Citi Bank; Alyssa Powell/Business Insider
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Citi (Member FDIC) is a national US bank with ATMs around the world.
Citi groups its checking accounts and savings accounts into “packages.”
Citi’s F in trustworthiness from the Better Business Bureau might factor into your decision process.
See Insider’s picks for the best high-yield savings accounts »
This post was last reviewed and updated on July 22, 2021.
The bottom line: Citi’s strongest product is its high-yield savings account, so the bank could be a good option if you want to bank digitally and earn a high rate on savings.
Overall bank rating
Insider rating (out of 5):
Table of Contents: Masthead StickyPros and cons
High APY on the Citi Accelerate Savings Account
65,000 fee-free ATMs nationwide, plus Citi ATM overseas
Variety of options for checking accounts, savings accounts, and CDs
Low rates for CD terms
Citi “package” system can be overwhelming for some
Low score from the Better Business Bureau
Citibank Access Account
Citi offers five tiers of checking accounts. The higher the tier, the more access you have to features such as earned interest on your checking account balance, out-of-network ATM fee reimbursements, and check writing privileges.
However, as you level up, it becomes more difficult to either a) waive the monthly service fee, or b) qualify to open an account in the first place.
Citi doesn’t require an opening deposit for any of its checking accounts, which gives it a leg up over many other brick-and-mortar banks. It’s also fairly easy to waive the monthly fees for its lowest-tier checking account, the Citibank Access Account.
Citi Accelerate Savings Account
When you sign up for a “package,” you can choose either a Citi Savings or Citi Accelerate Savings account to go with your checking account.
This is where things can get confusing. There are only two types of savings accounts, but you’ll pay different fees depending on which package you sign up for.
Citi Accelerate Savings is a high-yield savings account that pays a competitive rate, and it’s clearly superior to Citi Savings – but you can only open an account if you’re a resident of certain markets. The account isn’t available to residents who live in most states where Citi locations are available, so if you live in one of the states with branches, DC, or Puerto Rico, you’re out of luck. (The account is available in South Dakota and select parts of Florida, though.)
You don’t need an initial deposit to open either a Citi Savings or Citi Accelerate Savings account. There is a monthly fee, but you may be eligible to have it waived if you meet the requirements of the package you choose.
Citibank Fixed Rate Certificates of Deposit (CDs)
Citi offers three types of CDs. While the bank’s abundance of checking and …read more
Source:: Business Insider