Editorial Review - Virginia
Citibank Review: Checking, Savings and CDs
Citibank offers many of the perks of a big bank, but with fewer branches than its peers — and has the typical low rates.
Overall bank rating
Savings
Checking
CD rates
Banking experience
Overdraft fees
3.5
The bottom line:
Citibank has many perks you can expect from a big, national bank, including a wide range of product offerings and a massive ATM network. But it has fewer branches than some of its peers, like Wells Fargo and Bank of America, and also offers mostly low rates.
Best for: Customers who want access to a huge network of free ATMs and a full menu of banking products in exchange for less competitive rates.
Pros
Strong online and mobile features, including budgeting help and many customer service options.
65,000+ fee-free ATMs.
1,800+ overseas branches.
Cons
Most savings rates tend to be low; better rates available elsewhere.
Balance of at least $500 required in basic savings account to waive monthly fee, more than some competitors require.
U.S. branches (about 700) are fewer than similar-sized peers.
Full review
Citi® Savings
3.0
NerdWallet ratingAPY
0.04%
With $0 minimum balance
Citibank’s basic savings account can be a good place to keep your money safe and accessible, but its rates are generally low.
You’ll find better rates — generally around 0.40% — at online-only banks or credit unions.
» Want to see more options? Check out NerdWallet’s best savings accounts.
Citi® Simple Checking
3.5
NerdWallet ratingMonthly Fee
$12.00
Waived with $1,500 minimum balance
Citibank's various checking accounts generally come in combination packages with savings accounts, which have many transaction requirements to avoid fees. But if you meet those requirements, the account could be worth a look. The monthly fee for Simple Checking is on the high side, but you can get it waived by setting up at least one direct deposit and one bill payment per statement period. And you can make free withdrawals from your account at more than 65,000 ATMs, which is many more than some other national banks offer.
The checking account in the basic banking package has the best balance of options to avoid the monthly fee and access to services such as checks.
Citi® CD
2.0
NerdWallet rating1-year APY
0.10%
3-year APY
0.10%
5-year APY
0.15%
Minimum Deposit
$500
Citibank’s CD rates are a bit higher than those of other national banks, but online banks and credit unions can offer better rates.
» Find high yields with our list of best CD rates for the month.
Banking experience
4.5
NerdWallet ratingUsers can contact the bank 24 hours a day, and its channels include phone, live chat and Twitter. Branches are plentiful in New York and California but less so in other states. Citi offers more than 65,000 fee-free ATMs, more than the three largest national banks offer, combined.
Citibank’s online and mobile tools are strong, offering customers secure access to convenient financial features. For example, you can link Citi and non-Citi accounts so you can keep track of where your money is going. The tools also help with budgeting and goal-setting. The Android and iOS apps earn high user ratings.
Overdraft fees
2.5
NerdWallet ratingIf you’re a Citi customer, keep your eyes fixed on your checking account. The bank charges an overdraft fee of $34 up to four times per day, making neglect of monitoring balances expensive. Some bank accounts don’t charge for overdrafts, or their fees are much lower and/or are limited to being charged to just once per day. One Citibank checking account waives overdraft fees, but you have to give up checks.
If you choose to transfer money from another Citi account to cover an overdraft, it’s less costly, at $10 a day — or it’s waived for some checking accounts — but you’re essentially paying to cover a purchase with your own money.
Citi® Savings
3.0
NerdWallet ratingAPY
0.04%
With $0 minimum balance
Citibank’s basic savings account can be a good place to keep your money safe and accessible, but its rates are generally low.
You’ll find better rates — generally around 0.40% — at online-only banks or credit unions.
» Want to see more options? Check out NerdWallet’s best savings accounts.
Citi® Simple Checking
3.5
NerdWallet ratingMonthly Fee
$12.00
Waived with $1,500 minimum balance
Citibank's various checking accounts generally come in combination packages with savings accounts, which have many transaction requirements to avoid fees. But if you meet those requirements, the account could be worth a look. The monthly fee for Simple Checking is on the high side, but you can get it waived by setting up at least one direct deposit and one bill payment per statement period. And you can make free withdrawals from your account at more than 65,000 ATMs, which is many more than some other national banks offer.
The checking account in the basic banking package has the best balance of options to avoid the monthly fee and access to services such as checks.
Citi® CD
2.0
NerdWallet rating1-year APY
0.10%
3-year APY
0.10%
5-year APY
0.15%
Minimum Deposit
$500
Citibank’s CD rates are a bit higher than those of other national banks, but online banks and credit unions can offer better rates.
» Find high yields with our list of best CD rates for the month.
4.5
NerdWallet ratingUsers can contact the bank 24 hours a day, and its channels include phone, live chat and Twitter. Branches are plentiful in New York and California but less so in other states. Citi offers more than 65,000 fee-free ATMs, more than the three largest national banks offer, combined.
Citibank’s online and mobile tools are strong, offering customers secure access to convenient financial features. For example, you can link Citi and non-Citi accounts so you can keep track of where your money is going. The tools also help with budgeting and goal-setting. The Android and iOS apps earn high user ratings.
2.5
NerdWallet ratingIf you’re a Citi customer, keep your eyes fixed on your checking account. The bank charges an overdraft fee of $34 up to four times per day, making neglect of monitoring balances expensive. Some bank accounts don’t charge for overdrafts, or their fees are much lower and/or are limited to being charged to just once per day. One Citibank checking account waives overdraft fees, but you have to give up checks.
If you choose to transfer money from another Citi account to cover an overdraft, it’s less costly, at $10 a day — or it’s waived for some checking accounts — but you’re essentially paying to cover a purchase with your own money.
How does Citibank, N.A. compare?
Member FDIC | Member FDIC | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING METHODOLOGY
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
