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Citibank

Reviewed
August 2010
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Citibank

Pros
  • Phone support 24/7
  • Mobile banking
  • Free checking, online bill payment if you meet terms
Cons
  • Half as many ATMs as Bank of America
  • Monthly fee for checking unless you meet terms
  • Complicated rates, terms that vary by state
  • No interest on checking, low on savings

Reviewers say that Citibank, a big traditional bank, offers a nice combination of branches, ATMs and online banking. Access to 24/7 live phone support plus a zero-liability guarantee for unauthorized use sweetens the deal. The main tradeoff for this extra convenience is a monthly fee for no-interest checking (*Est. fee variable by area) -- unless you arrange a monthly direct deposit, pay two bills online each month or maintain a balance of at least $1,500. Terms for savings are better, with a minimum opening balance of $100. Citibank gets mixed reviews for customer satisfaction -- top ranking in one survey, quite a bit lower in others. Among the biggest banks, Bank of America gets higher ratings and provides a bigger ATM network.

We found the most detailed and recent comparison ranking of Citibank and other big national banks at Keynote Systems, Inc., which surveys customer-satisfaction ratings of 24 banks. The full reports cost thousands of dollars, but the basic rankings are free online. A 2009 comparison ranking at the American Customer Satisfaction Index is also useful, since it includes ratings for previous years for each bank. Older ratings at Forbes.com are based on data that may be obsolete. ConsumerReports.org has an informative blog post on online banking. The varied complaints users post about Citibank at RateItAll.com are often more recent, but their accuracy is impossible to verify.

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Our Sources

1. Keynote Systems

Citibank lost its top ranking last year and now ranks third overall in a tie with Chase, behind Wells Fargo and Bank of America. In the individual categories, such as privacy and security or ease of use, Citibank is consistently in the top three or four.

Review: Keynote Scorecards for Financial Services/Banks, Editors of Keynote Systems, Inc., April 28, 2010

2. The American Customer Satisfaction Index

Customer-satisfaction ratings for Citibank stayed nearly the same from 2008 to 2009, though it gained ground against other big banks whose ratings fell over the same period. Citibank, listed as Citigroup in this comparison chart, is currently tied for second with Chase, behind Wells Fargo.

Review: Banks, Editors of The American Customer Satisfaction Index, 2009

3. Forbes

Citibank is named a Forbes Favorite among 18 online banks reviewed here, though the listings aren't dated and some of the facts have changed. Reviewer Jeanhee Kim calls Citi.com the "standard bearer of online banking," praising its account aggregation, site customization and comprehensive services.

Review: Forbes Best of the Web: Banking, Jeanhee Kim

4. ConsumerReports.org

This blog post, available to non-subscribers, rates seven online banks, including Citibank, on several factors such as interest rates and minimum balances. Banks don't get their own reviews, but the article contains a lot of helpful information about banking online.

Review: Best Online Banking Options, Editors of ConsumerReports.org, July 2009

5. RateItAll.com

Bearing in mind that people tend to post complaints online more than praise, Citibank still earns quite a few negative comments here for varied reasons, though not all apply directly to online banking.

Review: Citibank, Contributors to RateItAll.com

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