Taking a close look into CitiBank's new "Thank You" Rewards checking account doesn't uncover much. The truth is that this checking account isn't special compared to what other banks and brokerages are offering these days.What they are offering is a point system that enables you to gain points by using your checking account features. These include using CitiBank's online bill payer and using your checkcard. Earn enough "Thank You" reward points and you're able to cash them in for gifts.
CitiBank offers several types of checking accounts. The problem is that searching through these checking accounts is a joke. Who has the time to search through this list? I'm not going to begin to try and explain the benefits and disadvantages of opening a checking account with CitiBank. What you need to know that these accounts are loaded with fees around every corner. Trying to ensure that you're keeping minimum balance requirements or making sure you make "at least two online bill payments" to keep from paying their monthly checking account fee is ridiculous. Citibank clearly doesn't have the average joe in mind here, or maybe they are and are planning a serious mugging.
The Basics.
FDIC Insured and that's about it.
What makes this checking account different?
The "Thank You" Awards Points though by the time you earn a good deal you've probably payed dearly in nickel and dime fees.
Things to know and why to stay away.
Fees, fees, fees all over their checking accounts. Try looking at there comparison checking account sheet that's supposed to make it easy for customer to select a checking account. Take at look at your own risk, if you don't get lost you earn a star!
