Written by Ali Cybulski | Published on 10/3/2024
Citibank, also known as Citi, has been around for more than 200 years and is based in New York City. It is the fourth-largest bank in the country, with consolidated assets of about $1.7 trillion, according to the Federal Reserve. Consumer banking products include checking and savings accounts as well as certificates of deposit (CDs).
The bank offers two types of checking accounts: Regular Checking with unlimited check writing and Access Checking, which is checkless. Regular Checking has a $15 monthly service fee, and Access Checking has a $5 fee; the fees can be waived if you meet specific requirements.
With either account, you’ll pay no overdraft or returned item fees. You’ll be charged a $2.50 fee to use a non-Citi ATM with Access Checking, but Regular Checking waives the fee each month your account has at least $250 in enhanced direct deposits. Citi defines an enhanced direct deposit as an electronic deposit through the Automated Clearing House (ACH) network, such as payroll, Zelle or government benefit payments to your checking or savings account.
If you need cash, you’ll have access to more than 65,000 fee-free ATMs at Citibank branches and retail locations, including Target, CVS and Walgreens, plus any ATM in the Allpoint or MoneyPass network.
Citi also offers two savings account options: the Citi Savings Account and the Citi Accelerate High-Yield Savings Account. The bank’s high-yield account is available to customers outside its branch footprint — outside the metro areas of New York City, South Florida, Chicago, Washington, D.C., and Northern and Southern California. It pays an APY of 4.30%.
If you plan to maintain a balance of at least $30,000, you can open a Citi Savings Account in a Relationship Tier: Citi Priority, Citigold or Citigold Private Client. Accounts come with benefits and features that grow by tier. Examples include no monthly service fees, no fees at non-Citi ATMs, and higher savings rates than non-Relationship accounts.
Each tier has a minimum balance range, and you’ll need to make sure your combined average monthly balance doesn’t drop below the range for three consecutive months to keep your benefits. Your combined average monthly balance is calculated using the average monthly balances of linked accounts for the calendar month before the last business day of your monthly statement period, according to Citi.
If your combined average monthly balance will be less than $30,000, then you will qualify for Everyday Benefits, including an annual percentage yield (APY) of 0.03% on your account.
If you’re shopping for a CD instead, you’ll find three types. Citi offers Fixed Rate, No Penalty and Step Up CDs in various term lengths. All three CDs require a $500 minimum deposit.
As with the bank’s savings accounts, you can open a CD with or without a Relationship Tier. However, a Relationship Tier can help you qualify for special rates and benefits.
Without a Relationship Tier, featured rates for Fixed Rate CDs include 3.00% APY for a one-year term, 4.40% for a five-month term, and 3.75% for a seven-month term. The 30-month Step Up CD has a composite APY of 0.10%, and the 12-month No Penalty CD has an APY of 0.05%.
Citi's online and mobile banking services are available once you set up an account. The Citi Mobile app offers mobile check deposits, an ATM and branch locator, and a Snapshot tool to quickly review key account information without signing into your account. For customer service, Citi offers 24/7 live phone support at 888-248-4226.
Citi pros and cons
Pros:
• Large, free national network of ATMs
• Three types of CDs
• No overdraft or returned item fees
Cons:
• Monthly fees, though waivers available
• High balances needed for Relationship Tiers
• High-yield savings unavailable everywhere
They Play Hard Game
Opened a 5.65% APY CD for 11 months.
The online process was smooth. They were able to literally suck the money off my bank via manual router and account number connection (no need for small deposits needed OR logging into my bank account). The CD was funded immediately. So, it was a smooth process. However, the fact they didn't allow for an outside bank to link with the account should have been a warning sign to me.
The problems I encountered are as follows:
1. They WILL NOT link an outside bank to your account. It's impossible.
2. Upon maturity, you either have to pick up the check at the closest branch from your location (good luck with that) OR they will mail it to you (if you have a large amount, you will lose sleep).
3. Their website does NOT allow you to add beneficiaries. They want you to visit a branch to do it (or they can mail you a form USPS).
4. You have just 7 days grace period to close your account once matured.
5. Their website does not allow for online maturity instructions like other banks. They want you to call them for instructions on how to manage your account on maturity (three months prior to maturity, anything before 3 months will not be considered legit).
6. When opening the CD, they will ask if you like your monthly interest USPS mailed to your home address OR leave in the account. Again, this was too old fashioned for me. Who mails checks these days? Why not ACH to my own bank? It's barbaric and a way for them to keep your money longer.
7. They will endlessly market to you their checking and savings programs.
8. They have no dedicated CD online website. The website you log into is meant for someone who has a checking and/or savings account. It's not friendly to those who simply wants a CD account.
This bank strives VERY HARD to convert their online customers to long term customers by enticing you to bank with their local banks. In doing so, they have instituted marketing gimmicks that really make the customer journey unpleasant and one that is unbecoming of an online bank. Making your beneficiary at their branch, picking up your check at their branch, not allowing for external bank link on their online CD account, these and many more practices are designed to "push" you to their brick and mortar banks and convert you.
Citi “Blocked” My Account
Citibank is unbelievable. So I deposited my settlement check with them last week. First everything was okay but when I tried to log into my account, it wasn’t letting me login so I called and they told me my account was on hold because they have to verify where the check came from so I didn’t worry. 3 days later I got inpatient because the hold was actually stopping me from using ANY money from my account, Not just the settlement that I deposited. So when I called, they told me to have my check issuer call Citibank and have them verify it that way, which I did, my check issuer called and confirmed everything then all of a sudden they told me over the phone that the check did in fact clear and verified! So I’m like “okay what now” now they’re saying that they’re going to try to cancel my account from closing because apparently when they couldn’t verify it at first they was about to close it my account!! So now the want me to wait next week and I should expect a call determining if my account will still be open or closed. And still I can’t access my own money until they call me NEXT WEEK I’m so pissed and confused with this bank.
Bait & Switch
I've had to call 3 times now and I expect to have to call more. I was offered 0% interest and 100 off on home depot's web site. I took advantage of the offer and of course never received the 100.
1st rep told me I had 30 days for the offer to be manually applied but she couldn't do it at that time bc 'reasons'. She said call back in a couple of days when the charge has posted.
2nd call a week later netted the same results. 3rd call today, when I said 'bait & switch', they immediately escalated me to the philippines to a 'supervisor'. lolz
The rep there told me there was NO OFFER, but ws going to apply it as a 'courtesy'.. Can you beLIEve this garbage..? America is one big gaslighting experience and when they tire of it, they invite ppl from other countries to do it.
Accelerate Savings Account Is Great With No Issues
I've had an Accelerate Savings account for a few years and never had a problem. The interest is almost always the highest out of the big national banks.
I've linked the account to several others I have, and ACH transfers work just fine. I sometimes use my account to pay my Citi credit cards. I've linked to Mint and Personal Capital, it updates regularly with no issues. Citi does not charge excess transaction fees for more than 6 transfers/withdrawals in a month. I did get an ATM card for my account, but I've never needed to use it.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 7213 |
| Year Established | 1812 |
| Employees | 178683 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.87% |
| Return on Equity - YTD | 8.7% |
| Annual Interest Income | $23.03B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $1,760.9B$1,698.9B |
| Loans | Q1 2025vs Q1 2024 | $654.9B$622.4B |
| Deposits | Q1 2025vs Q1 2024 | $1,361.7B$1,337B |
| Equity Capital | Q1 2025vs Q1 2024 | $174.3B$165.9B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $17.02B$16.53B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $4.78B$4.84B |
| Real Estate Owned | Q1 2025vs Q1 2024 | $14MM$18MM |
