Like other solutions, it gives you better rates and discounts on certain products and services, making it a good choice if your business uses Citibank for many things. If you don’t qualify for one of Citibank’s industry-specific packages, you can still get CitiBusiness Preferred Banking.
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The CitiBusiness Solutions for Legal Professionals account package, on the other hand, gives you unlimited sub-accounts for your IOLTA or IOLA account, unlimited free wires on your IOLTA or IOLA, and a free check scanner (among other things). These packages give you discounts on various Citibank products.įor example, the CitiBusiness Solutions for HealthCare Professionals account package waives the monthly maintenance fee on a checking account, gives you a discount on merchant services, gets you better APY on a money market account, reduces the fees on a term loan-and more. If that describes you, and you work in certain industries, then Citibank has some packages just for you.
You might also need things like merchant services, a credit card, or a business loan (all of which we'll talk about toward the end of this page). There’s a good chance your business needs more than just a checking account and a savings account. But again, Citibank doesn’t list business account rates, so we can’t confirm that in this case. As a rule, CDs generally have higher interest rates than other types of savings accounts. Like pretty much all certificates of deposit (CDs), these don’t give you any access to your money until your term is up. Then there’s CitiBusiness Certificates of Deposit. (But based on the rates for its personal accounts, we don’t imagine they’re high-yield savings.) Of course, Citibank doesn’t publish the rates on its business accounts, so we can’t tell you exactly what those rates will be. The money market account, on the other hand, gives you a higher interest rate if you maintain a higher account balance. The simple savings account has a fixed rate, regardless of your account balance. One big difference? CitiBusiness Savings doesn’t let you write checks, while the money market account does.Īnother key difference is the interest rates. The CitiBusiness Insured Money Market Account and CitiBusiness Savings Account appear pretty similar: they share the same minimum deposit and monthly service fee, and both limit your access to your money to a handful of transactions each month. Most analyzed checking accounts work best for businesses with high account balances-and this one is no exception.
You can use those earnings credits to offset fees, including transaction fees, cash deposit fees, and the monthly maintenance fees. Instead, you get earnings credits based on your account balance. Speaking of which, you’ll need an average account balance of $10,000 to waive the monthly service fee on this checking account.Īs the name suggests, CitiBusinesss Analyzed Checking is an analyzed checking account, which means you don’t get any freebies. But if you keep a high enough balance to waive the fee, this is the better deal.
Of course, the monthly fee is also twice as much as the fee on the Streamlined account (in most states). The CitiBusiness Flexible Checking Account doubles the amount of free transactions and deposits you get. You can waive the monthly fee if you keep a $5,000 average monthly balance. It has the lowest monthly fee, and it comes with some (but not a lot of) free transactions and deposits. Despite what the clunky name might lead you to believe, the CitiBusiness Streamlined Checking Account is CitiBank’s most basic checking account-and the best choice for businesses that won’t keep a high minimum balance.
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