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Citi is one of the most well known banks in the U.S, so it is unsurprising that this financial institution has a selection of checking account options.
If you’re in the market for a premium checking account, the most popular choices are the Priority account and Citigold account, but how do they compare?
So, here we’ll present a Citi Priority Account vs Citigold account comparison to help you decide which is best for you.
What Is The Citi Priority Account?
Citi Priority is the highest tier checking account that is available to anyone. As a top tier account, it offers a number of perks including no Citi ATM fees on transactions worldwide, relationship pricing on mortgages, some waived fees and others. You can also access investment and other help through the Citi Priority Advisor and Citi Private Wealth Management teams.
The Citi Priority account carries a $30 monthly fee, but this is waived if you maintain an average monthly balance of at least $30,000 across eligible linked accounts including retirement, investment and deposit accounts. The account does not have any minimum deposit or minimum balance requirements.
If the fee is too high, you can consider Citi's basic checking options which offers lower fee and reasonable waivers.
What Is The CitiGold Account?
The CitiGold account is exclusively for Citi’s wealthier clients. It offers full service features including banking, investing, financial planning, travel benefits and borrowing. As a CitiGold customer, you have access to a dedicated team to not only help you to manage your money but also provide you with personalized financial advice.
This account is only available to those with a combined average monthly balance of at least $200,000 in eligible linked accounts. If you don’t meet this minimum, you will be unable to open a CitiGold account.
How Do They Compare?
While most features existed on both Citi Priority and Citigold checking accounts, there are some differences. Here's a comparison:
Citi Priority Checking | CitiGold Checking | |
|---|---|---|
Monthly Maintenance Fee | $30
Can be waived if you maintain a combined average monthly balance of $30,000+ in eligible linked deposit, retirement and investment accounts
| $0 |
Account Minimums | $0 | $200,000 |
ATM Fee Reimbursement | Citi ATM Network | Citi + Non ATM Network |
Dedicated Team/Concierge
| No | Yes |
Similarities
- ATM/Debit Card Limits
Since both accounts are premium products, their associated debit cards have higher ATM and debit card limits compared to the standard Citi card limits.
This means that you can withdraw up to $2,000 per day from an ATM and up to $10,000 for debit card transactions.
- Fee Waivers
Both accounts offer a number of waivers for Citi banking fees. These include money order fees, official check fees, checkbook order fees, stop payment request fees and ATM foreign exchange fees.
- Checking Plus Line of Credit
Checking Plus offers overdraft protection that ensures that checks and other transactions go through if you slip into the red.
Checking Plus provides a revolving line of credit for quick access to cash. This feature is available for both Citi Priority and CitiGold at the same rate.
- Relationship Rates
Both accounts offer a relationship rate on loans for up to 0.25%.
- Citi Personal Wealth Management
The Citi Priority and CitiGold accounts have access to the Citi Personal Wealth Management team with waived fees for investment and IRA accounts. This means that you can benefit from personalized guidance for your investments without incurring hefty brokerage fees.
Differences
- Monthly Maintenance Fee
One of the first differences that you’re likely to notice is the monthly maintenance fees for the accounts. The Citi Priority account has a $30 monthly maintenance fee, which can be waived if you have $30,000 or more across your linked Citi accounts.
On the other hand, the CitiGold account does not have a monthly maintenance fee.
- Account Minimums
The Priority account has no minimum balance requirements to maintain your account, but if you don’t have an average balance of $200,000 or more in your linked Citi accounts, you will be unable to open or continue operating a CitiGold account, which is one of the most premium checking accounts.
If your balance drops below this minimum average requirement, Citi will convert your account and you will no longer be able to access the CitiGold features and benefits
- ATM Fee Reimbursement
While both accounts allow fee free use of the Citi ATM network, if you use a non network ATM, only the CitiGold account offers fee reimbursement.
- Dedicated Team/Concierge
One of the key benefits of the CitiGold account is that you can access a dedicated team and a specialist concierge service.
This means that should you have any queries or issues, you can immediately access help or guidance without needing to wait on the standard phone helplines.
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Which Account Is Better For Your Needs?
Since on the surface, the Citi Priority account looks very similar to CitiGold, you may be struggling to decide which is the better option for you. Fortunately, there are several questions you can ask yourself to help you make a decision.
- Are You Willing to Have $200,000 plus with Citi? The CitiGold account is designed for high net worth individuals, but even if you have these funds, you need to be willing to tie up at least $200,000 with Citi. If you’re not willing to have this level of funds with Citi, you may be better suited to the Priority account. If you have much more, you may want to consider the Citigold private client.
- Do You Regularly Use Non Network ATMs? While Citi has an ATM network with approximately 65,000 machines, if you struggle to find a Citi ATM in your area, you may appreciate the reimbursement offered with the CitiGold account. If you’re regularly using non network machines, the associated fees can quickly add up, so reimbursement may be an attractive feature.
- Do You Need Specialist Financial Assistance and Guidance? If you need some help formulating investment strategies or implementing your financial planning for retirement and other long term goals, the personalized specialist advisor team offered with CitiGold is likely to be highly beneficial for you.
How to Open Citigold or Citi Priority Account?
While a Citi Priority account can be opened in branch or online, if you’re interested in CitiGold, you will need to schedule an appointment to speak to a member of the Citi team. To open an account online, you’ll just need to follow a few basic steps.
- Navigate to the Citi Priority Product Page: On the Citi official website, you can find the Citi Priority product page under the “Banking” tab on the top bar. The Priority account is under “checking” and then you’ll need to select “Premium” accounts. This will show you the account details and if you’re ready to proceed, click the blue “Open Account” button.
- Select Your Preferences: The first screen you’ll see asks you about your preferred banking package. Citi accounts are designed to work in concert, so you can select if you only want a checking account or want to open a checking and Citi savings account.
- Complete Your Application: This is quite standard and you’ll need to go through it to ensure you complete all of the mandatory fields. These include your full name, date of birth, address, contact information, Social Security Number and some basic financial details.
- Submit and Await a Follow Up Email: Once you complete the application, you will need to click “Submit.” The Citi team will process your application and you should receive a follow-up email. This may request further information or simply confirm your new account is opened.
FAQs
How do you close a Citi Priority Account?
If you want to close your Citi Priority account, you’ll need to either visit a local branch or call the customer support line. A Citi representative can take your closure request and guide you through the closure process.
Do any of them offer a promotion?
Citi does periodically offer promotions for new customers, but there are currently no promotions for either Citi Priority or CitiGold accounts.
Do any of them earn interest on balance?
Yes, you can earn interest on the balance in your Citi Priority account. Citi does not publish rates for CitiGold accounts, as services are tailored to the specific customer.
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How We Review Checking Accounts: Our Methodology
The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:
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Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.
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Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.
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Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account
