Last Updated 03 July 2017 | By:

Citibank Business Account Review

Is It Right For You? (Pros, Cons & More)

Citibank_business_checking_reviewNeed 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!

Citibank Business Account Pros & Cons

Pros

  1. 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.

  2. Their footprint on the business banking world is massive with 34,000 ATMs and over 1,000 branches in the US alone.

  3. Business checking customers can also add on CitiBusiness credit cards, which have some great rewards through their partnerships with American Airlines and Costco.

  4. If you meet their set of conditions, like maintaining a minimum balance for example, most of their business checking accounts can have fees waived.

Cons

  1. 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%.

  2. 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 Pricing & Features

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:

Citibank Pricing and Features

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.

Customer Reviews

Customer ReviewsWhen 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.

  • When it comes to ATMs and branches, customers couldn’t be happier. They have 1,000+ branches and 34,000+ ATMs in the US, with another 4,000+ locations and 11,000+ ATMs overseas. No matter where you are, it’s convenient to handle your banking matters.
  • Business checking account holders seem to have more customer service issues than personal checking customers. It seems Citibank’s phone reps can successfully resolve simple personal banking problems, but when it comes to more involved business banking concerns, they don’t have the necessary expertise.
  • Customers with a business Citibank Visa card love the Costco rewards. There’s no annual fee for Costco members, and you get 2% cashback on all Costco purchases.

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.

How Does Citibank Compare?

Citibank ComparisonCitibank 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:

Spark Business by Capital One

  • No monthly fees, transaction limits or minimum balance requirements. That’s a lot of extra money staying in your account each month.
  • Spark Business is a 100% digital platform that’s incredibly convenient. You can basically run your entire account using their Android and iOS apps.

Bank of America

  • Include a savings account free of charge when you open any business checking account.
  • Bank of America Business Advantage Checking allows you to operate more than one checking account, and includes access to their Small Business Priority Team.

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.

HERE’S A QUICK VISUAL

Citibank
  • Service Fee Starts at
    $15/month

  • Maintain minimum balance of $5,000

  • Perfect for:
    Anyone looking for flexible business banking solutions for growing businesses

Visit Website
Bank of America
  • Service Fee Starts at
    $16/month

  • Maintain minimum balance of $3,000 daily & $5,000 monthly

  • Perfect for:
    Anyone looking for business banking with the most number of locations

Visit Website

Frequently Asked Questions

How Easy Is It to Get Set Up?

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.

What Perks Come with Checking Accounts?

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.

How Are Deposits Made?

You can go to a brick and mortar Citibank branch, make a deposit at an ATM, or use the CitiBusiness online platform.

Should You Use Citibank?

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