Citibank is a great bank for customers that are looking for a financial institution with many services that help their customers. Citibank works tirelessly to create the best outcomes for their clients and customers that are simple, creative, and responsible. Citibank works with its customers to optimize their daily operations to promote financial growth.
Citibank is a global financial service that serves more than 100 million customers in 98 countries around the world. Citibank is a great option is you are looking for a reliable financial service that you can safely and securely open a checking and savings account with no minimum deposit.
This is a great way to organize your finances and access your funds due to the more than 60,000 ATMs that are available for you to use to access your money. You can also easily obtain a credit card, which is a great tool to use to increase your credit rating organically.
Along with many of the supportive tools to increase your financial gains you should also be aware of some setbacks within the Citibank system. Citibank requires you to meet certain benchmarks to waive their monthly fees on checking accounts. This may be a disservice to users that are not in a financially stable position yet. You are also charged when you use another bank’s ATM.
All of the positive and negative aspects of banking with Citibank offer a complex choice for you to decide whether or not to bank with them.
On CitiBank Secure Website
Bank Reputation - Customer Ratings, Financial Strength
- F on BBB – BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
- 1.04/5 on BBB customers reviews (248 reviews) – BB customer reviews allow customers to post positive, negative or neutral reviews about marketplace experiences.
- Moody’s, Standard & Poor's (S&P) and Fitch – top three credit rating agencies in the world:
- Moody's: Aa3 – Moody's rating scale running from a high of AAA to a low of C.
- Fitch: A+ – Fitch rating scale running from a high of AAA to a low of D.
- S&P: A+ – S&P rating scale running from a high of AAA to a low of D.
- J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.
J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products, fee structures, digital customer experience, transparency and more.
Here are the main products CitiBank offers for savers:
Citibank offers a savings account that is part of their banking package. Their savings account is the Citi Accelerate Savings account is a competitive account that offers great interest rates, but they are only available in select markets.
There is no minimum deposit requirement to open a savings account, but you must maintain an average monthly balance of $500 to waive their $4.50 monthly service fee. This is not a high fee, but if money is in a precarious position many potential customers may reject this fee.
Another feature for this savings account system is you can deposit your checks using their Citi mobile deposit service. This is quick and easy to use, which is a great addition for any technologically savvy user.
Another benefit of using Citibank for your savings account needs is their program that helps you earn points. This program is called Citi ThankYou Points, where your savings account is linked to your eligible checking account to enroll you in Citi ThankYou Rewards. Enrolling in this program helps increase your credit and build a great foundation with this banking system.
Some other conditions you need to be aware of with this banking institution are their top APY is only available in select markets; therefore some customers are not eligible to receive high-quality interest rates.
There is also the possibility of confusion with the labeling of various savings account packages. The confusion over rate versus APY makes the banking experience a bit more complicated than other places because of how these are operated.
Citibank checking accounts are reliable and offer many options you can use safely to deposit and access your money. Citibank offers a priority account package that provides tiered interest rates with Interest Checking. There is no minimum balance to open this account, which is a great notable fact for users looking for minimally invasive banking options.
To have no minimum balance you need to maintain a monthly balance of $50,000 to avoid the $30 monthly service fee. This is a steep requirement for many users and may cause many potential users to balk at this excessive price tag.
Along with a monthly fee, you are also charged $34 for insufficient funds, which can increase to $136 per day. This enforces a strict policy that requires the optimal organization of your money to prevent any excessive charging fees.
Another feature of the Citibank banking system is you can use Citibank and outside the network ATMs for free, which is a great way to obtain access to your account with no extra charge.
The Citibank checking system is complex with many excellent features, such as the tiered rates that earn interest, but the excessive fees may limit customers from participating with this financial banking system.
Certificate Of Deposits (CDs)
Citibank offers many reliable and trustworthy savings accounts in CD formatting. The various terms can alternate from a year or less or as long as 5 years. You will earn compound interest daily with a minimum deposit of $500 in most states. In California and Nevada, their CD rates require a $1,000 deposit. Maryland requires $2,500 for a minimum deposit.
Your interest is paid out monthly, but customers with a term of less than one year have interest paid at maturity. You will receive a penalty with each early withdrawal.
The penalties are standard rates. For a one-year CD, the penalty is 90 days of interest and for a five-year CD, the penalty is 180 days of interest.
Citibank offers many great features for customers that include the ability to earn more interest with the larger balance, but the yields are low compared to what online banks can offer.
You should be aware that your grace period before automatic renewal is short. The grace period is only seven days compared to the usual ten days. Also, your CD must be funded from your linked Citibank account, which limits your ability to transfer money to other banking systems.
You should carefully consider all aspects of the CD savings system there are many benefits, but there are also limitations that may be too severe for some customers.
Certificate Of Deposits (CDs)
Citibank offers money market accounts to customers through their Citibank Savings Plus Account and Citi Accelerate Savings Account. These two products are listed as savings accounts, but they operate like money market accounts. This advertising may appear confusing, but it is not intended to be.
The money market account requires a minimum deposit of $100 to begin the account and the APYs are very small. You can grow your interest with this savings account when it is linked to other accounts and maintain the minimum waiving account fees.
step 1: Visit the Citi bank homepage and indicate your location by inserting your zip code, then click “Submit.”
step 2: Next, get started by telling Citi bank about you by giving them information such as your names, security number, date of birth, etc.
step 3: Next is your address, email, phone number, citizenship, state, and zip code.
step 4: Next, indicate how you intend to use the account; if you plan using it internationally to receive or send money.
After this, create a security word and click submit.
Alternatives Banks For Consideration
Here are our alternatives to CitiBank Bank:
Citibank is a well-established bank that offers numerous investment plans and financing services. Such as; business accounts, personal accounts, commercial accounts, mortgages, credit lines, personal loans, and home loans
For small business accounts, the options available are the Insured Money Market Account (IMMA), Savings Account, and Certificates of Deposit (CD). Funds are easily accessible, and a $1 minimum deposit fee in the IMMA and Savings Account while the CD is fixed for future profit.
You may need to provide some certifications to open any of the accounts, like a Government-issued means of identification, tax identification number, business name, and the number of employees. The Bank may also require everyone involved in the business to fill out some personal and public details, including; name, date of birth, contact address, home address, countries of residence and citizenship, taxpayer identification number, and ownership percentage.
A significant disadvantage of banking with Citibank is the many transaction charges for withdrawals, money orders, wire transfers, statement of account, returned cheques, overdraft protection transfer and account closing. This feature is a significant turnoff for clients because these fees may compile to a substantial amount.
JD Power in 2019 gave Citibank four out of five stars for their mortgage offers, and a top spot for customer satisfaction in 2020; these ratings are much higher compared to its contemporaries. However, the Better Business Bureau gives Citibank an F for organizational performance.
Flagstar Bank offers personal, commercial and business banking and is well-known in the US for its mortgage loans.
The Bank has a series of checking accounts from which clients can choose. They come with online banking, mobile deposits, free debit cards, no ATM charges, and overdraft protection. There are different savings options for adults and minors; the Foundation Savings plan has an APY of 0.30% for a minimum balance of $10,000, and the High-Yields Savings is the most attractive interest rate offer with a steady balance of $50,000. Certificates of deposit accounts have higher rates than most with a fixed term of 49 months attracting a 1.00% APY. Flagstar has several branches across different states as well as online platforms, including a mobile application.
Most of these accounts, except Certificates of Deposit, require in-house banking to apply. Before signing up for a CD account on the company's website, you may be asked to give some certifications like social security number, a form of identification, sign-up details, credit report and that you’re up to 18 years of age.
Clients have reported a few complaints in Flagstar Bank’s services, including; inadequate online services and technicalities with the mobile app, and a high mortgage originator fee compared to its contemporaries.
In 2010, JD Power awarded Flagstar with the highest score of 800 on a 1,000 points scale for customer satisfaction. The Bank is the fight largest mortgage servicer in America.
When you bank with Citibank they are many benefits. You have unlimited access to nation-wide ATMs and unlimited access to human customer service agents 24 hours a day, seven days a week.
Citibank offers many current and helpful banking app options that are easy to use and access your most up to date financial information. Other helpful tools help you manage and organize your spending habits that improve your financial standing.
Citibank is a great option for many customers, but it may not be the easiest choice if you struggle financially or are just starting. There are many fees you should be aware of before joining this banking service. Citibank is best suited for users that can manage daily balance and activity requirements