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Whether you’re a solo entrepreneur or leading a team of employees, a robust business checking account is essential for your small-business financial plan. Citibank, one of the largest financial institutions in the U.S., provides a comprehensive suite of business banking products, including various business checking accounts.
This review delves into Citibank’s business checking options, detailing the Annual Percentage Yields (APYs) and associated fees.
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Citibank Overview
Citibank, one of the largest financial institutions in the U.S., offers a range of business checking accounts designed to meet the needs of small-business owners, whether you’re a solo entrepreneur or managing a team. This review highlights Citibank’s business checking accounts’ features, benefits, and requirements.
Pros & Cons
Pros
- No fees at 60,000 Citibank and MoneyPass ATMs, and access to over 600 branches
- Up to $10,000 per month in free cash deposits
- Sign-up bonuses start at $300 for a $5,000 deposit, up to $2,000 for a $200,000 deposit
- Multiple checking account options are available
- Large fee-free ATM network
- Full-service business banking with overdraft protection
Cons
- Must visit a branch to open an account
- No free business checking options
- Limited free transactions
- Availability is restricted by location
- Most business checking options don’t earn interest
Account Basics
A business checking account is essential for managing payments, deposits, and business transactions. Citibank offers four business checking accounts, each with unique benefits and requirements.
Business customers can open any of these accounts with a minimum deposit of $1 and manage their accounts online or through a mobile app. All accounts have debit cards and fee-free ATM access at over 60,000 ATMs nationwide. To open a business account, you must visit a Citibank branch.
CitiBusiness Streamlined Checking Account
Ideal for smaller businesses, this account allows up to 250 transactions per month. Maintaining a $5,000 minimum balance waives the $15 monthly maintenance fee. This is a basic, no-frills option.
CitiBusiness Flexible Checking Account
This account allows up to 500 transactions per month for businesses with higher transaction volumes. A $10,000 minimum monthly balance is required to waive the maintenance fee, which ranges from $22 to $30, depending on your state.
CitiBusiness Analyzed Checking Account
This account offers unlimited check writing and is best for businesses that keep larger balances in their checking account. Although the $24 monthly maintenance fee cannot be waived, account holders can earn credits to offset the charges.
CitiBusiness Interest Checking
The only interest-bearing business checking account from Citibank, this account is suitable for businesses with a low number of transactions per month (up to 25). A $10,000 minimum monthly balance is required to waive the monthly fee, which ranges from $22 to $30, depending on the state. Interest rates vary by location.
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How to Choose the Best Citibank Business Account for Your Business
Before choosing a Citibank business checking account, ensure the account is available in your state. Citibank only offers business checking accounts in certain locations, so it’s important to verify product availability where you and your business are based.
Next, review the fees and limits associated with the accounts you are considering. Expect a monthly maintenance fee along with charges for various transactions, such as sending or receiving money and international payments.
Some business checking accounts will waive the monthly maintenance fee if you maintain an average minimum balance throughout the month. Accounts may offer a set number of free transactions and deposits, provided you either pay the maintenance fee or meet the minimum balance requirement. Beyond these limits, additional transaction fees will apply as specified in your account terms.
What Do I Need to Open a Citibank Business Account?
To open a business bank account with Citibank, you must contact their service team by phone or visit a local branch. You can verify your eligibility and gather the necessary documentation during this process.
Prepare the following information about your business:
- Business Name
- Taxpayer Identification Number
- Transaction Activity
- Number of Employees
You must also provide one government-issued form of identification (e.g., Driver’s License, Passport) and a Business Formation Document. A minimum opening deposit may be required to activate your account.
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Citibank Business Account Fees
Citibank business checking accounts come with a monthly maintenance fee, which covers a specific number of transactions and currency deposits per month. Here are the main fees and limits to consider, broken down by account type:
- Included monthly transactions: 25–500, depending on the account type
- Included monthly currency deposits: $5,000–$20,000, depending on the account type and state
- Minimum average monthly balance to waive monthly maintenance fee: $5,000–$10,000, depending on the account type and state
- Monthly maintenance fee: $15–$30
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Who Is a CitiBusiness Checking Account Best For?
A CitiBusiness checking account could be an excellent choice if you already have personal accounts with Citibank and prefer managing all your finances in one place. Citibank offers various business checking options for both smaller and larger businesses, ensuring you can find a product that meets your needs as your business grows.
However, banking with Citi may not be ideal for business owners looking to avoid fees. All CitiBusiness checking accounts come with monthly maintenance fees that can be waived only if you maintain a higher average daily balance. Most accounts limit the number of free transactions each month, which can result in extra fees if your business processes many transactions.
Customer Experience
Citibank operates nearly 670 branches in the U.S. and supports customers in more than 160 countries. Account holders have access to over 65,000 fee-free ATMs in the U.S. and thousands more overseas.
Digital Experience
Highly Rated Mobile App: Citibank’s mobile app is highly rated on both the Apple App Store and Google Play Store, with more than four million reviews combined. The app allows you to pay friends with Zelle, lock or unlock a card if it’s lost or stolen, set travel notices, and even open new accounts. It also features educational financial tools for spending, budgeting, and investing.
App Drawbacks: Users have reported occasional delays in transaction postings, sometimes until the following business day. Transaction descriptions can be minimal, making it difficult to identify specific purchases. The app’s interface is frequently updated, which can be disorienting as you may need to familiarize yourself with the new layout.
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CitiBusiness Checking Alternatives
Related Post Link
Bluevine was specifically created to serve small businesses that are often underserved by traditional banks. Currently, Bluevine offers a business checking account that combines the benefits of both checking and savings accounts.
When you sign up for a Bluevine business checking account, you won’t face any monthly fees or minimum balance requirements, even when opening the account. You’ll also be free to make unlimited incoming and outgoing transactions with no additional fees.
Bluevine’s business checking account acts as a high-yield business savings account by allowing you to earn interest on your balance.
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Related Post Link
Lili Bank is a digital banking and accounting service providing FDIC-insured accounts through Choice Financial Group. Lili’s all-in-one account helps businesses manage payments, send and receive invoices, streamline accounting, and automate tax preparation.
Lili’s account comes with no hidden fees, no overdraft fees, and no minimum deposit or balance requirements. You can receive domestic wire transfers without fees or limits. Lili also offers a savings account with an interest rate of 4.15% APY (at the time of writing), compared to Grasshopper’s 1.51-2.24% APY.
Lili’s smart bookkeeping features include instant transaction categorization and automated reports and insights. Its tax preparation features include automating tax savings annually and generating expense reports and pre-filled tax forms. Its invoicing software allows you to create and send customizable invoices, accept payments instantly, track payments, and send reminders.
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Related Post Link
Novo is an online-only banking platform offering affordable business checking accounts. Novo’s business checking account has no monthly fees or minimum opening deposit requirements and provides unlimited free transactions and up to $7 in monthly ATM fee refunds. It also features built-in budgeting tools and instant access to Stripe payouts.
Useful features such as reserve accounts, invoicing tools, and business discounts help streamline the banking experience at no additional cost. The platform is particularly beneficial for businesses that use Stripe for payment processing, as the Novo Boost feature offers faster access to Stripe payouts.
>> Get Started With Novo Bank Now! >>
CitiBusiness Checking Review – FAQs
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Bottom Line
Citibank offers three outstanding business checking products, each with increasing free transactions and monthly cash deposit limits. Monthly fees are waived, and accounts require only $1 as a minimum opening deposit.
Additionally, Citibank provides CitiBusiness® Checking Plus and CitiBusiness® Safety Check for protection from overdraft fees. With top-value business checking accounts and a comprehensive range of banking products and services, Citibank is an excellent choice for businesses located near its branches.
