According to some studies, people lose nearly $170 a year just in monthly bank fees. Others report that over the course of a decade you can lose out on at least a $1,000 in hidden fees and maintenance costs simply for having an open account with a bank.
At Earn Cheese, we’re dedicated to ensuring that our users pay $0 in monthly fees while enjoying other zero-fee perks such as no overdraft fees, no international wire fees, and no minimum balance fee. Larger international banks such as CitiBank aren’t usually able to offer the same level of fee-free assistance.
So, how much do you pay to open a bank account with CitiBank? What are the fees associated with a CitiBank checking account? And, what are your options with various different types of CitiBank checking accounts? We’ve got the answers for you.
How Much Are CitiBank Banking Fees?
How Much Does it Cost to Open a Bank Account at CitiBank?
Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. If you’re opening a CitiBank savings account, there is a $100 minimum deposit required.
There is no minimum deposit required to open a checking account at CitiBank. However, each comes with their own monthly fee and individual ways to waive the monthly CitiBank banking fee depending on the account that you have.
What Are the Different Kinds of CitiBank Checking Accounts?
Each CitiBank checking account comes with unique monthly fees and other charges that can make them more expensive than the others. The six main CitiBank checking account options are:
- Access Account
- Basic Banking
- The CitiBank Account
- Citi Priority
- Citigold
- Citi Elevate Account
What’s the same across the board? There is no minimum deposit required to open any CitiBank checking account.
CitiBank Access Account
The monthly service fee for a CitiBank Access Account is $10 for a Citi checking account and $4.50 for a Citi savings account that’s not linked to a checking account. You can waive the monthly CitiBank fee by:
- Making one qualifying direct deposit OR one qualifying bill payment per statement period
- Maintaining a $1,500+ combined average monthly balance in eligible linked accounts
This is a great option for basic spenders and savers and comes with access to a full range of Citi digital products and services, plus no overdraft fees. You can’t, however, request or use paper checks, and there is a $2.50 fee per withdrawal at non-Citi ATMs.
CitiBank Basic Banking
The monthly service fee for a CitiBank Basic Banking Account is $12 for a Citibank checking account and $4.50 for a Citibank savings account that’s not linked to a checking account. You can waive the monthly CitiBank fee by:
- Making one qualifying direct deposit AND one qualifying bill payment per statement period
- Maintaining a $1,500+ combined average monthly balance in eligible linked accounts
It’s important to note that for this account, they’ll also waive the monthly maintenance fee if the account owner is older than 62 years old. This also applies to the $2.50 ATM fee you’d incur for using non-Citi ATMs.
The CitiBank Account
The monthly service fee for The CitiBank Account is $25 for a checking account and $25 for a savings account that’s not linked to a checking account. You can waive the monthly CitiBank fee by:
- Maintaining a combined average monthly balance of $10,000+ in eligible linked deposit, retirement and investment accounts
This is CitiBank’s full-service relationship account that comes with the chance to do things like earn interest on your checking account balance and earn Citi ThankYou Rewards Points. As well, you can enjoy fee-free ATM withdrawals at non-Citi ATMs as long as you meet the monthly minimum balance requirements.
Citi Priority
The monthly service fee for a Citi Priority Account is $30. You can waive the monthly CitiBank fee by:
- Maintaining a combined average monthly balance of $50,000+ in eligible linked deposit, retirement and investment accounts.
Enjoy nearly everything you’d get out of a traditional CitiBank Account, plus:
- Guidance from Citi Personal Wealth Management advisors
- Investment resources
- Online financial education tools
- Chance to earn the highest level of offered Citi ThankYou Rewards Points for a checking relationship
- Waived overdraft fees
- No ATM fees
CitiGold
How do you get no monthly CitiBank banking fees? Open a CitiGold account. It comes with $0 monthly fees, but to qualify for the account you have to maintain a combined average monthly balance of $200,000+ in eligible linked deposit, retirement and investment accounts.
The other benefits of this checking account include things like:
- Reduced or waived Citi wire transfer fees
- No foreign exchange fees
- No overdraft protection transfer fees
- No fees for incoming Citi wire transfers and money orders
How Much Does it Cost to Open a Savings Account at CitiBank?
CitiBank is unique in that you can open a checking or savings account in each of the categories mentioned above. This means that the fees associated with a Citi Priority checking account, for example, are the same as the fees for opening a Citi Priority savings account.
There are no minimum opening deposits for a savings account at CitiBank and you can easily transfer money between Citi and non-Citi accounts.
The Citi Accelerate Savings account is the one unique option as it’s the bank’s high-yield savings account. However, you have to open it as part of a package deal when opening a Citi checking account.
Currently, a Citi Accelerate Savings account comes with a 1.55% standard APY and a 1.54% interest rate regardless of the Citi checking account you open it along with.
What Are the Other CitiBank Monthly Banking Fees?
Like other major banks in the country, there are certain fees associated with a CitiBank account. You can expect to incur CitiBank monthly maintenance fees, overdraft fees, plus wire transfer fees and foreign transaction fees.
Some of the most common CitiBank fees are as follows (unless otherwise mentioned that they’re waived for meeting certain requirements):
- $34 for overdraft or insufficient funds
- $30 stop payment fee
- $2.50 ATM fee for using a non-Citi ATM
- $10-25 outgoing domestic wire transfer fee
- $25-35 outdoing international wire transfer fee
Want to learn how to avoid CitiBank monthly banking fees?
- Open the right checking or savings account for your lifestyle and income
- Maintain the right minimum balance
- Set up qualifying direct deposits
- Set up qualifying bill payments
- Optimize your retirement and investment account contributions
- Don’t overspend to avoid insufficient funds and overdraft fees
What’s A Better Banking Option Than CitiBank?
While most people are able to waive the fees associated with a CitiBank checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback.
The Cheese Debit Card allows you to earn cashback on all spending. And, it does so while allowing you to enjoy zero fees. No banking fees, high cashback rates, and even the chance to earn multiple Cheese Rewards? It’s as good as it sounds. Sign up to join us today.
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