Citi

Overview / Commentary

online.citi.com

605-331-2626

5800 S Corporate Place
Sioux Falls, SD 57108

Citi, also known as Citibank, is one of the world’s largest financial institutions, with over a trillion dollars worth of assets. It features a wide scope of business operations, from small business and commercial banking, to credit cards and investment vehicles. Its personal banking options feature standard products like checking, savings, and money market accounts, as well as certificates of deposits. The bank also features services that are unique to Citi and offer customers intuitive means of managing their deposit accounts.

Citi’s checking account offerings differ by account requirements and benefits. It has a student account that has no monthly fees and comes free ATM use, and its premium account offers free financial advice from a Citi expert. Each checking account is part of the bank’s reward program that offers ways for customers to earn points that can be redeemed for various merchandise or travel rewards. Citi’s savings account options feature a basic savings account with no monthly fees when a minimum daily balance is kept, and a money market account that offers increased rates of interest as the account balance grows. CDs and IRA CDs give customers guaranteed interest rates and are available in term lengths from 3 months to 5 years. Citi regularly features special offers connected to various deposit accounts, from bonus reward points to cash back incentives.

Citi online banking is free and makes account management easy for customers. From bill payment to money transfers to account alerts, Citi’s Internet banking platform offers great functionality. Its smartphone and tablet apps make banking on the go convenient and offer nice user interfaces. Citi’s sophisticated financial tools also provide a means for customers to analyze expenses, create budgets, track their net worth, and set bill reminders. The bank operates its own ATM network of over 26,000 ATMs located across the United States and in 40 countries.

Citi has more than 200 years of history behind its name, being originally established in New York City as the First National City Bank in 1812. It is a subsidiary of CitiGroup, which is a company that operates numerous trusts and funds under its umbrella. The bank changed its name to CitiBank in 1976 moved to its current headquarters in Sioux Falls, South Dakota in 2011.

Citi - Offers Cash Bonus For New Checking/Savings Accounts - 1/30/2020

Offer 1/1 to 3/31/2020 Cash bonus: $200, $400, $500, $700 or $1,500, depending on the Account Package you select. (Scroll to the bottom for a table of the cash bonus options to choose from to click "See Offer Terms and Conditions") Minimum balance must be kept for 60 days to get cash bonus. ""Eligible Customers" are New-to-Citibank Checking Customers who have not been a signer on a Citibank checking account within the past 180 days." https://banking.citi.com/cbol/checking-700/default.htm?Promo_ID=4FWVDEFPBWCHP7&intc=1~1~52~6~BANR~2~CheckQ419_700SA~HP&BT_TX=1&ProspectID=7FAD1E2171C04023BB9C20F01EC85F6F

Citi Accelerate Savings @2.05% APY Is NOT Available In FL - 12/12/2019

Sadly it appears the 2.05% APY via the Accelerate Savings account is not available in States where Citi has branches. It surely isn't available in Florida but is available in Texas.

View all posts from:

2020
2019
2018
Earlier

1/30 - Citi - Offers Cash Bonus For New Checking/Savings Accounts

12/12 - Citi Accelerate Savings @2.05% APY Is NOT Available In FL

12/11 - Earn Up To $600 When Opening A Checking And Savings Acct.
6/6 - Citibank’s New Attempt at a High Yield Online Savings Account
5/14 - Review of the Latest Citibank Checking Bonus Offers - Up to $600
4/17 - Citi Offering A 2% APY 13 Mo CD, $25K Minimum
4/6 - New 1.35% APY 3 Mo Savings Acct Promo
1/25 - Florida Citibank 30 Mo CD Special Is 1.51% APY, $10K Min

Reviews (142)

Banking with Citi as a student was simple

Posted by: Canesti | May 23, 2018

I banked with Citibank while I was a foreign student in New York City. I used the account to receive money from my parents who were not in the US. Citibank charged reasonable exchange rate and wire transfer fees. As a student, they allowed me to open a checking/ savings account with no minimum account balance required. They also provided me with free check books that really came in handy. After I graduated, I used Citibank to send money back to my Citibank account based in my home country to pay back a loan. Citibank never revoked my student status so I never felt the pressure to maintain a high account balance. When I did transfer funds internationally, I simply walked into a nearby Citibank branch and was always greeted by friendly bank employees. I have always had a good experience with Citibank.

Comment

Citi Bank W9 Form Submitting Process

Posted by: Hiyeld | Oct 26, 2019

This is the Citi specialty - form W9.
I don't remember W9 form for a requirement from any other banks or unions so far.
The process of submitting the form is taking already around four weeks. Mailed with a welcome kit envelope and faxed to a provided number. Checked a status - not on file. Mailed again to another provided address and faxed to another number. Checked the status - not on file. Called to local office numerous times - busy signal and instantaneous route to a call center. The same result if you choose a different language. I will drive to their local office. My hope is - they will allow to fill W9 form in the office. The bank immediately started withdraw Federal tax as it seen on my first statement from the Citi bank. I will update my review next week after my visit to their local branch.
I drove today to a local office. It took less than 5 minutes to fill out a new W9 form. Nice, efficient and helpful representatives in the local office.

Comment

What A Mess

Posted by: Buckeyes | Aug 5, 2019

So I applied for and was approved for interest checking and Citi accelerate savings. So I went into my account and found no proof that I would get the 2.36 percent. So I kept digging. Turns out this rate isn't available in NY! I would be getting, evidently, some God awful brick and mortar savings rate of around .13 percent. Thats right. I was approved for a product not available in NY. Not funny. Can't wait to shred the checks and debit cards on the way.
Update- On August 10 i called Citibank and was told my rate would be .04 percent. I closed my accounts.

Comment

Unbelievably Bad

Posted by: longview | Feb 10, 2020

I hardly ever write reviews but feel that I must in hopes of preventing someone else from being a victim of Citibank's horrible service.

Like others, my wife and I were lured by their high-yield Accelerated Savings account. Nine days ago we decided to transfer a large portion of our savings there. Seven days ago, AFTER our money had been transferred, we find out that our account is locked due to a fraud alert. I immediately pick up the phone only to find out that it is not actually due to fraudulent activity but due to them needing address verification - even though we have been a Citibank Visa card holder for years.

Anyway, needless to say, we immediately uploaded a utility bill as they requested. We were told to give them 24 to 48 hours to unlock the account - which is ridiculous, but I would take it at this point. Nine days later, our account is still frozen. I called again this morning and we're now being told it may take another ten, yes, as in 10 days for them to unlock our account. I told them that was unacceptable and that I wanted our money transferred back to our bank - as in to the same exact account where the money came from. I was told no, can't do that until the account is unlocked. So Citibank has in their possession a large chunk of our money that we can not get access to. Sounds illegal doesn't it?

So buyer be very, very aware. We have filed a formal complaint with the Federal Reserve. Probably won't do any good but at least we can say we tried.

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Health

Data as of Q3 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	7213
Year Established	1812
Employees	156845
Primary Regulator	OCC

Profit Margin
Return on Assets - YTD	1.21%
Return on Equity - YTD	11.65%
Annual Interest Income	$44.79B

Assets and Liabilities
Assets	Q3 2019vs Q3 2018	$1,472.9B$1,415.1B
Loans	Q3 2019vs Q3 2018	$649B$630.7B
Deposits	Q3 2019vs Q3 2018	$1,102B$1,018.7B
Equity Capital	Q3 2019vs Q3 2018	$149.6B$146.5B
Loan Loss Allowance	Q3 2019vs Q3 2018	$10.84B$10.59B
Unbacked Noncurrent Loans	Q3 2019vs Q3 2018	$5.03B$4.84B
Real Estate Owned	Q3 2019vs Q3 2018	$61.0MM$87.0MM

APY	MIN	MAX	ACCOUNT NAME
1.85%^†	-	-	Citi Accelerate Savings
0.13%^*^†	$500k^*	-	Citi Savings - Citi Elevate
OTHER TIERS: 0.04% → Up to $25k \| 0.08% → $25k - $100k \| 0.10% → $100k - $500k

APY	MIN	MAX	ACCOUNT NAME
1.01%^*^†	$25k^*	-	High Yield Checking
OTHER TIERS: 0.20% → Up to $10k \| 0.40% → $10k - $25k
1.01%^*^†	$25k^*	-	Interest Checking - Citi Elevate
OTHER TIERS: 0.20% → Up to $10k \| 0.40% → $10k - $25k
0.03%^†	-	-	Interest Checking - Citigold
0.03%^†	$50k	-	Checking Account
0.01%^†	-	-	Interest Checking Account

APY	MIN	MAX	ACCOUNT NAME
1.70%^†	$1k	-	5 Month CD
1.60%^*^†	$10k^*	-	8 Month CD
OTHER TIERS: 0.07% → $1k - $10k
1.25%^†	$1k	-	18 Month CD
1.25%^†	$1k	-	5 Year CD
1.25%^†	$1k	-	13 Month CD
1.01%^†	$1k	-	3 Year CD
1.01%^†	$1k	-	4 Year CD
0.75%^†	$1k	-	7 Month CD
0.70%^†	$1k	-	2 Year CD
0.70%^†	$1k	-	30 Month CD
0.50%^†	$1k	-	1 Year CD
0.25%^†	$1k	-	6 Month CD
0.25%^†	$1k	-	15 Month CD
0.20%^†	$1k	-	14 Month CD
0.15%^†	$1k	-	11 Month CD
0.10%^†	$1k	-	9 Month CD
0.10%^†	$1k	-	10 Month CD
0.05%^†	$1k	-	3 Month CD
0.05%^†	$1k	-	4 Month CD

Citi

Related Posts

Banking with Citi as a student was simple

Citi Bank W9 Form Submitting Process

What A Mess

Unbelievably Bad

Data as of Q3 2019

Health Grade Components

Citi - Offers Cash Bonus For New Checking/Savings Accounts

Citi Accelerate Savings @2.05% APY Is NOT Available In FL

Citi Savings Account Rates

Citi Checking Account Rates

Citi CD Rates

Availability

San Diego Area