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
Savings
Checking
Checking
CD rates
CD rates
Banking experience
Banking experience
Overdraft fees
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 low rates.
Pros
Strong online and mobile features, including budgeting and many customer service options.
60,000+ fee-free ATMs.
1,800 overseas branches.
Cons
Low savings rates; 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 will let you hold onto your money, but its rates are generally low.
But you’ll find better rates — often above 1.00% — at online-only banks or credit unions.
» Want to see more options? Check out NerdWallet’s best savings accounts.
Citi® Simple Checking
4.0
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 fees or transaction requirements. But if you meet requirements to waive the fee, the account could be worth a look.
The checking account in the basic banking package has the best balance of options to avoid the monthly fee and have access to services such as checks.
Citi® CD
2.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.25%
5-year APY
0.25%
Minimum Deposit
$1,000
Citibank’s CD rates are a bit higher than those of other national banks, but online banks and local 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.
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.
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. 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 will let you hold onto your money, but its rates are generally low.
But you’ll find better rates — often above 1.00% — at online-only banks or credit unions.
» Want to see more options? Check out NerdWallet’s best savings accounts.
Citi® Simple Checking
4.0
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 fees or transaction requirements. But if you meet requirements to waive the fee, the account could be worth a look.
The checking account in the basic banking package has the best balance of options to avoid the monthly fee and have access to services such as checks.
Citi® CD
2.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.25%
5-year APY
0.25%
Minimum Deposit
$1,000
Citibank’s CD rates are a bit higher than those of other national banks, but online banks and local 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.
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.
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. 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 Citi® compare?
Member FDIC | Federally insured by the NCUA | |
|---|---|---|
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.55% With $100 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.
