- Availability: Available in the following areas: AA, AE, AK, AL, AP, AR, AS, AZ, CO, DE, GA, GU, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NM, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VI, VT, WA, WI, WV, WY and select markets in Florida.
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Yes
- Credit card funding:Â None
- Monthly fees:Â $15, avoidable
- Early account termination fee:Â None
Citi Digital Checking
Citibank announced today a new interest-bearing checking account which also waives and reimburses all ATM fees nationwide with no limit. The interest rate is currently 1.00% APY for balances over $25,000. The account is called Citi Elevate. (The rate is 0.4% for balances between $10,000 and $25,000 and 0.2% for balances below $10,000.)
The Fine Print
- A monthly fee of $15 is waived for accounts with average monthly balances of $5,000 and above.
- Account not available in all markets.
- Digital delivery of statements and other legal notices is required.
Our Verdict
Obviously the 1% interest rate isn’t exciting, but there are almost no checking accounts that offer any interest at all, so 1% is actually pretty good. Could be a good option for someone who needs high balances in their checking account at all times.
READ: What’s the Best High-Yield APY Checking Account Option?
The most interesting thing would be if this account becomes eligible as an option for Citi checking account bonuses. For now, they aren’t offering any signup bonus on the Elevate account.
Just got a sign up bonus for this today, $200. Deposit $5000 and keep in the account for 60 days. Offer ends on Dec 31st.
Same here: Open a new Citi ElevateSM High-Yield Checking Account by December 31, 2020. Then, within 30 days after account opening, deposit a minimum balance of $5,000 and maintain the balance for 60 days to receive your $200 cash bonus.
This, to me, is a joke. I have two checking accounts already that pay 2% and much less nonsense.
Where?
It would be nice if some of the bigger brick and mortars would follow their lead. Even if they cap it at %50-100k, throw us a bone. The .01% from JPM is insulting, but as long as we shower them with deposits they have no incentives.
Don’t understand why it’s not open to VA residents? There’s a citi branch right down the street from me…
I think it’s the same BS citi pulls with their high yeild savings, only available where they don’t have a presence.
That’s exactly why… they want it to be digital only, and not have to give you the better payouts while forcing you to support the costs of having the local branches. ATM reimbursements are good if you don’t have a network of locations already, but if they let you have it and you just use whatever the closest ATM is instead of going to a Citi ATM, they come in the hole.
Plenty of other places to stash $5,000 for a better rate of return, even on checking.
I don’t know of many. We wrote a few other options in the linked post.
Memory Bank is really good. Been using it for just over a year now
You guys do amazing work, and thank you. I was just saying that it doesn’t appear that Citi is trying to compete in this space.
This is a Walmart version of SoFi.
I agree! SoFi has a similar account with higher APY (1.60%).
With no requirements
A checking?
It functions pretty much exactly like a checking account (you get a debit/atm card, checks, etc.), but as far as I know they don’t call it that, they call it a “cash management” account or such. The relatively generous (at least, at the time.. it’s been nerfed a few times since) APY is what attracted me initially, but the fact that you can use *any* ATM ever without fees is what makes it a keeper.
do you know what the deal was with ther 1% foreign conversion fee? they claim it’s charged by visa so in theory it would be the same schwab…but schwab makes no mention of it
currently use schwab and been wanting to switch to sofi money but that on top of no mint integration kept me away, there’s no way I’d be able to juggle 50 accounts without mint
In the sense that SoFi is Whole Food or Costco?
IMO, unless one has significant existing assets with Citi or a preference for leaving large sums of money in their checking account (no judgment, I understand people have their preferences/circumstances), accounts like Schwab Checking make this account pointless.
Agreed 100%. Even if you only travel overseas once, the Schwab account is a no brainer because of the lack of fees. Even the brokerage account is useful because it (mostly) triggers DD requirements.
Keep $200 in the Schwab account for emergency cash needs and the rest in Ally/Marcus/wherever savings and you are done. One day transfers make it all very easy.
I saw an ATM receipt with a remaining balance of over 100k the other day.
Can someone tell me what Schwab checking you are referring to? I see a 0.15% interest rate for Schwab. Places like Alliant do better than that for their checking while also offering a better savings.
Just trying to make sure there isn’t something I am not aware of.
As DCJoe alluded to, Charles Schwab’s checking account is useful for it’s utility rather than it’s interest rate. In particular it’s lack of forex fees. So if you travel abroad and use your Schwab debit card to withdraw local currency you won’t be hit with a fee to convert USD to the local currency. Since Schwab also refunds most ATM fees you won’t be hit by those either. However, if you never travel outside the US then Schwab’s checking account isn’t all that special.