Citibank Business Checking Review – Forbes Advisor

Citibank Business Checking Review – Forbes Advisor

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Whether you’re a solo entrepreneur or you lead a team of employees, your small-business financial plan should start with a solid business checking account. Citibank, the consumer division of global banking giant Citigroup, offers a full-service menu of business banking products, including a host of business checking accounts, to meet a variety of business needs. Citi is a Forbes Advisor partner.

Here’s a closer look at Citi’s business checking accounts and some of the other business banking products and services it offers.

Account details are accurate as of Aug. 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 business transactions and much more.

Citibank is home to four business checking accounts, each with unique benefits and requirements. Business customers can open any of the following accounts with a $1 minimum opening deposit, then manage their account online or with a mobile app. The accounts come with debit cards and fee-free ATM access at over 65,000 ATMs nationwide.

You must visit a Citibank branch to open a business account. Here are the details of Citi’s business checking accounts and other business products.

CitiBusiness® Streamlined Checking Account*

CitiBusiness® Streamlined Checking Account is a basic business checking account geared toward smaller businesses. The account is limited to 250 basic transactions per month. Keeping a $5,000 minimum balance will help you avoid the account’s $15 monthly maintenance fee. If you’re looking for a no-frills business checking account through Citibank, this is it.

CitiBusiness® Flexible Checking Account*

If your business does a lot of banking each month, a CitiBusiness® Flexible Checking Account might be a better choice. With this account, businesses can make up to 500 transactions each month. The account requires a $10,000 minimum monthly balance to waive a maintenance fee, which is either $22, $25 or $30, depending on your state.

CitiBusiness® Analyzed Checking Account*

If your business will keep more money in checking, the CitiBusiness® Analyzed Checking Account could be your best bet. It features unlimited check writing. And while the $24 monthly maintenance fee cannot be waived, account holders can earn credits to help offset the charges.

CitiBusiness® Interest Checking*

Citibank’s only interest-bearing business checking account, CitiBusiness® Interest Checking, is designed for businesses generating a low number of transactions each month. Only 25 monthly transactions are allowed with the account; a $10,000 minimum monthly balance is required to waive the monthly fee, which is either $22, $25 or $30, depending on the state. Interest rates also vary by location.

Other Citibank Business Banking Products and Services

In addition to its checking accounts, Citibank offers several other products and services to meet your business needs. These include:

  • Savings accounts
  • Money market accounts
  • Certificates of deposit (CDs)
  • Business credit cards
  • Installment loans
  • Lines of credit
  • Health care practice financing
  • Commercial mortgages
  • Cash management
  • Trade services
  • Merchant services
  • Payroll and HR services
  • Specialized industry and preferred business programs

Distinguishing Features

Account holders have the option to add two additional banking services, both designed to provide overdraft protection. CitiBusiness Checking Plus provides a revolving line of credit to cover overdrafts and uncollected funds. CitiBusiness Safety Check covers overdrafts through a linked CitiBusiness Insured Money Market Account (IMMA) or a savings account.

Access on the Go

CitiBusiness accounts are accessible online and through Citi Mobile, the bank’s highly rated mobile app. Citibank’s online tools allow business owners to set and manage access levels for employees, deposit checks remotely, reconcile accounts, originate ACH payments, transfer funds and more. Customers can also easily download account information into compatible accounting software programs.

Business support is available locally at any Citibank branch, and customers can withdraw cash without fees at Citibank branch locations, select retailers, and through the Allpoint and MoneyPass ATM networks. Phone support is available by calling 877-528-0990 Monday through Friday from 7 a.m. to 11 p.m. and Saturday and Sunday 9 a.m. to 5:30 p.m. Eastern time.

Pros

  • Multiple checking account options available
  • $1 minimum opening deposit
  • Large fee-free ATM network
  • Online and mobile account-management tools
  • Full-service business banking
  • Overdraft protection available

Cons

  • No free business checking options
  • Availability restricted by location
  • Must visit a local bank branch to open an account

How Citibank Stacks Up

Businesses looking for a full-service business banking solution should consider Citibank. With a variety of checking accounts available, there’s a good chance the bank has one to fit most of your needs. Account holders have access to several digital tools as well as in-person help at branch locations nationwide.

But because the bank doesn’t offer free checking and you’ll need to visit a branch to open an account, Citibank may make sense only if you live near a branch and you plan to keep a large enough balance to avoid monthly fees. Otherwise, you may 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-insured?

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 for up to $250,000 per depositor, for each account ownership category.

Does Citibank offer small-business loans?

Yes, Citibank is home to several small-business financing options, including installment loans, business lines of credit, commercial mortgages, health care practice financing and more.

How much do I need to open a business account at Citibank?

You can open most business accounts at Citibank with a $1 minimum opening deposit.


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