CITIBANK

At A Glance

Citibank is by far the most global of the big U.S. banks, as it has spent many years expanding its worldwide footprint. Known as Citibank or just Citi, this bank offers a wide variety of financial products from savings accounts to credit cards to investments and business banking.

In the US, Citi has around 700 branches and more than 65,000 fee-free ATMs. Customers can choose from simple banking services or choose one of five tiers of banking packages which offer different types of perks. This bank is good for customers looking for an institution with global reach and the fullest possible range of deposit and lending products.

 Mission Statement: “Citi Never Sleeps. Welcome What’s Next.”
 Citi is devoted to helping their customers, colleagues and communities reach their potential, by looking forward, being optimistic and prepared, in a world full of change and new challenges. Citibank welcomes this change.

Types of Accounts

Citi offers products and services that are customizable so you can more likely find a product that fits your financial situation. This is achievable through one of five checking packages. Citibank also offers other banking products such as savings, CDs and IRAs.

Affordable Access Banking

Basic Banking

Citibank Account Package

Citi Priority Package

Citi Gold Package

Citi Savings Accounts

Citi CDs

IRAs

Credit Cards

Affordable Access Banking

This is the most basic account Citi has to offer, there is no minimum deposit but there is a $10 monthly fee. There is no interest for this account, it also does not come with checks. All transfers or bill payments must be done via the mobile banking app or in branch. To waive the monthly fee there are three options:

• Keep a minimum of $1,500 in your account
• Make a bill payment each month
• Have at least one qualifying direct deposit into your account each month

Basic Banking

This account is best if you won’t keep a balance higher than $1,500 in your account, but you want access to paper checks. You can write an unlimited number of checks, use the online banking services and Citibank or partner ATMs. The account does come $12 monthly fees which you can waive under these conditions:

• If you are 62 years or older
• If you make one bill payment from your account and one qualifying direct deposit into your account each month
• If you keep at least $1,500 in your checking and/or savings account

Citibank Account Package

This Citi package is a full-feature relationship checking account designed for those who can maintain a higher monthly balance of at least $10,000 in your checking, savings, retirement, or investment accounts. In exchange for the larger balance:

• You will get the $25 monthly fee waived
• you won’t pay any non-Citibank ATM fees
• you may earn interest on your checking account balance
• your first order of checks free of charge
• you earn ‘Citi Thank You Rewards Points’

Citi Priority Package

The Priority Package at Citibank offers priority banking with dedicated support from financial advisors. You’ll also get preferred rates on deposit products, and waived fees in addition to the standard benefits that Citi has to offer. The monthly fees for this account are high at $30 unless you can maintain $50,000 combined balance in linked Citi accounts. This priority account still waives all banking fees, and offers you discounts and waived fees off of investment products, loans, and lines of credit.

Citi Gold Package

The Citi Gold package can be summarized a myriad of exclusive deals and perks for those with a lot of cash. If you can maintain a monthly balance of $200,000 in your combined Citi accounts, this package offers all of the benefits of the above packages plus a dedicated financial services team and Relationship manager, with 24/7 customer support, waived or reduced fees depending on the product in question, and preferred pricing and rates on Citi deposit products.

This account has no monthly fee and gives you the ability to earn the highest level of Citi Thank You Rewards Points.

Citi Savings Accounts

Citibank has two savings accounts to offer customers each earn different rates based on the banking package you select, however neither account will gain you much advantage. Savings rates at Citi are low and range from 0.01% APY to 0.10% APY, which is average for a traditional bank but low compared with deposit rates in general.

Citibank Savings:

• APY: 0.04% on all balances
• Monthly Fee: $4.50
• Monthly Fee Waivers: $500 daily minimum OR linked Citibank checking account
• Minimum to Open: $100

Citibank Accelerate Savings:

• APY: 0.01%, 0.04% OR 0.08%
• Balance to Earn APY: $0, $10,000 OR $500,000
• Monthly Fee: $4.50
• Monthly Fee Waivers: $500 daily minimum OR linked Citibank checking account
• Minimum to Open: $100 

It’s important to note that your Citi Accelerate Savings account will be opened within a banking package that determines the applicable rate, balance requirements, benefits and more.

Citi Certificates of Deposits (CDs)

Citibank offers three CD options with terms ranging between 3 months to 5 years. They also offer automatic renewal at maturity and CD laddering to give you access to your funds while allowing the interest to grow. CD Rates vary depending on the Citi account package you have selected.

• Fixed Rate Certificate of Deposits: Guarantees rates and flexible terms. You can even deposit into multiple CDs at the same time using a CD laddering strategy. An initial deposit of $10,000 is required with interest rates ranging by term length between 0.05% to 1.25%.

• Step-Up CD: With this CD Interest rate automatically increases every 10 months. The Step-Up Citi CD requires a minimum opening amount of $500 and offers only a 30-month term at 0.76% APY.

• No Penalty CD: Also requires a $500 opening deposit and guarantees a fixed interest rate for the term of your CD. Any amount below $10,000 will get you 0.50% APY while any amount above $50,000 gets you 1.50% APY with a 12-month long term. You also have access to withdraw your balance in full – with interest – without penalty after first 6 days you deposit funds.

In addition to Citibank’s’ online customer support and variety of terms, Citi CDs have the following benefits:

• There is a grace period of up to 7 calendar days starting on the maturity date when you can deposit or withdraw funds, or make a term change.
• The CD Ladder allows annual access to funds without penalty as well as staggered deposits for higher interest potential.
• FDIC insurance

IRAs

With Citibank’s IRAs you are getting insured savings for your future. Citi offers two kinds of IRAs: as CDs (with rates depending on your package) or as a money market account at an interest rate of 0.20% APY. These extend into Traditional or ROTH IRAs. There is no annual fee for IRAs and they are FDIC insured so you aren’t at risk at losing your money.

Credit Cards

Citibank has a selection of credit cards with offer diverse range of benefits and rewards. They also have partnered cards with Costco, AT&T, Expedia, American Airlines and more.

Below are some of the cards offered:

• Citi Rewards+ Card: Earn 15,000 bonus ThankYou Reward Points after spending $1,000 within the first 3 months. It is also the only card that automatically rounds up to the nearest 10 points on every purchase – a $2 transaction can earn 10 points. Earn 10% points back for the first 100,000 per year. There is no annual fee for this card.
• Citi Premier Card: Gets you the most out of your everyday purchases. You can earn 60,000 bonus ThankYou Points towards exciting rewards when you spend on travel, at restaurants, on entertainment and more after spending $4,000 within the first 3 months. This card does come with a $95 annual fee.
• Citi Prestige Card: This card is designed with the traveller in mind. With this Citi Prestige card, you will earn points fast. Take advantage of 5 points per dollar on all air travel and restaurant purchases as well as, 50,000 bonus points after spending $4,000 within 3 months of account opening. The only drawback is the extremely high annual fee of $495. However, this card comes packed with travel benefits like $250 travel credit applied automatically every year, VIP lounge access and even cell phone protection while travelling.
• Citi Double Cash Card: Citi Double Cash Card is one of the most popular cash back cards on the market, earning you 2% cash back on every purchase. There is no annual fee for this card, no caps and no category restrictions.
• Citi Simplicity Card: Like its names describes, this card keeps it simple. With no annual fee, no late fees and Citibank’s lowest APR.

All Citi credit cards come with the following benefits:

• Contactless payments: Make payments under $100 with all cards enabled with Visa payWave – applies to all cards except Emirates Citi World credit card, which is enabled with MasterCard PayPass
• Online: Card can be managed through online banking and mobile app
• Budgeting help: Track your account with SMS and email alerts.
• Insurance: Optional CardAssure Credit Card Insurance available at an extra cost of $0.69 per $100 of the balance on the card. Cover pays varying amounts of the card balance if cardholder experiences a life event, serious injury or illness, involuntary unemployment, critical illness, or death. Age limits apply to coverage (18 – 59 years only)
• Emergency card replacement: Worldwide emergency card replacement assistance if your card is lost or stolen
• Security: Card is protected by FraudShield
• Compatible with Apple Pay and Samsung Pay

Bank Features

Citibank offers a great mobile banking app that allows customers to bank comfortably and easily on the go. They can also use the app to collect their spending habits and set customizable alerts for various scenarios. Customers can also make use of the Zelle Network which allows users to send money to various banks around the country.

Citi also offers great business banking products for business large or small through its checking accounts and credit cards alike.

About CitiBank

Citibank originated in 1812 in New York city as a small bank designed to compete with the other banks of its time. Today, Citi stands as one of the largest banks in America with the largest global footprint expanding over 117 countries and territories with over 4,000 branches and well over $1 trillion in assets.

Citibank is the consumer banking division of Citigroup, providing a wide range of financial services. Compared to other major banks, the fees and rates at Citibank are slightly below average. Nonetheless, their banking packages which vary in levels of benefits and perks is worthwhile if it fits your financial situation.

The Bottom Line

Citi offers a variety of financial products and account packages, so there is just about something for everyone in every possible situation including an unmatched global reach. So, whether it’s a simple savings account, a long-term CD or banking abroad, Citibank has got you covered.

Overall, Citibank might be more valuable to customers who travel and maintain higher balances. People with lower account balances and who want the best deposit rates available should look elsewhere.