New York – Citibank announced today that it is introducing Citi Elevate Checking, a digital high-yield checking account that offers unlimited ATM reimbursements nationwide while paying interest up to 1% for U.S. customers residing outside of the bank's physical branch footprint.
The launch of Citi Elevate Checking is the natural next step in the U.S. Consumer Bank's strategy to deliver a truly client-centric relationship and drive national scale in Retail Banking by leveraging new digital capabilities for its existing cards customer base and consumers nationwide with the support of the largest fee-free ATM network in the country.
"With ATM fees climbing to record levels, we saw an opportunity to provide customers with two very useful benefits – no ATM fees and an interest rate that's up to 12 times the national average," said Harp Rana, Head of U.S. Deposit Products, Citibank. "It's a win-win offering that couples our leading digital capabilities with nationwide convenience and value. It's the most compelling all-around digital checking account in the market today."
A recent survey by Bankrate found that the average ATM surcharge climbed to a record high of $3.09 this year, up from 89 cents in 1998, while the average total cost of an out-of-network withdrawal, which includes the ATM surcharge plus the fee your own bank charges you, rose to $4.72 from $1.97 during the same period.
In addition to full reimbursement for all out-of-network ATMs, Citi Elevate Checking currently pays 1% for accounts with balances of $25,000 and above. The rate is 0.4% for balances between $10,000 and $25,000 and 0.2% for balances below $10,000. A monthly fee of $15 is waived for accounts with average monthly balances of $5,000 and above.
The introduction of Citi Elevate Checking follows the successful launch earlier this year of Citi Accelerate Savings, a fully digital high-yield savings account available to customers in select areas outside of Citi's physical branch footprint. Available online and through Citi's market leading mobile app, both accounts provide seamless account opening, value and convenience.
In addition to Citi Elevate Checking and Citi Accelerate Savings, Citi has launched a number of new features to meet the growing needs of its clients, including new lending solutions (Flex Loan and Flex Pay), and relationship-based offers leveraging proprietary ThankYou and Double Cash rewards across both card and retail bank products.
More information about Citi Elevate Checking may be found here.
Existing Citibank customers already enjoy access to the country's largest fee-free ATM network with more than 66,000 locations nationwide that may be found using the Citibank Online ATM/Branch Locator or in the Citi ATM Locator in the Citi Mobile® app.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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