Citibank review 2024: Full-service banking with strong digital presence, but rates lag behind

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As one of the largest banks in the world, Citibank boasts a wide range of products and services, a user-friendly digital banking experience, and a presence in major cities across the U.S. 

Citibank has done a good job keeping up with trends like the shift to online banking, lower fees, and greater transparency, and it often excels in these areas better than other large banks. However, it has not quite kept up with the interest rates many online banks and credit unions offer.

Citibank bank accounts 

Citibank offers all the essentials in banking, including checking accounts, savings accounts, and CDs, with both in-person and online banking options.

Checking accounts

Citibank offers two main checking account options: Access Checking and Regular Checking. There’s no minimum to open either account, and both include access to over 65,000 fee-free ATMs nationwide, mobile check deposits, and online bill pay.

However, you won’t earn interest on either account or be reimbursed for out-of-network ATM fees. 

Access Checking

• $10 monthly service fee (waived with one qualifying direct deposit per month or a $1,500 combined average monthly balance in eligible linked accounts)
• No overdraft fees
• Ability to earn ThankYou® Points on eligible debit card purchases

Regular Checking

• $12 monthly service fee (waived with one qualifying direct deposit per month or a $1,500 combined average monthly balance in eligible linked accounts)
• Overdraft protection available with a linked savings account or Checking Plus® line of credit
• Unlimited check writing

Savings account

Citibank's basic savings account offers a moderate interest rate between 0.03%-0.12%, depending on your relationship tier with the bank. Relationship tiers are determined by the size of your combined monthly balance across all your Citibank accounts. 

Citibank’s Accelerate Savings account offers competitive rates and easy access to your funds for residents of select markets. This account earns up to 4.30% APY with no minimum initial deposit. Citi determines your location by checking your physical branch location or the residential address provided when opening an account online. 

Both savings accounts have a monthly maintenance fee of $4.50, which is waived for three months if you maintain a minimum balance of $500 or have a linked Citibank checking account. 

CDs

Citibank offers a variety of CD options with term lengths ranging from 3 months to 5 years. All CDs require a minimum initial deposit of $500, which is lower than that of most other national banks. 

CD rates range widely depending on the term and type of CD. 

• Standard CDs: Earn a guaranteed rate for the term of your CD, with APYs up to 4.65% 
• No-penalty CDs: Withdraw your full balance and interest without penalty after the first 6 days of funding your CD. Rates range from 0.05%-0.15%.
• Step-up CDs: If rates go up, you can increase your rate once during the term of your CD. Initial rates are 0.05%. 

Let’s take a closer look at Citibank’s featured fixed-rate CDs. 

Citi's early withdrawal penalties can be steep, depending on the term. Citi charges 90 days of simple interest for early withdrawals on CDs with terms less than 1 year and 180 days of interest for CDs with terms longer than 1 year.

Other Citibank products and services 

As a large bank, Citibank offers many other products and services besides checking, savings, and CDs. In fact, Citi encourages customers to use the bank as a one-stop solution through its Relationship Tiers. These tiers provide access to additional benefits and services to those with higher balances across Citi products, such as retirement and investment accounts.

For example, clients with a combined average monthly balance of $30,000+ across eligible Citi accounts can get free financial check-ups from Citi Personal Wealth Management.

Citi also offers a variety of credit cards and other lending products, such as personal loans, mortgages, and small business loans.

Citibank fees 

Citbank isn't quite as fee-friendly as some competitors. That said, there are ways to minimize or avoid Citi fees if you know what to look out for, like only using in-network ATMs. Citi also waives many fees for those in its Relationship Tiers. Common fees are as follows:

 

• Monthly maintenance fees: $5-$15 for checking; $4.50 for savings; can be waived if requirements are met.
• Overdraft fee: $0, but Checking Plus product can cover overdrafts from a line of credit, which can lead to interest charges
• Non-sufficient funds fee: $0
• ATM fees: $0 in-network; up to $2.50 per withdrawal out-of-network, with no reimbursements for out-of-network ATM fees
• Foreign exchange fees: 3%
• Incoming foreign or domestic wire transfer fees: $15 
• Outgoing domestic wire transfer fee: $25-$35
• Outgoing foreign wire transfer fee: $35-$45 

Citibank banking experience 

Citibank offers a good mix of online and in-person banking, with technology that reflects the bank's size.

Online and mobile banking platform 

Citi's online and mobile banking offerings make it easy to manage your account digitally, including features like mobile check deposit and Zelle transfers. If you have a Citi credit card, you can also manage those from the same app. 

The Citi mobile app has very strong reviews. It scored 4.9 out of 5 on the Apple App Store (based on 4 million reviews) and 4.7 out of 5 on Google Play (based on 1 million reviews). 

Customer service 

Citibank offers several ways to access customer support:

• 24/7 phone support: Call 1-800-374-9700 for assistance with your banking needs at any time.
• Online chat: Log in to your Citibank online account and click "Chat" to connect with a representative.
• Twitter support: Tweet your question to @AskCiti for a prompt response from the Citibank team.
• In-person support: Visit one of over 650 Citibank branches nationwide for face-to-face assistance.

What customers are saying about Citibank 

Citibank has a somewhat solid reputation among customers. Many customers praise Citibank's:

• User-friendly mobile app and online banking platform
• Wide range of financial products and services
• Convenient branch and ATM locations in major cities
• Helpful customer support representatives

However, some common complaints about Citibank include:

• Low interest rates on deposit accounts
• High fees for certain services (ex., wire transfers, out-of-network ATMs)
• Lengthy wait times for customer service
• Difficulties with resolving account issues or disputes

The Better Business Bureau has given Citi an F rating because it's received many customer complaints on the BBB website and has failed to respond to many customer complaints.

Account security 

Citibank is FDIC-insured and provides a variety of security measures, including

• Fraud monitoring: Citi uses advanced fraud detection systems to monitor suspicious activity on your accounts and will alert you of potential threats.
• Zero liability protection: You're not held responsible for unauthorized charges made with your Citi debit or credit card when you report them promptly.
• Secure login: Citibank online and mobile banking platforms require secure login credentials and offer optional two-factor authentication for added security.
• Data encryption: Citi encrypts your sensitive information to protect it from unauthorized access.

How Citibank stacks up

Citibank isn't quite as competitive as some online banks regarding fees and interest rates. But when compared to other large national banks with physical branches, Citi is more in line with competitors, though its fee schedule is arguably more straightforward.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score:

The bottom line

Overall, Citibank's wide range of offerings makes it a good choice for those looking for an all-in-one bank, especially if you live near its branches and want the option to bank both online and in person. For a big bank, Citi is also a little clearer on fees and has more attainable options for waiving account maintenance fees than some other national competitors.

However, you might find better rates and lower fees with either an online-only bank or a local bank or credit union. Depending on whether you value the convenience that a big bank like Citi provides vs. whether you're trying to optimize your deposits could determine which bank you go with.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.