Citibank review: Should you get a Citibank account?

Adam Rozsa
07.30.21
7 minute read

Citibank started life as the City Bank of New York, way back in 1812, and now operates across 19 countries, with branches in major metropolitan areas in the US. If you’re near a Citibank physical location, or happy to manage your money using online and digital solutions, you may be thinking of moving to Citi.

There are plenty of banks out there to choose from - so the big question should be is Citibank good enough to open an account with? This guide can help you decide. Check out our Citibank checking account reviews, Citi savings account review and learn all you need to know about how Citi compares to other top choices.

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📝 Table of contents

Citibank Checking Account reviews

Checking accounts are designed to make it easy to manage your money day to day - you can make withdrawals and deposits, send and receive payments, and pay bills. Citibank US has a few different checking account options to choose from. We’ve lined up some of the main options below, so you can compare the key features and fees.

You’ll find that any account you choose will come with some fees. Even if you can avoid monthly maintenance fees, there are usually transaction fees which apply based on the way you use your account. Check transactions like out-of-network ATM withdrawals and international payments to make sure you understand the costs of transactions you may need to make regularly. You can also learn more about how to wire money through Citibank US here.

Some account features and fees may also be different in different states. Take a look at the relevant details for your location, which are all available online on the Citi website.

If you’re looking for a checking account, the most popular options from Citi are set out here:

Citi Access Account¹Citi Basic Banking¹The Citibank Account¹
Monthly fee10 USD - waived if you hold 1,500 USD in eligible accounts12 USD - waived if you hold 1,500 USD in eligible accounts, or are aged 62 or over25 USD - waived if you hold 10,000 USD in eligible accounts
Minimum opening depositNo minimum opening depositNo minimum opening depositNo minimum opening deposit
APYN/AN/A0.01%
💡 Aside from these checking account options from Citi there are also a range of specialist products. These include premium banking accounts like Citi Priority, Citigold, and the Citi Elevate Account - and the Citi Student account. Learn more about the Citibank options for students in this handy guide.

citibank reviews

Citibank Savings Accounts review

All Citi checking accounts come with a savings account. That means you can manage your savings alongside your day to day spending account, and may be able to access better interest rates and perks.

Let’s take a look at the savings account products which accompany the popular checking accounts we compared above.

Access Account²Basic Banking²The Citibank Account²
Monthly fee when linked to checking account10 USD - waived if you hold 1,500 USD in eligible accounts12 USD - waived if you hold 1,500 USD in eligible accounts, or are aged 62 or over25 USD - waived if you hold 10,000 USD in eligible accounts
Monthly fee when not linked to checking account4.50 USD - waived if you hold 500 USD4.50 USD - waived if you hold 500 USD25 USD - waived if you hold 10,000 USD in eligible accounts
Minimum opening depositNo minimum opening depositNo minimum opening depositNo minimum opening deposit
APY0.04% - 0.06%0.04% - 0.06%0.04% - 0.13%

Citibank CD

CD - certificate of deposit - accounts are good for customers looking to save, who are certain they won’t need to access their funds any time soon. You’ll lock away your money in a term account for a fixed period, in exchange for a better exchange rate. However, if you need to redeem your CD early, you lose out on interest and may also have to pay penalty fees³.

Fixed Rate CD⁴Step-Up CD⁵No Penalty CD⁶
Minimum opening depositMay vary according to term 500 USD minimum for 3 month term500 USD500 USD
Terms available3 months - 60 months30 month12 month
APY

3 month: 0.25%

4 month: 0.1%

5 month: 0.05%

0.1%0.05%

Citibank customer experience

Citi has both an online and offline presence in the US. That means you can find help via the Citibank website, through logging into your online banking or messaging through the Citi mobile banking app⁷ . There’s also a helpful range of FAQs and other resources on the Citi website, which is a good place to start when looking for account information.

Citibank has branches in major metropolitan areas of the US including New York, Miami, Washington, D.C. and San Francisco. You can get help in a branch by using the location finder tool⁸ and making an appointment at a location convenient to you if you prefer face to face customer service.

Citibank overdraft fees

Many Citi checking accounts and access savings products offer some type of overdraft protection⁹, which lets customers minimize or avoid overdraft fees by linking several accounts. If you do not use this facility, there are likely to be fees to pay if you overdraw your account. Costs and conditions can vary by account package - but the fees can mount up so it’s worth knowing the details for your specific account in advance.

To give a picture, for the Basic Banking Package¹⁰ which applies to the regular checking account, you’ll pay 34 USD for every item which takes your account into its overdraft facility, up to a maximum of 4 items a day.

citibank reviews

Citibank comparison

Before you sign up to any new bank account or financial product, shop around. That way, you’ll be confident you’re getting the best possible account for your personal needs.

If you’re looking for a savings account, you’ll want a product from a reliable provider with flexible terms and a good rate of interest. Here’s a run through some popular savings accounts from major providers - you can also use the links provided to learn more about each bank.

Fees and minimum balanceAPY
Bank of America¹¹

8 USD fee - hold a minimum balance of 500 USD to avoid this fee

100 USD minimum opening deposit

0.01% - Preferred Rewards members may earn more
Chase¹²5 USD fee - hold a minimum balance of 300 USD to avoid this fee0.01%¹³
Chime¹⁴No fee or minimum balance0.5%
PNC Bank¹⁵

5 USD fee - hold a minimum balance of 300 USD balance or set up auto savings to avoid this fee

25 USD minimum opening deposit

0.04% - 0.06%
TD Bank¹⁶

5 USD fee - hold a minimum balance of 300 USD to avoid this fee

No minimum opening deposit

0.02%
US Bank¹⁷

4 USD fee

25 USD minimum opening deposit

0.01%

Citibank pros and cons

Citi is a global banking powerhouse, operating across many different countries, and dealing with private and commercial customers of all types. Whether or not Citibank is right for you will depend on your personal preferences - but weighing up some pros and cons can help you decide.

Pros

  • Large operation with both on and offline services
  • Plenty of different account types, for daily use, savings and investments - you’ll be able to open products to meet all your financial goals here
  • Good security, FDIC insurance as required and fraud prevention measures as standard

Cons

  • Citi has branches in large metropolitan areas of the US, but the branch network does not cover the entire country
  • Interest rates tend to favor people with higher balances - this may not be the best place to save if you have a smaller amount to lock away
  • Transaction fees apply to all accounts - check out the details before you sign up

citibank reviews

Bottom line: Is Citibank good?

Citi is a good bank with products for different customer types. As well as some basic account types which offer low fees or easy ways to waive the monthly costs, Citi has a broad range of products for high wealth individuals looking to invest. Whether or not Citi is right for you is a matter of personal preference. Compare a few account options with Citibank and other on and offline financial institutions to see which meets your needs best.

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Frequently asked questions

Is Citibank trustworthy?

Citibank is an established bank which is fully regulated. Your deposits are insured by the FDIC to the full extent of the law. Check the terms and conditions of your specific account type to see how the rules apply.

Is my money safe in Citibank?

Citi uses modern security tools, as well as fraud prevention teams to monitor account activity and keep your money safe.

Is Citibank better than Bank of America?

Based on the accumulated review score by Trustpilot (a consumer review website) Citibank has a score of 1.9 out of 5 stars on where most of the feedback seem to be revolving around credit cards and customer service¹⁸. This is slightly higher than the score Bank of America received on the website (1.3)¹⁹.

However, generally, Both Citi and Bank of America offer a range of products for people looking to bank and save with a traditional institution. Check out the full Bank of America review here to see how the two options compare.

Choosing a new bank can be daunting. There are so many different products which all come with their own features, benefits and fees. The good news is that there’s definitely a perfect account for you out there. The bad news is that you’ll have to do some digging to find it.

Use this Citibank review as a starting point to compare accounts - and don’t forget to check out a range of modern alternatives like the Wise multi-currency account as well, to make sure you get the best product for your needs.

Learn more about Wise


Sources:

1]Citi - Checking Account
2]Citi - Savings Account
3]Citi - CD & IRA Account Overview
4]Citi - Current CD Interest Rates
5]Citi - Current CD Interest Rates - Step Up CD
6]Citi - Current CD Interest Rates - No Penalty CD
7]Citi - Customer Service
8]Citi - Find Banks & ATMs Near Me
9]Citi - Overdraft Protection
10]Citi - Basic Banking Package
11]Bank of America - Savings Accounts
12]Chase - Savings Account
13]Chase - Consumer Deposit Rates
14]Chime - Savings Accounts
15)PNC Bank - Standard Savings Account
16)US Bank - Standard Savings Account
17)TD Bank - Simple Savings Account
18)Trustpilot - Citibank
19)Trustpilot - Bank of America

All sources checked on 22 July 2021


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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