Citibank

Citibank is a public company that operates in the investment banking and finance industries . It is a subsidiary of Citi (company) and is headquartered in Sioux Falls, South Dakota, United States . The company was founded on January 1, 1812, by Samuel Osgood . Citibank has a motto/tagline that states, "Your city never sleeps".

Citibank has several subsidiaries, including CitiFX Pro, Citibank Korea, Citibank Singapore, Citibank Canada, Citibank (China), and Citibank (Malaysia) . The company also owns Grupo Financiero Banamex, Torre Cuscatlán, Citibank (China), and Citibank (Malaysia) .

Citibank's main competitors include Bank of the West, Neuberger Berman, and Chase Bank . The company has a workforce of around 3,000 employees.

Michael Corbat serves as the CEO of Citibank, while the former CEO was Joe J. Plumeri. Citibank operates in various locations, including New York City and Sioux Falls, South Dakota .

The company has an active presence on social media platforms such as Twitter, Facebook, Instagram, and YouTube . Citibank also has mobile applications available on the Apple App Store and Google Play Store .

Citibank was incorporated on November 14, 2002, and its legal name is JOINT STOCK COMPANY COMMERCIAL BANK "CITIBANK". The company's Legal Entity Identifier can be found at https://search.gleif.org/#/record/E57ODZWZ7FF32TWEFA76.

Pros Explained

Open checking and savings accounts with no minimum deposits: Citibank offers six checking and savings account packages and an online savings account. Each of these accounts does not require a minimum opening deposit.

World’s largest credit card issuer: As the world’s largest credit card issuer, Citibank has many credit card options available to customers. Credit card purchases can earn airline miles, cash back, travel rewards, or the bank’s proprietary ThankYou points.

More than 65,000 fee-free ATMs throughout the U.S.: With so many ATMs throughout the U.S., customers should be able to find a Citibank ATM close by to avoid fees.

Cons Explained

Requirements to waive monthly fees on checking accounts: Many banks offer at least one account that’s completely free without any requirements. All of Citibank’s checking accounts require either a minimum balance or qualifying activity to waive the fee. Meeting these hurdles can be a challenge for some customers.

Need checking account to open savings and money market accounts: To open a savings or money market account with Citibank, these accounts must be opened as part of a checking package. Customers who only want a savings or money market account are not able to open just these accounts.

Up to $2.50 charge for using another bank’s ATM: If you use another bank’s ATM, Citibank will charge you $2.50 for each transaction if you have the Basic or Access checking accounts. Other bank ATM fees are reimbursed if you have the Citi Elevate or Citigold checking accounts.

Who Is Citibank Best For?

As a large bank with more than 2,300 branches and over 65,000 ATMs in the U.S., Citibank offers convenient access to your money. Though it is not the best fit for customers who can’t meet the minimum balance requirements to waive fees, it is best for those who:

Prefer access to bank branches and ATMs

Have enough money in their account to avoid monthly fees

Want access to a variety of credit card options

Desire multiple checking account options to fit their lifestyle

What Does Citbank Offer?

As you might expect from a financial services firm of its size, Citibank offers a wide variety of accounts and services.

Checking Accounts

Citibank offers five regular checking account packages and one high-yield package for customers based on their needs. All checking account packages have no minimum opening deposit amount. However, each checking account package charges a monthly service fee if the minimum criteria are not met.

You can waive monthly service charges for the Access Account and Basic Banking packages through one of three ways: having a qualifying direct deposit, making a qualifying bill payment, or maintaining a combined average balance of $1,500 or more in eligible linked accounts.

These are the checking account packages from which to choose:1

Access Account

Basic Banking

The Citibank Account

Citi Priority

Citigold

Citigold Private Client

Savings Account

All five regular checking account packages come with a savings account. The CitiGold Private Client savings account must also be opened with a Citibank checking account package. You cannot open this savings account without opening a checking account too.

There is no minimum deposit required to open your savings account. This account does not have a monthly service fee and must be part of a Citibank checking package.

Money Market Account

The CitiBusiness Account is a money market account that earns short-term market rates in an account insured by the Federal Deposit Insurance Corporation (FDIC). Account owners can write checks in all checking packages except the Access Account package. The Citi Savings Account must be part of a Citibank checking package, and it does not have a separate monthly service charge.

Certificates of Deposit (CDs)

Citibank offers three certificates of deposit (CD) with unique features. All CDs require a minimum opening deposit, but some offer higher rates for larger balances.

The first is a fixed-rate CD with terms ranging from three months to five years. A second option is a Step Up CD, where the rate increases every 10 months. The final option is a CD, where you will earn a guaranteed interest rate but can withdraw your balance at any time.

For CDs of one year or less, there is an early withdrawal penalty of 90 days of simple interest. If a CD matures in more than one year, the penalty is 180 days of simple interest.2

Pros Explained

Open checking and savings accounts with no minimum deposits: Citibank offers six checking and savings account packages and an online savings account. Each of these accounts does not require a minimum opening deposit.

World’s largest credit card issuer: As the world’s largest credit card issuer, Citibank has many credit card options available to customers. Credit card purchases can earn airline miles, cash back, travel rewards, or the bank’s proprietary ThankYou points.

More than 65,000 fee-free ATMs throughout the U.S.: With so many ATMs throughout the U.S., customers should be able to find a Citibank ATM close by to avoid fees.

Cons Explained

Requirements to waive monthly fees on checking accounts: Many banks offer at least one account that’s completely free without any requirements. All of Citibank’s checking accounts require either a minimum balance or qualifying activity to waive the fee. Meeting these hurdles can be a challenge for some customers.

Need checking account to open savings and money market accounts: To open a savings or money market account with Citibank, these accounts must be opened as part of a checking package. Customers who only want a savings or money market account are not able to open just these accounts.

Up to $2.50 charge for using another bank’s ATM: If you use another bank’s ATM, Citibank will charge you $2.50 for each transaction if you have the Basic or Access checking accounts. Other bank ATM fees are reimbursed if you have the Citi Elevate or Citigold checking accounts.

Who Is Citibank Best For?

As a large bank with more than 2,300 branches and over 65,000 ATMs in the U.S., Citibank offers convenient access to your money. Though it is not the best fit for customers who can’t meet the minimum balance requirements to waive fees, it is best for those who:

Prefer access to bank branches and ATMs

Have enough money in their account to avoid monthly fees

Want access to a variety of credit card options

Desire multiple checking account options to fit their lifestyle

What Does Citbank Offer?

As you might expect from a financial services firm of its size, Citibank offers a wide variety of accounts and services.

Checking Accounts

Citibank offers five regular checking account packages and one high-yield package for customers based on their needs. All checking account packages have no minimum opening deposit amount. However, each checking account package charges a monthly service fee if the minimum criteria are not met.

You can waive monthly service charges for the Access Account and Basic Banking packages through one of three ways: having a qualifying direct deposit, making a qualifying bill payment, or maintaining a combined average balance of $1,500 or more in eligible linked accounts.

These are the checking account packages from which to choose:1

Access Account

Basic Banking

The Citibank Account

Citi Priority

Citigold

Citigold Private Client

Savings Account

All five regular checking account packages come with a savings account. The CitiGold Private Client savings account must also be opened with a Citibank checking account package. You cannot open this savings account without opening a checking account too.

There is no minimum deposit required to open your savings account. This account does not have a monthly service fee and must be part of a Citibank checking package.

Money Market Account

The CitiBusiness Account is a money market account that earns short-term market rates in an account insured by the Federal Deposit Insurance Corporation (FDIC). Account owners can write checks in all checking packages except the Access Account package. The Citi Savings Account must be part of a Citibank checking package, and it does not have a separate monthly service charge.

Certificates of Deposit (CDs)

Citibank offers three certificates of deposit (CD) with unique features. All CDs require a minimum opening deposit, but some offer higher rates for larger balances.

The first is a fixed-rate CD with terms ranging from three months to five years. A second option is a Step Up CD, where the rate increases every 10 months. The final option is a CD, where you will earn a guaranteed interest rate but can withdraw your balance at any time.

For CDs of one year or less, there is an early withdrawal penalty of 90 days of simple interest. If a CD matures in more than one year, the penalty is 180 days of simple interest.2