You can also gain access to an internal team of product experts via a dedicated relationship manager and a range of other benefits with the Citigold current account. However, you’ll need to pay a monthly fee of £75 if your average monthly balance across your Citi accounts is less than £150,000.
Citibank’s sole current account is the Citigold account. Eye-catching features of this account include transaction-fee-free Citi global transfers and up to 8 fee-free SWIFT payments each month, a dedicated relationship manager and Citi Alerts for account updates by SMS or email.
Multi-currency accounts
Citi also offers current accounts for 10 major foreign currencies, enabling you to make purchases and withdrawals without incurring conversion charges. Transaction fees also do not apply. Like the Citigold account, these current accounts offer 24/7 worldwide account access and the ability to access all your account with just one Citi card. This account is free of charge if you’re a Citigold account holder, or alternatively if your foreign currency account on average holds a monthly balance of the equivalent of £2,000 or more.
Pros and cons of banking with Citibank
Perks. Perks of banking with Citibank include worldwide holiday travel insurance and access to a dedicated relationship manager as well as exclusive privileges from prestigious brands through the Partnership Programme.
Multiple ways to bank. Citibank offer a range of ways to handle your funds, including the Citi Mobile app, Citi online and the CitiPhone app.
Global acceptance. Citibank’s big perk is their global view. Any overseas Citi account can be securely accessed instantly from anywhere in the world.
High account fees. You’ll need to pay a monthly fee of £75 if your average monthly balance across your Citi accounts is less than £150,000. This means it’s mainly those on higher incomes who will benefit from holding this type of current account.
Opening an account with Citibank
If the Citigold account piques your fancy, here’s how to open a current account with Citibank. To begin, book your appointment through the Citibank website. You’ll then be contacted within one working day to discuss the opening of the account. After this, you’ll meet a relationship manager, provide the information needed to open the account and sign the application form. All of this should be completed within two days.
Our verdict: Is a current account with Citibank worth it?
There are a lot of useful features with this account, but the huge account fee will surely put off people with an average balance less than £150,000. If Citibank’s current accounts are not for you, you can also compare other current accounts here.
Frequently asked questions
If your average balance across your Citibank accounts is less than £150,000, then you’ll have to pay a £75 monthly fee to maintain a Citigold account. However, if your average balance exceeds this amount, then you won’t have to pay any fees.
To close a Citigold account, simply fill in the account closure form, which can be found on Citibank’s website, and return it.
Citibank is regulated by the Financial Services Compensation Scheme, so any eligible deposits up to £85,000 are protected fully. Citibank also has its own scheme it calls the Deposit Guarantee Scheme, which means that any London-booked accounts operating through Citibank Europe are protected up to a total of €100,000.
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Oli is a writer for Finder UK. He writes guides, features and news about a range of topics, including banking, credit cards, mortgages and personal loans. He studies English Literature at the University of Sussex, and in his spare time enjoys cycling and playing the guitar, though not necessarily at the same time. See full bio
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