Citibank offers an assortment of checking accounts, savings accounts, and CDs, with terms that vary by state

• Citibank (Member FDIC)  is a national US bank with ATMs around the world and with branches in 10 US states, DC, and Puerto Rico.
• Citibank groups its checking accounts and savings accounts into "packages," and you can access more benefits with higher-tier packages.
• The bank also offers three types of CDs: Citibank Fixed Rate CDs, Step Up CDs, and No Penalty CDs.
• The Citi Accelerate Savings Account pays one of the highest APYs you can find, but it's only available for residents of certain US states.
• See Business Insider's picks for the best high-yield savings accounts »

Citibank (member FDIC) is a national bank with 690 branches scattered across 10 US states, Washington DC, and Puerto Rico. You have free access to roughly 65,000 ATMs around America, and Citibank has free ATMs around the world. 

You may choose to open an individual checking or savings account, but Citibank bundles its checking and savings accounts into "packages," so you can open them together. 

The package system comes with some benefits over choosing a checking or savings account individually. For example, you may qualify to earn interest on your checking account if you also have a savings account.

However, choosing between the various packages can be overwhelming, and they don't necessarily give Citibank an edge over competing banks.

Should you use Citibank?

You might like using Citibank if you:

• Live near a branch in one of 10 states (California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia), Washington DC, or Puerto Rico, OR are comfortable banking digitally
• Frequently travel and want free access to a Citibank ATM overseas
• Want to earn a high APY on your savings, AND live in a market where the Citi Accelerate Savings Account is available
• Want a variety of options for checking accounts, savings accounts, and CDs

You might not like using Citibank if you:

• Don't live near a branch, OR aren't comfortable banking digitally
• Value earning a high APY on your savings account balance, but don't live in a market where the Citi Accelerate Savings Account is available
• Want to earn a high rate on your CD
• Find the Citibank "package" system overwhelming

Citibank checking accounts review

Citibank offers five tiers of checking accounts, listed here from lowest to highest tier:

• Citibank Access Account
• Basic Banking
• The Citibank Account
• Citi Priority
• Citigold
• Citi Elevate^SM Account

The higher the tier, the more access you have to features such as earned interest on your checking account balance, out-of-network ATM fee reimbursements, and check writing privileges.

However, as you level up, it becomes more difficult to either a) waive the monthly service fee, or b) qualify to open an account in the first place.

Citibank doesn't require an opening deposit for any of its checking accounts, which gives it a leg up over many other brick-and-mortar banks. It's also fairly easy to waive the monthly fees for its two lowest-tier checking accounts, the Citibank Access Account and Basic Banking account.

See Business Insider's picks for the best checking accounts »

Citibank savings accounts review

Citibank has two types of savings accounts: Citi Savings and Citi Accelerate Savings.

When you sign up for a "package," you can choose either a Citi Savings or Citi Accelerate Savings account to go with your checking account.

This is where things can get confusing. There are only two types of savings accounts, but you'll pay different fees depending on which package you sign up for.

Citi Accelerate Savings is a high-yield savings account that pays a competitive rate, and it's clearly superior to Citi Savings  — but you can only open an account if you're a resident of certain markets. The account isn't available to residents who live in most states where Citibank locations are available, so if you live in one of the states with branches, DC, or Puerto Rico, you're out of luck. (The account is available in South Dakota and select parts of Florida, though.)

You don't need an initial deposit to open either a Citi Savings or Citi Accelerate Savings account. There is a monthly fee, but you may be eligible to have it waived if you meet the requirements of the package you choose.

See Business Insider's picks for the best high-yield savings accounts »

Citibank CDs review

Citibank offers three types of CDs. While the bank's abundance of checking and savings account options can be staggering, its CD options are easier to follow. The purpose of each type of CD is clear.

Here are the three options:

• Citibank Fixed Rate CDs: Terms range from three months to five years. When you open a CD, the rate is locked in until the CD matures.
• Citibank Step Up CD: This 30-month CD increases your rate every 10 months. Currently, the Step Up CD rate is higher than the Fixed Rate CD rate for a 30-month term, plus your rate will increase over time. However, if you want a CD with a term length other than 30 months, you'll need to choose another type of CD.
• Citibank No Penalty CD: Fixed Rate CDs and Step Up CDs charge a fee if you withdraw funds before your term ends. With a 12-month No Penalty CD, you can withdraw early without being penalized. Keep in mind, though, that your only option is a 12-month term, and the rate is slightly lower than the 12-month rate with a Fixed Rate CD.

It's nice that Citibank offers three types of CDs, but you can find higher rates with other banks, especially online banks. Some of these banks also offer their equivalent of some or all of Citibank's types of CDs.

See Business Insider's picks for the best CDs »

Citibank features

Citibank is a national bank with 690 branches sprinkled around the US, including in California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, and Virginia, Washington DC, and Puerto Rico. You'll also have access to over 65,000 fee-free ATMs nationwide, plus free ATMs all over the world.

Citibank offers five types of checking accounts and two types of savings accounts. Citibank groups its accounts into "packages," so you can have one checking and savings account in a package. Although there are technically only two savings accounts, the terms of your savings account depend on which package you choose.

Citibank also has three types of CDs, which are listed separately from its packages.

Some of Citibank's terms depend on where you live. For example, the high-yield Citi Accelerate Savings Account is only available for residents of certain states, and the minimum opening deposit for your CD is contingent upon where you live.

Citibank's customer service is available 24/7 over the phone, and you can chat online from 6:00 a.m. to 10:00 p.m. ET. The bank also has an easy-to-use mobile app, which has 4.9 out of 5 stars in the Apple store and 4.6 stars in the Google Play store.

Your Citibank accounts are FDIC insured for up to $250,000, or $500,000 for joint accounts.

How Citibank compares

Citibank review vs. HSBC review

Citibank and HSBC are similar in that they both offer checking accounts, savings accounts, and CDs. HSBC also has a lower-rate savings account (similar to Citi Savings), but if you open a savings account through its online operation, HSBC Direct, you can score a savings account with a much higher rate than its basic savings account.

HSBC doesn't have anything comparable to the package system Citibank offers, so if you like the package system, you may prefer Citibank — but if you find the package system annoying, you might want to go with HSBC.

Citibank and HSBC have similar offerings, so your choice between the two may come down to which bank has a location closer to your home. Citibank is also more convenient for international travelers, since it has fee-free ATMs around the world.

Read our HSBC Direct Savings review »

Citibank review vs. Wells Fargo review

Citibank and Wells Fargo have checking accounts, savings accounts, and CDs. Like Citibank, Wells Fargo has several types of each account, but it doesn't have the package system.

Wells Fargo has many more branch locations in more states than Citibank, so it's more likely you'll have a Wells Fargo branch near your home. This can also make it easier to find a Wells Fargo branch when you travel within the US.

However, Wells Fargo doesn't have international ATMs, so you still may prefer Citibank if you travel to other countries.

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