Citibank Checking and Savings Account Review, 2024

review-rating
If you’re looking for a strong, national bank with access to digital tools and a high-yield savings account, Citibank might be the right choice for you.
8/10
Cost
8/10
Features
9/10
Services
9/10
Ease of use
8/10
Finding the right checking and savings account is important if you’re trying to take control of your finances. I’ve found that finding a bank you can stick with long-term offers peace of mind and a sense of security as you begin to grow your finances and streamline bill paying.
Citibank — also known as Citi — is one of the top banks across the country and offers some great perks that don’t compare to competitors. But before you rush out to open a new checking or savings account, let’s look closely at what Citibank offers customers.

What is Citibank?

Founded in 1812, Citibank is one of the oldest banks in the country. A member of FDIC, Citibank started after the First Bank of the United States lost its charter and became known as the City Bank of New York. It was one of the first banks to open a central location on Wall Street before the area became a major financial district.
Today, Citibank is the third largest bank in the United States, with a mix of brick-and-mortar locations, Citibank fee-free ATMs across the country, and online services. CitiBank branches are primarily located throughout California but are also scattered across New York City, Washington D.C., Miami, Las Vegas, Chicago, and Houston.
Citibank provides key financial services to customers, including basic banking accounts (checking and savings), business banking, CDs, loans, mortgages, home equity services, and even investing. Although CitiBank may not have a location near you, you can still sign up for checking and savings accounts online.

Citibank checking and savings accounts

Citibank offers a wide variety of checking and savings accounts — more than most banks — which can help you find the right fit for your finances. You can open an account by visiting one of their brick-and-mortar branches or Citi.com.
You’ll need to provide some standard personal information when opening your bank account with Citi, be subjected to a credit score check, and often receive access to a savings account when you sign up for checking.

Citibank checking accounts

Citibank's Basic Banking package provides unlimited check writing, online bill payment, and waived monthly service fees after qualifying.
Here is the variety of Citi's everyday 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.
This is what Citi's premium checking accounts look like:
  • 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

Some of Citibank’s best features can be found in the Citi savings accounts, although you likely won’t be able to choose your account. Your account type will be decided by zip code, with your only other option coming into play if you’re a Citibank credit card member. Eligible linked accounts do not require a minimum opening deposit.
Here are the various Citibank savings accounts available in the everyday category:
  • 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 offers premium savings accounts, which require you to open a checking 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

Citibank has no free checking or savings account, which feels like a missed opportunity. There are many national and local banks you can go to for free checking and savings accounts, and while CitiBank does make it easy to waive these fees, it’s still a bit disappointing that they have them at all.
The good news is Citibank does not require a minimum deposit to open any of their checking or savings accounts. However, they have strict guidelines about the balance requirements you must maintain to avoid paying monthly fees.
Citibank ATM fees are free, and non-Citi ATM fees are $2.50 per withdrawal.
Each checking and savings plan has monthly maintenance fees, features, and regulations. Here’s a quick breakdown of Citi's fees for each checking account:
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

Citibank includes many features in its checking and savings account packages, which I think are worth exploring before committing to a new bank. Here are some of the top features that stand out:

Sign up bonuses

One of the best perks Citibank offers is its generous signup bonuses. Citibank often has new cash bonuses posted throughout the year.

Quick access to customer service

Another feature I love about Citibank is that they’ve invested tremendous effort in building their customer service system. Since Citibank does not have physical locations in every state, having access to customer service via the phone and internet is crucial.
Citibank makes it easy to contact a qualified customer service representative by calling their helpline, connecting customers via live chat, or reaching out on Twitter. There’s a great option for anyone, which is very refreshing.

Excellent mobile and digital features

Again, since Citibank is mostly a digital bank, I’d be unimpressed if they didn’t have a large selection of digital tools in their arsenal. Luckily, they deliver mobile and online features with an intuitive web interface, an easy-to-use mobile app, and an array of online and mobile investing tools.
What I like about Citibank’s mobile app over other similar banks is that it’s easy to access all of the tools and features you need. Some banks limit the features available over mobile apps, but since Citibank customers are primarily digital, Citibank offers comprehensive services on its app.

Account options

While Citibank doesn’t offer a huge variety of accounts for anyone just starting, they provide many higher-tiered checking accounts, which can be useful as you begin earning more, saving more, and investing your money.

Who is Citibank best for?

Anyone looking for a high-yield APY

If you live in a qualifying zip code, taking advantage of Citibank’s high-yield savings account is almost a no-brainer. While this APY won’t benefit everyone — only those holding high savings account balances and making regular contributions — it will earn you more interest than traditional savings accounts.

California residents

Since Citibank offers the most locations in this state, California residents can take advantage of many deals, promotions, and account types from which digital-only members are excluded. I recommend checking out local options, too, but Citibank might provide you with the best features in your area.

Anyone with regular direct deposits

Although Citibank charges for basic checking services, you can avoid this fee if you have a qualifying direct deposit transaction posted each month (and sometimes if you also make a bill payment). Since many individuals rely on direct deposit to get paid, you might be able to snag free checking and access Citibank benefits this way.

Who shouldn’t use Citibank?

Anyone with non-traditional income

Citibank is probably not the best place to open a checking or savings account if you’re a freelancer, contractor, restaurant server/bartender, or someone with fluctuating income. Since their monthly fees can only be waived by keeping an average balance or by receiving direct deposit payments every month, you might not always meet these criteria.
There’s no reason to pay for basic checking if you don’t need to, so I recommend a free checking option.

Anyone requiring in-person service

Yes, Citibank does have locations in some major cities and California, but if you’re not close to one of these locations (many states have no Citibank branches), you’ll miss out on in-person service.
Citibank has a solid digital and phone customer support team available 24/7, but some people prefer banking in person. If you’re one of those people and there are no Citibank branches near you, I’d look for a different place to handle my checking and savings accounts.

Citibank pros and cons

Are you still deciding whether to bank at Citibank? Before you make your decision, I’ll explain some of the pros and cons.
Pros
  • 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.
Cons
  • 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

How does Citibank stand up to its competitors? Let’s take a look.

Citibank vs. Bank of America

Citibank and Bank of America are the top nationwide financial institutions in the U.S. Both options seem fairly comparable on paper, but there are some notable differences to consider.
For starters, Bank of America also charges a monthly fee but offers more ways to waive this fee for both checking and savings accounts. On the other hand, Bank of America also requires a minimum deposit of $100 to open a basic checking or savings account.

Citibank vs. Wells Fargo

Another top name in the banking industry, Wells Fargo, offers similar options to Citibank. However, this banking giant has a few pros and cons that set it apart from Citibank.
Wells Fargo does have monthly fees, but they are lower (on average) than Citibank’s and have more ways to waive them. Also, Wells Fargo waives monthly fees for college students and some college faculty members.
It's important to note that Wells Fargo was ordered on December 20, 2022, to pay $3.7 billion over consumer banking violations, including charging illegal fees and interest on auto loans and mortgages and incorrectly applying overdraft fees against savings and checking accounts.

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

Does Citibank offer a savings account?
Yes, Citibank offers five savings account, however, the premium accounts require that you sign up for a checking account as well.
How do I avoid Citibank monthly fees?
You can avoid Citibank’s monthly checking and savings account fees in three ways: Maintaining the minimum balance, receiving an eligible direct deposit payment, and making an eligible bill payment. Specific requirements vary depending on your account.
Can I open a Citibank account online?
Yes. Since Citibank is not present throughout most states, opening an account online is quick and easy. You can do so directly on their website.

The bottom line

Citibank is one of the oldest financial institutions in the United States and remains in the top five rankings of nationwide banks. Although branch locations are limited throughout the country, Citibank connects customers online and offers all the services you might need through digital apps.
If you’re looking for a strong national bank with access to digital tools and a high-yield savings account, Citibank might be the right choice for you. If you require a more personal touch or want to opt out of monthly fees, you might want to look locally or at other online banks.
You can learn more information at https://www.citi.com/.

Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.

Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.

Share this article

Find Joy In Your Wallet