Is It Right For You? (Pros, Cons & More)
Need to open a business checking account and unsure which bank is ideal? Wondering which makes the most sense for your needs? With a couple hundred million clients and a presence in over 150 countries, Citibank is worth consideration.
In this Citibank business checking review, we’ll take a look at some pros and cons, pricing, features, customer reviews and more. By the time you’re finished, you’ll know whether they’re the right bank for your business or if you should look at other options. Enjoy!
From small startups to large companies, Citibank has options. Their business checking customers choose from one of four basic account packages tailored to specific needs.
Their footprint on the business banking world is massive with 34,000 ATMs and over 1,000 branches in the US alone.
Business checking customers can also add on CitiBusiness credit cards, which have some great rewards through their partnerships with American Airlines and Costco.
If you meet their set of conditions, like maintaining a minimum balance for example, most of their business checking accounts can have fees waived.
If you also want a savings account and it will be a real asset, you might want to look elsewhere. Citibank’s savings accounts have an APY of 0.01%.
Their CitiBusiness Online feature doesn’t include an app. There’s a mobile-friendly site, but we’d prefer to see a dedicated Android and iOS app to go along with it.
Citibank has four different levels of business checking. From small to large: Interest Checking, Streamlined Checking, Flexible Checking and CitiBusiness Checking. This screenshot from their website really does a good job of summarizing:
Note: Interest Checking only draws a 0.01% APY, so you don’t gain much by taking the low transaction limit. Streamlined Checking has the lowest minimum balance, with a reasonable 250 transactions included, while Flexible Checking doubles both the balance minimum and transaction limit.
The CitiBusiness Checking Account is a full-featured (and industry standard) option, including unlimited check writing and the option for multiple cash management solutions.
We don’t have one standout favorite package. Streamlined, Flexible and CitiBusiness Checking are each tailored to fit different sets of business needs, so consider the one that best fits your company.
When you’re dealing with a bank the size of Citibank, there are thousands of customer reviews online. Most tend to be personal banking customers taking issue with loan rates or credit card fees, so finding the honest business banking reviews can be tricky.
Finally, keep in mind that Citibank doesn’t have an app for their business services. Some customers mention that it’s a hassle to pull up the CitiBusiness Online mobile website, as opposed to opening a dedicated app.
Overall, Citibank’s business banking gets better feedback than some of the competition. Their customer reviews don’t have any abnormal or alarming trends — it’s all typical stuff like issues with phone support — and customers seem to genuinely like much of what Citibank has to offer business checking account holders.
Citibank could be a great choice. They’re one of the top banks for business around the world with several business checking packages and a ton of branches and ATMs.
But, they aren’t the only option, let’s briefly look at how they stack up against a couple competitors:
If the idea of a digital bank appeals to you, Spark Business by Capital One is our favorite overall business checking account. If you need to make regular cash deposits, we like Bank of America due to their low fees and many branch locations.
Service Fee Starts at
Maintain minimum balance of $5,000
Anyone looking for flexible business banking solutions for growing businesses
Service Fee Starts at
Maintain minimum balance of $3,000 daily & $5,000 monthly
Anyone looking for business banking with the most number of locations
You can either visit a Citibank branch, or simply fill out their online Small Business Financing Worksheet. It couldn’t be much simpler and only takes a few minutes once you have your information ready.
Aside from that 0.01% APY on the Interest Checking account, there aren’t any bonuses tied directly to their business checking. However, if you add a credit card, they offer great perks through companies like Costco and American Airlines.
You can go to a brick and mortar Citibank branch, make a deposit at an ATM, or use the CitiBusiness online platform.
Citibank is definitely one of the top options today for business checking accounts. They have lots of branches and ATMs, and they provide several business checking options for entrepreneurs.
If you’re ready to get started with Citibank, click their link below. Otherwise, if you need more time to examine your options, check out our comparison guide.Visit Citibank Or Visit Other Options