Citibank is currently the third-largest U.S. bank with assets of more than $2.2 trillion. It’s the retail banking subsidiary of the multinational financial services company Citigroup. There are approximately 700 Citibank branches in the U.S. and more than 1,800 branches overseas. Account holders have access to more than 65,000 fee-free ATMs in the U.S. and thousands more in foreign countries.
Its large size means that Citibank can offer a full range of banking services to Americans throughout the continental U.S. These services include a large branch network and an even larger Automated Teller Machine (ATM) network. Citi also offers a comprehensive suite of online banking services and investment products to its customers. The bank’s online services allow it to reach customers throughout the United States and around the world.
Let’s take a look at the products and services to help you determine if it’s the right financial institution for you.
Pros and Cons of Citibank
- Full range of banking services to meet the diverse needs of customers
- Responsive and easy to use online banking services and mobile app
- Many of the bank’s fees are waived for people over the age of 62
- Network of physical branch locations is less than some competing banks
- Fees charged if minimum balance requirements are not maintained
- Some savings and checking accounts are only offered in select U.S. markets
What Does Citibank Offer?
Like most full-service banks, Citi offers a range of savings and checking accounts to its clients. The popular Citi Accelerate Savings account pays a competitive interest rate of 0.70%. While some banks provide an interest rate as high as 1.0%, other banks offer an interest rate of only 0.50%, putting Citibank squarely in the middle in terms of what it offers.
Citibank is also good about not charging its customers for using outside-network ATMs. Citibank customers have access to more than 65,000 surcharge-free ATMs nationwide in the U.S. They also can call a customer service agent 24 hours a day, seven days a week.
Savings and Checking Accounts
There is also no minimum opening deposit required with the savings account. However, customers must maintain an average monthly balance of $500 to avoid the $4.50 monthly service fee. Having both checking and savings accounts at Citibank can also help avoid monthly service charges. However, the Accelerate Savings account is not available in every market. Customers need to check to see if the account is available where they live
In terms of Citibank’s checking accounts, the Simple Checking account is one of the more popular products with consumers. This is largely because the monthly service fee of $12 is waived for those aged 62 or older who are the primary account holder. This makes it an extremely popular product with senior citizens. There is also no minimum balance required to open this checking account, regardless of a person’s age.
Citibank is the world’s largest issuer of credit cards, so there are many types of credit cards available for consumers and small business owners. Citibank’s credit cards offer a wide variety of rewards, including airline miles, travel rewards, cashback, and Citibank’s proprietary rewards program called ThankYou points. Examples of the credit cards offered by Citibank include the Citi ThankYou Points Card, Citi Rewards+ Student Card, Citi Double Cash Card, Costco Anywhere Visa Card, and American Airlines AAdvantage Mile-Up Mastercard.
Certificates of Deposit
Citibank offers three options when it comes to Certificates of Deposit (CDs), each with unique features. All CDs require a minimum opening deposit of $500, but some offer higher rates of return for larger balances. The first available CD is a fixed-rate one with terms ranging from five months to five years. A second option is the Step Up CD, where the rate increases every 10 months. The third and final option is a no-penalty CD, where holders earn a guaranteed interest rate but can withdraw their balance at any time without a penalty. For CDs of one year or less, Citibank charges an early withdrawal penalty of 90 days of simple interest. If a CD matures in more than one year, the penalty fee charged is 180 days of simple interest.
As a full-service financial institution, Citibank offers many other banking products and services to its clients, including:
- Personal Loans and Lines of Credit
- Home Equity Loans and Lines of Credit
- Individual Retirement Accounts (IRAs)
- Self-Directed Trading
- Managed Investment Portfolios
- Private Banking
- Financial Advising Services
- Business Loans
What To Expect on the Site
Citibank’s online banking has won praise from consumers and analysts. It’s been applauded for its ease of use and its mobile banking app, which is among the best around. Citi’s mobile banking app has a few unique features. These include the fact that non-bank customers can use Citi’s mobile banking app to aggregate financial data from various accounts and glean spending insights.
Customers of Citibank can use the company’s app to pay bills and charges, lock or unlock a bank card when it’s lost or stolen, and even open a checking or savings account using only the app. The app also offers a variety of customizable alerts to help people manage their money and accounts.
As mentioned, customers can contact Citibank 24 hours a day, seven days a week and contact channels include phone, live chat, and even Twitter. This provides strong access and customer service to clients across the U.S. and around the world.
Citibank’s online and mobile tools provide customers with secure access to banking products and services whenever they want. It also has physical branch locations. However, Citibank does not have as many branches nationwide in the U.S. as some competing banks.
Like other banks, Citi charges customers some fees. The basic banking account charges a $12 maintenance fee. All savings accounts require a $100 opening balance and Citibank charges monthly fees if any accounts fall below the minimum balance threshold. On the plus side, many of the standard fees are waived for people aged 62 and older, making Citibank an attractive option for seniors.
What People Are Saying About Citibank
As mentioned above, Citibank earns top marks from customers when it comes to its mobile app. Both iPhone and Android users give it a high score. As of July 2021, Citibank users give the app:
If you expect to do at least some mobile banking, then this overwhelmingly positive feedback helps Citibank stand out.
The Bottom Line
Citibank is one of the largest and most reliable American banks. It offers a full range of financial services and products to meet the needs of its diverse clientele. Citibank is also the largest credit card issuer in the country and it has one of the best online banking and mobile app products on the market today.
For those wanting a full suite of banking products and access to their money online, Citibank is a reputable and stable option that’s worth considering. You may want to include it in your comparison of the best online banks.