Citibank is the is third largest bank in the United States. It has $1.34 trillion in assets and 174,246 employees, as of October 2015. The bank has its headquarters in Sioux Falls, South Dakota, but it has 807 branches in 16 states and 281 international offices, as of December 2015. Citi has 200 million customer accounts and operates in over 160 countries. In 2014, it generated a revenue of $18.5 billion. The bank has a four-star rating with Bauer Financial.
What Are Citibank’s Checking and Savings Accounts Like?
Citibank offers four types of checking accounts: Access Account, Basic Banking, Citibank Account, and Citigold Account. All account have access to a network of 34,000 surcharge-free ATMs and have no minimum initial deposit.
The Access Account and Basic Banking account offer the same features: online and mobile banking, and a debit card. The main difference is Basic Banking offers unlimited check writing, and Access Account does not include check writing. The monthly fee for Access Banking is $10. Basic Banking charges $12. Both fees can be waived if you maintain a $1,500 balance, set up a regular bill payment or have a direct deposit. The Basic Banking fee is also waived if you are 62 or over. Every withdrawal from a non-Citibank ATM incurs a $2.50 fee.
The Citibank Account is a full-service banking package that also pays interest. Rates range from 0.01% to 0.1% depending on the balance of the account. The monthly $25 service fee and ATM fees at non-Citibank ATMs are waived for customers who maintain a combined average monthly balance of $10,000 or more.
The Citigold Account is Citibank’s prime checking account. As well as the benefits offered by Citibank Account, it also waives fees on personal wealth management costs, provides access to dedicated service representatives, and provides preferential pricing for loans, lines of credit, and mortgages. It also pays higher interest rates, which range from 0.03% to 0.10% APY. The account has a $30 monthly service fee, which you can avoid if you maintain a $50,000 balance or a $100,000 combined balance in linked checking and saving accounts.
Citibank has one major savings account: the Savings Plus Account. This savings account has no minimum balance, although it does have a minimum opening balance of $100. Customers can earn and APY of up to 0.10%. There is no monthly fee although the account does require a minimum opening balance of $100.
What Are The Advantages And Disadvantages of Citibank’s Checking And Savings Accounts?
We love this about Citibank:
- Citibank checking and savings accounts do not have a minimum balance
- Access to a vast network of surcharge-free ATMs
- Wide selection of checking packages
- Several ways to waive monthly service fees
- No fee on its savings account
We don’t like this about Citibank:
- Charges a monthly service fee for checking accounts
- Low-interest rates on checking and savings accounts
- Only customers with high balances qualify for surcharge-free transactions at non-Citibank ATMs.