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Whether you’re a sole proprietor or lead a team of employees, your small business financing plan should start with a strong business checking account. Citibank, the consumer division of global banking giant Citigroup, offers full-service commercial banking products, including multiple business checking accounts, to meet a variety of business needs. Citi is a Forbes Consulting Partner.
Take a closer look at Citi’s business checking accounts and some of the commercial banking products and services it offers.
Account details are valid as of August 22, 2022. The specific banking products, services and fees available to you may depend on your location.
Account basics
A business checking account allows you to send and receive payments, deposit checks and cash, manage transactions, and more.
Citibank is home to four business checking accounts, each with unique benefits and requirements. Business customers can open one of the following accounts with a minimum opening deposit of $1 and then manage their account online or through the mobile app. The accounts come with over 65,000 ATMs nationwide offering debit cards and fee-free ATMs.
You must visit a Citibank branch to open a business account. Here are the details of CT Business Accounts and other business products.
CitiBusiness® simplified checking account*
CitiBusiness® Streamlined Checking Account is a basic business checking account designed for small businesses. The account is limited to 250 basic transactions per month. Maintaining a minimum balance of $5,000 will help you avoid the account’s $15 monthly maintenance fee. If you’re looking for a no-nonsense business checking account with Citibank, this is it.
CitiBusiness® Flexible Checking Account*
If your business does a lot of banking each month, the CitiBusiness® Flexible Checking Account may be a better choice. Businesses can make up to 500 transactions per month with this account. The account requires a minimum monthly balance of $10,000 to waive the maintenance fee, which is either $22, $25 or $30, depending on your state.
CitiBusiness® analyzed checking account*
If your business holds more cash in checking, a CitiBusiness® analyzed checking account may be your best choice. Features unlimited check writing. And while the $24 monthly maintenance fee can’t be waived, account holders can get a credit to offset the fees.
CitiBusiness® Proof of Interest*
CitiBank’s only interest-bearing business checking account, CitiBusiness® Interest Checking, is designed for businesses with low monthly turnover. Only 25 monthly transactions are allowed with the account; A minimum monthly balance of $10,000 is required to waive the monthly payment, which is either $22, $25 or $30, depending on the state. Interest rates vary by location.
Other Citibank Business Banking products and services
In addition to its checking accounts, Citibank offers many other products and services to meet your business needs. These include:
- Savings accounts
- Money market accounts
- Certificates of Deposit (CDs)
- Business credit cards
- Installation loans
- Lines of credit
- Health care practice finance
- Commercial mortgage
- Financial management
- Business services
- Business services
- Payroll and human resources services
- Industry specific and preferred business programs
Identifying features
Account holders have the option of adding two additional banking services, both designed for overdraft protection. CitiBusiness Checking Plus offers a revolving line of credit to cover overdrafts and uncollected funds. CitiBusiness Safety Check covers overdrafts in a linked CitiBusiness Insured Money Market Account (IMMA) or savings account.
Get on the go
CitiBusiness accounts are accessible online and through CitiMobile, the bank’s top-rated mobile app. Citibank’s online tools allow business owners to set and manage employee access levels, remotely deposit checks, reconcile accounts, create ACH payments, transfer funds and more. Customers can easily download account information into compatible accounting software programs.
Business support is available at any Citibank branch in the country, and customers can withdraw cash at Citibank branch locations, select retailers and the Allpoint and MoneyPass ATM networks without fees. Telephone support is available Monday through Friday from 7 am to 11 pm and Saturday and Sunday from 9 am to 5:30 pm Eastern Time by calling 877-528-0990.
advantage
- There are several checking account options.
- $1 minimum opening deposit
- Large fee-free ATM network
- Online and mobile account management tools
- A full service commercial bank
- There is an overwhelming protection.
Cons
- There are no free commercial testing options
- Availability is limited by location
- You must visit your local bank branch to open an account
How to save Citibank
Businesses looking for a full-service commercial banking solution should consider Citibank. With a variety of checking accounts available, there’s a good chance the bank will meet most of your needs. Account holders have access to a number of digital tools and in-person assistance at branch locations nationwide.
But since the bank doesn’t offer free checking and requires visiting a branch to open an account, Citibank only makes sense if you live in a branch area and plan to carry enough balance to avoid monthly fees. Otherwise, you might want to go with one of our picks for the best business checking accounts.
Find the best business checking accounts of 2022
Frequently Asked Questions (FAQs)
Is Citibank FDIC Guaranteed?
Yes, Citibank is FDIC insured (FDIC Certificate No. 7213). When you deposit money into an FDIC-insured account at Citibank, your money is protected against bank failure up to $250,000 for each category of account ownership.
Does Citibank offer small business loans?
Yes, Citibank is home to many small business financing options, including payday loans, business line loans, commercial loans, healthcare practice financing and more.
How much do I need to open a business account with Citibank?
You can open most business accounts at Citibank with a minimum opening deposit of $1.
