Citibank business account: A Full Review 2023
Considering a Citibank business account? You need this full Citibank business account review for 2023.
Check out the different accounts available to entrepreneurs and small business owners, including features, fees and benefits. All you need to know to pick the right Citibank business account for you is right here.
Cititbank business account overview
Citibank has accounts for small business owners as well as more complex and established companies which have different financial needs.
It’s worth noting that Citibank business accounts are only available in the following locations:
- District of Columbia
- New Jersey
- New York
This article will focus on the Citibank business checking accounts for SMEs - here’s an overview to kick off.
Overdraft protection is available on all accounts, and only the Interest checking account is interest bearing.
How to open a business account with Citibank?
You must visit a Citibank location to open a business checking account. You’ll need to take along a government issued ID for all applicants and your business formation documents, which can vary according to your business entity type.
You’ll also need to provide information about your business including:
- Business name and type
- Taxpayer Identification Number
- Transaction volume - actual or projected
- Business plan information, forecasts and projections
- Number of employees if relevant
Each applicant will have to give personal details including their name, date of birth, citizenship, address, SSN and the percentage of the business they own. You’ll talk through your business details with a Citi business advisor to establish the best account for your needs before going through the opening processes.
Citibank business checking pros and cons
- Established brand name with a long history
- Range of accounts to suit different business types
- Waive fixed fees by meeting minimum requirements on some accounts
- Mobile and online banking options
- Opening an account will take time, and a visit to a Citi branch to get organized
- You’ll need to hold a minimum balance to avoid monthly fees
- Limited number of free transactions per month depending on the account type you select
- Transaction fees may be lower with other providers - check out the full details for the account you’re interested in
Citibank business checking options
All of the Citi business checking accounts we have featured include online and mobile banking, bill pay, fraud and security protection, linked debit cards, and the opportunity to set alerts so you’ll always know when transactions are processed from your account.
Here are some other key facts about the main Citibank business checking account options:
Citibank Streamlined checking account
The Citibank Streamlined account is designed for smaller businesses with limited transaction volumes. With a minimum balance of 5,000 USD you can waive the monthly fee, making this potentially the cheapest and easiest Citi business account to open and maintain.
Use your linked debit card in 60,000+ Citi ATMs for free. Out of network fees may apply for other ATM transactions. Like all Citibank business accounts, the Streamlined checking account is FDIC insured to 250,000 USD.
Citibank Flexible checking account
The Citibank Flexible account is perfect for more established businesses with high transaction volumes. You’ll get up to 500 transactions a month under the regular plan for free, but you must maintain a balance of 10,000 USD to avoid paying a monthly fee.
The Citibank Flexible account - and some of the other business accounts available from Citi - offers CitiBusiness Checking Plus which is a revolving line of credit used to avoid unnecessary overdraft fees. This offer is subject to credit approval.
Citibank Analyzed checking account
Citibank’s Analyzed account doesn’t bear interest but you may be eligible to earn credit which you can use to offset any fees accrued on the account. Citi recommends this account for businesses with higher transaction volumes. It’s not possible to waive the monthly fee for this account, but depending on the number of transactions you process every month, you could offset some or all of it with credits.
Earn credits as long as your account has 5,000 USD or more in balance - credits can not be rolled over and are only applied to reduce account fees. There are no free transactions with this account type. Instead you’ll pay 0.14 - 1.40 USD per transaction depending on the type.
Citibank Interest checking account
As the name suggests, the Citibank Interest checking account does accrue interest, and can suit businesses with a relatively high balance but few transactions. Check out the latest interest rates online to make sure this account offers good value based on the balance you’re likely to hold in it at any one time.
Fees for international business payments with Citibank
If you’re sending money overseas to pay suppliers or employees - or if you’re expecting to receive customer payments from abroad - you’ll need to check out the international payment costs with Citibank to make sure they won’t eat away at your margins. Traditional banks typically have relatively high international transfer fees because it’s not their core business. If you’re hoping to take your company global now or in the future, it’s worth knowing in advance what that’ll cost you, in case there are better options out there.
Citibank’s fees vary from state to state, so you’ll need to check the detail for your location. However, as a model here’s the cost of international business payments with Citibank if you’re based in Illinois.
- Incoming wire transfers - 15 USD
- Outgoing international wire transfers arranged online - 27 USD
- Outgoing international wire transfers arranged in person - 65 USD
Citibank is an established and reputable bank with FDIC insurance. Your money is safe and insured should the bank get into difficulties.
You can not open a Citibank business account online. You’ll need to visit a branch to talk to a business advisor and discuss your needs before you can start the account opening process. Check out the full details including the documentation and information you’ll need to provide, online, before your meeting.
All Citibank business accounts featured in this article come with a linked business debit card. You may also be able to apply for additional cards for your employees, or for Citi credit cards. Check with your business advisor to understand your options.
Citibank had a comprehensive suite of business products including loans for business owners - check out the details on the Citi website.
As an established global banking brand, Citibank has a range of account products for businesses which covers checking, saving, investment, credit and more. There are accounts which suit new companies and startups - and even individual entrepreneurs setting out as a sole proprietor. You’ll also find accounts designed for global multi-nationals, large corporations and major international businesses in all fields.
If you want a business bank account with a traditional bank, the range of options available might make Citi a good place to start. Use this guide to review the top picks for SME banking options from Citibank, and be sure to check the small print and fees for your state before you apply.