Editorial Review - Virginia

Citibank Review: Checking, Savings and CDs

Citibank offers many of the perks of a big bank and also the advantages of an online bank. Its rates are competitive, but those rates depend on your region.
Feb 1, 2022

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Overall bank rating

Citibank, N.A.
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

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 its most competitive savings account is not available in all regions.

Best for: Customers who want access to a huge network of free ATMs and a variety of banking products and live in one of the regions that’s eligible for Citi’s high-yield savings account.

Pros

  • Many customer service options.
  • More than 65,000 fee-free ATMs.
  • Approximately 1,700 overseas branches.

Cons

  • Most savings rates are low; better rates available elsewhere.
  • Fewer U.S. branches (about 600) than similar-sized peers.

Full review

Citi® Savings
Citi® Savings

Savings

Member FDIC

3.5

/5
 NerdWallet rating 
APY
0.05%
With $0.01 min. balance for APY

Citi Savings 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 0.50% — at online-only banks or credit unions.

» Want to see more options? Check out NerdWallet’s best savings accounts

The information related to Citi® Savings has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Citi® Simple Checking
Citi® Simple Checking

Checking

Member FDIC

3.5

/5
 NerdWallet rating 
Monthly fee
$12.00
Waived with $1,500 minimum balance

At $12, 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 to access services such as check writing.

The information related to Citi® Simple Checking has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Citi® CD
Citi® CD

CD

Member FDIC

2.0

/5
 NerdWallet rating 
1-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

The information related to Citi® CDs has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Banking experience

4.5

NerdWallet rating 

Users can contact the bank 24 hours a day, and its customer service channels include phone, live chat and Twitter. The Android and iOS apps earn high user ratings.

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 combined. And if you’re traveling abroad, it’s helpful to know that you can get service at the bank’s approximately 1,700 overseas branches.

Overdraft fees

3.0

NerdWallet rating 

If 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, which can quickly add up if you don’t pay attention to your balance. Some banks don’t charge for overdrafts, or their fees are much lower and/or are limited to being charged just once per day. One Citibank checking account does waive 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. Note that other banks charge lower fees or offer free overdraft protection.

Citi® Savings
Citi® Savings

Savings

Member FDIC

3.5

/5
 NerdWallet rating 
APY
0.05%
With $0.01 min. balance for APY

Citi Savings 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 0.50% — at online-only banks or credit unions.

» Want to see more options? Check out NerdWallet’s best savings accounts

The information related to Citi® Savings has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

How does Citibank, N.A. compare?

Current Product

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5

APY

1.01%

With $1 min. balance for APY

APY

1.26%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

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. How we rate banks, credit unions and other financial service providers.