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Citi is a national bank with 690 branches sprinkled around the US.
Citibank; Alyssa Powell/Business Insider
The bottom line: Citi’s strongest product is its Citi® Accelerate Savings. The bank could be a good option if you want to bank digitally and earn a high rate on savings.
Overall bank rating
Feature:Insider rating (out of 5):Savings3.75Checking3.5CD3.25Trustworthiness2Total3
Pros and cons
Pros:Cons:
High APY on the Citi Accelerate Savings Account (minimum $1 balance to earn)
72,000+ fee-free ATMs nationwide, plus Citi ATM overseas
Variety of options for checking accounts, savings accounts, and CDs
Select CDs offer higher interest rates than most brick-and-mortar bank CDs
Citi “package” system can be overwhelming for someF rating from the Better Business Bureau
Citi Access Account
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 Citibank Access Account.
Citi® Accelerate Savings
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 offers three types of CDs: Citibank Fixed Rate CDs, 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. The purpose of each type of CD is clear.
While it’s nice that Citi offers three types of CDs, you can find higher rates with online banks. Some of these banks also offer their equivalent of some or all of Citi’s types of CDs.
How Citi works
Citi is a national bank with 690 branches sprinkled around the US, including in California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and 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 6:00 a.m. to 10:00 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 4.7 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 also explore each bank’s online-only bank accounts.
Citi
PNC
Locations
10 US states, DC, Puerto Rico
Locations
21 US states, DC
Savings APY
Up to 0.70% APY
Savings APY
Up to PNC High Yield Savings℠ Account
Monthly fees
Up to $30
Monthly fees
$0
BBB rating
F
BBB rating
A+
Citi® Accelerate SavingsPNC High Yield Savings℠ Account
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, it’s worth noting that Citi® Accelerate Savings pays a higher interest rate than the PNC High Yield Savings℠ Account. However, also keep in mind that 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, which 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). See how the two banks stack up.
Citi
Wells Fargo
Locations
10 US states, DC, Puerto Rico
Locations
36 US states, DC
Savings APY
Up to 0.70% APY
Savings APY
0.01% to 0.02% APY
Monthly fees
Up to $30
Monthly fees
Up to $30
BBB rating
F
BBB rating
NR (No Rating)
Citibank Citi Accelerate Savings AccountWells Fargo Wells Fargo Way2Save® Savings Account
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)
How much is it to open a Citi account?
Savings and checking accounts do not require a minimum opening deposit. If you’d like to open a certificate of deposit, you might need anywhere from $500 to $2,500 to open an account.
Most states allow you to open a Citi CD with at least $500. However, if you live in California or Nevada the minimum opening deposit is $1,000, and if you live in Maryland, Virginia, Florida, or Washington, DC, you’ll need at least $2,500.
How much is Citi’s monthly fee?
Citi groups its bank account into packages, so your monthly fee will depend on the savings and checking accounts you choose.
If you open the lowest-tier checking account, Citi Access Account, the monthly service fee is $10, but it can be waived if you meet one of the requirements. When you add any savings account to an Elevate, Basic, or Access account package, the monthly service fee is $4.95. The fee can be waived if you keep at least $500 in your account daily, though.