Citibank Review: Checking, Savings, and CDs – Should I bank with Citibank?

Citibank is a great all-around bank and it offers some of the most competitive rates in the mortgage market. 

Table of Contents:

What country owns Citibank?

Is Citibank a good bank?

Who is Citibank owned by?

Where is Citibank located in the USA?

Which bank merged with Citibank?

Is my money safe in Citibank?

Which bank is bigger Citi or Chase?

What is Citibank ranked?

Does Citibank have a minimum balance?

What country owns Citibank?

Citibank, or rather Citigroup Inc. is a multinational investment corporation that has its headquarters in New York City. While the bank is not owned by a specific country, the bank is an American bank and in 2008 it was bailed out of bankruptcy through a US company intervention. Because of this in 2009 it was announced that the US government would take 36% equity and would hold half of the seats of the Board of directors. 

Is Citibank a good bank?

Citibank can be a good bank for those looking for a full-service bank that can take care of all of their banking needs. All Citibank bank accounts are FDIC insured for up to $250,000. However, even though Citibank is a relatively stable bank it is also one that has been through a lot of turmoil. Apart from its financial troubles in 2008, Citibank has since failed Federal stress tests and has recently announced that it would be backing out of 13 of the markets that they were previously present in. As such, Citibank may not necessarily be the best banking option available. 

However, where Citibank truly shines is in its mortgage services. The Citibank mortgage rates and fees are normally considered to be some of the best available rates on the market. What’s even better than the rates are that Citibank practices mortgage rate transparency, this means that all of the current mortgage rates, APR, and even samples of monthly payments can be displayed on the Citibank website. Of course, these are only the starting point and when you are negotiating your own mortgage with Citibank you may be able to get even more premium rates and services. Citibank’s origination fee is fairly average, so when it comes to that you should not be expecting a much better rate from Citibank than the one found through a different bank. 

Why Citibank mortgages are good: 

• A variety of mortgages are offered, including a fixed-rate mortgage from 10,15,20, or 30 years. Adjustable mortgages are also available
• Private mortgage insurance is an option provided
• If you are an existing Citibank customer premium rates and discounts can be applied
• Transparency regarding their rates
• Some of the best rates on the market when compared to other available products. 
• EPF withdrawal is available
• MRTA or MLTA insurance plan

A similar transparency policy is also followed for their refinancing services which is why for those looking to see if refinancing is a good option for them, Citibank could be the ideal bank. If you are still in the process of crunching the numbers you can also take advantage of their Citibank refinancing calculator to see what your options would be. 

Citibank also offers high home equity levels which can also be important for those looking for a home equity loan. While some of their programs are currently not available, the standard APR that Citibank offers on Home equity loans ranges from 6.59 to 8.79. There is also no specified minimum credit score which can be a really important factor when trying to decide to get a home equity loan. 

In general, when it comes to your housing banking needs, Citibank appears to be one of the most solid banking options. They offer competitive rates that are usually determined by your own situation. They are also extremely transparent on what their rates are which is crucial for those who want to know that they are getting the best deal possible and not getting cheated with worse rates than others. 

Finally, one of the best things about Citibank is their Citi accelerate Savings account. This particular account can have an interest rate that is almost 10 times higher than the national average. If you are looking to truly make the most of your already existing savings or to start saving for a deposit, this account can be the perfect solution. What’s more, if you are an existing Citibank customer you may be able to get better fees and rates when you go to apply for your actual mortgage, which is another important thing to consider when deciding who to bank with. 

Who is Citibank owned by?

Citibank is a subsidiary of Citigroup. A large part of the equity of this bank is held by the US government which had previously plaid an integral role in keeping the bank stable after the 2008 financial crisis. After these events, a large part of Citibank’s and Citigroup’s equity was given to the USA government. In fact, the USA government for a time held 36% of the Citibank equity. 50% of the Citibank board seats were also taken up by the USA government. 

Where is Citibank located in the USA?

Citibank has its global headquarters in New York City. Apart from its headquarters in New York it also has branches across the USA and especially in Florida, Texas, California, and Illinois. 

Which bank merged with Citibank?

Citibank was formed through the merger of Citicorp and Travelers Group in 1998. At the time the Travelers group was not a bank, but rather a diverse group of financial services, including real estate investments. The merge did not go as initially planned and Citigroup spun off Travelers and turned it into a subsidiary in 2002. 

Is my money safe in Citibank?

Money placed within a Citibank account is relatively safe and the reason for this is that accounts with up to $250,000 are insured under FDIC. This means that even in situations of financial crisis you will be able to retrieve the amount that you placed in your Citibank account. 

Having your money in a safe savings account can be incredibly important if you are trying to save up for retirement, an emergency, or even a new home. Knowing that the money that you have in your account will always be retrievable because of the Federal Deposit Insurance Corporation means that you can take this chance and place your money in an account that will yield a higher interest rate. This could help your money truly multiply over the months and it could help you reach your goals that much faster. 

Which bank is bigger Citi or Chase?

Both Chase and Citibank are two of the biggest banks in the country. In fact, Chase is the number one bank in the country in terms of assets as it is currently holding over 54 million customer accounts. Citibank taking the fourth spot in terms of size, but the bank is a part of a larger international conglomerate known as Citigroup. 

In terms of access to branches and ATMs, Chase can be seen as better as it has over 5,000 branches spread across 25 states, in contrast, Citibank only has close to 700 branches, which means that if you care about accessing a branch frequently you are much more likely to find a number of branches around you if you are banking with Chase. 

In terms of rates, Citibank and Chase both offer a variety of different accounts both for checking and savings. However, neither one of them offers truly competitive rates that could make one or the other stand out. However, what is significantly different is the fact that Citibank offers an IRA CDs account which is something that Chase no longer offers as a product. 

The fees offered by both banks are very similar which is in fact just makes these two banks even more comparable. 

Reasons to bank with Citibank:

• Citibank has a better savings account; the Citi accelerate Savings. The interest rate on this account is almost 10 times the national average. This means that if you are looking to save money for your deposit, having it in this account could result in your savings multiplying much faster
• Citibank is also more international so if you often find yourself abroad you may want to consider using Citibank as it will give you the option to visit one of their international branches and ATMs. 
• Citibank offers great mortgage rates and full transparency on what their rates are on their website. If you are looking to purchase a house then this can be a huge benefit that you should consider. 

Reasons to bank with Chase:

• Chase is a larger bank with a lot more branches scattered throughout the USA. This means that you are very likely to always have a Chase branch near you as your travel through the USA 
• Chase often has great bonus schemes for those that sign up to use their services. These could really add up in the long run
• If you are looking for a more secure bank, Chase may actually be a better option as it has not gone through as much upheaval like the one that Citibank has gone through. What’s more, with all of the recent announcements that Citigroup is exiting certain markets, it may be best to stick to a bank that can handle the stress of economic change. 
• Chase is also a great option if you are looking to do all of your banking in one place, this means that you can have your savings, checking accounts as well as your mortgage and personal loans all through Chase. 

What is Citibank ranked?

In different lists, Citibank can be seen ranking in different spots. For example, it ranks number 4th in terms of being the largest bank in the USA, but in Brand Finance US Top 100 the bank ranked as number 16. Other important lists such as the BrandFinance Global 500 places it in the 41st position, but in the BrandFinance Global Banking 500, it takes the number 6 place. Overall, in finance, Citibank tends to consistently rank in the top 20, while in terms of Global value it tends to always fall within the top 100. This shows how valuable the bank is and that its current position is one that it will likely retain for years to come. 

Does Citibank have a minimum balance?

For their Basic Banking Account Citibank does not have a minimum monthly balance. This means that you can retain your account even if it has $0 within it. With that being said, keeping a balance of $1,500 in eligible linked accounts could result in you getting the $12 monthly fee waived. This can be a great thing for those looking to save on that extra cash each month. After all, within a year that could be $144 in fees. 

Their Citibank Savings account also does not have a monthly fee associated with it. As the saving rates offered in some of the Citibank accounts can be quite good though, it would be a good idea to set up an account with a high-interest rate where you can save up for a home remodel, a big purchase, or even your initial deposit for a house. 

Summary: 

While Citibank has over the years had some financial troubles, it appears to have come back strong with many competitive products, especially targeting the marketing industry. If you are looking for a great bank that you can use internationally then Citibank may be one of your best options. For competitive mortgage rates, refinancing options, and savings accounts with high-interest rates Citibank has products that can cover all of your needs.