Citi Review: Variety of Accounts, Global ATMs
source link: https://www.businessinsider.com/personal-finance/citibank-review
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Citi review: An assortment of checking accounts, savings accounts, and CDs, with options that vary by state
Citi is a national bank with 690 branches sprinkled around the US. Citi; Alyssa Powell/Business Insider
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Citi could be a good option if you want to bank digitally. Its online high-yield savings account pays a higher interest rate than savings accounts at other national banks. However, you can't open this account if you live in California, Connecticut, select parts of Florida, select parts of Illinois, Maryland, Nevada, New Jersey, New York, Virginia, or Washington, DC.
-
Citi Access Account
-
Citi® Accelerate Savings
-
Citi Fixed Rate Certificates of Deposit
Overall bank rating
| Feature: | Insider rating (out of 5): |
| Savings | 3.75 |
| Checking | 3.5 |
| CD | 3.25 |
| Trustworthiness | 2 |
| Total | 3 |
Pros and cons
| Pros: | Cons: |
|
|
Citi Access Account
Citi Access Account
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Citi offers five tiers of checking accounts. The higher the tier, the more access you have to features, such as out-of-network ATM fee reimbursements and check writing privileges.
As you level up, it becomes more difficult to either waive the monthly service fee or qualify to open an account in the first place, though.
On the bright side, 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 Citi Access Account.
Citi® Accelerate Savings
Citi® Accelerate Savings
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.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.
Citi Fixed Rate Certificates of Deposit
Citi Fixed Rate Certificates of Deposit
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Citi offers three types of CDs: Citi Fixed Rate Certificates of Deposit, Citi Step Up CDs, and Citi No Penalty CDs.
While the bank's abundance of checking and savings account options can be staggering, its CD options are easier to follow. Step Up CDs allow you to earn a higher interest rate at a specified date, while no penalty CDs do not charge you early withdrawal penalties if you take out money from your account before the term ends.
If you're searching for a competitive interest rate, a 1-year or 18-month Citi Fixed Rate CD might be worth considering.
How Citi works
Citi is a national bank with 690 branches sprinkled around the US, including California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, Washington, DC, and Puerto Rico. You'll also have access to over 72,000+ fee-free ATMs nationwide, plus free ATMs all over the world.
Citi groups its accounts into "packages," so you can have one checking and savings account in a package. Although there are technically only two savings accounts, the terms of your savings account depend on which package you choose.
Some of Citi's terms depend on where you live. For example, the high-yield Citi® Accelerate Savings is only available for residents of certain states, and the minimum opening deposit for your CD is contingent upon where you live.
Citi's customer service is available 24/7 over the phone, and you can chat online from 6 a.m. to 10 p.m. ET. The bank also has an easy-to-use mobile app, which has 4.9 out of 5 stars in the Apple store and 4.8 stars in the Google Play store.
Your Citi accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Citi trustworthiness and BBB rating
The Better Business Bureau gives Citi an F rating. In the last few years:
- The bank incorrectly sent $900 million to customers (2019)
- The Federal Reserve and Office of the Comptroller of the Currency fined Citi $400 million and said the bank failed to recognize money laundering by its customers (2020)
If Citi's history worries you, you can find other banks with great scores from the BBB. Something to keep in mind is that a good BBB score does not guarantee that your relationship with the bank will be good. Make sure to also talk to friends and family or read customer reviews online to see if a bank might be right for you.
Citi vs. PNC Bank
Citi and PNC Bank are national banks with branches throughout the US. If you don't live in a state that has a Citi or PNC Bank, you may explore each bank's online-only bank accounts.
Both banks have online high-yield savings accounts that are available to residents of states where there aren't any branches.
If you're eligible for both high-yield savings accounts, PNC High Yield Savings℠ Account pays a higher interest rate than Citi® Accelerate Savings. However, keep in mind rates can fluctuate so this could change in the future.
That said, the PNC High Yield Savings℠ Account makes it easier to avoid paying a monthly service fees than Citi® Accelerate Savings.
Your most suitable option may also depend on what type of banking experience you're looking for. Citi groups its bank accounts into packages, which may be ideal if you plan on opening multiple bank accounts. Meanwhile, you may favor PNC Bank if you'd prefer to only open a checking account, since it comes with budgeting tools.
Citi vs. Wells Fargo
We compared Citi to another national bank with branches in many of the same states: Wells Fargo (Member FDIC).
Your decision between these two banks may come down to whether you find Citi's package system appealing or annoying.
If you'd like to keep all of your bank accounts in one institution, then the Citi package system may be worth exploring. The Citi® Accelerate Savings account offers a high interest rate in certain US states. If you live in a state like California or New York, you won't be eligible to open an account, though.
Wells Fargo doesn't have package systems, so you might favor this bank if you're planning to open only one account. Wells Fargo also has a variety of account options.
Frequently asked questions (FAQ)
You might like Citi checking accounts if you're would like to open an account with a low minimum opening deposit. You can open any Citi checking account with $0.
Citi also might be a good option if you're eligible to waive monthly service fees. If you open the lowest-tier checking account — the Citi Access Account — it has a $10 monthly service fee. The monthly service fee can be waived if you meet certain requirements.
Savings and checking accounts do not require a minimum opening deposit. If you'd like to open a certificate of deposit, you'll need at least $500.
Top Offers From Our Partners
Send gift cards to your friends and family instantly. Cash App is budget friendly — gift cards start at $1. A tooltip
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK