Citibank Review 2024 | Bankrate (2024)

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At a glance

Best mobile banking app

4.3

Rating: 4.3 stars out of 5

Bankrate Score

CDs

Rating: 4.5 stars out of 5

Checking

Rating: 4 stars out of 5

Savings

Rating: 4.8 stars out of 5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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Overview

Citibank is a good option for savers looking for an institution with global reach and the fullest possible range of deposit and lending products. People who live in areas eligible for Citi’s Accelerate Savings can earn a top-tier APY. But unlike other online banks, you’ll need to have a Citi checking account or keep at least an average monthly balance of $500 in order to avoid the $4.50 maintenance fee.

Highlights

24/7 Customer Service
Digital Leader
Large Branch Network

Overall

Citibank is among the world’s largest financial institutions, with well over $1 trillion in assets. It offers a comprehensive selection of banking products, including various certificate of deposit accounts (CDs) and multiple checking and savings accounts. Obtaining competitive yields on savings accounts at Citi will depend on where you live and whether you’re eligible for its Accelerate Savings account.

Citi has more than 65,000 fee-free ATMs. The bank also has more than 600 branches.

And Citi earned Bankrate’s best mobile banking app honor in the 2024 Bankrate awards.

Pros

Those in eligible markets for the Citi Accelerate Savings are able to earn a competitive yield on their savings accounts.
As one of the largest banks, Citibank offers unique advantages that come with scale, including global coverage in terms of branches and ATMs.
Citi’s mobile banking app is very well-regarded.
Citi tends to have bank account bonus offers available for new customers who open a new account.

Cons

The yields offered on deposit products are generally on the low side in certain markets.
Citi’s banking service packages charge monthly fees if accounts fall below minimum balance thresholds.
The Citi Accelerate Savings account is not available in a number of states.

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Citibank banking products

4.8

Rating: 4.8 stars out of 5

Bankrate Score

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Citibank savings overview

The Citi Accelerate Savings account has been paying a competitive yield since it launched a few years ago, but it’s only available in select markets. The yield is comparable to what some online banks offer, which are generally more competitive than big institutions like Citibank.

There is no minimum opening deposit. However, you must maintain an average monthly balance of $500 to waive the $4.50 monthly service fee.

Having both checking and savings accounts at Citi can help you avoid monthly service fees.

The other savings option, the Citi Savings Account, isn’t known for having a competitive yield.

During our review, there was a promotional interest rate offer for existing or new Citi Savings account customers who deposit at least $30,000. Even with the boosted rate, the APY was well below Bankrate’s national savings average.

Pros

The Citi Accelerate Savings account offers a competitive APY.
There’s no minimum deposit required to open a Citi Accelerate Savings account.

Cons

The Citi Accelerate Savings account is available only in select markets; otherwise, customers earn a very small yield.
It is available only in select markets; otherwise, customers earn a very small yield.
You need to keep an average monthly balance of at least $500 to waive the $4.50 monthly service fee. Many online savings accounts don’t have these requirements.

Citibank

APY

APY last updated between 6/22 and 6/28.

APY

APY last updated between 6/22 and 6/28.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Citibank CD overview

Citibank offers a wide selection of CDs, giving consumers more variety of terms than they’ll get at most other banks. Besides offering the standard terms, it also has a no-penalty CD (with a one-year term) and a step-up CD.

Neither the no-penalty CD nor the step-up CD had a competitive composite APY, though availability and yields may vary by market. (A composite APY is the average of interest rates divided by the number of years in the term of the CD.)

Some yields are very low compared with other banks. Bankrate found the minimum deposit to open a CD was $500 during its review, but rates and/or minimum opening deposit requirements might vary by location.

Citibank offers IRA CDs, a product that some banks don’t offer.

Pros

The minimum deposit required to open a CD is low.
There is a wide selection of CD terms available.
Citibank offers IRA CDs.

Cons

Yields on most terms are very low compared with what online banks offer.
The grace period before automatic renewal is short (seven days rather than 10 days at some other banks).

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Citibank

APY

APY last updated between 6/22 and 6/28.

APY

APY last updated between 6/22 and 6/28.

National average APY

Term length

How do we get this data?

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Citibank APY APY last updated between 6/22 and 6/28. APY APY last updated between 6/22 and 6/28	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/30/2024	2.00%	1.42%

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Citibank checking overview

Citibank offers two checking accounts: Access Checking and Regular Checking.

The Access Checking account, a checkless account, comes with a $5 monthly service fee. The Regular Checking account, which comes with unlimited checking, charges a $15 monthly fee.

Either fee can be waived if you qualify for a relationship tier or if you maintain at least $250 in direct deposits. Moreover, the fees will be waived for three months after opening the account. Both accounts come with access to more than 65,000 fee-free ATMs nationwide, but the bank charges a $2.50 fee for using an out-of-network ATM. Neither account charges overdraft nor returned item fees.

Qualifying for a relationship tier — such as Citi Priority, which requires you to maintain a monthly combined average of $30,000 — comes with extra benefits, including no fees for using non-Citibank ATMs.

Pros

None of Citibank’s checking accounts charge overdraft fees.
The monthly fee required for either account will be waived for your first three months.
The monthly fees are easy to waive with Citibank’s “Enhanced Direct Deposit,” which counts Zelle and other peer-to-peer transactions as direct deposits.
More than 65,000 fee-free ATMs are available nationwide.

Cons

Both checking accounts come with monthly service and out-of-network ATM fees, unless you qualify for a relationship tier.

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Bank fees

Fee		Charged?
Overdraft fee		None
Non-sufficient funds fee		None
Monthly maintenance fee		Depends on the account
Out-of-network ATM fee		$2.50
Excessive transaction fee		None

Find out:Tips to avoid common bank fees

Customer experience

Customer support

Physical presence. There are nearly 670 Citibank branches in the U.S. and it supports customers in more than 160 countries. Account holders have access to more than 65,000 fee-free ATMs in the U.S. and thousands more overseas.

Mixed Customer Satisfaction. Citibank received mixed customer satisfaction scores in J.D. Power’s 2023 Retail Banking Satisfaction Study. For example, while Citi ranked above the region average in California and Florida, it ranked below average in Illinois and the New York Tri-State area.

Digital experience

Highly rated mobile app. Citibank’s mobile app has a high rating on both the Apple App and Google Play stores. Collectively, more than four million users have reviewed the app. The app can be used to pay friends with Zelle, lock or unlock a card when it’s lost or stolen, set travel notices and even open a new account. Moreover, the app features educational financial tools for spending, budgeting and investing.

App drawbacks. There are occasional delays for transactions to post online, sometimes until the following business day, according to a Bankrate staff member with a Citibank account. Moreover, the transaction descriptions are minimal, making it difficult to connect them to your purchases. The interface is also updated frequently, which can be a good thing, but requires you to do some digging when things are moved around.

Bankrate staff insights

"I have found customer service — both over the phone and in-person at a branch — to be very kind and helpful, and I have never had a problem accomplishing whatever I needed to do," said a Bankrate staff member who uses Citibank personally. "But the chat features on the app makes it unclear whether you’re speaking with a bot or an actual representative. Responses here are significantly delayed and communication is not fluid."

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

Gain_Spirited

Feb 1, 2023

Good Citibank Experiences?

I have money in Citibank’s HYSA. They hold deposits a day or two longer than I like, but if you can get over that it's fine. It's a savings account so I'm not looking to move a lot of money in and out.

viaReddit

InfamousSea7547

Feb 1, 2023

Citibank Incorrect Fees

Are other people having issues with CitiBank charging incorrect fees? For the last 3 months, CitiBank has tried to charge my checking account a $15 monthly fee. I then have to spend 30+ mins contacting them and explaining that my accounts are supposedly linked and that I meet all the requirements for the fee to be waived. They usually blame the previous rep I worked with, refund the fee and say it will be fixed in the future, but it keeps recurring the 1st of each month.

viaReddit

Our editor's take

Citibank’s high-yield savings account is called Accelerate Savings, which is available in select markets. You can fund your account through recurring transfers or through one-time deposits, which you can make as a transfer from another bank or another Citibank account. It may take some time for the funds to show up in your account.

Monthly maintenance fees at Citibank can typically be waived if you meet certain criteria. If you’ve met the requirements but continue to be charged the monthly fee, it may be worth visiting a branch to fix the problem. If the issue persists, it may be worth filing a complaint with the Consumer Financial Protection Bureau (CFPB) and/or closing your account altogether.

About Citibank

Citibank’s roots stretch back to the City Bank of New York, which was established in 1812. By the late 19th century, it had grown into National City Bank, the largest financial institution in the United States at that time. The bank changed its name to Citibank in 1976 and moved to its current headquarters in Sioux Falls, South Dakota in 2011.

Citibank is the retail banking subsidiary of the multinational financial services company Citigroup.

Learn more:Citibank CD rates

How Citibank compares to other banks

Compare different account types offered by Citibank. Annual percentage yields (APYs) shown were updated between June 22, 2024 and June 28, 2024.

Selected bank Citibank CD Third Party Insured Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate CD rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Capital One CD Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate CD rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between June 22, 2024 and June 28, 2024.
3.75%	5.00%
Minimum deposit
$0.00	$0.00
Term
9 mos	1 yr

Citibank offers a large range of standard CDs, starting as short as three months to five years. The yields vary widely depending on the term. Moreover, Citibank offers no-penalty and step-up CD options.	Capital One offers a competitive yield on its CDs. It has pretty much every CD you’d need to build a CD ladder. It offers nine terms of CDs ranging from a six-month CD to a five-year CD. This is a CD for nearly anybody since it doesn’t require a minimum to open the CD like some of its competitors.

A large range of terms are available. Citibank also offers no-penalty and step-up CDs. A handful of terms offer very competitive yields.	Capital One offers competitive yields on its CDs. Capital One has pretty much all of the standard CD terms you’d need. There’s no minimum deposit required to open a CD. Account holders can opt to receive interest disbursem*nts monthly or annually.	N/A
A $500 minimum deposit is required to open a CD. Customers must have a combined average monthly balance of at least $30,000 to earn relationship yields.	The shortest term available is six months. Capital One doesn’t offer a no-penalty CD.	N/A

Selected bank Citibank checking account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Checking rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank checking account Member FDIC Bankrate score Rating: 3.8 stars out of 5 3.8 Bankrate Checking rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review	Bankrate score Bankrate Checking rating Bankrate scores are objectively determined by our editorial team. Minimum balances to avoid monthly service fees, whether the bank has a monthly service fee, minimum opening deposit requirements, fees to use out-of-network ATMs and overdraft fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between June 22, 2024 and June 28, 2024.
N/A	0.01%
Minimum balance to open
N/A	$25.00

Citibank offers two checking accounts: Access Checking and Regular Checking.The Access Checking account, a checkless account, comes with a $5 monthly service fee. The Regular Checking account, which comes with unlimited checking, charges a $15 monthly fee. Either fee can be waived if you qualify for a relationship tier or if you maintain at least $250 in direct deposits. Moreover, the fees will be waived for three months after opening the account. Both accounts come with access to more than 65,000 fee-free ATMs nationwide, but the bank charges a $2.50 fee for using an out-of-network ATM. Neither account charges overdraft nor returned item fees. Qualifying for a relationship tier — such as Citi Priority, which requires you to maintain a monthly combined average of $30,000 — comes with extra benefits, including no fees for using non-Citibank ATMs.	Chase Bank’s Total Checking account doesn’t have a minimum opening deposit requirement, but does come with a $12 monthly fee, which can be waived. Chase has the largest branch presence in the U.S., so customers won’t find it difficult to find fee-free ATM access.

None of Citibank’s checking accounts charge overdraft fees The monthly fee required for either account will be waived for your first three months The monthly fees are easy to waive with Citibank’s “Enhanced Direct Deposit,” which counts Zelle and other peer-to-peer transactions as direct deposits More than 65,000 fee-free ATMs are available nationwide	Customers have access to more than 4,700 branches and 15,000 ATMs. The monthly maintenance fee can be waived.	N/A
Both checking accounts come with monthly service and out-of-network ATM fees, unless you qualify for a relationship tier	There’s a $12 monthly maintenance fee and a $3 fee for using out-of-network ATMs. Checks come at a cost.	N/A

Citibank vs. Chase

Citibank and Chase are among the top four largest banks in the United States, with both banks surpassing $1 trillion in assets.

Although both banks are also similar when it comes to fees, Citibank generally offers better yields on its deposit products, notably many of its CDs and its Accelerate Savings Account. Moreover, Citibank completely eliminated their overdraft fees, but Chase is still charging more than $30 per overdrawn transaction.

All that noted, Chase offers a larger branch network that’s available in just about every state. Chase also offers auto financing in addition to mortgages; Citibank only offers the latter.

Learn more:The best banks of 2024

Citibank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Citibank Review 2024 | Bankrate (2024)

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