Citibank is a retail and commercial bank owned by Citigroup

Citibank is the consumer and commercial banking division of Citigroup, one of the largest financial institutions in the world. It offers checking accounts, savings accounts, credit cards, mortgages, auto loans, and investment services to individual customers and businesses. Citibank operates branches in multiple countries and also provides online and mobile banking.

The bank is regulated by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), which means deposits are insured up to $250,000 per account holder per bank. Citibank has been operating since 1812, though it took its current name and structure after a major merger in 1998.

Key Takeaways

  • Citibank is a division of Citigroup that offers checking, savings, credit cards, loans, and investment products to consumers and businesses.
  • Deposits at Citibank are FDIC-insured up to $250,000 per account holder, protecting your money if the bank fails.
  • You can open a Citibank account online, by phone, or at a physical branch, depending on the account type.
  • Citibank charges monthly maintenance fees on most checking and savings accounts, though some accounts waive the fee if you meet balance or deposit requirements.
  • Citibank operates in multiple countries and offers both traditional banking services and digital banking through its mobile app and website.

Types of accounts Citibank offers

Citibank's checking accounts include the Citibank Basic Checking, Citibank Checking, and Citibank Citigold Checking, each with different monthly fees and minimum balance requirements. Savings accounts include the Citibank Savings Account and Citibank Money Market Account. The bank also offers certificates of deposit (CDs), which lock your money away for a set period in exchange for a fixed interest rate.

Beyond deposit accounts, Citibank issues credit cards under its own brand and through partnerships. It also originates mortgages, auto loans, and personal loans. Citibank's investment services include brokerage accounts and retirement accounts like IRAs, though these are often managed through a separate Citigroup division.

How to open a Citibank account

You can open most Citibank checking and savings accounts online without visiting a branch. The process typically requires your Social Security number, a valid government-issued ID, your date of birth, and proof of address. You will also need to fund the account with an initial deposit, which varies by account type.

If you prefer to open an account in person, you can visit a Citibank branch with your ID and initial deposit. Some account types, such as certain investment or business accounts, may require a phone call or in-person meeting to complete the process. Citibank's website and mobile app both have links to start the account opening process online.

Monthly fees and minimum balances

Most Citibank checking accounts charge a monthly maintenance fee, typically between $10 and $25 depending on the account tier. Many of these fees can be waived if you maintain a minimum daily balance, set up direct deposit, or keep a certain amount in linked accounts. Savings accounts also charge monthly fees, usually $5 to $10, with similar waiver options.

The specific fee structure and waiver requirements change periodically, so you should review the account terms before opening. Citibank publishes its fee schedules on its website and provides them during the account opening process. If you already have an account, you can find your fee information in your account agreement or by logging into your online banking portal.

Citibank's digital banking tools

Citibank's mobile app and website allow you to check balances, transfer money between accounts, pay bills, deposit checks by photo, and set up alerts for account activity. You can also manage credit cards, view loan statements, and access customer service through the digital platform. The app is available for both iOS and Android devices.

Citibank offers bill pay through its online banking system, which lets you schedule payments to businesses and individuals. You can also set up automatic recurring payments for regular bills. The bank's digital tools include spending trackers and budgeting features to help you monitor your money.

Customer service and support options

Citibank customers can reach support by phone, email, through the mobile app, or by visiting a branch. The phone number for customer service is on your account statements and the Citibank website. Wait times vary depending on the time of day and how busy the bank is.

For account issues, fraud concerns, or questions about specific products, you can also message Citibank through its online banking portal or mobile app. Some issues can be resolved when ready through the app, while others may require a call to a representative. Citibank also has a dispute resolution process for billing errors and unauthorized transactions.

How Citibank compares to other banks

Citibank is a large national bank with physical branches in many cities, which sets it apart from online-only banks that have no branches. This means you can deposit cash or get help in person, but you may also pay higher fees than you would at a smaller regional bank or online bank. Citibank's checking and savings account rates are typically lower than those offered by online banks, which have fewer overhead costs.

Citibank's strength lies in its range of products — you can get a checking account, credit card, mortgage, and investment account all under one institution. If you value convenience and one-stop shopping, this may outweigh the higher fees. If you prioritize low fees and high interest rates, you might find better terms at a regional bank or online bank.

Frequently Asked Questions

Is my money safe at Citibank?

Yes. Citibank is FDIC-insured, which means deposits up to $250,000 per account holder are protected if the bank fails. This protection covers checking accounts, savings accounts, and money market accounts. If you have more than $250,000, you can spread it across multiple account types or banks to stay within the insurance limit.

What is the minimum deposit to open a Citibank account?

The minimum opening deposit varies by account type and changes periodically. Some accounts require $100 to $500, while others may have no minimum. Check the specific account's terms on Citibank's website or ask a representative before opening to confirm the current requirement.

Can I use Citibank ATMs for free?

Citibank customers can use Citibank ATMs for free. If you use an out-of-network ATM, Citibank typically charges a fee, and the ATM operator may charge an additional fee. Some Citibank accounts waive out-of-network ATM fees if you meet certain conditions, so check your account terms.

How do I close a Citibank account?

You can close a Citibank account by calling customer service, visiting a branch, or using the mobile app or website if that option is available for your account type. Before closing, make sure your account balance is zero and all pending transactions have cleared. The bank will send you confirmation once the account is closed.

Does Citibank offer international banking services?

Citibank operates in multiple countries and offers services to customers abroad, including international wire transfers and foreign currency exchange. If you travel or live outside the United States, you can ask Citibank about its international options. Fees and services vary by country and account type.