Citibank checking accounts have no opening deposit requirement

You can open a Citibank checking account with zero dollars. Citibank does not require a minimum deposit to start an account — you open it empty and fund it later, or not at all.

However, some Citibank checking products do have monthly maintenance fees, and those fees can be waived if you meet certain conditions. The cost to you depends on which account type you choose and whether you can meet the waiver requirements.

Key Takeaways

  • Citibank checking accounts require no money upfront to open, but some accounts charge monthly fees once they are active.
  • Monthly maintenance fees range from $10 to $15 depending on the account, but most can be waived by maintaining a minimum balance or setting up direct deposit.
  • You can open an account online, by phone, or in a branch, and the process takes a few minutes.
  • If you cannot meet fee-waiver requirements, you will pay the monthly charge every month the account is open.

Monthly fees and how to avoid them

Citibank's main checking account is Citibank Basic Checking, which carries a $10 monthly maintenance fee. This fee is waived if you maintain a minimum daily balance of $1,500 or set up a direct deposit of at least $500 per month. If you do neither, you pay $10 every month.

Citibank also offers Citibank Checking, which has a $15 monthly maintenance fee. This fee is waived if you maintain a minimum daily balance of $5,000, set up a direct deposit of at least $500 per month, or have a linked Citibank savings account with a $5,000 minimum balance. Again, if you meet none of these, you pay $15 monthly.

The difference between the two accounts is primarily the fee structure and the balance thresholds. Basic Checking is designed for people who want lower fees and can maintain a smaller balance. Citibank Checking is for people who already have more money on deposit or who receive regular paychecks via direct deposit.

Other costs you may encounter

Opening the account itself is free, but Citibank charges for certain transactions and services. Out-of-network ATM withdrawals cost $2.50 per transaction (though Citibank reimburses some out-of-network fees depending on your account). Overdraft fees are $35 per overdraft item. Wire transfers, stop payments, and expedited card replacement all carry separate fees.

If you need a physical debit card, there is no charge — it comes with the account. If you lose the card and need a replacement, expedited replacement costs $15; standard replacement is free but takes longer.

How to open an account with no upfront cost

You can open a Citibank checking account online at citibank.com, by calling 1-800-248-4226, or by visiting a branch in person. Online opening takes about 10 minutes and requires your Social Security number, date of birth, address, and a valid ID. You do not need to deposit money during the opening process.

After you open the account, you receive a routing number and account number immediately. You can use these to set up direct deposit right away, which waives the monthly fee on most Citibank checking accounts. If you do not set up direct deposit and cannot maintain the minimum balance, the monthly fee begins accruing after 30 days.

What happens if you cannot meet balance or deposit requirements

If you open a Citibank checking account but do not maintain the minimum balance and do not set up direct deposit, you will be charged the monthly maintenance fee every month. For Basic Checking, that is $10 per month, or $120 per year. For Citibank Checking, that is $15 per month, or $180 per year.

The fee is deducted from your account balance automatically. If your account balance falls below zero because of the fee, you may also incur an overdraft fee. This can create a cycle where fees compound, so it is important to understand the terms before you open.

Comparing Citibank to other banks with no opening deposit

Many banks offer checking accounts with no opening deposit and no monthly fee. Chase Total Checking, for example, has no monthly maintenance fee at all. Bank of America Checking has a $12 monthly fee but waives it with a $1,500 minimum balance or direct deposit. Wells Fargo Checking has a $10 monthly fee with similar waiver options.

If you cannot maintain a minimum balance and do not receive direct deposit, a bank with no monthly fee may be a better fit than Citibank. However, if you already bank with Citibank or value their branch network and customer service, the monthly fee may be worth it to you.

Frequently Asked Questions

Do I have to put money in when I open the account?

No. Citibank does not require a minimum opening deposit. You can open the account with zero dollars and fund it later, or use it only for direct deposit.

Can I waive the monthly fee with a savings account instead of a checking balance?

Yes, but only for Citibank Checking (the $15 account). If you link a Citibank savings account with a $5,000 minimum balance, the checking fee is waived. Basic Checking does not offer this option.

What if I close the account before the first month ends?

Citibank does not charge a fee to close a checking account. If you close within 30 days, you typically avoid the first monthly maintenance fee. However, check with Citibank directly to confirm the timing, as it can depend on when the account was opened.

Does Citibank charge to open the account online?

No. Opening online, by phone, or in a branch is free. You only pay if the account remains open past the fee-waiver period without meeting the balance or direct deposit requirement.

Can I switch from one Citibank checking account to another?

Yes. You can open a second Citibank checking account and close the first one. There is no fee to close, but you will need to redirect any automatic payments or direct deposits to the new account number.