What do you need from a current account? Well, for me the most important thing is easy access to, and management of, my money. Secondly, good service – the ability to swiftly get the answers I need and problems solved without a fuss. High interest rates would be nice, but provided I can easily switch money into a higher interest savings account, then the interest rate on a current account is less important.
For the last five years, I have found my banking needs to be adequately serviced using Citibank for my current account and Egg for savings. It is no coincidence that these two were amongst the pioneers of internet banking.
Citibank are part of the huge American based CitiGroup Corporation. When they first started to market banking services to the UK, they were seen as something of a premium banking service. Accordingly, you had to earn a minimum of £30,000 a year to become a customer. Their current account interest rates were attractive paying over 4% at one time.
However, things have changed. As they have grown their market share, they have also become a little more mainstream. The minimum salary requirement was reduced to £20,000
and then abolished (officially, at least). Therefore as things stand, the only conditions for applying for an account are:
- must be 18 years old or over - must have salary deposited into account OR be able to deposit £2000 to open the account.
Unfortunately, the high interest rate perks have also gone with the current account now paying just 0.1% on balances between £1 - £1,999, and 0.5% between £2,000 and £24,999. As I said before, if you have any sense, you only keep your ‘monthly expenditure’ in the current account, and transfer the rest to a higher interest savings account elsewhere. (If you are fortunate to have any left after 'monthly expenditure')
So what makes Citibank so good??
In a word – service. Whether it be using the internet or telephone banking service I have found it to be both useful and reliable.
Internet Banking – www.citibank.com/uk
Available 24 hours a day providing real-time information. This is full service internet banking allowing you to:
- Check and print statements/balances - Make bill payments - Set up standing orders - Transfer money to any UK account – 3 day transfer - Order foreign currency (No commission, small delivery fee to your door) - Contact Citibank via secure e-mail - Change PIN number - Order cheques/Stop cheques - Cancel Direct Debits
The connection is secure and can be accessed from any PC. You are not required to install any specific software on your PC. Pages are quick to load – almost instant on a broadband connection. The site is easy to navigate, and even allows you to customise certain features like the start-up screen.
For those who use money management tools, you can export your bank statements into Microsoft Money – not sure about other packages.
Telephone Banking
Again available 24 hours a day via Freephone number. There is a touch-tone menu based system allowing you to do many of the things listed above, or you have the option to speak to a personal banking representative (alternatively known as a human being). On the rare occasions I have needed to speak with someone, I have found them to be helpful and knowledgeable – a far cry from many customer service operatives I have come across with other companies. The phone is generally answered within 30 seconds, and at the busiest times, they play you a message to tell you they are busy – suggesting you call back later – but giving you the option to hold if you want to. If they need to check something and call you back, then they really do – usually within the hour.
Other things about Citibank
Branch Network – Only five in the UK - four in London and the other in Birmingham. In five years, I have not felt the need to go into a branch so I do not see this as an issue. You can pay cheques in over the counter at any branch of Lloyds bank free of charge, or you can post them to Citibank.
Cashpoints (ATM) – Citibank use the VISA network, so you can withdraw cash from any cashpoint displaying the VISA symbol. This is free of charge unless you are using a cashpoint where the operator of that machine makes a charge.
£500 free overdraft facility – if you have your salary paid into your Citibank account, they will usually provide you with a £500 interest free overdraft facility. This is extremely useful for those of us who occasionally get caught short at the end of the month. Citibank refer to this as a ‘bounce-zone’ and there is absolutely no charge. No more nasty letters that cost you £30 just because you went £15 overdrawn the day before pay-day!!!
US Dollar and Euro Accounts – if you frequently need to transact in these currencies then Citibank can provide you with a current account complete with chequebook in Euros or US Dollars. This is free of charge provided you maintain an average balance across all your Citibank accounts of £2000. If not, the currency accounts will attract a monthly charge of $20 or 30 Euros.
It has been a long time since I applied, but it was certainly a smooth process taking no longer than two weeks from start to finish. You can apply online from their website – and at the moment they are offering to deposit £30 in your account for opening a new account. For those of us who dread the thought of having to switch all those direct debits, Citibank have a dedicated....
Account Transfer Team
When you open an account you can begin the account transfer process. This is done online – you enter all your direct debits, and then a letter is generated which you send to your existing bank. They then supply the relevant details directly to Citibank. If your existing bank is slow to co-operate, Citibanks account transfer team will chase them up for you, and once they have all the relevant details – they will ensure the smooth transfer of your direct debits. Easy!!!
I have had a love-hate relationship with banks in the past, but I am very happy with Citibank. The interest rates could be better, but then this could be said of all current accounts, and this is only thing stopping Citibank earning a five star rating. In five years, only one mistake has occurred – a lost direct debit request – and this was resolved quickly and courteously. If you don’t think your bank is giving you the service you deserve, then it is really easy to change – and Citibank should be on your list to consider.
How helpful would this review be to a person making a buying decision? Rating guidelines
very helpful by (100%):
