Citi Review

Citi Citi Regular Checking

0.03% APY

Overview

As one of the world’s biggest banks, Citi (a SmartAsset advertising partner) offers a wide variety of financial products from savings accounts to credit cards to investments and more. When it comes to banking, Citi doesn’t offer the highest-earning interest rates, especially when compared to many online banks we have reviewed.

However, it is worth noting that Citi offers different tiers of fees and rates according to the Citi Account Packages. These packages vary in their levels of benefits and perks, with the highest tier tailored toward customers with higher account balances. These account packages make Citi’s products and services more customizable so you can more likely find a product that fits your financial situation.

Read on below to explore Citi's many offerings.

Citi Interest Rate Comparison

Citi Overview

Citi began in 1812 in New York City when merchants came together to create a bank to compete with the other big cities of the time. Throughout the years, the bank has gotten into a number of ventures like merging with a trust company and forging investment bank alliances. Today, the company has expanded to operate in over 117 countries and territories with over 4,000 branches worldwide.

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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Citi Account Features

From interest-earning checking accounts to basic savings accounts and certificates of deposit (CDs), Citi has a lot to offer when it comes to saving. Not only do you have different products to choose from, but Citi also has various account packages to choose from. These packages help determine your interest rates, fees, minimums and more. This opens up Citi’s products and services to a wider number of customers.

Citi® Savings Account

When it comes to simple savings accounts alone, Citi has a number of options. To start, you open a Citi® Savings account as part of a Citi banking package. Citi has tiers of banking packages: Citigold®, Citigold® Private Client, Citi Priority, and Everyday Benefits. Each package provides levels of banking perks and different interest rates and fees.

Regardless of your chosen Citi Package, Citi® Savings accounts provide the ability to set up automatic transfers with Auto Save. You can even write out personal checks with a Citi® Savings account, unless you open an account with the Access Account Package.

To start depositing money into your Citi® Savings account, you can link it to your checking account. You will need at least $100 to start. You can also set up recurring payments to keep your savings growing without a second thought.

In terms of security, your money is always FDIC-insured up to the legal limits. You can also sign up for Citi’s Safety Check, which uses your Citi® Savings account to help cover overdrafts on your checking accounts. All packages offer this feature for a $10 fee, except for the Access Account Package and Citigold® and Citi Priority Packages which waive the fee.

Citi Certificates of Deposit (CDs)

In addition to its many levels of basic savings accounts, Citi offers certificates of deposit, or CDs. These types of savings accounts come in many term lengths, depending on the financial institution. Generally, you deposit a set amount into your CD and don’t touch it again until the end of its term, or its maturity date.

Citi offers CDs with term lengths ranging from three months to five years. The longer the term, the higher the APY your money will earn. Luckily, Citi will guarantee your CD keeps the rate you start with for the entire CD term length. If you have a CD with a term of one year or less, you’ll be paid interest either monthly or at maturity while CDs with terms greater than one year will be paid monthly. 

Once your Citi CD reaches maturity, you have a grace period of seven calendar days to take action. This means you deposit more money into the account, withdraw the funds or change the term length. If you don’t take any action, the CD will be automatically renewed for the same term length. 

It’s important to remember that you cannot deposit more or withdraw funds from a CD before its maturity date. If you desperately need to withdraw your CD funds, you’ll be met with a penalty. If you withdraw early from a CD that has a term length of one year or less, you’ll have to give up 90 days’ worth of simple interest. If you withdraw early from a CD with a term of more than one year, you’ll pay 180 days’ worth of simple interest. 

Citi Checking Accounts

Similar to the basic Citi® Savings Account, you open a Citi checking account as part of a Citi account package, each with its own level of perks and fees. So while there is no standard monthly fee, you will still see a fee corresponding to the account package you sign up for. For example, should you open a Regular Checking account, your monthly fee would be $15.

When you have a Citi checking account, you gain access to easy mobile and online banking functions. This includes paying your bills online and depositing checks from your smartphone. You can also easily transfer funds between yourself and family and friends. Online banking also allows you to set balance and payment alerts so you know whenever you go over a withdrawal, for example. 

You will of course receive a Citi debit card with your Citi checking account. The limits for these vary by the tier of account you have.

Citi IRAs: Insured Money Market Account IRA or Certificates of Deposit (CDs) IRA

If you would like to open an IRA, or individual retirement account, with Citi, you have two types of product options. First, you can choose to open an Insured Money Market Account as an IRA. Generally, a money market account is like a mix between a standard savings account and a checking account. You can deposit money into your money market account at any time and you can make withdrawals from the account, too. Some money market accounts may even offer a debit card to use with the account. 

You will have to call Citi to determine the exact rates you will get when you open a Citi IRA as they are not listed online and are subject to change. 

To open a Citi IRA, you will have to either send in a printed application, visit a branch or call 1-800-695-5911. You cannot apply online. You do have the opportunity to open your IRA as either a traditional or Roth IRA. 

Where Can I Find Citi?

Citi provides access to thousands of ATMs across the country for you to access your money. You can also find Citi online and through its mobile app. The website does take some time to navigate, though, to find what you’re looking for. The bank has branches throughout the country, although they are most easily found in big cities like New York and Los Angeles. 

What Can You Do Online With Citi?

You can perform most necessary tasks online with Citi. To start, you can apply for most banking accounts online, except for a CD you’re funding with more than $100,000 and any IRAs. The homepage, shown here, offers easy navigation between its Credit Card, Banking, Lending and Investing products. 

Once you have a Citi account, you can log into your account whether online or on your Citi Mobile® app. There, you can manage and access your various accounts like make transfers, deposit money or simply check on your balance. 

It is worth noting that the Citi website is not the best for browsing accounts. It may be easy to access once you have an account, but before that, the website may hold many twists and turns before you find out the exact information you need. In that case, it might be easier to give the bank a call. 

How Do I Access My Money?

Luckily, Citi provides its customers with a few different ways to access their money. The easiest method may be online, where you can sign into your account and manage your money there. You will also have access to your money while on the go with Citi Mobile®. This app is available for your smartphone and offers most of the same functionality as online. You can deposit checks on your mobile app, though, which you cannot do online.

You may also choose to visit a Citi branch if there is one close to you.

How Can I Save More Money With a Citi Account?

You can save more money with a Citi account thanks to its decent interest rates. The bank’s rates won’t earn you the highest returns, especially when compared to other banks we’ve reviewed. However, it does perform better than other big banks. 

You can earn the most as a Citi customer when you are a Citigold® client. This is the highest level account package that Citi offers, meaning you gain access to the highest interest rates and you can waive more fees. However, this account package does have high minimum balance requirements. 

What’s the Process for Opening an Account With Citi?

The process of opening an account with Citi will depend on the account you plan to open. Most accounts can be opened online. There are a couple of exceptions. One exception is if you want to open a CD with more than $100,000 as your original deposit. In that case, you will have to visit a Citi branch to open the account. The other exception is a Citi IRA. You must apply by calling the bank, visiting a branch, or sending in a paper application. You can find the application on the bank’s IRA webpage. 

To open a basic savings or checking account, you will need to open it as a part of a Citi banking package. The package you choose will help determine your rates, fees, balance requirements and more. 

The account application process typically won’t take more than 10 minutes. The start of the online process is shown in the accompanying image. You will need to provide personal information for each application, like your Social Security number, address, date of birth and more.

Citi Account Packages 

Usually when you bank with Citi, you must open your new account within a certain Citi Account Package. Each package has its own page on the bank's website, outlining its perks and requirements. The Citigold® Package page is shown here. Below are the four account packages and their offerings:

Citigold® Package

As the highest tier package, Citigold® provides you with a team of advisors. This team can help you manage and optimize your funds. When it comes to banking, the Citigold® Package gets preferred pricing and rates. Citi will refund Citigold® clients for an unlimited amount of non-Citi ATM fees. Plus, Citigold® clients can waive fees for overdraft protection, checkbook orders, stop payments, wire transfers and money orders.

To become a Citigold® client, you must start with a combined average monthly balance of at least $200,000 in linked accounts and maintain at least $180,000. These accounts include deposit, retirement and investment accounts. Other than this requirement, there are no fees to be a Citigold® client.

Citi Priority Package

The Citi Priority Package provides professional guidance from a Citi Personal Wealth Management Financial Advisor by phone in addition to investment resources to help your investment decisions. Being a Citi Priority client also earns you preferred pricing and rates for certain Citi products. Clients can also waive fees for overdraft protection, checkbook orders, stop payments, wire transfers, money orders and select products. There is no monthly fee to be a Citi Priority client.

Citigold® Private Client

This is the highest tier of Citi's packages and requires at least $1 million to just get in the door, with an $800,000 balance needed to maintain access. There are no fees, and your daily account limit will be a whopping $50,000, with a daily ATM limit of $5,000. Additionally, you'll receive free access to Citi's Personal Wealth Management Investment Accounts, market analysis/research reports, staff financial advisors and more, among other high-level perks.

Regular Checking and Access Checking Tiers

The Regular Checking and Access Checking tiers are the most basic version of Citi's checking account offerings. There's no minimum for these tiers, and you need at least a $30,000 balance to reach the next Citi Priority tier. Monthly fees are $5 for Access Checking and $15 for Regular Checking, but you can waive these by having at least $250 in direct deposits on a monthly basis. For ATMs, there's no fee reimbursements, and Access Checking account holders have a $2.50 fee for each non-Citi withdrawal. For Regular Checking accounts, that same fee can be waived, again with at least $250 in monthly direct deposits.

Regular Checking accounts also come with unlimited check-writing. On the flip side, the Access Checking account is entirely check-less.

What’s the Catch? 

For starters, it can be difficult to determine what your exact rates and fees might be when you open an account. This is due to the many levels of account packages that Citi offers. So despite Citi’s claim of “Saving Made Simple,” it may require a few phone calls and some digging to find your exact costs and rates.

There is also the catch of Citi offering interest rates that are not the most competitive. Even though rates do rank higher than other big banks, they don’t come close to many other banks, especially online banks. Typically, Citi’s highest interest rates are only available to those who can maintain membership in the top tier account packages, Citigold® and Citi Priority.

Bottom Line

With a variety of financial products and account package offerings, there’s a high chance that you can find a product for you with Citi. Whether you want a simple savings account or a long-term CD, Citi can offer that. You will just have to make sure you explore all the offerings, especially the account packages. These packages determine the perks and rates you get, so you’ll want to sign up for the one that’s right for you.