Citibank announced the launch of Citi Elevate Checking, a digital high-yield checking account that pays up to 1% for high balance accounts and offers unlimited ATM reimbursements.
The checking account allows customers to do their banking through the Citi mobile app or online banking portal instead of the physical branch, however, Citi will reimburse unlimited ATM fees and has a network of 66,000 ATMs nationwide. The bank will also waive a monthly fee for average monthly account balances above $5,000.
“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,” Harp Rana, Head of U.S. Deposit Products at Citibank, said in a company release. “It’s a win-win offering that couples our leading digital capabilities with nationwide convenience and value.”
Rana calls it the most compelling all-around digital checking account in the market available today.
The yield on account balances is as follows:
- For balances above $25,000, Citi Elevate pays 1%.
- For balances between $10,000-$25,000, Citi Elevate pays 0.4%.
- For balances below $10,000, Citi Elevate pays 0.2%.