Citi Review

Top10.com Staff

In a Nutshell

Citi is the online and mobile banking platform from Citigroup, one of the “Big Four” banks in the United States. Citi offers most of the same products and services found at thousands of Citi branches in the U.S., along with a stack of dedicated online features. With basic and premium checking accounts, Citi appeals to a broad audience of online banking customers.

pros

  • No minimum deposit to open checking account
  • Wide range of savings accounts, CDs and IRAs
  • Solutions for small businesses

cons

  • Some features and rates limited to residents of certain states
  • Minimum balance to use checking accounts
  • Lacks features compared to native online banks

Citi at a Glance

Fees 

$0-$30 monthly fee

Personal loans available 

Yes

Credit card available

 Yes

SMS/Mail alerts

Yes

24 hour customer service

Yes

Money transfers 

Yes

Check scanning 

Yes

Average APY

0.01% - 1.55%

Minimum balance for APY

$500 - $200,000


Advantages Over Regular Bank 

As one of the Big Four American banks (alongside Bank of America, JPMorgan Chase, and Wells Fargo), Citigroup is the very definition of a regular bank. However, its online banking platforms offers numerous advantages over traditional banking. 

Here are some of the top reasons to choose Citi’s online banking platform:

  • Open a checking, savings or certificate of deposit account online, without having to go to a branch.
  • No monthly maintenance fees for checking, as long as you meet minimum monthly balance requirements (ranges from $500 to $200,000 depending on type of account).
  • Access to other Citigroup products and services, such as mortgages, credit cards, personal loans, and lines of credit.
  • Earn a welcome bonus worth $200 to $700 by opening a new checking or savings account and meeting qualifying deposit and balance requirements within a specific timeframe.

Cutting-Edge Banking Services 

Citigroup has invested heavily in its online banking platform. As a result, customers can expect to find plenty of great features on their banking platform and app.

Citi’s online banking platform lets you:

  • Pay bills online
  • Send money to friends with Zelle
  • Move money between your Citi and non-Citi accounts
  • Set up balance and payment alerts
  • Add your Citi debit card to mobile wallets (e.g. Apple Pay, Google Pay, Samsung Pay)
  • Purchase presale tickets and exclusive experiences for concerts, sports, and dining with Citi Entertainment
  • Access benefits by enrolling in Citi ThankYou Rewards with an eligible checking package

Traditional Banking Services 

Given it’s Citigroup we’re talking about, it goes without saying that online banking users get access to all the same banking services as traditional banking customers.

Here are some of Citi’s top banking services:

  • Range of credit cards, including 0% intro APR credit cards, balance transfer credit cards, and rewards credit cards.
  • Wide range of checking and savings accounts, certificates of deposit, and banking IRAs.
  • Mortgages, home equity loans, personal loans, and lines of credit.
  • Investing insights and tools.
  • Citigold, comprising a Citigold relationship manager and Citi personal wealth management financial advisor.
  • Free access to thousands of Citi ATMs around the United States and globally.
  • Small business accounts and credit cards.

Interest Rates and Fees 

From 5 types of checking and savings accounts and linked checking-savings accounts to dozens of CD and IRA options, Citi offers many ways to save.  The most-basic checking account offers 0.01% APY, while the Accelerate Savings account – available in select states only and subject to certain terms and conditions – offers a 1.60% APY. 

Citi APYs

 

Rates

Minimum opening balance

Monthly fee

Interest Checking

0.01% - 0.03%

$0

$0-30

Savings

0.04% - 0.15%

$0

$0-30

Certificates of Deposit (CDs)

0.05% - 0.60%

$0 - $500

$0

Customer Service 

Being a regular bank with an online platform, Citi offers its users several support options. Customers can get in touch by: the live chat option on the Citi website; calling online banking support on 800-374-9700; or by visiting one of the hundreds of physical branches in the United States. Citi also offers a personalized relationship service to users of its premium checking accounts and wealth management services (which require a minimum balance ranging from a few thousand dollars to $200,000).

Mobile Apps

For a large traditional bank, the Citi mobile app is pretty good. Although it lacks certain online banking features, it does provide a convenient way to track and manage your bank accounts from the convenience of a smartphone or tablet. Citi’s mobile app has been certified by independent financial services ratings agency J.D. Power for providing an outstanding mobile credit card experience. It has a 4.6-star rating on the App store.

Here are some of the things you can do with the Citi mobile app:

  • Manage your finances and get personalized spending and saving insights
  • Instant access to your bank and credit card account summary without having to sign in
  • Custom alerts for transactions, purchases, payments, and more
  • Put a lock on a lost debit or credit card
  • Deposit a check by taking a photo from your phone
  • Send, receive, or request money using Zelle
  • Ask Siri to give your checking, savings, or credit balance

Security 

As a large bank, Citi has the means to protect its users from fraud and hacking. When you bank online with Citi, all your activity goes through 128-bit SSL encryption, an extended validation SSL certificate, and multi-factor authentication. Every time you sign in to Citi Online, your visit is timestamped so any unauthorized account access can be tracked. If Citi believes your account has been compromised, it blocks your online and mobile access and sends you an instant notification. 

Conclusion 

With Citi, what you see is what you get: a full-service banking platform and app from one of America’s largest banks. If you’re looking for an online banking platform that lets you access all the services of a major U.S. bank without ever having to go into a branch, then it’s fair to say Citi does the job.

Top10.com's editorial staff is a professional team of editors, writers and experts with dozens of years of experience covering consumer, financial and business products and services.

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31 Oct 2020

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