Citibank Business Checking Account Review

Citibank Business Checking Account Review

Citibank Business Checking Account Review

  • The Citibank business checking accounts offer four options that are all decent for convenience and accessibility
  • All accounts come with monthly fees and transaction limits, although the monthly fees can be waived by maintaining a minimum balance
  • Small businesses looking for financial flexibility may find other bank accounts more appealing

When lenders review loan applications, one thing they look for is whether your small business has a business bank account. 

Opening a business bank account — specifically, a business checking account — makes your business look professional to potential lenders. This can increase your likelihood of getting approved for business loans.  

With that said, how do you choose the right bank with all the options on the market? If you’re looking for a nationally trusted bank with a long history of reliability, consider Citibank’s suite of business checking accounts. Let’s take a closer look at what they have to offer.

Does Citibank Offer Business Accounts?

Citibank offers four business checking account options under their CitiBusiness brand:

  • Streamlined Checking Account
  • Flexible Checking Account
  • Analyzed Checking Account
  • Interest Checking Account

All options come with a $1 minimum opening deposit requirement.

Features of Citibank Business Accounts

All Citibank business checking accounts come with the following features:

  • Mobile app and online banking tools. Manage your accounts from anywhere you have internet access.
  • Debit cards for you and your employees. Also allows you to make cash withdrawals and deposits at ATMs. 
  • Bill pay. Manage bills from anywhere you have internet access.
  • Account alerts. Available by text or email.
  • Security & fraud protection. Includes measures that protect you from internet frauds.
  • Optional overdraft protection. Includes a revolving line of credit and cross-account transfers.

In addition to these features, each account type is customized for unique use cases.

CitiBusiness Streamlined Checking Account

Streamlined accounts are designed for small businesses and startups. Citibank bills it as “best for new and growing businesses.”

Included in this offering are 250 basic monthly transactions, $5,000 per month in cash deposits, and access to over 60,000 ATMs with no surcharge fees when you use your Citibank Banking Card. It’s also FDIC insured up to $250,000.  

There is a monthly fee that varies according to your zip code. Most zip codes Nav tested for this review showed a cost of $15 per month, but make sure to check yours on the Citibank site for an accurate quote. Note that this fee can be waived by maintaining a $5,000 average monthly balance.

CitiBusiness Flexible Checking Account

According to citi.com, its Flexible Checking plan “benefits companies with higher balances and more transactions,” which is typically more relevant for larger businesses.

Included in this offering are 500 basic monthly transactions, $20,000 per month in cash deposits, and access to over 60,000 ATMs with no surcharge fees when you use your Citibank Banking Card. It’s also FDIC insured up to $250,000.  

There is a monthly account maintenance fee that varies according to your zip code. Most zip codes Nav tested for this review showed a cost of $30 per month, but make sure to check yours on the Citibank site for an accurate quote. Note that this fee can be waived by maintaining an average balance of $10,000 in your eligible Citibank accounts.

CitiBusiness Analyzed Checking Account

Citibank describes their Analyzed Checking accounts as a “non-interest bearing account that can help you offset eligible banking fees.” 

They allow you to generate earnings credit paid in the form of interest on your deposited balance as long as you maintain an average balance of at least $5,000 across your eligible Citibank accounts. The rate is based on the 90-day Treasury Bill interest rate and is applied to the total balance across your eligible accounts.

Included in this offering are unlimited check writing and access to over 60,000 ATMs with no surcharge fees when you use your Citibank Banking Card. It’s also FDIC insured up to $250,000.  

There is a $0.17 to $0.90 fee per transaction, as well as a monthly account maintenance fee that varies according to your zip code. Most zip codes Nav tested for this review showed a cost of $24 per month, but make sure to check yours on the Citibank site for an accurate quote. Note that this fee can be waived by maintaining an average monthly balance of $5,000.

CitiBusiness Interest Checking Account

The Interest Checking accounts are built for businesses that don’t need a lot of monthly transactions. 

Included in this offering are 25 basic monthly transactions, the ability to earn interest, $5,000 per month in cash deposits, and access to over 60,000 ATMs with no surcharge fees when you use your Citibank Banking Card. It’s also FDIC insured up to $250,000.  

There is a monthly fee that varies according to your zip code. Most zip codes Nav tested for this review showed a cost of $30 per month, but make sure to check yours on the Citibank site for an accurate quote. Note that this fee can be waived by maintaining a $10,000 average monthly balance.

Pros and Cons of Citibank Business Accounts

Can You Open a Citibank Business Account Online?

According to their website, you can open a new account by meeting with a specialist at one of Citibank’s physical branch locations.

What Documents Do You Need to Open a Business Bank Account at Citibank?

To open a Citibank business checking account, you’ll need to bring the following documents to your local bank:

  • Government ID (typically either your passport or driver’s license)
  • A business formation document
  • All details regarding your business, including your business name, taxpayer identification number, and number of employees
  • Individual information for all applicants, including date of birth, social security number, residence information, and percent of business owned

How Citibank Business Accounts Compare

The Citibank business checking accounts are decent options when it comes to convenience and access. Aside from the fact that you can only open an account at a physical Citibank branch, their mobile and online features provide everything you need to manage your accounts on-the-go. Unlike some online-first checking accounts, Citibank’s accounts allow you to easily withdraw and deposit cash at physical ATMs.

They’re also trustworthy when it comes to security. When it comes to experience and reliability, Citibank is in the same league as big financial services companies like Bank of America, Wells Fargo, and Bank of the West. If you’re unconvinced by newer banks on safety, Citibank will put your mind at ease.

With that said, you may find these Citibank checking accounts more limited when it comes to everything else. For example, only one of these accounts allow you to earn interest. Citibank doesn’t necessarily rank in the upper tier for APY compared to the rest of the industry, so you may be able to earn more by looking elsewhere.

Although their monthly fees are waivable if you maintain the minimum monthly balance, you may also find yourself subconsciously stressing about meeting balance requirements. There are other options on the market that charge zero monthly fees regardless of account balance, which may be a better fit for small business owners and startups. Similarly, the maximum number of transactions available per month may not be suitable depending on how your business operates. 

The same line of reasoning can be applied to the CitiBusiness Analyzed Checking account option, which charges between $0.17 and $0.90 per transaction. Many banking account options now charge zero transaction fees with no extra requirements, which makes this account less appealing.

Finally, the Citibank business checking accounts may seem limited in the features department when compared to online-first banks. Some banks now enable an advanced level of customizability, including API access, cash flow analytics, and the ability to integrate with third-party software like Amazon Pay and Quickbooks. If your business primarily operates online, you may find the lack of customizability here limiting.

How to Find the Right Business Checking Account Fast

If all these comparisons leave your head spinning, here are two easier ways to find the right bank account for your business. 

First, read Nav’s guide on the best business checking accounts. We compiled a list of the best accounts on the market, optimized for important features including low fees and minimum balances, high interest rates, great bonuses, and convenience of access. In simple terms, we did the research so you don’t have to create complicated spreadsheets.

Second, create a free Nav account. Our platform syncs with your business data to instantly find the best business checking account options for your unique needs. It does the same for your top options in business financing, business credit cards, and more business services. Since everything is personalized according to your business, you can be sure you’re comparing only your best opportunities.

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Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.

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