Citibank checking accounts at a glance

Citibank offers several types of checking accounts aimed at serving your everyday or “premium” banking needs. There’s a large fee-free network of bank branches and ATMs, but you’ll need to read the fine print and watch out for hidden fees.

Starting with its Basic Banking account, members get access to unlimited checking, in-person banking, fraud monitoring and digital tools.

You can upgrade from there, but this review will focus on the Basic checking option.

5 things to know about a Citibank checking account

Here are some important things to know about opening a checking account with Citibank.

1. Lots of account options

Citibank offers a range of everyday and premium checking accounts. Each one provides checking services, but the more money you deposit, the less you’ll pay in fees.

Here’s a brief overview of the account options available. Note that the checking products available to you will depend on where you live.

• Access Account: This is an entry-level checking account with no paper checks and a $10 monthly service fee if your linked accounts don’t meet certain requirements..
• Basic Banking: Basic Banking is your standard checking account with paper checks. The monthly fee of $12 is avoidable if you meet certain requirements, which don’t necessarily involve a minimum balance (more on that in the next section).
• Citibank Account: This is a full-service checking account. The monthly service fee is $25 for linked accounts unless you maintain at least a $10,000 balance.
• Citi Priority: This checking account includes investment guidance from Citi Personal Wealth Management. Account holders with less than $30,000 deposited in eligible accounts are charged $30 per month.
• Citigold Account: This preferred checking account includes Citi Personal Wealth Management and Citigold Concierge. There is no fee if you keep more than $200,000 in eligible accounts.
• Citigold Private: This checking account includes wealth-planning services. There’s no fee if you maintain an average of $1 million deposited in eligible accounts.

Again, in this review, we’re focusing on the Basic Banking account, which allows you to write paper checks (unlike the bare bones Access Account) and doesn’t require a minimum monthly balance of at least $10,000 (like the next-tier Citibank account).

2. Plenty of perks

The Basic Banking account at Citi comes with unlimited check writing. While there’s a $12 monthly fee, you can avoid it if you have a combined monthly balance of $1,500 in all linked accounts or have one qualifying direct deposit and bill payment per statement period.

Citi Basic Banking also comes with fee-free access to Citi ATMs, fraud monitoring and digital tools. And depending on when you join and where you live, you may be eligible for a cash bonus after completing certain activities.

3. Potential for some fees

In addition the potential monthly account fee, you may pay a $2.50 fee to use non-Citibank ATMs.

But effective June 2022, Citibank eliminated overdraft fees, returned items fees or overdraft protection fees.

4. Physical branches in some locations

Citi Basic Banking comes with fee-free access to more than 65,000 ATMs in the U.S., including locations in Citibank branches and many stores including Target, Rite-Aid, Duane Reade, CVS and Walgreens.

But as convenient as it may be to find fee-free ATMs, it may be more difficult to find a local branch. There are hundreds of Citibank branch locations across the country, but they’re clustered in major metropolitan areas like New York, Chicago, Washington, D.C., San Francisco and Los Angeles.

5. Full-service banking

Citi offers other services beyond checking basics. When you open a Basic Banking account, you get access to a full suite of bill pay, fund transfer and digital services. You can also link to a Citi savings account.

What do I need to open a Citibank checking account?

Opening a Citibank checking account is easy. Any U.S. resident can apply online with their Social Security number, date of birth and home address.

Is Citibank checking free?

Yes and no — Citibank doesn’t offer free checking. There’s a $12 monthly fee for the Basic Banking account, but that fee is waived if you meet certain requirements, like having one direct deposit and one bill pay per statement.

Not sure if Citibank checking is right for you? Consider these alternatives.

• Alliant: If you want an online checking account that pays interest, Alliant offers a high-rate interest checking account.
• Discover Bank: If you want a checking account with cash back, Discover pays up to 1% on all debit card purchases (up to $3,000 monthly).

Discover checking accounts at a glance

Discover checking is a free online checking account — there’s no monthly maintenance cost — that pays 1% cash back on debit purchases.

Members get all the advantages of Discover’s network of more than 60,000 fee-free ATMs and the ability to write checks — all with almost no fees. Discover checking also offers free overdraft protection, access to your paycheck up to two days early when sign up for direct deposit, fraud  protection and the ability to use your Discover debit card with Apple Pay.

4 things to know about a Discover checking account

Here are some things to consider about checking with Discover.

1. Cash back rewards

Discover checking pays a straightforward cash back reward of 1% on all debit card purchases, up to $3,000 monthly. If you spend at least that much on your debit card every month, that’s an extra $30 per month, or $360 per year. It’s worth noting that, unlike some online banks, Discover doesn’t offer interest checking.

2. (Almost) no fees

Discover advertises its cashback debit account as a way to “earn cash back rewards with no fees” — and for a number of customers that may be true. There are no monthly fees, no minimum balance requirements and no activity minimums. Discover also does not charge fees for insufficient funds, issuing an official bank check, replacing a lost debit card, outbound ACH transfers or check reorders.

But there is an exception. Discover does charge $30 for each outgoing wire transfer. Also, note that while Discover does not charge any ATM fees outside of its network of more than 60,000 fee-free ATMs, the owner of an out-of-network ATM may assess a fee.

3. Overdraft protection

Discover checking offers all members access to an overdraft protection transfer service without any fees. This service allows you to link your Discover checking account to a deposit account, such as a savings account or a money market account.

Discover will automatically use the funds in your linked account to make the eligible purchase. But keep in mind that you’ll have to sign up for this service — you aren’t automatically enrolled. And if you don’t have enough money in your linked account, your transaction will be declined.

4. Early paycheck access

Discover checking includes a service called Early Pay. This perk allows you to receive your ACH direct deposit paychecks up to two days early.

What are the requirements to open a Discover checking account?

To open a Discover checking account, you need to sign up and download the Discover app. You’ll have to provide your name, email address and cell phone number.

Discover also lets you open a joint checking account.

Not sure if Discover is right for you? Consider these alternatives.

• Alliant Credit Union: Alliant might be worth a look if you’re considering interest checking.
• Axos Bank: Axos Bank is another possible option for a cash-back checking account.

RoarMoney checking accounts at a glance

RoarMoney is an online checking account with unique perks. RoarMoney’s banking partner is MetaBank, so qualifying deposits are FDIC-insured.

Plus, the company offers ways to save money. For instance, your account’s debit card comes with a “price protection” program, which offers refunds on eligible purchases up to $250 if you find a lower price within 90 days (up to four times per year). It also offers roundups, which let you round up credit or debit transactions to the nearest dollar and move that difference into an investment or cryptocurrency account.

5 things to know about a RoarMoney checking account

Here are some other important things to know about banking with RoarMoney.

1. Online banking

RoarMoney doesn’t have physical locations, but it does offer fee-free access to more than 55,000 ATMs in the Allpoint network and around-the-clock customer service.

2. Low-fee checking

RoarMoney doesn’t offer free checking, but its fees are minimal. All accounts are charged a $1 monthly administrative fee. RoarMoney also charges a fee when you use ATMs that are not in network or send a paper check with its optional bill pay service.

The company also charges fees for foreign transactions and for using a debit card from a different financial institution to add money to a RoarMoney account.

3. Safety Net

RoarMoney comes with a suite of features called Safety Net. Members must have at least one repeating direct deposit to access Safety Net. (Members who use direct deposit also can receive paychecks up to two days early.)

After two direct deposits, you can also access a feature called InstaCash that allows you to take 0% APR cash advances of up to $1,000.

You’ll have to select “Use Safety Net” in the app and follow the prompts to access InstaCash or investment accounts.

4. Investment options

RoarMoney is part of the MoneyLion investment platform. Investment accounts have no minimum balance and no management fees. You can invest in fully managed accounts based on your personal risk tolerance and interest, such as technology innovation or socially responsible companies.

RoarMoney customers have the option to use auto-investing features as well.

5. Surprise rewards

RoarMoney also has a feature called Shake ‘N’ Bank, which gives surprise rewards for purchases over $10, up to five times the value of your purchase and a maximum of $500, simply for shaking your phone.

­In addition, RoarMoney offers cash back rewards for purchases from retailers including Walgreens, Sam’s Club and DoorDash.

How do I pay with RoarMoney?

There are several ways you can use RoarMoney to pay. A RoarMoney virtual card is available once you open an account. You can use it to pay online or by phone or load it to a digital wallet for touch-free paying.

You can also use RoarMoney to make payments with your debit card. Plus, once you fund your account, you will get a MoneyLion Debit Mastercard.

If you make large purchases frequently, you should be aware that some purchase and withdrawal methods have limits. For instance, you can only withdraw $510 from an ATM every 24 hours.

What bank is RoarMoney?

RoarMoney is a mobile checking solution from MoneyLion. MoneyLion is not a bank; it is a financial technology company.

Not sure if RoarMoney is right for you? Consider these alternatives.

• Charles Schwab: The Schwab Bank High Yield Investor Checking account is worth a look if you want a no-maintenance fee account with access to a Schwab One brokerage account.
• Acorns: Acorns is worth considering if you want to connect your checking account with an investment account. But it does come with a monthly fee.

Ally Bank checking accounts at a glance

Ally Bank offers online-only, interest-bearing checking accounts with a robust set of features, including savings boosters and two fee-free ways to defend yourself against accidental overdrafts.

But you’ll have to be comfortable doing your banking digitally since Ally doesn’t have any physical locations.

5 things to know about an Ally Bank checking account

1. One-stop banking

Ally Bank offers interest checking account options as well as savings accounts, investment services, home mortgages and auto loans. While you can’t bank in person, you’ll have access to more than 43,000 in-network ATMs and 24/7 customer support.

For people who like to go into a local branch or who need to deposit cash, an online bank like Ally may not be the best fit. But if you rarely visit physical banking locations (or have another local savings institution), Ally Bank could be a good choice.

2. (Relatively) high interest rates

Ally Bank offers interest checking — something you won’t find with every checking account.

Ally’s interest checking accounts offer a higher annual percentage yield, or APY, than the industry average. Keep in mind that you’ll have to maintain an average daily balance of at least $15,000 to get its top APY.

3. Connected savings

Ally Bank offers recurring transfers to help you move money from your checking account to your savings account on a regular schedule. It also offers roundups, which means the bank will round up checking transactions to the nearest dollar and deposit the difference into a connected savings account.

Most notably, Ally Bank offers what it calls “Surprise Savings.” Once you link this feature, it analyzes your linked checking accounts for money that it regards as safe to move to your savings account, then sends it automatically. The company says that people who use this feature may save more than 10 times as much as they would with interest alone.

4. No minimum balance requirement or monthly fees

Ally Bank does not charge many common fees. There are no …

• Monthly maintenance fees
• Overdraft fees
• Daily balance minimum fees
• Automated Clearing House transfer fees
• Cashier’s check fees

5. Overdraft protection

Ally Bank doesn’t charge any overdraft fees. Instead, it offers two services to give members overdraft coverage.

Overdraft Transfer Service: This option allows Ally to link a savings account or money market account with your checking account. If you overdraw your checking account, the bank will transfer enough money — in $100 increments — to cover the overdraft.

CoverDrafts ^SM: Ally also has a safety-net service called CoverDraft. This allows account holders to overdraft up to $100 without fees. You then have 14 calendar days to repay the money. Keep in mind that your next deposit will automatically apply to your negative balance.

How do I open an Ally Bank checking account?

Opening a new Ally Bank checking account is simple. It only takes minutes. The online application allows you to provide personal details, including your address and your Social Security number. You can then fund your account. There is no minimum balance required to start banking with Ally, and online access is available almost immediately.

Is an online bank right for me?

The main difference between online banks and many traditional banks is that they don’t have a physical location. That trade-off may allow online banks to offer a better value proposition — such as higher interest rates on checking and savings accounts — than banks with physical locations.

But there are some potential disadvantages. Namely, not all online banks can accept cash deposits, they don’t have safe deposit boxes and they don’t offer notary services. Plus, some people just feel better when they can meet with a person face-to-face to discuss their finances.

That said, there is no reason you can’t open an account at a bank with a local physical location and also have an online-only account.

Not sure if Ally Bank checking is right for you? Consider these alternatives.

• Chime: Chime also offers no-fee checking, but it can also help you get paid early when you use direct deposit.
• Wells Fargo checking: If you prefer to open a checking account with an institution that offers banking at a physical location, Wells Fargo may be worth a look.