The banking system is complex enough for a simple man because there are many terms and conditions that are associated with every account. When you open an account in a bank, then you just know the words of your agreement. But with the passage of time, you get to know the limitations and associated fees, which compels you to choose the bank that is less expensive and provides all the benefits.
In this article, we are reviewing Citigroup. You will get to know the pros and cons of every account related to this bank. You must pay attention. It will educate you.
About Citibank
It is an old financial institution, which was founded as a National City bank in 1812. This bank became the largest banking institution by the 19th century. In 2008, this bank changed its name to Citibank. Now, it has branches all over the US, along with overseas offices in multiple countries. Its current headquarter is in South Dakota.
There are 700 branches in the US, along with 1800 branches overseas. The bank also does financing for various industries. Account-holders can access banking services from its more than 65000 ATMs.
Citibank offers five-tier services, which are access account, basic banking, the Citibank account, Citi priority, and Citi gold.
Overall banking
Citibank is among the largest financial institutions of the world. It has almost 1Trillion dollars in assets. That’s why it provides banking products for states and large businesses. Moreover, it also provides different banking products to general consumers.
Pros
- It provides global coverage to its account holders due to a large network of branches. Almost every recognizable city has its branch.
- The banking portal has the finest mobile apps and banking management apps, which provide top-notch customer services.
- All account holders can get customizable alerts, which allow them to decide better for their financial health.
Cons
- You will get yields on banking products as low rates, which is lowest in national average.
- You will have to pay a monthly fee of your balance falls down below than minimum balance.
- You will have to deposit at least $100 for opening a savings account.
Savings account
The bank offers Citi accelerate savings account in its packages, which require you to deposit at least $100 dollars as a start. You will get an APY of 2.05 percent on select markets. And you will have to maintain a minimum of $500 to waive the fee. If you cannot maintain a minimum balance, then you will have to pay a $4.5 monthly fee.
Pros
- You will get a top-tier APY on this account.
- You will get Citibank Thankyou points, which will qualify you for a checking account.
- You have the facility to deposit checks by using the check deposit service of Citibank.
Cons
- You will get top APY on select markets, which are limited.
- You have to choose from five different banking packages, which are complex rather than simple.
- The banking procedure is complicated. You cannot get all the packages in one account.
CD rates
The bank offers CDs on various terms. You can get a CD with a minimum $500 deposit in most states. However, you have to pay $1000 in California and $2500 in Maryland. The interest is paid out monthly. But you have to waive 90 days’ interest on early withdrawal, which is 180 days waive for a 5-year deposit.
Pros
- You will get compounded interest daily.
- You can open a CD with the lowest deposit.
- You can earn more interest with high term CDs.
Cons
- You will get low yields as compared to other banks.
- The automatic renewal of grace period is short, which is 10 days.
- You have to fund your CD with a linked Citibank account.
Checking accounts
The bank offers a tiered-checking account in its packaging with better interest rates. There is no limit for minimum deposit. However, you have to maintain a $50000 balance to waive monthly fees, which are $30 per month. You can use out-of-network ATMs for free with this account. There are multiple levels of this account, which require a higher minimum balance up to $200000.
Pros
- You can open an account with $0.
- You will earn interest with tiered rates.
- You can use out-of-network ATMs for free.
Cons
- You have to pay a $30 monthly fee.
- You will be charged for insufficient funds, which can reach up to $136 per day.
Money Market accounts
There is no account that is named as a money market account in Citibank. However, your savings account will have all the privileges of money market accounts. You will also get promotional interest rate, which expires after three months.
Pros
- You will get a check-writing facility.
- You will get competitive interest rate with low APY, which is short-lived. It only has a three-month period.
- You will get check-writing privilege with the inception of savings account.
Cons
- You have to keep an eye on standard APY rather than a short-lived introductory interest rate.
- You will not get a competitive APY because there is no offer from Citibank.
- Other banks offer much higher non-introductory APY.
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Bank experience
Citibank does not disappoint its customers because it is a big bank, which offers five levels of banking. That facility is absent in many other banking institutions. All customers can get cash and use services from 65000 ATMs, which are present nationwide. The customer support is exceptional, which is available 24/7. When a customer calls the service, then he/she gets the response quickly. The bank tries to solve all problems in the minimum time possible.
Citibank’s mobile app stands out from the crowd, and it provides services to all customers. Moreover, non-customers can also use the app for getting data and spending insights. The app also provides a solution for payment gateways, which is a good facility for online shopping.
Our verdict
We have described all the pros and cons of different accounts of Citibank. And we think that it is a good option for business persons with high volume of funds. However, small-time customers have to pay monthly fees, which are greater than other banks. Have a good day, and work towards our success.