Citi Everyday Benefits Account With Enhanced Direct Deposit Review 2024

Almost all banks offer direct deposit, but not many offer enhanced direct deposit. The new Everyday Benefits Account with Enhanced Direct Deposit from Citi can be a game-changer for those who are paid through third-party apps.
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Written by Shannon Lee
Financial Expert
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Managing Editor
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Enhanced Direct Deposit, or EDD, is an electronic deposit through the Automated Clearing House (ACH) network.

A typical direct deposit includes payments into your checking or savings account from pensions, payroll, government benefits, social security, and other usual sources. The enhanced direct deposit amps up the benefits of direct deposit by including payments through Zelle, Paypal, Venmo, and the like.

Citi now offers enhanced direct deposit through the bank’s Everyday Benefits Account. Learn what this could mean for you and your bottom line.

Citi Everyday Benefits Account At-a-Glance

The Citi Everyday Benefits Account with Enhanced Direct Deposit helps you make the most of your checking account by allowing payments from several sources to count as a direct deposit.

This makes reaching the $250 monthly deposit threshold required to avoid the monthly fee is easier.

In addition, you get all the benefits of Citi banking, including the vast network of ATMs and the option to tie in other Citi products.

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Overall Impression

The Citi checking account with EDD is a boon for freelancers, independent contractors, and those in the gig economy.

It expands the idea of direct deposit to include deposits through Zelle, Venmo, and other platforms. It comes with the robust service and banking power you expect from a company that’s been around since 1812.

Those comfortable with digital banking will enjoy this option and the better control it gives them over their finances.

Pros and Cons

Knowing what’s best and worst about a banking product can help you determine if it’s right for you. Here’s what you can expect from Citi Everyday Benefits Checking with Enhanced Direct Deposit

Pros

  • It can be easy to avoid the monthly service fee.
  • A bank with a proven track record of innovative products.
  • The minimum required direct deposit is $250 per month, lower than many competitors.
  • Access to your money is simple with Citi’s broad reach and massive ATM network.

Cons

  • Understanding what qualifies under the enhanced direct deposit rules can take time and effort.
  • You must maintain a minimum balance to waive the monthly fee.
  • The monthly fee is much higher than that of many competitors.

Compare to Other Banks

Banks are eager to compete for your business. By comparing what each offers, you can decide which one might be the right home for your hard-earned money. Here are some of Citi’s best competitors.

SoFi

Direct deposit offers many benefits with SoFi, including overdraft protection for those who have a direct deposit of at least $1,000 per month.

Those who use direct deposit of any amount into their checking account are eligible for competitive rates on a linked savings account with SoFi.

There are no maintenance fees, an extensive ATM network for free withdrawals, and the option to get paid early if you have a consistent direct deposit history.

You must be comfortable with online-only banking, as SoFi has no in-person branches.

First Horizon

First Horizon is much like Citi in that numerous checking account options are available, but there is no enhanced direct deposit.

This bank is best for those who want branch access across the country but still want the ability to use a robust mobile app to handle everything online.

There are no monthly fees with any of the checking accounts, and some of them offer special perks for users. However, some accounts will require a higher average balance than the competition.

Current

This unique banking option is a neobank that relies on a banking partner to secure deposits under FDIC guidelines. Current is an online-only bank with access through a user-friendly mobile app.

There is no minimum balance, service fees, or minimum opening deposits. And though you can deposit cash through an ATM, there is a fee for the privilege.

The many ATMs around the country provide ample coverage for free withdrawals. You earn a competitive rate on the checking account.

Discover® Bank 

A long-term bank with a solid track record, Discover has added banking products to its already robust lineup of credit cards.

The checking accounts have no minimum requirements, offer cash-back rewards, and provide early direct deposit opportunities. However, there is no branch banking or way to make cash deposits into your account.

If you need money from an ATM, no worries — Discover customers can use over 60,000 fee-free ATMs nationwide.

Who Is Citi Everyday Benefits For?

Citi Everyday Benefits with EDD is great for someone who receives money from various sources, such as freelancers, hairdressers, and other professionals who might work with many clients who have their preferred payment methods.

The account is also great for those familiar with and comfortable using various digital platforms — such as Venmo or Zelle — to move money into their checking account.

Rating the Features

Let’s look at all the features of this Citi checking account so you can be sure it’s the right option for you.

Enhanced Direct Deposit

The enhanced direct deposit is the big selling point for the Everyday Benefits Account. By expanding what Citi considers a direct deposit, users can more easily meet the $250 minimum threshold for deposits every month. This allows you to look to third-party apps like Zelle or Venmo for potential direct deposits.

Mobile Banking

Citi has been around for a long time, offering various banking products and credit cards, so the website and app for mobile and online banking are just as robust as you might imagine. The Citi Mobile App has high ratings on both the Apple Store and Google Play.

Customer Service and Experience

Citi offers many ways to contact a banker to assist you. There are over 700 branches in the United States and even more overseas, as well as up to 65,000 ATMs in networks that accept Citi ATM cards. You can also get in touch with the bank via chat, email, or phone during typical banking hours. Reviews of the customer service experience are positive, with low wait times even during the busiest hours and friendly bankers.

Fees

The monthly fee for the Everyday Benefits checking is $15, but there are many ways to waive that fee. The easiest way is through qualifying enhanced deposits, including money through third-party vendors. Deposit at least $250 per month in direct deposits and pay no monthly service fee.

There are reasonable fees assessed for items you might expect, such as receiving a paper statement or sending wire transfers. These fees are usually easy to avoid.

Extras

New customers who open a Citi checking account with EDD between January 10, 2024, and July 8, 2024, are eligible for a $300 cash bonus. Simply open the account and have two separate direct deposits into that account within 90 days. Those deposits must combine to equal $1,500 or more. Thirty days later, you will receive the $300 bonus. Check out the offer page from Citi for more.

Access

Those who bank with Citi enjoy ATM access worldwide; the bank participates in the MoneyPass Network, which means over 65,000 ATMs are at your disposal with no fee. Citi offers branches in select cities and continues to grow; those branches usually have typical banking hours, and you can set appointments with a banker. Mobile access is robust and allows you to move your money around anytime.

Safety and Security

The FDIC insures all deposits for $250,000 per account. Citi actively monitors accounts for fraud and contacts you if suspicious activity appears on your account.

Minimum Deposit or Balance Requirement

No minimum amount is required to open an account with Citi, but keep in mind that inactive accounts with no money in them for 90 days are subject to closure. A minimum deposit of $250 per month through EDD is required to waive the monthly service fee.

Frequently Asked Questions (FAQs)

What doesn’t qualify for Enhanced Direct Deposit?

The following are considered regular deposits and not direct deposits, even under the enhanced feature:
Deposits of cash or check
Wire transfers
Deposits made at a teller window
Transfers between Citi accounts
Mobile check deposits
Peer-to-peer (P2P) payments using a debit card
Transfers or deposits completed through an ATM

What are the relationship tiers with Citi?

When you open a checking account with Citi, your average monthly balance determines your relationship tier. Those who have at least $30,000 in their account monthly will be considered the Priority Tier; those with more than $200,000 balance per month will be part of the Citigold tier. Citigold Private Client tier is for those with a million or more in their account each month.

What is family linking?

This pertains to achieving a relationship tier. Add family members to your account for a higher combined average monthly balance or CAMB. This can help you get the higher relationship tier, giving you more perks.

What are the rates on this checking account?

The Everyday Benefits Account with Citi doesn’t offer interest on balances. However, Citi offers many other options for savings accounts that have competitive rates.

About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.