In our evaluation of the Citi Priority Account, we focus on the essential features and account fees that are tailored to customers with larger checking account balances. One of the most crucial tools you can have for money management is a bank account. Consider upgrading your banking experience if you want more features than the bare minimum.
Citi Priority Banking offers a full range of banking services. A checking account or a checking plus savings account can be opened. Selecting a banking package over a standalone account may enable you to take advantage of unique advantages. However, it occasionally entails paying higher fees.
Uncertain of whether Citi Priority Banking is the best option for you? To find out how this financial package functions, continue reading.
Services from Relationship Banking to Suit Your Needs
One of the premium banking options offered to Citibank customers is Citi Priority Banking.
You receive a checking account when you open a Priority Banking relationship. But in terms of service, you get more than that. For those who want more from their banking experience than the bare minimum, Citi Priority Banking was created.
You receive committed support to assist you in managing your finances when you sign up for this banking package. That assistance includes wealth accumulation and investing in addition to checking.
Benefits of Priority Banking
Citi Priority Banking upgrades the standard Citi checking account. The following are some of Citi Priority Banking's key features:
- Fee exemptions for several banking services, such as regular checkbook orders, stop payments, money orders, and incoming wire transfers
- Citi's mortgages and other loans are subject to rate breaks and relationship pricing.
- Citi Priority Advisors offers competent financial advice on demand. You can reach them by phone or in person.
- When you use your connected debit card to make purchases overseas, there are no foreign exchange fees.
- greater ATM withdrawal and purchase limitations compared to typical Citi checking accounts
- Citi Personal Wealth Management offers commission-free trades for exchange-traded funds.
- Access to tools for financial planning and investment resources
Citi Priority Banking may give more than you need if you're just starting with money management. On the other hand, if you're prepared to concentrate on increasing your net worth and reaching more ambitious goals, it might be the best option.
Is Citi Priority Banking Interest Bearing?
Although some banks do provide interest checking, earning interest is not typically the case with checking accounts. You won't receive interest on balances if you solely use a checking account to sign up for Citi Priority Banking.
Again, checking accounts offered by conventional banks frequently have fees like that.
However, you have the option to open a savings account at the same time as a checking account. As part of your Citi Priority Banking package, opening a savings account might provide some extra advantages, such as the opportunity to earn interest on balances.
What Costs Are Involved?
It's crucial to take the costs into account while evaluating any checking account choice. Including premium banking plans.
While Citi Priority Banking does not charge all fees, it does waive certain of them. The primary fees to be aware of are listed below:
- The monthly maintenance cost is the major expense to be aware of.
- Priority Banking costs $30 per month. But there is a method to avoid paying the fee.
- You are exempt from paying the fee if your qualifying linked accounts have a combined average monthly balance of $30,000 or more.
- This makes creating a savings account in addition to your checking account when registering for Priority Banking a sensible idea.
- If the minimum balance requirements aren't met, you'll be charged $360 in maintenance fees annually.
Conclusion: Is It Time to Open a Citi Priority Banking Account?
If you currently have a Citi credit card or if you simply want more out of a checking account, Citi Priority Banking might be of interest to you. People who want to avoid some of the regular costs that other checking accounts charge may be a suitable fit for this banking bundle.
Of course, you might favor something more straightforward, like a standard checking account. You might also be considering whether an online bank could be a better option.
Indeed, online banks can provide higher benefits like interest and rewards checking. They can also set lower prices.
Once more, it's critical to consider what you require most from a bank account.
Citi Priority Banking could ultimately assist you in avoiding some customary bank costs.
But it's crucial to remember the monthly maintenance charge. Priority Banking could be a more expensive checking account choice if you can't satisfy the minimum balance criteria to waive it.
If you have any more questions, contact our professionals at Notebanks.