Citi Bank Accounts


Updated: September 16, 2018

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Citi Bank provides its customers with a nice selection of five account packages – they are both applicable to checking and savings account. At first, we will disclose what are the differences between different types of Citi checking accounts. But in fact, equal savings accounts (like an access checking account is equal to an access savings account) retain most of the perks and differ only in the interest rate they offer (some checking accounts do not offer any interest rate at all). Learn more about Citi Bank accounts in our detailed review!

Checking Accounts from Citi Bank

Citi Bank offers its customers 5 types of checking accounts to its clients and varying monthly fees. Some of those accounts come even with an interest rate on the funds you keep on the account. In this part of our article, we will provide short reviews about Citi Bank checking accounts.

Citi Bank Accounts - savings and checking accounts


Checking “Access” Account from Citi Bank

Monthly fee: $10 (can be waived).

Required opening deposit: no minimum amount required.

Bank account features:

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Basically, this is the simplest checking account you can get with Citi Bank. We recommend you to apply for it only if you need it for storing your funds somewhere, but even in such a case, there are better options – you can choose one of the savings accounts, for instance (see below).

There are only two advantages of this Citi checking account: it charges a low monthly fee and this fee may easily be waived. In order to waive this fee of $10, you need to make one qualifying bill payment or direct deposit in a statement period. Another way to waive the fee is to keep a combined average monthly balance of $1,500 or more for all your eligible Citi accounts. But, indeed, we recommend you to look for more rewarding options than this account.


Checking “Basic” Account from Citi Bank

Monthly fee: $12 (can be waived).

Required opening deposit: no minimum amount required.

Bank account features:

Apply Here

 

This basic checking account from Citi also doesn’t offer some extraordinary features, but it may be a nice option for retired people and everyone who is older than 62. Actually, there are two features how those aged 62 or more can benefit from this account. First of all, the monthly fee is waived without any requirements fulfilled. At second, you can withdraw cash from non-Citi ATMs in the U.S. without incurring a fee (typically, a fee of $2.50 applies).

But if you aren’t 62 or older, you need to waive a monthly fee in order to make sense of having this checking account at all. Same as with the previous account, the monthly fee can be waived when: (1) you make a qualifying direct deposit; (2) you make a qualifying bill payment; (3) you keep a combined average monthly balance of $1,500 or more. In addition to that, you can write as many checks as you need or want.


The Citibank Checking Account

Monthly fee: $25 (can be waived).

Required opening deposit: no minimum amount required.

Bank account features:

Apply Here

 

This checking account from Citi Bank is quite lucrative and comes with a few decent features, yet monthly fees are hefty and may add up to $400 per year. This is the reason why you should make sure that you will be able to waive this fee. In fact, you can waive the monthly fee simply by maintaining a combined average monthly balance of $10,000 or more in all your deposit, investment or retirement accounts with Citi Bank.

But what differs this checking account from the one that were reviewed above is that you will be able to earn an interest rate on your funds. Even though the interest rate is not high and equal to what Bank of America offers with its BoA interest checking account (0.01%), it is definitely better than what the previous checking accounts offer.

If you manage to maintain a combined monthly balance of $10,000 (or more), it not will only allow you to waive a monthly fee, but also to withdraw cash in non-Citi ATMs without incurring a fee. In addition to that, you can also participate in the Citi ThankYou Rewards program and enjoy points for purchasing eligible products and services. As a result, you will be able to enjoy a decent cash back rate on such products.


Checking “Citi Priority” Account from Citi Bank

Monthly fee: $30 (can be waived).

Required opening deposit: no minimum amount required.

Bank account features:

Apply Here

 

Even though this account comes with a hefty monthly fee and solid requirements for waiving this fee, this Citi Bank checking account may be well worth it. And, indeed, this account is all about higher interest rates (as for a checking account) and fee waivers.

As an owner of this bank account, you will get access to extra features. For instance, you will get access to a professional financial advisor from Citi Bank Personal Wealth Management, who will consult by phone you regarding all financial issues. Apart from that, Citi Bank will provide you with investment resources for letting you make more reasonable financial decisions. Also, you will get access to online or mobile equity trades with Citi Personal Wealth Management.

But the things this bank account is so much valued include higher interest rates and an ability to waive a large number of fees. With Citi Priority account, you will be able to enjoy the 0.03% APY – that is much higher than what Bank of America can offer with its checking account. Another thing is that this type of a bank account allows you to avoid (i.e. waive) numerous fees, including fees on overdraft protection transfer, deposit product and services, standard checkbook orders, stop payments, incoming money orders and money transfers.

You will also get many more benefits if you link this checking account with your Citi savings account. Besides, having this checking account will help you to maximize the rewards you will get from participating in the Citi ThankYou Rewards Program. But in order to waive its indeed high monthly fee, you need to keep at least $50,000 as combined average monthly balance in your deposit, investment, and retirement accounts from Citi Bank.


Checking “Citigold” Account from Citi Bank

Monthly fee: No.

Required opening deposit: no minimum amount required.

Bank account features:

Apply Here

 

This type of Citi Bank account does not charge you a monthly fee, and that’s really great news about it. But there is a downside: you need to have at least $200,000 in eligible linked accounts (including deposit, retirement, and investment accounts) in order to be eligible for a checking Citigold account. Besides, you need to maintain that balance in order to remain a Citigold client.

When it comes to interest rates that you will find on your funds, they do not differ from what you will earn with a Citi Priority account. Likewise, you will be able to enjoy equally generous rewards if you join the Citi ThankYou Rewards Program. You will also get access to online/mobile equity trading (but just for $4.95 – twice as less as you would be charged with Citi Priority).

But what differs these two bank accounts from Citi Bank is the level of service. With this bank account, you will get not only a personal professional advisor from Citi Personal Wealth Management for investment strategies, but also Citigold Relationship Manager who will deal with your banking needs. Furthermore, you will get access to 24/7 customer support from Citi Bank: you will have just to call 1-888-CITIGOLD.

Yet there are also plenty of other bonuses you will get with this type of a bank account. For instance, you will be refunded all the fees that you will incur for using non-Citi ATMs. Same as with the previously reviewed bank account, the fees on overdraft protection transfers, stop payments, standard checkbook orders, incoming money orders and wire transfers can be waived.

Other noteworthy features include global benefits that you can enjoy anywhere. For instance, you will get access to travel services like Citigold Home Connect and Citigold Lounge. The foreign exchange fees and wire transfer fees can also be either reduced or waived. This bank account also offers access to such travel services like the access to emergency cash and World Wallet foreign currency delivery.

To sum up, the number of perks and bonuses you get with this checking account is, indeed, astonishing. You can even maximize the rewards you get by linking this account to your Citi savings account (read about it lower). It is quite difficult to maintain $200,000 in a combined average monthly balance, indeed, but the prize is well worth it.


 Citi Bank Savings Accounts

Same as with checking accounts, Citi Bank also offers 5 types of savings accounts to its customers: access account, basic account, the Citibank account, Citi Priority, and Citigold (from the lowest to the highest). These account types determine monthly balance requirements, interest rates, benefits you will get, and much more.

As a matter of fact, these accounts have mostly the same benefits that the corresponding checking accounts have – except for the fact that you will get a higher return (since these are savings accounts). For instance, access and basic accounts have low monthly balance requirements and make it easy to waive a monthly fee. The Citibank accounts allow you to use non-Citi ATMs without incurring a fee if certain requirements are met. And Citi Priority along with Citigold savings accounts offer all the same benefits that the equal checking accounts offer.

Apply Here

 

Now, let’s disclose the most important aspect – and, actually, what are savings accounts are all about: interest rate. Interest rates significantly differ between various types of Citi savings accounts. If you have an access or basic account, you can expect to earn only from 0.04% (anything below $25,000) to 0.06% (anything higher than $25,000). On the other hand, the Citibank account offers up to 0.13% interest rate, but only for sums higher than $500,000. With the sums that are under $25,000, you will get the same 0.04% APY.

And it is a situation in which Citi Priority and Citigold accounts stand out. With these accounts, you can boost the interest rate up to 0.15%. Here is actually a breakup of the interest rates, depending on the sum you want to deposit:

Deposit amountAPY
Below $10,0000.04%
From $10,000 to $24,9990.06%
From $25,000 to $99,9990.10%
From $100,000 to $499,9990.12%
Higher than $500,0000.15%

 

As you could see from this table, you can benefit a lot from having a high balance account with Citi Bank. By having a savings account with a high balance, you will not only be able to waive a monthly fee, but also get a far more generous interest rate. Besides, advanced checking and savings accounts from Citi also offer a number of additional perks, which allow you to unleash your financial potential.

Citi Bank Accounts
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