Citibank has unveiled a new digital high-yield checking account called ‘Citi Elevate Checking’ with unlimited ATM reimbursements.
The new account will offer customers fee-free access to ATMs in the country with full reimbursement for transactions made at out-of-network ATMs.
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Additionally, the Citi Elevate Checking account will pay 1% interest on balances of $25,000 and more. A 0.4% interest will be applicable to account balances between $10,000 and $25,000 and 0.2% for balances less than $10,000.
Citibank will levy $15 as monthly fee on the account. However, the fee will be waived off if the customer maintains an average monthly balance of at least $5,000.
Citibank head of US Deposit Products Harp Rana said: “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.
“It’s a win-win offering that couples our leading digital capabilities with nationwide convenience and value. It’s the most compelling all-around digital checking account in the market today.”
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By GlobalDataThe bank recently also launched Citi Accelerate Savings, a digital savings account made available in select areas that do not house physical branches of the lender.
Both Citi Accelerate Savings and Citi Elevate Checking can be accessed through Citi’s mobile app.
