Citibank Checking and Savings Account Review, 2024
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What is Citibank?
Citibank checking and savings accounts
Citibank checking accounts
- Citi Basic Banking Package – Ideal for anyone seeking standard checking services who wants an in-person banking experience or needs to cash paper checks. The monthly service fee is $12, which is waivable.
- Citi Access Account Package - Best for anyone looking for standard service online rather than in-branch service. You'll be charged $10 monthly, but this fee can be waived.
- The CitiBank Account Package - Best for anyone with an average checking account balance of $10,000 or more and would also like to earn CitiBank rewards points. The monthly service fee for this account is $25, which can be waived.
- Citi Priority Account Package - Ideal for account owners with a high balance (around $30,000) and higher limits on ATM withdrawals, debit card purchases, and travel perks, including no Citibank fees on ATM withdrawals and no worldwide foreign exchange fees when using a debit card abroad. The monthly fee is $30, which can be waived.
- Citi Gold Account Package - Designed for high-wealth individuals carrying a balance of $200,000 or more, with financial guidance with Citi Wealth Advisor, $200 annually in rebates for membership and streaming services purchased online, and a dedicated wealth relationship manager for your banking needs. This account is free.
- Citi Gold Private Client - Targeting people carrying a balance of $1 million or more, this account gives you access to advanced wealth planning, including charitable and estate planning, trust services, and premier investing services from Citi Personal Wealth Management. The account doesn't charge a monthly fee.
Citibank savings accounts
- Citi Basic Banking Package: This account gives you unlimited check writing when opened with a checking account. It boasts low minimum monthly balance requirements. The monthly service fee is between $4.50 (not waivable when not linked with a checking account) and $12 (waivable). The savings rate is 0.03%.
- Citibank Account Package: The monthly service fee is $25, which can't be waived if you haven't linked your Citi checking account. You can write checks, and there are no minimum deposit requirements. The annual percentage yield is the same as the previous account.
- Citi Priority Account Package: This account charges a monthly fee of $30, which can be waived if you meet certain conditions. You can get guidance from a Citi Personal Wealth Management financial advisor over the phone and investment resources from Citi Personal Wealth Management. You can expect an APY of 0.10%.
- Citigold Account Package: You must have a combined average monthly balance of $200,000 to open this account, which unlocks a host of features such as comprehensive wealth management and your dedicated team. This account doesn't charge a monthly fee. The APY is 0.12%
- Citigold Private Client: Open to people with a combined average monthly balance of over $1 million, Citigold Private Client is a higher tier of Citigold with premier banking and wealth specialists. You don't have to worry about monthly fees with this account. The account offers an APY of up to 1.01%.
- Citi Accelerate Savings: The account offers 4.45% APY and a monthly fee of $10 if you link your checking account. This fee can be waived if you maintain a combined average monthly balance of $1,500 in eligible linked accounts. If you don't link a checking account, you can expect to pay $4.50, which can be waived when you maintain an average monthly balance of over $500. Accelerate Savings isn't available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, Washington, D.C., or certain parts of Florida or Illinois.
Citibank fees
Checking Account Type | Monthly Fee | Waiver Criteria | Minimum Deposit Amount |
Basic Banking Package | $12 | $1,500/mo or 1 direct deposit and 1 bill payment | $0 |
Access Account Package | $10 | $1,500/mo or 1 direct deposit and 1 bill payment | $0 |
The CitiBank Account Package | $25 | $10,000 combined average monthly balance | $0 |
Citi Priority Account Package | $30 | $30,000 combined average monthly balance | $0 |
Citigold Account Package | $0 | Not applicable | $0 |
Citigold Private Client | $0 | Not applicable | $0 |
Citibank features
Sign up bonuses
Quick access to customer service
Excellent mobile and digital features
Account options
Who is Citibank best for?
Anyone looking for a high-yield APY
California residents
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 overdraft fees. Citibank does not charge any overdraft fees which gives it an edge over other banks.
- 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.
- 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 | |
Citibank | $0 | $4.50 - $30 | 4.45% | None |
Bank of America | $100 | $8 | 0.01% – 0.04% | $10 |
Wells Fargo | $25 | $10 | 0.25% – 2.51% | $35 |
FAQs
The bottom line
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Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.