Citibank Citigold current account review
- Account fee
- £75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previouslyFee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited)
- Interest (AER)
- 0% AER
- Overseas card transactions
- 2.75%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged an arranged overdraft usage fee of £0 per charging period. Account fee of £75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previously. Fee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited)..
Our verdict
If you’re looking for a current account that allows you to juggle multiple currencies, the Citibank Citigold account could be right for you.
Providing you can meet the eligibility criteria, the Citigold current account is worth considering if you're looking for a multi-currency account that also comes with perks such as travel insurance and fee-free international transfers.
However, if you don't meet the eligibility criteria – or even if you do – there are plenty of other options available that don't have high income requirements or charge such a high monthly fee. For example, many of the challenger banks such as Revolut and Starling Bank allow you to hold other currencies, carry out fee-free foreign transactions and offer low-cost international payments.
Pros
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Ability to hold multiple currencies in different accounts, managed by a single debit card
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Fee-free international transactions
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Worldwide travel insurance
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Manage your account in the app, online or over the phone
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Dedicated relationship manager
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Interest-free overdraft of up to £500
Cons
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Strict eligibility criteria – or a high monthly fee if you don’t meet it
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You’ll need to arrange an appointment to open an account
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Accounts only hold Sterling, Euros and US dollars
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Overdrafts of over £500 are charged interest
Details
Product overview
| Account name | Citigold Current |
| Incentive | Complimentary breakfast with selected hotels. |
| Provider | Citibank UK Limited |
| Account fee | £75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previouslyFee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited) |
| Interest (AER) | 0% |
| ATM withdrawal limit | £1000 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £1 |
| Minimum opening balance | £1 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Foreign cash currency fee in Europe | 2.75% |
| Foreign cash currency fee in rest of world | 2.75% |
| Foreign cash transaction fee in Europe | 2% |
| Foreign cash transaction fee in rest of world | 2% |
Overdraft information
| Arranged overdraft available | |
| Overdraft arrangement fee | £0.01 and over:- £0 Per Request |
| Overdraft review fee | £0.01 and over:- £0 Per Request |
| Overdraft Grace Period | 17:00 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged an arranged overdraft usage fee of £0 per charging period. Account fee of £75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previously. Fee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited).. |
Citibank serves more than 100 million clients in more than 40 countries, and is one of the world’s largest retail banks. In the UK, it provides around 200,000 customers with current accounts and other financial products. In this review, we take a closer look at the Citibank Citigold current account.
What is the Citibank Citigold current account?
The Citibank Citigold current account enables you to hold accounts in Pounds Sterling, US dollars or Euros, with the option to access whichever account you want with a single debit card.
You can change the currency account your card is linked to whenever you need to and you can manage the account online, by mobile app or over the phone. However, you’ll need to meet strict eligibility criteria to qualify.
How does it work?
The Citibank Citigold current account offers a range of features, as outlined below:
- One debit card for different current accounts. Hold multiple accounts in different currencies (Sterling, Euros and US dollars), and access them all with a single contactless debit card.
- Fee-free international transfers. Make fee-free global transfers to other Citi accounts in over 20 countries. You can also make up to 8 SWIFT payments every calendar month to non-Citi accounts without incurring a transaction fee. Faster Payments and SEPA transfers are also transaction fee-free.
- Worldwide annual travel insurance. For you and your family, including winter sports cover. To be eligible, you must be a UK resident and under the age of 80.
- In-app banking. Use the app to monitor your accounts and investments on the go, see up-to-date balances, send money and carry out FX trades.
- Interest-free overdraft. Of up to £500, providing you pay at least £50 a month into your account. Overdrafts of more than £500 will be charged 9.9% EAR.
Who is the account for?
The Citibank Citigold account could suit those who regularly travel and need to switch currencies, or those who frequently send money abroad. However, to be eligible, you will need to maintain a minimum average monthly balance of £150,000 (or currency equivalent) across your Citi UK accounts, including investments. If you are unable to do this, a monthly fee of £75 will apply.
What are the benefits?
The Citibank Citigold current account offers a number of perks that can be particularly beneficial for those who frequently travel or those who send money abroad. As well as allowing customers to switch between currencies, it also offers worldwide travel insurance for the whole family.
How to apply
To apply for a Citigold account, you’ll need to book an appointment online or give the bank a call. You’ll be contacted within 1 business day to discuss the opening of your account and meet a relationship manager. Once you’ve provided the necessary information to open your account, you can complete and sign your application the same day.
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