Citi is a mobile and online banking platform that targets a wide range of digital banking customers. Citigroup, one of America’s big four banks, is behind this platform. They offer the majority of the products and services that traditional Citi branches offer with the addition of dedicated features for online banking.
How is Citi Better than Other Traditional Banks?
Citigroup is one of the Big Four US banks along with JPMorgan Chase, Wells Fargo, and Bank of America and they define traditional banking in America. Citi, the bank’s take on digital banking, has various advantages over regular traditional banking.
With Citi, you can open a savings, checking, or certificate of deposit accounts without ever needing to visit a physical branch. This is perfect for customers who can’t find time off in the middle of the work week. Checking accounts have a minimum balance requirement per month depending on the type of account you get, but there are no maintenance fees.
If you open an online account with Citi, you also get access to other product and service offerings from Citigroup including credit cards, lines of credit, personal loans, and mortgages. Depending on your qualifications, you can receive a $1,500 welcome bonus when you open a new savings or checking account. Qualification requirements include balance and deposit requirements met within a set timeframe.
Banking Services Offered by Citi
Citi is a huge investment on the part of Citigroup so customers are expecting a lot from this mobile and online platform. With Citi, you can perform the following:
• Send money to your friends through Zelle
• Pay your bills online
• Transfer funds from Citi to non-Citi accounts or vice versa
• Add Citi debit card to digital wallets such as Google Pay and Apple Pay
• Set up alerts for balance and payments
• Get access to presale tickets and exclusive perks for sports, concerts, and dining
We mentioned earlier that opening a Citi online account also gives you access to a collection of services traditional banking services. Online bank users can enjoy traditional services as well including:
• Savings and checking accounts, certificates of deposits, IRAs
• Personal loans, home equity loans, lines of credit, mortgages
• Credit cards: balance transfer, 0% intro APR, and reward credit cards
• Investment tools and insights
• Access to more than 65,000 Citi ATMs in the US and around the world
• Citigold with a relationship manager and financial advisor for wealth management
• Accounts and credit cards for small businesses
How Much Does Banking with Citi Cost?
Citi has 5 types of savings and checking accounts and a variety of IRA and CD choices giving customers multiple ways to bank with them. The basic checking account is offered with 0.01% APY. The Accelerate Savings account offers a higher APY of 3.85% but it is only available in a limited number of states and is still subject to the bank’s terms and conditions.
| Min. balance | Monthly fee | Rates | |
| Savings | $0 | $0-30 | 3.85% |
| Checking | $0 | $0-30 | 0.25% |
| CDs | $0 – $500 | $0 | 0.05% – 0.60% |
Accessibility and Security
Citi’s mobile app is decent for a huge bank but there are certain features from other online banks that we’re looking for. With the app, you can manage your accounts and track your transactions on your phone or tablet. You can also receive personalized saving and spending insights to help manage your finances. The mobile app gives you immediate access to your account summaries even without logging in. you can set up notifications for purchases, payments, and other types of transactions. If you lose your credit or debit card, you can lock them using the mobile app. Check scanning is also available so you can deposit checks through your phone. Sending, receiving, and requesting money are all through Zelle.
Customers expect a lot from big enterprises and Citi is meeting those expectations to protect customers from hacking and fraud. All activities on a Citi account undergo 128-bit, SSL encryption plus extended validation SSL certificate. All logins to Citi Online have a timestamp and use multi-factor authentication so it’s easy to track unauthorized account access. Accounts that are compromised get blocked for mobile and online access.
Customer Support
Since mobile banks and digital platforms do not have physical branches, it is all the more important for customers to be able to reach customer support services. Since Citi is an online bank powered by Citigroup, it offers several options for its customers. You can call 800-374-9700, use the live chat feature on the website, or simply visit a Citi bank branch in the United States. Premium checking account and wealth management service users (accounts that require several thousand to $200,000 minimum balance) can enjoy personalized relationship service from Citi.
Bottomline
Citi is a complete-service online banking app and platform powered by one of the biggest banks in America. What you see is what you will get. If you want an online bank for convenience but will also give you access to products and services from a traditional one, Citi is something you need to check out.