Citibank Checking & Saving Account Fees Review for 2021
As one of the world’s largest banks, Citibank offers a wide range of financial products from savings accounts to credit cards to investments and more. When it comes to banking, Citibank doesn’t offer the highest-earning interest rates, especially when compared to many online banks we have reviewed.
However, it is worth noting that Citibank offers different tiers of fees and rates according to the Citibank Account Packages.
These packages vary in their levels of benefits and perks, with the highest tier tailored toward customers with higher account balances.
These account packages make Citi’s products and services more customizable so you can more likely find a product that fits your financial situation.
What is Citibank?
Citibank is a full-service financial institution, offering a variety of financial services to meet almost any need.
It also offers a full suite of banking services, including checking, savings, money market accounts, mortgages, loans, credit cards, and much more.
Because Citibank is such a large financial institution, you can find branches in many locations, including more than 700 locations in the U.S. and more than 1,800 overseas.
Citi also offers free access to more than 60,000 ATMs, giving you quick access to your cash wherever you are.
Citibank Features
| Citibank | Features |
|---|---|
| Banking Account Types | Checking, Savings, Money Markets, CDs |
| Other Account Types | Credit Cards, Auto Loans, Home Loans, IRAs, Investments through Citigroup |
| Minimum Required Deposit to Open Account | $0 |
| Number of Branches | 690 |
| ATM Network Size | 60,000+ |
| ATM Reimbursements | Depends on Package |
| Remote Deposit | Yes |
| App Availability | iOS, Android, Amazon Apps, Windows Phone, and Mobile Optimized Website |
| Bill Pay | Yes |
| Person to Person Money Transfers | Zelle |
| Money Transfers | ACH, Wire Transfers, Zelle |
| Customer Service Types | Phone, Live Chat, Email |
| Customer Service Hours | 24/7 |
| Member FDIC | FDIC Certificate #7213 |
| Routing Number / ABA Number | Varies by State |
Citibank Pros & Cons
Pros
- Plenty of Features: Citibank hasn’t skimped on online and mobile features. You can do everything from depositing checks to set up a budget.
- Huge Number of ATMs: Citibank operates more than 60,000 free ATMs across the country.
- International Branches: If you’re traveling abroad and need to access a Citibank office, you may just find one. There are more than 1,800 international Citibank branches. (International transaction fees may also apply.)
- Easy Mobile Deposits: It’s easy enough to make mobile deposits from your cellphone.
- Compatible With Other Apps: You can easily connect your Citi checking and saving accounts with online money management apps such as Mint.com, Personal Capital, and others.
Cons
- Not the Highest Rates: Like many banks with a brick-and-mortar presence, Citibank doesn’t pay the highest interest rates. Also, if you want to maximize your money’s earning potential, check out an online-only bank.
- International Transaction Fee: To be honest, we’d expect a bank with an international presence to waive international fees. That’s not the case here.
- Packaged Accounts. Citibank’s checking and savings account packages are convenient for some, but other folks would prefer a la carte accounts.
How Much Does it Cost to Open a Bank Account at CitiBank?
Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. If you’re opening a CitiBank savings account, there is a $100 minimum deposit required.
There is no minimum deposit required to open a checking account at CitiBank. However, each comes with their own monthly fee and individual ways to waive the monthly CitiBank banking fee depending on the account that you have.
Read Also:
- Is Bank of America a Good Bank 2020 Review – Check it Out
- Choice Home Warranty Review 2020: Plans and Coverage
Citibank Account Options
Citibank Checking and Savings Accounts
In general, Citibank lumps its checking accounts with savings options into handy banking packages.
As mentioned above, these accounts offer access to more than 60,000 fee-free ATMs nationwide, online banking, free online bill pay, free mobile banking with CitiMobile, online check images, paperless bank statements, and 24/7 customer support.
Some accounts also offer customers the opportunity to earn ThankYou Points, which can be redeemed for gift cards, discounts, and other rewards.
Here are the different Citibank Check and Savings Account options, including the monthly fees, if applicable, and the minimums required to waive the monthly service fees.
Citigold:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: N/A
- Ways to Avoid Monthly Service Fee: There are no monthly service fees for Citigold clients. To qualify for Citigold, maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts.
Citi Priority:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $30
- Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and also investment accounts.
The Citibank Account:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $25
- Ways to Avoid Monthly Service Fee: Maintain a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and also investment accounts.
Basic Banking:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $12.00. $4.50 for a Citi Savings account not linked to a Regular Checking Account.
- Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month AND one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts. Fee also waived for first listed account owners 62 or older.
- Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a Regular Checking Account: Maintain an average monthly balance of $500 or more.
Access Account:
- Minimum Opening Deposit: Regular or Interest Checking: $0; Citi Savings: $100
- Monthly Service Fee: $10.00. $4.50 for a Citi Savings account not linked to a checkless Regular Checking Account
- Ways to Avoid Monthly Service Fee: Make one qualifying direct deposit per month OR one qualifying bill payment per month OR maintain a $1,500+ combined average monthly balance in eligible linked accounts.
- Ways to Avoid Monthly Service Fee: For a Citi Savings account not linked to a checkless Regular Checking Account: Maintain an average monthly balance of $500 or more.
Citibank CDs
Citibank also offers certificates of deposit (CDs) with terms currently varying from three months to five years. There’s no minimum required for CDs, but some terms pay higher rates for invested amounts over $10,000.
Citi’s CD rates are better than what you’ll find at most brick-and-mortar banks. However, you’ll still find higher payouts with online-only banks that don’t have to pay huge overhead costs.
For more information, check out our rundown of the top CD rates.
What’s a Better Banking Option than CitiBank?
While most people are able to waive the fees associated with a CitiBank checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback.
Citibank provides users with plenty of banking products and options. And it also offers lots of tools and features on its web and mobile sites.
Get more related new articles from this link. Kindly share this post on your social media platforms.
