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I never got why people choose citi. They don’t offer best lending rates, they don’t have a vast ATM network, their credit card benefits are worse than chase/ame
by bushbaba 3y ago
I never got why people choose citi. They don’t offer best lending rates, they don’t have a vast ATM network, their credit card benefits are worse than chase/amex, etc. seems they aren’t really amazing at any particular segment but meh in all.
- purplerabbit 3y agoThey’re the only mega bank with both a 2% cash back card and a competitive HYSA
- orangepurple 3y agoFYI: Fidelity also offers 2% cash back with reasonable terms
- dmoy 3y agoYup and their CMA is better than the big 4 banks offerings. Get HYSA equivalent rates but just use it like normal checking, not having to shuffle stuff around like with Citi or BoA
- orangepurple 3y ago[dead]
- zie 3y agoFidelity isn't a bank, but they sure act a lot like a bank with the CMA account. Arguably enough like a bank that it will work as a bank for most people. Other brokerages do the same sorts of things, Fidelity isn't alone in this. Schwab went a different way and decided to just buy a bank. Instead of like the BOA/Chase versions, where they bought a brokerage.
- dmoy 3y agoBoA has this, if you have at least $100k - a 2.625% cash back card, and with Merrill also has competitive HYSA (last I checked, 0.5% higher than Citi). BoA can be great if you have money, but sucks if you don't.
- hotpotamus 3y agoWhat do you mean have at least $100K? Like in one of their savings accounts? You can get 5% APY right now from Wealthfront in their savings, so you'd have to forgo a lot of interest to get that extra 0.625% over Citi's credit card.
- leg 3y agoLinked investment account counts. You just need $2500 in a checking account, the rest can be in whatever ETF or stock you'd like.
- dortmunder13 3y agoIt's 100k in combined assets at BofA / ML, so if you have 100k in a brokerage account (or an IRA or a HSA or ...) you're eligible. It's not restricted to the super low yield savings accounts.
- dmoy 3y agoRight as others have mentioned, it's not $100k in savings, it's $100k total across their stuff. But even if it was $100k savings, you can get ~5% APY at BoA high yield savings through Merrill anyways. I don't recommend that since Fidelity works better for that type of account, but you could do it.
- gibsonf1 3y agoWe chose them because their international operations are better than the others (we do https://trinpod.us https://trinpod.us and https://trinpod.eu https://trinpod.eu )
- gmerc 3y agoIt’s them or HSBC if you’re global.
- zie 3y agoWell, there is IBKR, if you can get away with a brokerage. They don't offer all banking services, and they definitely are not a bank, but in some cases they can act enough like one that it will work out for you.
- c22 3y agoI like their Custom Cash card (5% back on your top spending category each cycle) cause it can fill in the gaps left by other cards. Their website and their app are both absolute garbage though.
- zebnyc 3y agoCostco executive card
- JackFr 3y agoTheir competitors are BofA and JPMC. All three feature an investment bank, a commercial bank and an asset manager. There are a number of smaller operations which have all three but none at the scale of those three. Wells is much smaller, and HSBC isn’t a US bank. Goldman and Morgan Stanley don’t really have a commercial banks and neither do the mega sized asset managers like Blackrock. So the thing is Citi isn’t really a bad commercial bank and is really useful for corporate treasury services if you’re a large multinational company. Their international footprint is huge and fit a lot of use cases it’s either them or HSBC. The problem is the IB and AM are ‘meh’ and hugely inefficient. It’s not like they do such a terrible job from a customer perspective. From an investor perspective it just costs so much to do it.