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CitiBusiness Checking account review

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CitiBusiness Checking
2.7
★★★★★
Finder score
Fee
From $15 per month
APY
N/A
Minimum deposit to open
$1

Summary

Earn account credits to offset transaction fees, but only by maintaining a $5,000 minimum balance.

finder.com's rating: 2.7 / 5.0

★★★★★

Its standout features include free ATM withdrawals, overdraft protection and mobile banking. But multiple account fees may detract from your business capital, and it’s only available in a few select states.

Pros

  • No Citi withdrawal fees
  • No minimum opening deposit
  • Overdraft protection
  • Monthly earnings credit

Cons

  • Maintenance fee
  • Transaction fees
  • Limited availability

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  • Your reviews
  • Ask a question

How do I open a CitiBusiness Checking account?

To open a CitiBusiness Checking account, you’ll need to visit a branch in person to fill out an application. Unlike other accounts offered by Citi, you can’t open this account online or over the phone.

Eligibility

You must meet the following criteria to be eligible for this account:

  • US citizen
  • At least 18 years old
  • Social Security number or tax identification number
  • Valid driver’s license or state ID
  • Valid bank account
  • Resident of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York or Virginia

Required information

Bring the following information with you when you apply at a local branch:

  • Name and date of birth
  • Business address and details
  • Social Security or tax ID number
  • Two forms of government-issued photo ID
  • Business registration certificate

What are the benefits of a checking account with Citi?

Receive a CitiBusiness debit card and remote check deposit along with the following:

  • No Citi withdrawal fees. Withdraw funds for free at any of Citi‘s 70,000 ATMs across the US.
  • No minimum opening deposit. Open an account with any amount.
  • Overdraft protection. Automatically transfer funds from a linked CitiBusiness savings or money market account for added overdraft protection.
  • Monthly earnings credit. Maintain a balance of $5,000 or more and earn credits to offset monthly service fees. The fees vary by state according to a Citi representative we spoke with.

Citi‘s ATM network and fees

The CitiBusiness Checking account comes with a CitiBusiness debit card, which provides access to Citi‘s vast ATM network.

Citi advertises that it has the largest fee-free ATM network by any major bank in the US. Its network includes over 70,000 ATMs nationwide, including those found in Costco, CVS Pharmacy, Target and Walgreens.

While there’s no fee for making a withdrawal at a Citi ATM, expect a third-party surcharge when you use a non-Citi machine.

What should I look out for?

This business checking account has a few drawbacks to take note of:

  • Maintenance fee. While monthly earnings credits may potentially help offset the cost, expect a $15 monthly maintenance fee.
  • Transaction fees. Unlike other Citi business checking accounts, there are no free transactions included with the CitiBusiness Checking account. Fees vary by state and account according to a Citi representative.
  • Limited availability. The CitiBusiness Checking account is limited to residents of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York and Virginia.

Compare with other business checking accounts

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Name Product Fee Annual Percentage Yield (APY) FDIC Insured Amount Software Integrations Account management Bank transfer fee Offer
Primis Pro
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Primis Pro
$0 per month
1.75%
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$0
Novo Business
Finder Score: 4.2 / 5: ★★★★★
Novo Business
$0 per month
N/A
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Amazon, PayPal, Shopify, Square, Stripe and more
Online, App, Phone
$0
Found
Finder Score: 4.5 / 5: ★★★★★
Found
From $0 per month
1.50% on balances of $0 to $20,000
Up to $250,000
QuickBooks, Stripe, Cash App, PayPal, Square, etc.
Online, App, Phone
$0
Chase Business Complete Banking®
Finder Score: 3.8 / 5: ★★★★★
Bonus
Chase Business Complete Banking®
$15 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
$0
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
Relay
Finder Score: 4.8 / 5: ★★★★★
Relay
$0 per month
Up to 3.00% on balances of $1,000,000+
2.00% on balances of $250,000 to $999,999
1.50% on balances of $50,000 to $249,999
Up to $2.5 million
QuickBooks Online, Xero, Gusto, Plaid, and Yodlee
Online, App, Phone
$0
Bluevine Business Checking
Finder Score: 4.5 / 5: ★★★★★
Bluevine Business Checking
From $0 per month
4.25% on balances of $0 to $3,000,000
3.00% on balances of $0 to $250,000
2.00% on balances of $0 to $250,000
Up to $3 million
Cash App, Expensify, Quickbooks, Square, Wave, Wise, Venmo, and Xero
Online, App, Phone
$0
NBKC Business Checking
Finder Score: 4.6 / 5: ★★★★★
NBKC Business Checking
$0 per month
N/A
Up to $250,000
N/A
Branch, Online, App, Phone
$0
Mercury
Finder Score: 4.4 / 5: ★★★★★
Mercury
$0 per month
N/A
Up to $5 million
QuickBooks, Stripe, Xero, etc
Online, App, Phone
$0
Lili
Finder Score: 3.9 / 5: ★★★★★
Bonus
Lili
From $0 per month
4.15%
Up to $250,000
Quickbooks,Cash App, Stripe, Venmo, Xero, FreshBooks, Etsy, and Shopify
Online, App, Phone
$0
30 day free trial for Lili Pro, Lili Smart, and Lili Premium
Grasshopper Business Checking
Finder Score: 4.5 / 5: ★★★★★
Grasshopper Business Checking
$0 per month
2.25% on balances of $25,000 to $250,000
1.51% on balances of $0.01 to $25,000
1.51% on balances of $250,000+
Up to $250,000
Plaid, Quickbooks
Online, App, Phone
$0
Brex Cash account
Finder Score: 4.6 / 5: ★★★★★
Brex Cash account
$0 per month
4.94%
Up to $6 million
1,000+ of integrations like Quickbooks and Slack
Online, App, Phone
$0
Wise Business
Not rated yet
Wise Business
$0 per month
4.85%
Up to $250,000
29 including Adobe Commerce, Clear Books, FreeAgent, FreshBooks, Gusto and more
Online, App, Phone
$0
PayPal Business
Not rated yet
PayPal Business
$0 per month
N/A
Not eligible for FDIC pass-through insurance
Easily integrate with various sites and e-commerce sites
Branch, Online, App, Phone
$0
Unlimited 1% cash back on eligible purchases. T&C apply.
U.S. Bank Gold Business Checking Package
Finder Score: 3.5 / 5: ★★★★★
Bonus
U.S. Bank Gold Business Checking Package
$20 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App
300 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
U.S. Bank Platinum Business Checking Package
Finder Score: 2.6 / 5: ★★★★★
Bonus
U.S. Bank Platinum Business Checking Package
$30 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
500 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
U.S. Bank Silver Business Checking Package
Finder Score: 3.6 / 5: ★★★★★
Bonus
U.S. Bank Silver Business Checking Package
$0 per month
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
125 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 30, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
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How do I deposit or withdraw my money?

There are plenty of ways to manage the funds of your business:

  • Online. Transfer funds to or from an externally linked account.
  • Mobile check deposit. Deposit a check using the CitiBusiness Mobile app.
  • ATM. Withdraw funds for free at any of Citi‘s 70,000 nationwide ATMs.
  • Wire transfer. All incoming wire transfers cost $15, while outgoing domestic and international transfers cost $55 and $65, respectively.
  • In person. Visit a branch to conduct a transaction in person.

What other checking options does Citi offer?

Citi‘s suite of accounts includes several other business products. Each account comes with a CitiBusiness debit card, remote check deposit, cash management services and overdraft protection:

  • CitiBusiness Interest Checking account. This interest-bearing business checking account offers 25 free monthly transactions and has a $22 to $30 monthly maintenance fee that varies by state. This fee can be waived by maintaining a minimum monthly balance of $10,000.
  • CitiBusiness Streamlined Checking account. A basic business account designed for startups and small businesses that comes with 250 free monthly transactions. The $15 maintenance fee can be waived by maintaining a minimum monthly balance of $5,000.
  • CitiBusiness Flexible Checking account. Geared toward growing businesses, this checking account offers 500 free monthly transactions, but requires a $10,000 minimum balance to waive the $22 to $30 monthly maintenance fee.

All information about these products has been collected independently by Finder.

Bottom line

While overdraft protection and earnings credits help offset fees, this account has a number of cost-related drawbacks — including monthly maintenance fees, transaction fees and wire transfer fees.

Compare your options with additional providers to find the business checking account that meets the dynamic needs of your business.

Frequently asked questions

Business checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze business checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, monthly transaction limits, overdraft fees, and wire transfers. Read the full methodology of how we rate business checking accounts.

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