Citibank making it more expensive to access your money

Citibank customers will now be paying higher checking account fees starting in the New Year.

The financial institution announced Tuesday it would be increasing monthly fees on Citi rewards checking accounts from $20 to $25, while basic account fees will rise from $10 to $12.

Although customers can always avoid paying these fees by meeting minimum requirements, those features have also been revised. First, the average monthly balance to maintain to get a fee waiver will lower. Second, lines of credit, mortgages, credit card and loan balances will not be counted towards the limit, which can make it a lot more difficult for some customers.

Citi will now be one of the more expensive banks around. The average monthly fee for a basic checking account in the United States is just over $5 – a checking account with interest is an average $14.76.

“Citibank continually evaluates the pricing of products and services and adjusts fees as necessary based on many factors, including servicing costs and marketplace pricing,” the bank said in a statement.

Financial experts urge customers to shop around to get the best deals on checking accounts. “Free checking accounts with no strings attached are still available at many credit unions, community banks and online banks,” Greg McBride, Bankrate‘s chief financial analyst, told CNN Money.