Published on November 19th, 2019 | by Chuck22
Citibank Launches Digital Checking Account with 1% APY & Unlimited Reimbursed ATM Fees (Citi Elevate Review)
- 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: Soft pull
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: $15, avoidable
- Early account termination fee: 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.
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.
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.