How to avoid Citibank account maintenance costs?

Many banks charge their account holders fees to cover their overheads. These monthly fees can range from overdraft penalties to ATM fees. However, banks often offer their customers ways to circumvent these fees as well, and Citibank is no different. Next we will explain how to avoid Citibank account maintenance costs.

How to avoid Citibank account maintenance costs?

Citibank, one of the largest banks in the United States, offers its customers a full range of banking products and services, including bank accounts and credit cards. Citibank’s monthly maintenance costs can be avoided by some strategies like maintaining a specific monthly balance.

How to avoid Citibank account maintenance costs?

What are the fees for Citibank checking accounts?

Monthly Citibank checking account fees range from $10 to $30, depending on the plan. Citibank offers customers five plans through which they can open a checking account. These plans cover banking needs from wealth management (through its Citigold plan) or general personal checking accounts (through its Basic Banking or Access Account plans).

Citibank checking accounts
Bill monthly service fee earn interest
citigold N/A Yes
Citi Priority $30 Yes
Citibank Account $25 Yes
Basic Banking $12 No
Access Account $10 No
Information accurate as of January 14, 2020.

As you can see, not all accounts require a monthly service fee and not all earn interest. One feature that all accounts share is that no deposit is required to open the account. But what about the fees?

Citibank checking account fees
Share loaded quantity
Out-of-network ATM fee $2.50 in the US; $5 for withdrawals less than $1,000 outside of the US.
Overdraft $34
Currency exchange rate 3% of the transaction
Bank transfers $15-$45
Information accurate as of January 14, 2020.

Some of these fees and others not listed may not apply, depending on your account plan. For example, the Citi Priority Account package exempts its customers from non-Citibank ATM fees.

What are the fees for Citibank savings accounts?

Monthly fees for Citibank savings accounts are $4.50 for basic accounts, but could be as high as $25 or waived entirely. Like Citibank checking accounts, Citibank savings account offerings come in five plans, which customers can choose from based on their savings goals and needs. Each Citibank savings plan includes an interest rate.

Citibank Savings Accounts
Bill monthly service fee APY
citigold N/A 0.04%
Citi Priority N/A 0.04%
Citibank Account $25 0.04%
Basic Banking $4.50 0.04%
Access Account $4.50 0.04%
Information accurate as of January 14, 2020.

Citigold and Citi Priority account holders won’t have to worry about a monthly service fee. However, all accounts offer a lower than average annual percentage yield, which is 0.09% APY, according to the Federal Deposit Insurance Corporation.

How to avoid Citibank account maintenance costs?

Most Citibank account plans allow customers to avoid monthly maintenance fees through qualifying minimum balances or deposits and payments.

Below is a breakdown of how to avoid Citibank account maintenance costs of each plan:

citigold

  • No monthly fees with the Citigold account plan.

Citi Priority

  • Your average monthly checking or savings account balance must be greater than $50,000. This number can be achieved through a combination of eligible linked retirement and investment accounts.

Citibank Account

  • Your average monthly checking or savings account balance must be greater than $10,000. A combination of eligible linked retirement and investment accounts can help you reach this number.

Basic Banking

  • Make one qualifying direct deposit and one bill payment per statement period.
  • Your average monthly checking or savings account balance must be greater than $1,500, which can be achieved through a combination of eligible linked retirement and investment accounts.
  • Monthly service fee is waived for customers age 62 and older.
  • For a Basic Banking savings account, maintain a monthly balance of $500 or more

Access Account

  • Make one qualifying direct deposit and one bill payment per statement period.
  • Your average monthly checking or savings account balance must be greater than $1,500, which you can achieve through a combination of eligible linked retirement and investment accounts.
  • For an Access Account savings account, maintain a monthly balance of $500 or more.

How to avoid Citibank overdraft fees

The best way to avoid Citibank overdraft fees is to not overdraw your account. It sounds simple, but it can be more complicated if your account is linked to multiple automatic payments that require vigilance. Citibank’s overdraft fee is $34, which is similar to what other banks charge.

Fortunately, Citibank offers its customers two forms of overdraft protection, but you’ll pay a $10 convenience fee.

    • Check Plus: This plan acts as a revolving line of credit if you overdraw or if a canceled check exceeds your funds. The $10 fee is applied once you transfer funds to your account to cover the overdraft.
    • SavingsPlus: Citi will transfer funds to your linked savings account to cover the overdraft. The $10 fee will apply each day that Citi covers overdrafts.

How to Avoid Citibank ATM Fees

Citibank fees for the use of domestic and international ATMs are $2.50. However, some banks charge $5 for ATMs used outside of the US The easiest way to avoid these fees is to use Citibank ATMs whenever possible. You can locate the nearest Citibank website or on the Citibank app. ATMs found at Costco, CVS, and Target will be easy to find.

Citibank will waive some ATM fees, depending on the plan you select. There are no ATM fees for Citibank Priority plan accounts, and the Citibank Account plan waives the fee if your balance is more than $10,000.

Citibank Account Fees Compared to Other Banks

Most Citibank fees are similar to other banks. Check out the table below.

Fees at Citibank and other banks

Share Wells Fargo chase Bank of America Citibank U.S. Bank
Monthly maintenance Up to $30 Up to $25 Up to $25 Up to $30 Up to $25
Withdrawal at out-of-network ATMs In the United States: $2.50

Outside US: $5

In the United States: $2.50

Outside US: $5

In the United States: $2.50

Outside US: $5

In the United States: $2.50

Outside US: $5

$2.50
Overdraft (insufficient funds) $35 $34 $35 $34 $36
excess transactions $15 $5 $10 No fee* $15
Wire transfer $15-$30 $5-$50 It varies $15-$45 $20-$50
Purchase with international debit 3% of the transaction 3% of the transaction 3% of the transaction 3% of the transaction 3% of the transaction
* While there is no fee, Citibank has the right to close your account if you withdraw three times the limit. Editor’s Note: Information is accurate as of January 14, 2020. Rates shown reflect amounts normally charged; exceptions may apply.

Citibank’s fees are mostly in line with those of other major banks. But unlike other banks, Citibank doesn’t charge fees when it comes to excess transactions. Instead, the bank will simply close your account.

Get the most out of your Citibank bank account

The Citibank account that’s right for you depends on your financial needs. Of course, you want to save on fees, but here are some other questions to ask yourself when choosing an account:

      • Is it for personal or business needs?
      • How much money do I spend per month?
      • How much do I want to save?
      • Do I want an account that earns interest?
      • Will this account benefit me over time?
      • Can I take advantage of the features of this account, such as exemptions?

If you take enough time to think about what you want (and need) from an account before you sign up, you’ll have a better chance of getting a banking product you’ll be happy with for years to come.

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