Citibank is a large retail and commercial bank owned by Citigroup

Citibank is the consumer and commercial banking division of Citigroup, one of the largest financial institutions in the United States. It offers checking and savings accounts, credit cards, mortgages, auto loans, and investment services to individual customers and businesses. Citibank operates physical branches in select states and territories, though most services are available online or by phone.

Citibank is a traditional bank, meaning it takes deposits, makes loans, and is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder per bank. It is not a credit union, investment-only firm, or fintech startup — it is a full-service bank with a long history dating back to the 1800s.

Key Takeaways

  • Citibank is the retail banking arm of Citigroup and offers checking, savings, loans, and credit cards to consumers and businesses.
  • Deposits at Citibank are FDIC-insured up to $250,000 per account type, protecting your money if the bank fails.
  • Citibank operates branches in fewer states than it did historically, but most banking can be done online, by phone, or through ATMs.
  • Citibank charges monthly maintenance fees on many accounts, though fees can often be waived by meeting balance or direct deposit requirements.

How Citibank makes money and what that means for you

Citibank earns money primarily by charging interest on loans (mortgages, auto loans, personal loans) and by collecting fees on accounts and services. When you keep money in a Citibank savings account, the bank pays you a small amount of interest — currently very low — and uses your deposit to lend to other customers at a higher rate. The difference is the bank's profit.

For you as a customer, this means Citibank has an incentive to keep your account open and active. It also means the interest rates Citibank offers on savings are typically lower than what online-only banks offer, because Citibank maintains physical branches and a large staff. You are paying for convenience and brand recognition, not for the highest return on your money.

Citibank branches and how to access your account

Citibank operates branches in fewer locations than it did ten years ago. As of 2024, branches are concentrated in California, Florida, Illinois, New Jersey, New York, Texas, and a few other states, plus Puerto Rico and the U.S. Virgin Islands. If you live outside these areas, you cannot walk into a Citibank branch.

However, you can still bank with Citibank through its website, mobile app, phone line, and ATM network. Citibank is part of the Allpoint ATM network, which means you can withdraw cash at thousands of ATMs nationwide without paying an out-of-network fee. For deposits, you can use mobile check deposit through the app or transfer money electronically.

Citibank account types and fees

Citibank offers several checking and savings account options, each with different monthly maintenance fees and minimum balance requirements. A basic checking account may charge $10 to $15 per month, though the fee is often waived if you maintain a minimum balance (typically $1,500 to $3,000) or set up direct deposit. Savings accounts have lower fees but also pay very low interest rates.

Citibank also offers money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Each product has its own fee structure and terms. Before opening an account, compare the monthly fee, minimum balance requirement, interest rate, and waiver conditions to other banks — Citibank's rates and fees are not always competitive for savers.

Credit cards and loans through Citibank

Citibank issues credit cards under its own brand and also manages cards for other retailers. Citibank credit cards typically offer rewards (cash back or points), introductory rates on balance transfers or purchases, and various cardholder benefits. Like all credit cards, they charge interest if you carry a balance and may charge annual fees depending on the card type.

Citibank also originates mortgages, auto loans, and personal loans. These products are available to customers with good credit and sufficient income. Interest rates and terms vary based on your credit score, down payment, and the current market. Citibank is one option among many lenders; shopping around is important before committing to a loan.

FDIC insurance and account safety

Money you deposit at Citibank is insured by the FDIC up to $250,000 per depositor per account category. This means if Citibank fails, the FDIC will reimburse you for your deposits up to that limit. Separate account categories (checking, savings, money market, IRA) are insured separately, so you can have up to $250,000 in each type and be fully covered.

This protection applies only to deposits, not to investments like stocks or mutual funds held through Citibank's brokerage services. If you invest through Citibank, those assets are held in your name and are not FDIC-insured, though they are protected under Securities Investor Protection Corporation (SIPC) rules if the brokerage fails.

Citibank versus online banks and credit unions

Citibank's main advantage is physical branch access (if you live in a state where branches exist) and a recognizable brand. Its main disadvantage is lower interest rates on savings and higher fees compared to online banks like Ally or Marcus, which have no branches but lower overhead costs.

Credit unions are member-owned and often offer lower fees and better rates on savings and loans, but membership is restricted to people who meet certain criteria (employer, location, profession). Citibank is open to anyone and does not require membership in an organization. The choice depends on what matters most to you: branch access, interest rates, fees, or membership may be able to access.

Frequently Asked Questions

Is my money safe at Citibank?

Yes, deposits up to $250,000 per account type are insured by the FDIC. If Citibank fails, the FDIC will reimburse you. Investments and brokerage accounts are not FDIC-insured but are protected under SIPC rules.

Does Citibank have branches near me?

Citibank branches are located primarily in California, Florida, Illinois, New Jersey, New York, Texas, and a few other states. Use the branch locator on Citibank's website to check your area. If there is no branch nearby, you can still bank online, by phone, and through ATMs.

What interest rates does Citibank pay on savings?

Citibank's savings rates are typically lower than online banks because it maintains physical branches. Rates change frequently and vary by account type. Check Citibank's website or call to compare current rates with other banks before opening an account.

Can I avoid monthly fees on a Citibank checking account?

Most Citibank checking accounts waive the monthly fee if you maintain a minimum balance (usually $1,500 to $3,000) or set up direct deposit. Read the account terms carefully, as waiver conditions vary by account type.

What is the difference between Citibank and Citigroup?

Citigroup is the parent company; Citibank is its consumer and commercial banking division. Citigroup also owns investment banking, wealth management, and other financial services divisions. When you open a checking account, you are banking with Citibank, which is part of Citigroup.