Citi review: An assortment of checking accounts, savings accounts, and CDs, with terms that vary by state

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Overall bank rating

Feature:	Insider rating (out of 5):
Savings	3.75
Checking	3.5
CD	3.25
Trustworthiness	2
Total	3

Pros and cons

Pros:	Cons:
High APY on the Citi Accelerate Savings Account (minimum $1 balance to earn) 65,000 fee-free ATMs nationwide, plus Citi ATM overseas Variety of options for checking accounts, savings accounts, and CDs	Low rates for CD terms Citi “package” system can be overwhelming for some Low score from the Better Business Bureau

Checking

Citi offers five tiers of checking accounts. The higher the tier, the more access you have to features, such as earned interest on your checking account balance, out-of-network ATM fee reimbursements, and check writing privileges.

However, 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.

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.

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. 

CDs

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 other banks, especially 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 65,000 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.

Is Citi trustworthy?

The Better Business Bureau gives Citi an F in trustworthiness. In the last few years:

• The bank incorrectly sent $900 million to customers (2019)
• Citi was fined $400 million by the Federal Reserve and Office of the Comptroller of the Currency for failing 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 reviews online, to see if a bank might be right for you.

How Citi compares

We compared Citi to two banks with branches in many of the same states: HSBC (Member FDIC) and Wells Fargo (Member FDIC).

Locations 10 US states, DC, Puerto Rico	Locations 9 US states, DC	Locations 36 US states, DC
Savings APY Up to 0.70% APY	Savings APY 0.50% APY	Savings APY 0.01% to 0.02% APY
Monthly fees Up to $30	Monthly fees $0	Monthly fees Up to $30
BBB rating F	BBB rating C-	BBB rating NR
Citibank Citi Accelerate Savings Account	HSBC HSBC Direct Savings Account	Wells Fargo Wells Fargo Way2Save® Savings Account

Your decision between these three banks may come down to whether you like to find a package system appealing or annoying. 

If you’d like to keep all 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.

HSBC Direct and Wells Fargo don’t have package systems so you might favor one of these banks if you’re planning to open only one account.

HSBC Direct has an online savings account that may be appealing if you’d like to earn a competitive rate. Meanwhile, Wells Fargo has a variety of different account options. If you can waive monthly fees for a Wells Fargo account, it also may be worth considering.