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Citibank Review: A One-Stop Shop for Banking Needs

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent.

Citibank offers more competitive rates and flexible account packages than you usually see with brick-and-mortar banks. While it still has the monthly fees typical of traditional banks, those who keep large sums with the bank can waive these and earn some valuable perks in the process. Read our full Citibank review below to decide if it’s right for you.

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Best For: Diverse banking needs

Citibank

Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
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4.50/5
Bottom Line

Citibank has a good variety of banking products. It offers some unusual perks, like sign-up bonuses, to new customers. The rates offered by Citibank are fairly high for a brick-and-mortar bank, especially if you keep large amounts of cash in your accounts.

Pros
  • Good variety of product offerings
  • High rates for a brick-and-mortar bank
  • Relationship benefits, including sign-up bonuses
  • Rare CD types
Cons
  • Poor customer service ratings
  • Rates, while high for brick-and-mortar, still aren't as high as online bank APYs.

Citibank savings accounts

Citibank offers two savings accounts: the Citi Accelerate Savings account and the Citi Simple Savings account. You must choose one of Citi’s six banking packages to get either savings account. All of these packages contain a checking account and a Citi savings account, but each package has its own perks and fee schedule.

Citi Accelerate Savings account

The Citi Accelerate Savings account doesn't have a minimum balance requirement to earn interest, but there are monthly maintenance fees on most of its packages. However, qualifying customers can waive these fees, and the variety of banking packages makes it easy for customers to find one that fits their budget.

The Citi Accelerate Savings account rate is comparable to what you can get with an online savings account. It’s one of the few brick-and-mortar savings accounts that offers some real competition to online banks, so it’s a good fit for those who prefer in-person banking but don’t want to settle for a low APY.

Citi Simple Savings account

The Citi Simple Savings account also has above-average rates for a brick-and-mortar bank, but its APYs fall far short of the Accelerate Savings account. You can earn a higher rate by stashing more money in the bank, but if the Accelerate Savings account is an option where you live, it’s the better choice between the two.

Compare savings accounts

If you're interested in finding a savings account with one of the highest APYs we've seen, check out our list of the best savings accounts.

Rates as of Sept. 27, 2022
Offer
 
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.50/5
Rating image, 4.00 out of 5 stars.
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
APY 1.90% 2.40% 2.10%
Min. to earn APY $1 $100 $0
Next Steps

Citibank CD accounts

Citibank offers three types of certificates of deposit (CDs), explained below.

Citibank Fixed Rate CDs

Citibank Fixed Rate CDs are traditional CDs. Term lengths range from three months to five years. However, there are early withdrawal penalties for removing your funds before the term ends. Rates are about average for a brick-and-mortar bank. For CD terms shorter than one year, you can choose between interest paid monthly or at the end of the term. CD terms longer than one year have monthly interest payments.

Citibank Step-Up CD

Citibank offers a single step-up CD with a 30-month term. Rates automatically increase every 10 months. As a result, it's possible to get a larger return with this step-up CD than a Citi Fixed Rate CD of the same length. There are still penalties if you decide to withdraw your funds before the term is up.

Citibank No Penalty CD

Citibank offers a 1-year, no-penalty CD, which lets you withdraw your funds at any time without penalty. The rate is lower than Citi's 1-year fixed-rate CD. That's normal for no-penalty CDs. If you think you can leave your money untouched during this period, you're better off with a fixed-rate CD instead.

Compare CD rates

It's uncommon for traditional brick-and-mortar banks to offer competitive CD rates, and Citibank is no different. Compare CD rates below to find a higher yield from a selection of top online banks.

Rates as of Sept. 27, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
3.00%
3.10%
3.15%
3.20%
3.25%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
3.00%
3.10%
3.15%
3.20%
3.30%
$500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes

Citibank checking accounts

Citibank offers six checking account types, each of which is paired with a Citi Savings account to make up a banking package.

Access Account Package

This basic checking account has a low monthly maintenance fee, which customers can waive in a variety of ways. It also doesn’t charge any overdraft fees. But it’s missing check-writing capabilities, so it’s not a good fit for those who want to pay bills this way.

Basic Banking Package

The Basic Banking Package also offers a modest, waivable monthly fee, and it comes with unlimited check-writing capabilities. People of any age can open this checking account, but it’s especially appealing to those 62 and older. These individuals won’t pay monthly maintenance fees or out-of-network ATM fees with this account.

The Citibank® Account Package

This checking account has a higher monthly fee than many other checking accounts, but it also comes with some unusual perks. Those who meet certain balance requirements won’t incur any out-of-network ATM fees from Citibank, though the ATM owner may still charge some fees. It also comes with a free order of checks.

Citi Priority Package

You’ll need to keep a lot of money with Citibank to avoid the monthly fee on this account, but if you can swing it, the Citi Priority Package is definitely worth considering. It offers special perks, like higher ATM and debit card limits, no Citibank fees on ATM withdrawals worldwide, relationship pricing on mortgages, and investment benefits.

Citigold® Account Package

This account offers a bunch of perks with no monthly fee, but it’s only open to Citigold members. To become one, you need to keep a lot of money in the bank. It’s not a realistic option for most people, but if you qualify, you can get personalized financial guidance from a wealth manager and preferred rates on other Citibank products.

Citigold® Private Client

If you keep a seven-figure sum with Citibank, you qualify for this account. It has no monthly maintenance fee, plus advanced wealth planning services from a dedicated team.

Citibank customer service and experience

Citi has an F rating with the Better Business Bureau because it failed to respond to or resolve several dozen complaints. It's also received largely negative reviews from customers on TrustPilot, as well as in the J.D. Power 2021 U.S. Retail Banking Satisfaction Study.

This may not impact you if you do most of your banking online. For brick-and-mortar customers, good service is one of the key factors in a banking experience. Citibank cannot use this as a point in their favor, which makes it more difficult to compete with online banks that offer the same services paired with higher interest rates on deposit accounts.

True Name program

Citi's True Name program allows people who identify as transgender or nonbinary to change the first name displayed on eligible credit cards. Whenever legally possible, customer service will use this preferred name when discussing account details with the account holder. Individuals don't need to legally change their name to take advantage of this program. This groundbreaking program can help people feel more comfortable banking with Citi than at other banks.

Citibank relationship benefits

Citibank gives customers access to better rates if they keep more funds in their accounts. It also offers several bonuses to new customers who open a Citi banking package and deposit a certain amount of money in their accounts. Plus, it waives some maintenance fees if you maintain a certain combined balance between linked Citi accounts.

These perks can help save money on fees and earn a better APY. Keep in mind that your rates still won't be comparable to what online banks offer. But it's nice to see Citi offering benefits to loyal customers, which may help make up for its poor customer service record.

Alternatives to Citibank

If Citibank doesn't seem like a good fit for you, here are some other banks to consider.

Capital One Bank

Capital One Bank is a hybrid online and brick-and-mortar bank. It has some physical branch locations, but its APYs compete with those of purely online banks. It's a good choice for those who want to earn a large return on their savings, especially if the Citi Accelerate Savings account isn't offered where you live. Capital One also has strong mobile tools. You won't find the same relationship benefits that Citibank offers, but since Capital One doesn't charge maintenance fees and offers high interest rates, you probably won't miss them.

Chase Bank

Chase Bank is one of the largest brick-and-mortar banks in the country, and it boasts a huge network of branches and ATMs. Its interest rates aren't particularly impressive. However, like Citi, Chase gives you the opportunity to earn higher rates if you keep more money with the bank. And it may be a better fit if you do a lot of face-to-face banking.

Is Citibank right for you?

Citibank is a good choice for you if:

  • You want to open checking and savings accounts as part of a banking package.
  • You like being able to withdraw funds directly from your savings account.
  • Online and mobile banking tools are more important to you than face-to-face banking.

RELATED: How To Open a Checking Account

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