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Citibank Review: A One-Stop Shop for Banking Needs

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Ashley Maready
Reviewer: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of Motley Fool Money. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Citibank

Rating image, 4.50 out of 5 stars.
4.50/5 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
Bottom Line

Citibank is one of the largest banks in the U.S., with a wide variety of banking products. It offers some unique relationship benefits that give you extra perks when you do more banking with Citibank. The savings account APY and some CD rates offered by Citibank are fairly high for a brick-and-mortar bank.

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

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

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.
  • You want to bank in-person or online with a major national financial institution with branches and advanced online and mobile banking tools.

Bank fees

Citibank Fee Charge
Monthly service fee $5 for Access Checking, $15 for Regular Checking, $4.50 for Savings.
Checking fees can be waived with qualifying monthly direct deposits. Savings fee can be waived with $500 average monthly balance or linked checking account.
Non-bank ATM fee $2.50 per withdrawal
Overdraft fee $0
Stop payment request $30
Incoming wire transfer fee $15
Outgoing wire transfer fee $25 for domestic, $35 for international
Data source: Citibank

Savings account

The Citi® Accelerate High-Yield Savings account earns a competitive 4.00% APY. This savings account has no minimum deposit to open, and no minimum balance requirement to earn interest, but it charges a $4.50 monthly maintenance fee. However, qualifying customers can waive these fees.

The Citi® Accelerate High-Yield 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® Accelerate High-Yield Savings
Open Account for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Citi® Accelerate High-Yield Savings

View Website for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 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
Rating image, 4.00 out of 5 stars.
4.00/5 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
View Website for Citi® Accelerate High-Yield Savings

On Citi's Secure Website.

APY
4.00% Rate info Circle with letter I in it. APY = annual percentage yield
Min. To Earn APY
$0
  • High APY on all balances
  • No minimum deposit
  • High APY not available in all states

Citi is one of the few brick-and-mortar banks that can hang with online banks in terms of savings account APYs. In addition to a high interest rate, it also gives you the opportunity to earn Citi ThankYou points you can redeem for things you enjoy. And those who qualify for one of its Relationship Tiers could receive even more benefits.

Rates subject to change before and after account opening. Select markets only.

Read Full Review

Certificates of deposit

Citibank offers three types of certificates of deposit (CDs), including a few special types of CDs that not every bank has. Some Citi CD rates are almost competitive with the best CDs, but others are below the national average -- choose your Citibank CDs carefully based on the term.

Citibank Fixed Rate CDs

Citibank Fixed Rate CDs are traditional CDs. All Citibank CDs require a minimum deposit of $500, and term lengths range from three months to five years. However, there are early withdrawal penalties for removing your principal from a Citi CD before the term ends.

Citibank CD rates are a mix of fairly competitive and well below national average. You can choose to have interest paid monthly (available for all CDs) or at the end of the term (available for CD terms of one year or less).

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Citi CD
Citi CD
MINIMUM DEPOSIT $500
Read Review
5 Mo. APY 6 Mo. APY 7 Mo. APY 9 Mo. APY 1 Yr. APY 15 Mo. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.25% 3.50% 3.50% 2.50% 2.50% 0.50% to 1.01% 2.45% 2.00% 2.00% 2.00% 2.00%

  • 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 Citibank Fixed Rate CD of the same length.

    However, the APYs on Citibank's step-up CD are low. You can get higher rates from other Citibank CDs if you choose the right term. And just like a traditional CD, this CD charges early withdrawal penalties if you take out your funds before the term is up.

  • 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. It's typical for no-penalty CDs to have lower APYs than regular CDs, but Citibank's no-penalty CD APY is especially low.

    If you think you can leave your money untouched during this period, you're better off with a fixed-rate CD instead. And if you want maximum flexibility for how to use your cash, Citibank's high-yield savings account can give you a much higher APY than this no-penalty CD.

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Citibank offers two checking account types with customer-friendly features, more than 65,000 fee-free ATMs, and monthly maintenance fees that are easy to avoid with qualifying monthly direct deposits.

Access Checking (checkless)

Citi Access Checking account is a checkless account for people who don't need to write checks and prefer to do their bill pay and purchases with debit cards and online tools. This account has a $5 monthly maintenance fee, but you can avoid this fee by making at least $250 of eligible direct deposits per month. Citi Access Checking has no minimum opening deposit, no overdraft fees, and has been recognized as a Bank On certified low-cost account.

  • If you want to write checks with a more traditional-style checking account, Citi Regular Checking could be a better choice. This account offers free unlimited check writing and, just like Access Checking, it has no minimum opening deposit and no overdraft fees. Regular Checking charges a $15 monthly service fee, but it can be waived if you make at least $250 of qualifying monthly direct deposits.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

Citibank is one of the four largest banks in the U.S. by assets, and like other major national banks, it has a mixed reputation for customer service. Let's see how the Citi customer experience stacks up.

Customer reviews

Citi has an F rating with the Better Business Bureau because it failed to respond to or resolve several dozen complaints; the bank is not BBB accredited. Citi also received largely negative reviews from customers on Trustpilot. According to the J.D. Power 2024 U.S. Retail Banking Satisfaction Study, Citi ranked 2nd in Illinois, 3rd in California, and 5th in Florida -- but well below average among banks in the New York tri-state area.

  • Better Business Bureau rating: 1.05 out of 5
  • Trustpilot rating: 1.2 out of 5

Should bad customer reviews be a dealbreaker when choosing a bank? Maybe not for everyone. Keep in mind that many banks and financial institutions get negative comments on online review sites; these banks and brokerages often have millions of customers and a few bad experiences are going to happen with any big company.

Major national banks offer some useful features and conveniences, like lots of branches and online banking tools -- but sometimes big banks have complex processes and lackluster customer service. Citibank cannot use customer service as a point in its favor, which means the best online banks could be a better choice -- especially if online banks offer higher interest rates on deposit accounts.

Citibank customer service can be contacted via phone at 888-248-4226. The website doesn't share any specific customer service hours. You can also contact Citi from the Chat feature after signing in to your Citibank account.

Mobile app

The Citi® Mobile app offers advanced digital banking features so you can manage your money on the go. Some of the app's features include Citi® Mobile Snapshot to view your account details without logging in, mobile payments, spending insights, mobile check deposit, and more.

Citi's mobile app gets higher ratings than almost any other banking app, and unlike many banks, there's no big gap between the reviews of the iOS and Android versions. Citi banking customers seem to love this app.

  • App Store rating: 4.9 out of 5 stars
  • Google Play rating: 4.7 out of 5 stars

Physical locations

Citibank has more than 600 branches in the U.S., and more than 65,000 no-fee ATMs. This bank offers a convenient combination of useful online banking tools, and real-world access to branches and ATM locations.

How does Citibank compare?

If Citibank doesn't seem like a good fit for you, here are some other banks to consider if you want high APYs on savings accounts and CDs, customer-friendly features on checking accounts, and in-person banking from a branch network.

Citibank vs. Capital One

Capital One 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 High-Yield Savings account isn't offered where you live.

Capital One also has strong mobile banking 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.

Citibank vs. Chase

If you want the convenience of a major national bank with a large network of branches and ATMs and a well-rated mobile app, Chase could be a good choice. Chase is the largest brick-and-mortar bank in the country.

Its interest rates on savings accounts and CDs aren't particularly impressive. However, 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.

FAQs

  • Yes, Citibank is one of the largest banks in the U.S. by assets and is a member FDIC. Your deposits with Citibank are protected against bank failure by FDIC insurance, up to $250,000 per depositor, per account ownership category.

  • Citibank offers some customer-friendly features in its checking accounts, like no overdraft fees and no monthly service fees if you make just $250 of qualifying direct deposits per month. Its savings account APY and some of its CD rates are higher than most of the other major U.S. banks.

  • Citibank offers a few tiers of relationship benefits based on how much money you have with Citibank across multiple qualifying accounts. If you have higher balances across your Citi banking relationship, you can get special perks like waived ATM fees.

    But Citi's relationship tiers are kind of complicated, and the perks don't start until you have at least $30,000 of qualifying combined balances, so this relationship program might not be a great deal for most bank customers.