Citibank checking accounts have no opening deposit requirement
You do not need to deposit any money to open a Citibank checking account. Citibank does not charge an account opening fee. You can walk into a branch or open an account online with zero dollars and zero fees at the moment of opening.
What matters instead is what happens after you open the account. Citibank charges a monthly maintenance fee on most checking accounts, but you can avoid it by meeting one of several conditions. Understanding those conditions before you open is the real decision you need to make.
Key Takeaways
- Citibank checking accounts require no money upfront and charge no opening fee.
- Most Citibank checking accounts charge a monthly maintenance fee, but you can waive it by maintaining a minimum balance or setting up direct deposit.
- The minimum balance requirement and direct deposit option vary by account type, so the account you choose determines what you actually pay.
- You can open online in minutes or visit a branch in person, and you will need a government ID and Social Security number either way.
The monthly maintenance fee and how to avoid it
Citibank's standard checking account charges a monthly maintenance fee. The amount varies depending on which checking account you choose — Citibank offers several versions, and each has different rules for waiving the fee.
The most common way to waive the fee is to maintain a minimum daily balance. This means keeping a certain amount of money in the account at all times. If your balance drops below that amount on any day of the month, you pay the fee. The minimum balance requirement varies by account type — some accounts require $1,500, others require $2,500 or more.
The second way to waive the fee is to set up direct deposit. This means arranging for your employer or another source (like Social Security or a pension) to deposit money directly into your Citibank account. If you have at least one direct deposit per month, many Citibank accounts waive the monthly fee regardless of your balance.
A third option on some accounts is to maintain a combined balance across multiple Citibank accounts — checking, savings, and money market accounts together. If your total across all accounts meets the threshold, the fee is waived.
Which Citibank checking account to choose
Citibank offers different checking accounts with different fee structures. The account you choose determines what you actually pay each month.
Citibank Basic Checking is designed for people who want low fees and straightforward features. It has a monthly maintenance fee, but you can waive it with direct deposit or by maintaining a minimum balance.
Citibank Checking (sometimes called Citibank Advantage Checking) is a mid-level account with a higher monthly maintenance fee. It also waives the fee with direct deposit or a higher minimum balance.
Citibank Citi Priority Checking is a premium account with more features and a higher monthly fee. It is designed for people who maintain larger balances or want additional benefits like higher interest rates and fee waivers on other products.
The differences between these accounts change over time and may vary by location. When you open an account, ask the banker or check the online disclosure which account type you are opening and what the exact fee and waiver conditions are.
What you need to bring or provide to open an account
You will need a government-issued photo ID — a driver's license, passport, or state ID card. You will also need your Social Security number.
If you open in person at a Citibank branch, bring your ID and be ready to provide your Social Security number verbally. The banker will verify your identity and run a background check through ChexSystems, which is a banking history report that tracks account closures and fraud.
If you open online, you will upload a photo of your ID and enter your Social Security number into the form. Citibank will verify your identity electronically. The process usually takes a few minutes, though approval can take up to one business day.
You do not need to bring a deposit. You do not need an existing bank account. You do not need a credit card.
Opening online versus opening in a branch
Opening online is faster and can be done from home. You can complete the process in minutes, and your account is usually ready to use within one business day. You will receive a debit card in the mail within 7 to 10 business days.
Opening in a branch takes longer — usually 30 minutes to an hour — but you can get a temporary debit card on the spot and start using your account when ready. You will also have a banker to answer questions about which account type is right for you.
Both routes are free. The choice depends on whether you want speed or when ready access to a debit card.
What happens if you cannot maintain the minimum balance
If you cannot maintain the minimum balance and do not have direct deposit, you will pay the monthly maintenance fee. This fee is charged every month the conditions are not met.
Some people choose to accept the monthly fee because it is lower than the cost of maintaining a large balance elsewhere, or because they do not have access to direct deposit. Others look for a different bank with no monthly fee at all.
If you open a Citibank account and later find the fee is too high, you can close the account. Citibank does not charge a fee to close an account, and you can do it online, by phone, or in person. Just make sure your balance is zero and you have moved your money elsewhere first.
Frequently Asked Questions
Can I open a Citibank checking account if I have been denied before?
Citibank uses ChexSystems, a banking history report, to decide whether to open an account. If you were denied in the past because of fraud, unpaid overdrafts, or repeated bounced checks, you may be denied again. You can request a copy of your ChexSystems report to see what is on file. Some people are able to reopen after a certain period has passed or after resolving the issue that led to the denial.
Do I need a minimum balance right away, or can I build it up?
You do not need to meet the minimum balance on the day you open. However, the monthly fee is charged based on your balance during the statement period. If your balance falls below the minimum at any point during the month, you will be charged the fee for that month. The fee is typically charged at the end of the statement cycle.
What if my employer does not offer direct deposit?
If you do not have direct deposit, your only option to waive the monthly fee is to maintain the minimum balance. If you cannot do either, you will pay the monthly maintenance fee. Some people in this situation choose a different bank that offers free checking without conditions.
How long does it take to receive my debit card?
If you open in a branch, you can get a temporary debit card when ready. A permanent card arrives by mail in 7 to 10 business days. If you open online, you will receive your card by mail in the same timeframe. You can request expedited shipping in some cases, though this may have a fee.
Can I open an account for someone else?
No. The person whose name is on the account must open it themselves, either in person or online. Parents can open accounts for minors, but the minor must be present in the branch or the parent must be authorized to act on their behalf. Rules vary by state and by the minor's age.