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Review Citibank Citigold Interest Checking Account for Individuals
Citibank Citigold interest personal checking account review 2024: fees, pros/cons. Free checks, ATM deposits, debit card rewards.
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For the individual who likes to maintain a high balance, interest bearing checking account, the Citibank Citigold account is an option that may be appealing. As one of the largest banks in the world, Citibank has an array of account types and features, but the Citigold Interest Checking account distinguishes itself in many ways. It is their top tier account offering, suitable to a very specific type of customer.
Citigold Interest Checking Account Overview and Basic Structure
In order to open a Citigold account there is no minimum deposit required, and as long as one maintains any level of account activity they can enjoy the Citigold premium benefits. However, those benefits will come at a price for account holders with a balance below $50,000, as there will be a $30 monthly service fee assessed. This is an expensive checking account fee in the industry, but there are ways to have it waived.
The $50,000 balance may be achieved by linking other deposit and retirement accounts held with Citibank, so that amount does not have to be the minimum held in the checking account alone. Another way to achieve the fee waiver is to have $100,000 or more in all accounts, which can include linked investment accounts with Citibank, excluding mortgages. A mortgage held with Citibank of $250,000 or more also qualifies one for the fee waiver for a Citigold account.
Global Benefits of the Citigold Interest Checking Account
Even with the $30 monthly fee, there are those who may find that the Citigold checking account is worth the money, depending upon where and how they use banking services. The first is the Citigold Service Representative that they claim is their highest level of customer service, and is not available to regular account holders. Phone response from this dedicated service line is quick and high quality, and apparently not outsourced to call centers in other countries. For those who tire of long telephone hold times or poorly trained representatives, this may be an attractive feature if you need personal attention.
The more compelling benefit of this account is for those who use international banking services or travel frequently abroad. Citibank has an extensive network of ATM’s and full service branches around the world, but in the event that a Citibank ATM can’t be found there is normally a Citibank charged fee to use non-Citibank ATM’s.
The Citigold account holder has all Citibank charged ATM fees waived from any bank ATM, anywhere in the world. Those foreign banks may charge their own fee however for ATM use. It should be noted that this benefit is also available to regular Citibank checking accounts with a balance of $15,000 or more. If one uses foreign ATM’s regularly then this could offset the monthly fee quickly. In addition, there are no foreign exchange fees applied by Citibank to ATM withdrawals or debit purchases, compared to some credit card exchange fees that can be as high as 3%.
Other global benefits include access to multiple currencies either at home or through worldwide branches, emergency cash services up to $10,000 and assistance with relocation and account opening in foreign countries. There is a discount on both domestic and international wire transfers for Citigold account holders, and incoming transfers are free. Anyone with combined accounts of $500,000 or more can send wire transfers for free. All of this is appealing to anyone who does frequent international travel or transfer of funds, minimizing fees and utilizing a higher level of customer service.
Other Citigold Checking Benefits and Features
Many account holders are interested in rewards and Citibank does offer the Thank You network reward program. For Citigold customers, the highest earning rate is offered at 900 points a month simply by having the account and utilizing the bill pay feature twice a month. Those rewards can be added to by using other Citibank services. There is also a Personal Wealth Management service offered by Citibank, and Citigold account holders can utilize this service at a discounted rate.
Finally, the Citigold checking is the only interest bearing checking account offered by Citibank, with an interest rate of
.05% for any amount in the account. It is not a high rate, but at least pays something on the $50,000 balance required to maintain
the account fee waiver. There are other banks that do pay higher rates, one of the better options being
Discover online savings account with a 0.95% APY rate.
Selecting the Citibank Citigold checking account will not benefit every type of account holder. Those with low balances, having few investment holdings and using only domestic Citibank ATMs, would not reap many of the benefits or fee savings available to international customers. The customer service feature is nice to have, but probably not worth the $30 a month for that benefit alone.
Nonetheless, the Citigold account may be perfect for those who have an international lifestyle and demand a high level of personal attention when they bank, but prefer not to pay a premium for those services.
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