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Citibank Bank Review 2022

Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo

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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

On This Page

At a glance

4.3 Bankrate Score CDs Checking Savings About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

This bank is good for customers looking for an institution with global reach and the fullest possible range of deposit and lending products.

Highlights

24/7 Customer Service Digital Leader Large Branch Network Compare offers Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.83 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer details

UFB Direct

Member FDIC Savings Account Details 3.83 % APY Min balance for APY Earn up to 3.83% APY* with no maintenance fees or service fees.

Overall

Citibank is among the world’s largest financial institutions, with well over $1 trillion in assets. It offers a comprehensive selection of banking products. These include its High-Yield Savings account, its Basic Banking Package checking accounts, its CDs and its credit cards. It is also the largest bank to eliminate overdraft fees. Obtaining competitive yields on savings accounts at Citi will depend on where you live and whether you’re eligible for its High-Yield Savings account. Citi has more than 2,300 Citi ATMs and 60,000 fee-free ATMs. The bank also has more than 600 branches.

Pros

Those in eligible markets for the Citi Accelerate Savings are able to earn a competitive yield on their savings accounts. As one of the largest banks, Citibank offers unique advantages that come with scale, including global coverage in terms of branches and ATMs. Citi’s mobile banking app is very well-regarded. Citi tends to have bank account bonus offers available for new customers who open a new account.

Cons

The yields offered on deposit products are generally on the low side in certain markets, but better rates are often available elsewhere in those markets. Citi’s banking service packages charge monthly fees if accounts fall below minimum balance thresholds. The Citi Accelerate Savings account is not available in a number of states.

Citibank bank products

Savings CD Checking 4.7 Bankrate Score

Citibank savings overview

The Citi Accelerate Savings account has been paying a competitive yield since it launched a few years ago.

The Citi Accelerate Savings account is a part of the Citi banking package. It pays a competitive yield, but it's only available in select markets. There is no minimum opening deposit. However, you must maintain an average monthly balance of $500 to waive the $4.50 monthly service fee.

Having both checking and savings accounts at Citi can help you avoid monthly service fees.

The Citi Savings Account isn’t known for having a competitive yield. But the Citi Accelerate, if it’s available in your area, is known for offering a yield comparable to some online banks.

During our review, there was a savings bank account bonus for a Citi Savings account. But the product eligible had an APY below and was only for certain markets.

Pros

The Citi Accelerate Savings account offers a competitive APY in certain states and markets.

Cons

The competitive APY is available only in select markets. You need to keep an average monthly balance of at least $500 to waive the $4.50 monthly service fee. Many online savings accounts don’t have these requirements. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 4.0 Bankrate Score

Citibank CD overview

Citibank offers a wide selection of CDs, giving consumers more variety of terms than they’ll get at most other banks. Besides offering the standard terms, it also has a no-penalty CD (with a one-year term) and a step-up CD.

Bankrate found the no-penalty CD was competitive but the step-up CD didn’t have a competitive composite APY, though availability and yields may vary by market. (A composite APY is the average of interest rates divided by the number of the years in the term of the CD.)

However, the yields are generally low compared with other banks. But there are a few terms with yields above .Bankrate found the minimum deposit to open a CD was $500 during its review. But in some areas, there might be a higher minimum opening deposit requirement, according to Citibank’s website.

Pros

The minimum deposit required to open a CD is low. There is a wide selection of CD terms available.

Cons

Yields are low compared with what online banks offer. The grace period before automatic renewal is short (seven days rather than 10 days at some other banks). Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer details

Capital One

Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 4.2 Bankrate Score

Citibank checking overview

You don’t need to make an opening deposit with Citi’s Basic Banking Package Simple Checking account. But you’ll want to deposit money soon enough to avoid a monthly fee.

The monthly service fee ($12) is waived for those who keep at least $1,500 in their account or make one direct deposit and one bill payment per cycle.

Note: The Access Account Package checking account doesn’t offer paper checks. So, if you’re looking for that checking feature, this might not be the right account for you.

Pros

You don’t need to make an opening deposit for the Basic Banking account. A monthly direct deposit and bill pay are easy ways to waive the Basic Banking account’s monthly maintenance fee.

Cons

The basic banking account charges a $12 maintenance fee. But as noted above, this can be waived. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer details

SoFi

Member FDIC Checking Account Details 2.50 % APY To open To avoid fees

Bank experience

Citibank customers have access to more than 65,000 surcharge-free ATMs nationwide. Bank customers can use its well-reviewed mobile app to pay friends with Zelle, lock or unlock a card when it’s lost or stolen and even open a checking or savings account through the app. They can also call a human customer service agent 24 hours a day, seven days a week.

About Citibank

Citibank’s roots stretch back to the City Bank of New York, which was established in 1812. By the late 19th century, it had grown into National City Bank, the largest financial institution in the United States at that time. The bank changed its name to Citibank in 1976 and moved to its current headquarters in Sioux Falls, South Dakota in 2011. Citibank is the retail banking subsidiary of the multinational financial services company, Citigroup. There are around 680 Citibank branches in the U.S. and it supports customers in more than 160 countries. Account holders have access to more than 65,000 fee-free ATMs in the U.S. and thousands more overseas.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .