CitiBank Business Banking Review

Citibank can be a great choice for business owners looking for a variety of bank account options that are tailored to their specific business needs. However, these options will only be available to businesses operating near Citibank branch locations.

Recommended: Read our Best Banks for Small Businesses review to find the right bank or credit union for your business’s specific needs.

Summary

Citibank's CitiBusiness bank accounts can be a good choice for many businesses. Citibank has been providing businesses with reliable and competitive banking resources for more than 200 years. Their high interest rate savings accounts put them above some of their competitors, and their 34,000 ATMs and over 1,000 branches span across the majority of the United States. Citibank offers several ways for their customers to waive monthly fees, and even offers a unique checking account that allows for unlimited transactions and deposits by using earnings credit to waive fees.

Unfortunately, Citibank only allows businesses to open a bank account at a physical branch, creating accessibility problems for some. Additionally, their CitiBusiness Preferred Banking doesn't offer nearly as many perks as their competitors’ rewards programs.

Who is CitiBank right for?

Citibank can be a great choice for business owners looking for a variety of bank account options that are tailored to their specific business needs. However, this option will only be available to businesses operating near Citibank branch locations.

Compare CitiBusiness Bank Accounts on their website.

CitiBank Website

Pricing

Citibank offers a variety of bank accounts to meet the needs of their clients. Their CitiBusiness bank accounts range in resources for small to large businesses. One unique account offering is the CitiBusiness Checking Account. This account differs from other banks’ offerings in that it does not include any free transactions or deposits. Instead, the account relies on earnings credit to waive fees. This means, the more you deposit and use the account, the easier it becomes to waive fees.

Base Features

• Debit Cards
• Overdraft Protection
• CitiBusiness Safety Check
• Online check deposits
• Opportunity to enroll in CitiBusiness Preferred Banking for deals on pricing, fees, rebates, and bonus rewards
• Online Banking

CitiBusiness Streamlined Checking

Citibank’s CitiBusiness Streamlined Checking Account includes:

• A monthly fee of $15 that can be waived if you maintain a minimum average monthly balance of $5,000
• 250 transactions per month
• A monthly currency deposit limit that varies by state from $5,000 to $10,000

Cost:

$15 per month (waivable), fees vary by state

Who should open a CitiBusiness Streamlined Checking account?

If you’re running a small business that makes around 250 transactions per month, and you plan to keep a low balance, the CitiBusiness Streamlined Checking Account is a good option for you.

CitiBusiness Flexible Checking

Citibank’s CitiBusiness Flexible Checking Account includes:

• A monthly fee that varies by state from $22 to $30, and can be waived if you maintain a minimum average monthly balance of $10,000
• 500 transactions per month
• A monthly currency deposit limit of $20,000

Cost:

$20 per month (waivable), fees vary by state

Who should open a CitiBusiness Flexible Checking account?

The CitiBusiness Flexible Checking Account is meant for growing businesses, giving space to those who make a high number of transactions and maintain large balances.

CitiBusiness Checking

Citibank’s CitiBusiness Checking Account includes:

• A monthly fee of $22
• A monthly earnings credit on your combined balance to waive all your monthly fees and limits.
• Unlimited transactions and currency deposits.

Cost:

$22 per month (waivable), fees vary by state

Who should open a CitiBusiness Checking account?

The CitiBusiness Checking Account is great for businesses that maintain large balances and can bring in enough earnings credit to waive fees. It’s designed for business who need limitless transactions and deposits.

CitiBusiness Interest Checking

Citibank’s CitiBusiness Interest Checking Account includes:

• Interest rates and APY at 0.05%
• A monthly fee that varies by state from $22 to $30, and can be waived with a minimum average monthly balance of $10,000
• 25 transactions per month
• A monthly currency deposit that varies by state from $5,000 to $10,000

Cost:

Fees vary by state

Who should open a CitiBusiness Interest Checking account?

If you’re looking for an interest-bearing account, and will not need to make very many transactions, Citibank's CitiBusiness Interest Checking is a good choice for you.

CitiBusiness Savings Account

Citibank’s CitiBusiness Savings Account includes:

• $10 monthly fee that is waivable if you keep an average balance of $500 (may vary slightly by state)
• Interest and APY rates of 0.15%
• No minimum deposit to open
• Unlimited monthly deposits

Cost:

$10 per month (waivable), fees vary by state

Who should open a CitiBusiness Savings Account?

Businesses looking for a standard savings account with a low monthly fee can benefit from the CitiBusiness Savings Account. This account also offers an interest rate that is much higher than its competitors.

CitiBusiness Insured Money Market Account

Citibank’s CitiBusiness Insured Money Market Account includes:

• $10 monthly fee, waivable if you keep an average balance of $2,500 (may vary slightly by state)
• Annual interest and APY rates at:
• $0 - $24,999 = 0.10%
• $25,000 - $49,999 = 0.25%
• $50,000 - $99,000 = 0.25%
• $100,000+ = 0.35%
• Interest rates may vary slightly by state
• Unlimited monthly deposits

Cost:

$10 per month (waivable), fees vary by state

Who should purchase the CitiBusiness Insured Money Market Account?

With fairly high interest rates and unlimited deposits, the CitiBusiness Insured Money Market Account is a good choice for most businesses looking to put aside a large amount of money.

CitiBusiness Certificate of Deposit

The CitiBusiness Certificate of Deposit includes:

• Annual interest rates of:
• 70 days - 0.05%
• 2 months - 0.05%
• 3 to 6 months - 0.10%
• 9 months to 1 year - 0.15%
• 18 months -  0.3%
• 2 years - 0.5%
• 3 years - 0.7%
• 4 years - 0.75%
• 5 to 10 years - 0.80%
• A transfer limit

Cost:

Fees vary by state

Who should open a CitiBusiness Certificate of Deposit account?

If you’re looking to make a short-term investment, the CitiBusiness Certificate of Deposit is a good choice. The interest rates are average, starting higher than Chase Bank’s and Bank of America’s short-term accounts. For long term investments, however, Citibank’s CD interest rates fall short compared to Chase Bank’s CD rates that go up to 1.05%.

CitiBusiness Preferred Banking

Citibank’s CitiBusiness Preferred Banking package includes:

• $40 monthly fee that can be waived if you keep an average checking balance of $15,000 or more
• 500 free checking transactions per month
• 5 free wire transfers per month, incoming, outgoing, domestic or international
• Up to $20,000 in US currency deposits per month without fees
• Stop payments are fee free
• Your first order of checks are free, with 10% off future checkbook orders
• Access to prefered rates on Business Money Market Accounts, and lines of credit on loans up to $1,000,000
• Special bonus offers on select CitiBusiness Credit Cards

Cost:

$40 per month (waivable), fees vary by state

Who should purchase the CitiBusiness Preferred Banking account?

If you want to keep a lot of your banking with Citibank, and want special pricing and benefits, then CitiBusiness Preferred Banking may be useful for you. Citibank offers a nice package, but it doesn’t have as many features and benefits as Bank of America’s Advantage Relationship Rewards Program.

Ratings

Value - 3.5/5

Citibank sets themselves apart with their savings accounts’ interest rates. Their interest rates start where some of their competitors like Chase Bank and Bank of America cap. Their Certificate of Deposit also offers competitive interest rates for shorter periods. Lastly, while their customer service is great, neither the business section of their website nor their CitiBusiness Preferred Banking program are very impressive.

Customer Service - 4.5/5

Writing this review required a great deal of communication with Citibank customer service. Their employees were knowledgeable and kind. Citibank offers phone, online chat, and mail services for their customer inquiries.

Ease of Use - 3.5/5

Citibank’s website is generally good, but their business section is outdated and disorganized. It’s also missing a lot of information, so customers have to resort to contacting customer service about small details like opening fees and interest rates. Citibank does offer a better experience for customers through their mobile app and online banking website, which has a straightforward and user friendly interface.

Included Features - 3/5

Citibank’s premium feature program, CitiBusiness Preferred Banking, is the equivalent of Bank of America’s Business Advantage Relationship Rewards program. The Preferred Banking program provides a larger transaction limit, some free wire transfers, a high deposit limit, and more. But, compared to Bank of America’s Business Relationship Rewards program, Citibank’s Preferred Banking account is lacking in features and benefits.

Conclusion

Citibank’s reliable and competitive resources make them a good choice if your business is located near one of their branches. They offer good savings account interest rates, and their CitiBusiness Checking Account may be useful for many larger businesses. In many ways, though, competitors like Bank of America and Chase Bank offer better account options and rewards programs. Citibank’s competitors also make it easier for businesses to open an account.

Who is CitiBank right for?

Citibank can be a great choice for business owners looking for a variety of bank account options that are tailored to their specific business needs. However, this option will only be available to businesses operating near Citibank branch locations.

Compare CitiBusiness Bank Accounts
Prices vary by package