- Most services are simple and flexible.
- No origination fees or late fees for personal loans.
- $500 off closing costs for mortgages.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
Updated April 11, 2024
In a nutshell
Headquartered in New York City, Citibank is the fourth largest American bank by assets and one of the most recognizable consumer banks in the U.S.
- Citi has 65,000 fee-free ATMs nationwide, mobile check deposits with the Citi app, and a variety of bank offerings including checking, savings and CDs.
- Citi also offers loans including mortgages and personal loans.
- Small business bank with Citi and can take advantage of its business solutions.
Pros:
Cons:
- High fees and little benefits for its checking accounts.
- Does not offer auto loans.
Citibank checking
If you’re looking for a new checking account, Citi offers two of them: Access Checking Checkless Banking and Regular Checking Unlimited Check Writing.
The Access Checking Checkless Banking offers no overdraft fees and has a $5 monthly service fee which can be waived for three months after the account has been opened or if you receive at least $250 in direct deposits.
Citibank Access Checking Checkless Banking
Citibank Access Checking Checkless Banking
Monthly fee
$5 Monthly Fee waived for 3 months, with Relationship Tier, or if account has $250+ in Enhanced Direct Deposits each month.
Additional fees
$2.50 fee for non-Citi ATMs
Regular Checking Unlimited Check Writing also has no overdraft fees and has a $15 monthly service fee, which can be waived for 3 months once the account has been opened, if the account holder is in a “Relationship Tier,” which is the bank’s rewards program, or receives at least $250 in direct deposits.
Citibank Regular Checking Unlimited Check Writing
Citibank Regular Checking Unlimited Check Writing
Monthly fee
$15 Monthly Fee waived for 3 months, with Relationship Tier, or if account has $250+ in Enhanced Direct Deposits each month.
Additional fees
$2.50 fee for non-Citi ATMs waived each month the account has $250+ in Enhanced Direct Deposits
Citibank savings
The Citi savings accounthas rates that start at 0.03% APY, and can increase if the customer is part of the Relationship Tier program. The monthly service fee is $4.50, which is waived for the first three months after the account has been opened. The fee can also be waived with a Relationship Tier, if the account holder has a minimum average balance of $500 or has a Citi checking account. The benefits this account offers is the higher APY as the customer’s Relationship Tier (and therefore also the balance) increases.
Citibank Savings
Citibank Savings
APY*
Start at 0.03% APY
Monthly fee
$4.5
Bonus
New Relationship customers can access Relationship Tier benefits by opening an account and maintaining a $30,000 balance within 3 months.
Citibank certificates of deposit (CDs)
The minimum requirement to open a Certificate of Deposit (CD) with Citi is $500. The bank offers three services: the Fixed Rate CD, the No Penalty CD, and the Step Up CD. They all begin with an APY of 0.05% and increase as the term and balance increases. It’s important to note, however, that interest rates change often, so be sure to check for the latest rates. In addition, sometimes rates for CDs in the middle terms will be higher than rates for longer-term CDs.
The Fixed Rate CD starts with a minimum term of three months and goes up to five years. With a three month term, the APY is 0.05% and with a five year term, the APY is 2.00%.
The No Penalty CD is a 12-month term CD and does not charge the account holder a penalty fee if the account holder decides to withdraw money anytime after seven days after the account has been opened and funded.
The Step Up CD offers an interest rate that increases every ten months after the account has been opened. For the first ten months, the APY is 0.05%, the next ten months, it is 0.10%, and for the next ten months, it is 0.15%. The maximum amount of time one can hold this account is 30 months.
Citibank Certificates of Deposit (CDs)
Citibank Certificates of Deposit (CDs)
APY*
0.05% and increase as the term and balance increases
Min. deposit
$500
Term
3 months to 5 years
Types of CDs
Fixed Rate CD, No Penalty CD, and Step Up CD
Citibank personal loans
Personal loans with Citi go up to $30,000 and the APR ranges from 10.49% to 19.49%. The lowest rate is generally for those with excellent credit scores. For customers who enroll in automatic payment, there is a 0.05% discount to the interest rate. For those who are in default, however, there is an APR increase by 2.00%.
The benefits of the personal loans include the fact that there are no origination or late fees, and no repayment penalties. The application is also quick and simple. When the account is approved, the customer has access to funds within two business days when using direct deposit into the customer’s Citi account. Otherwise, the customer can receive the loan by mail within five business days.
This service does not offer co-applicants so the account holder cannot apply with a co-signer.
Citibank Personal Loans
Citibank Personal Loans
APR
10.49% - 19.49%
Loan amount
Up to $30,000
Term
Up to 60 months
Citibank mortgages
Citi has a promotional offer of $500 off closing costs, and there is also a special pricing for Citi customers which gives customers the benefit of a lower interest rate or a credit on closing costs.
Citi also offers a loan calculator to help you figure out what the monthly payments could be and how much you could potentially borrow based on your application.
Citibank Mortgages
Citibank Mortgages
APR
6.5% to 6.8%
Term
15 year fixed & 30 year fixed
Bonus
Get a $500 credit toward your closing costs.
Citibank credit cards
Citi offers a variety of credit cards, ranging from balance transfer cards, rewards, cash back, travel, retail store, and small business credit cards.
For instance, its balance transfer cards include the card_name. This card does not have an annual fee and offers a low intro rate on balance transfers and new purchases. For the first 15 months, there is a 0% intro APR and after that period, the variable APR ranges from reg_apr,reg_apr_type. The fee to transfer a balance from another credit card is $5 or 5% of the amount of each transfer, whichever amount is greater.
Its travel accounts include the Citi / AAdvantage Platinum Select World Elite Mastercard Credit Card, the American Airlines AAdvantage MileUp Mastercard Credit Card, the card_name, the card_name Credit Card, and the card_name.
With each of these AA cards, card holders earn bonus miles with American Airlines after spending a specific amount required. The fees for each of these cards varies. For the Citi / AAdvantage Platinum Select World Elite Mastercard Credit Card, for instance, there is an annual fee of $99, which can be waived for the first twelve months. The APR ranges from 21.24% to 29.99%. The bonuses offered are 50,000 American Airlines AAdvantage bonus miles after $2,500 of spendings in purchases within three months once the credit card account has been opened.
The card_name is not tied to American Airlines. This card offers three times the amount of points on air travels, hotels, supermarkets, and gas stations, and one time the amount of points on everything else. The annual fee for this card is $95 and the APR is 21.24% to 29.24%.
Citibank business banking
For business banking, Citi offers small business accounts including checking, money market accounts and CDs. Citi also offers small business credit cards.
Its small business checking accounts include the Citibusiness Streamlined Checking, the Citibusiness Flexible Checking account, the Citibusiness Interest Checking account and the Citibusiness Analyzed checking account. Each of these accounts is tailored for businesses of different sizes, ranging from businesses that make fewer transactions to larger businesses with higher average balances and more transactions.
Citibank Business Banking
Citibank Business Banking
Small Business Bank Accounts
Business Checking, Business Money Market and Business CDs
Citibank customer experience
According to J.D. Power’s 2023 U.S. Retail Banking Advice Satisfaction Study, Citi ranks second highest in customer satisfaction in regards to retail banking advice. Citi also ranks highly in regards to customer satisfaction with the financial health support provided by the bank.
Note that in November 2023, the Consumer Financial Protection Bureau ordered Citi to pay $25.9 million for intentional, illegal discrimination against Armenian Americans.
How does Citibank compare?
Citi vs. Chase
Citi offers higher savings accounts APY and a slightly lower monthly fee. Citi’s APY is 0.03% and Chase’s is 0.01%. Citi’s monthly fee is $4.50 and Chase’s is $5.
As for its CDs, Citi offers higher interest rates as well and a lower minimum deposit. Chase’s minimum deposit is $1,000, whereas Citi’s is $500.
The strength of Chase is its national branch accessibility with locations all over the nation. Citi’s strength is the accessibility of its ATMs and its higher CD rates, along with the simplicity of its accounts.
Citi vs. Bank of America
For its checking accounts, Bank of America has higher fees for its simple checking account and a minimum opening deposit requirement of $25, whereas Citi does not have monthly fees or a minimum deposit requirement. If you’re looking for a bank with these benefits, then Bank of America could be a better choice.
When it comes to its savings accounts, however, Citi has higher APYs and lower monthly fees than Bank of America. Citi’s APY is 0.03% and its monthly fee is $4.50, which options to waive this fee, as of February, 2024. Bank of America has an APY of 0.01% and a monthly fee of $8.
Overall, Bank of America has more branches and Citibank has a larger ATM network. Citi’s strength is that it offers no overdraft fees and offers higher CD rates than Bank of America.
Citi vs. U.S. Bank
Both banks have pros and cons. Both have similar pros in that Citi offers simple savings, checking, and CD accounts, and U.S. Bank offers these same services, geared for beginners.
Citi strength is that Citi has a large ATM presence, whereas U.S. Bank is more regional, with its core presence in the U.S. West and Midwest.
U.S. Bank’s strength is that U.S. Bank has a flexible veteran option for mortgages and Citi does not.
Methodology
By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds, and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.
Frequently asked questions (FAQs)
Is Citi FDIC insured?
Yes, Citi is insured by the Federal Deposit Insurance Corporation (FDIC). The bank states, “The funds in your Deposit Accounts at each Program Bank are eligible for insurance by the FDIC up to $250,000 (including principal and accrued interest) per depositor in each insurable capacity (e.g., individual, joint account, IRA, etc.)”
Is Citi a good or bad Bank?
Citi is a good bank in that it has a wide variety of offerings for people in various stages of their banking journey. The bank also has high ratings for customer satisfaction, according to J.D. Power.
Is Citi a good bank for beginners?
Yes, Citi is a good bank for beginners. All of its services have at least one option for beginners. Their offerings are simple and flexible.
Who owns the Citi?
Citi is under Citigroup Inc, which is publicly traded in the New York Stock Exchange under the ticker “C.”
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.