lending ups risk and interest costs

Citibank delivers flexible brokerage, robo-advising and personal wealth management. Services range from DIY trading to personalized investment plans.

Investment Account Considerations

Key things to consider if opening an investment account through Citibank:

• Minimum opening deposit varies based on services used
• Management fees, transaction fees, and margin interest can apply
• Higher risk with margin trading – can lose more than initial investment
• Tax implications on capital gains, dividends, and account activity
• Securities not FDIC insured and can lose principal value
• Robo-advisor provides guidance, but you make final decisions
• Human advisor costs more but provides individual guidance

Do thorough research and get investment advice tailored to your goals before selecting financial products. Understand all account fees, risks, and tax implications ahead of investing.

Mobile and Online Banking Experience

Citibank offers sophisticated web and mobile banking technology to conveniently manage accounts anytime.

Key features include:

Online Banking

• Account dashboards and detailed transaction history
• Make one-time or recurring payments and transfers
• Mobile check deposit using computer webcam
• Pay bills online with electronic checks
• Check balances across deposit accounts, credit cards and loans

Mobile App

• Mobile check deposit using smartphone camera
• Touch ID and Face ID biometric login
• Customizable alerts for transactions, due dates and balances
• Mobile wallet integration with Apple Pay, Google Pay
• Location finder for nearby Citibank branches and ATMs

Pros of Citibank digital banking:

• Robust account management through online platform
• User-friendly mobile app with advanced features
• Transfer between Citibank accounts easily
• Setup custom alerts for account activity

Cons:

• Info-dense online dashboard can seem overwhelming
• Advanced mobile features favor newer devices

Citibank offers top-rated online banking capabilities with many unique features also available through its highly-rated mobile application. Digital account access is a definite strength.

Digital Banking Considerations

Points to consider with Citibank’s digital banking:

• Online and mobile access require an internet/data connection
• Mobile deposit limit of $50,000 per day, $250,000 per month
• Account alerts can be setup but are not mandatory
• Customer service may be needed for certain functions or issues
• Requires staying on top of transactions and alert notifications
• Mobile app is rated 4.7/5 on Apple Store and 4.4/5 on Google Play

Citibank’s digital banking provides advanced account controls. Be sure to set alerts, monitor activity and practice secure access.

Customer Service Experience

Citibank provides customer service through the following main channels:

• Telephone support 24/7 at 1-888-248-4226
• Live online chat available 7 days per week
• Mobile app messaging with advisors
• Email support available for inquiries
• Physical branches located in major metropolitan markets

Reviews and ratings:

• Overall customer service rated 3/5 stars based on Trustpilot reviews
• Telephone hold times can be 10mins or longer based on call volume
• Mixed reviews on branch advisor competence and helpfulness
• Strong mobile and online experience balances in-person shortcomings

Pros of Citibank customer service:

• Multiple ways to get assistance – phone, chat, email, in-branch
• Firm telephone and online support availability
• Digital services help minimize need for support

Cons:

• Mixed reviews on the competency of in-branch advisors
• Hold times of 10mins+ not uncommon for telephone support
• Email and chat support lack human interaction

Citibank provides extensive customer assistance across phone, digital and in-person channels. Digital account access helps reduce hassles and need for support.

Dealing with Citibank Customer Service

Tips for effective support when banking with Citibank:

• Setup account alerts to monitor for unauthorized activity
• Use mobile or online chat for quick inquiries and assistance
• Have account information on hand before calling
• Visit branches for complex needs like safe deposit boxes
• File complaints with proper department if issues arise
• Seek supervisor if frontline staff unable to address issue
• Provide feedback on negative experiences directly to Citibank

Don’t hesitate to get help but also leverage Citibank’s digital banking capabilities for convenient self-service. Be persistent if an inquiry or complaint goes unresolved.

Is Citibank a Good Bank for You?

Citibank offers a full assortment of banking products with advanced digital capabilities. Before you open an account, consider these pros and cons:

Pros

• Wide branch network in major metro markets
• Competitive rates on savings, lending and mortgages
• Strong set of credit cards with flexible rewards
• Top-rated online and mobile banking experience
• Access to human advisors and robo-investing

Cons

• Low rates and high fees on basic checking and savings
• Reported inconsistencies in local branch competency
• Minimum balance requirements to avoid monthly fees
• Considerable competition from national and online banks

Best For

• City-dwellers needing local branch access
• Maximizing credit card rewards and benefits
• Digital-centric customers who value mobile banking
• Wealth management clients with $200k+ in investable assets

Compare products and access needs against alternatives to determine if Citibank is the optimal bank for your individual situation.

FAQs About Citibank Products and Services

Does Citibank offer free checking accounts?

Citibank doesn’t offer fully free checking accounts without any minimum balance requirements or monthly fees. The Basic Banking account can be had with no monthly fee if a $500 minimum balance is maintained. Otherwise, the monthly fee is $12 on that account.

Citibank’s higher-tier checking accounts like Plus Banking and Citigold charge monthly fees unless you keep much higher balances of $10,000+ on deposit. For totally free checking, compare options from online banks and local credit unions.

What are the main fees for Citibank checking and savings accounts?

Common Citibank account fees include:

• Monthly service fees if you fall below minimum balances
• Excess activity fees if you exceed transaction limits
• Overdraft fees of $34 per item if you overdraw the account
• Non-Citibank ATM fees of $2.50 per transaction
• Account closing fee of $50 if closed within 180 days of opening

Avoid fees by maintaining monthly minimum balances, minimizing transactions, and not overdrawing accounts. Use Citibank or network ATMs whenever possible.

How do Citibank credit card rewards work?

Citibank credit cards earn ThankYou Points that can be redeemed for:

• Cash back at 1 cent per point
• Gift cards for popular retailers
• Travel booked through Citi’s travel portal
• Paying for goods or services

Different cards earn bonus points on different categories of spending. The points are flexible and don’t expire. Read the full rewards terms for details and the best ways to maximize your earnings.

What credit score is needed for Citibank personal loans?

You will generally need good credit – around a 720 FICO score or higher – to get the best rates on Citibank personal loans, such as 7.99% to 12.99% APR. Applicants with lower credit scores can still be approved but will get higher interest rates over 20% APR. Checking eligibility beforehand won’t impact your score.

Focus on raising your score if possible before applying by paying bills on time, lowering balances, correcting any credit report errors. This will help ensure you qualify for the lowest advertised rates.

Does Citibank offer business banking and accounts?

Yes, Citibank has a suite of business banking solutions including checking accounts, savings, credit cards and loans tailored for small businesses. Top options include Citibank Business Advantage Checking and CitiBusiness® / AAdvantage® Platinum Select® Mastercard® for business owners and entrepreneurs to utilize.

Discuss your specific business banking and credit needs with a Citibank advisor to select the appropriate financial products and services.

Conclusion

Citibank remains one of the largest and most established banking names in America. They provide a diverse range of accounts, lending options, and investment products for consumers and businesses alike. Convenience is a core strength with their nationwide branch presence and highly advanced online and mobile banking capabilities. If the account minimums and fees work within your budget, Citibank provides a robust banking package.

Compare Citibank’s offerings to other national brick-and-mortar and online banks to make the best choice for your individual needs. Take the time to understand all rates, fees and policies before opening an account.