- Citi is the clear winner if you’d like to open a CD — there’s more variety and higher CD rates.
- For savings and checking accounts, it could be a tight race between the two banks.
- Bank of America is more likely to address customer issues, but it’s also been involved in public scandals.
- Read Insider’s bank reviews of Citi and Bank of America.
Citi and Bank of America are national brick-and-mortar banks with a variety of checking and savings accounts.
To help you figure out which bank is better for you, we’ve compared different types of bank accounts. We’re also reviewing both institutions for trustworthiness, so you may see how each responds to customer issues and whether it’s been involved in public controversies.
Pros and cons of Citi
Pros and cons of Bank of America
Citi vs. Citi Bank of America checking account comparisons
Below, we’ve compared two of the lowest-fee
checking accounts
available at each bank.
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
None
- The most basic Citi checking account
- Access to 690 branches in the US and 1,800 locations overseas
- Waive the $10 monthly service fee by making one direct deposit per month, OR making one bill payment per month, OR maintaining an average monthly balance of $1,500 in linked accounts
- No minimum opening deposit
- FDIC insured
Citi vs. Citi Bank of America savings account comparisons
Citi offers two savings accounts Citi® Accelerate Savings and the Citi® Savings Account. Meanwhile, Bank of America has one savings account option.
We’ve compared Citi® Accelerate Savings to the Bank of America Advantage Savings Account since these accounts are available in most states and have similar monthly service fees.
Annual Percentage Yield (APY)
0.60% APY
Minimum Deposit Amount
None
- High APY (minimum $1 balance to earn)
- No opening deposit
- You may pay a monthly fee, depending on a variety of factors
- Other fees depend on which checking account you link to your savings account
- Not available in certain states
- BBB gives Citi an F in trustworthiness
- Monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
- You may qualify to have the monthly fee waived, depending on which checking/savings package you have
- No opening deposit
- Compounding interest to maximize your savings
- Not available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of FL, and Puerto Rico
Annual Percentage Yield (APY)
0.01% to 0.04% APY
Minimum Deposit Amount
$100
- New accounts have monthly fee waived for the first 6 months
- Multiple ways to waive monthly fee after the first 6 months
- No excess withdrawal fee if your balance is at least $20,000, or if you’re a Preferred Rewards customer
- Low APY
- Compounds interest monthly, not daily
- $100 opening deposit
- $8 monthly service fee
- $10 excess withdrawal fee
- Access to over 4,200 branches and 16,000 ATMs
- Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for the Gold, Platinum, or Platinum Honors tier
- Earn cash back when you make a debit card or credit card purchase through the BankAmeriDeals® program; Cardholders will automatically be enrolled in the program when setting up online banking and a list of eligible offers and deals will be available through online banking
- Waive $8 monthly service fee by maintaining $500 balance, OR linking to your Bank of America Advantage Relationship Banking® account, OR by becoming a Preferred Rewards customer
- Waive monthly fee if you’re a student under age 24
- Interest compounded monthly and paid monthly
- FDIC insured
Citi vs. Citi Bank of America CD comparisons
Annual Percentage Yield (APY)
0.05% to 1.50% APY
Minimum Deposit Amount
$500 to $2,500
- Range of CD terms
- Relatively low early withdrawal penalties
- Rates vary depending on term
- $500 to $2,500 opening deposit, depending on your state of residence
- Must visit a branch to deposit more than $10,000
- BBB gives Citi an F in trustworthiness
- Terms ranging from 3 months to 5 years
- Early withdrawal penalties ranging from 90 to 180 days interest
- Earn 0.65% APY on a 6-month CD; Earn 1.50% APY on an 11-month CD; Earn 1.01% APY on a 5-year CD
- Earn 0.05% APY on other CD terms between 3 months and 10 months; Earn 0.10% APY on other CD terms between 1 year and 4 years
- $500 opening deposit in most US states; $1,000 in California and Nevada; $2,500 in Maryland, Virginia, Florida, and DC
Citi vs. Citi Bank of America trustworthiness and BBB rating
We use ratings from the Better Business Bureau to evaluate how a bank resolves customer issues.
Bank of America has an A+ rating from the BBB, while Citi has an F rating because it’s received a high volume of customer complaints and had government action taken against the business.
A good BBB rating won’t guarantee that you’ll have a perfect relationship with a bank. Talk to current customers or read online customer reviews to see if a particular bank will be a good fit for you.
Both Bank of America and Citi have been involved in recent public controversies.
Citi has been in the following public settlements:
- In 2019, Citi accidentally sent $900 million to customers.
- In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated the bank had inefficient banking practices.
Bank of America has been in the following cases:
- In 2020, the Department of Justice claimed that Bank of America denied home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 to people who were refused loans and needed to implement a new non-discriminatory policy.
- In 2019, Bank of America paid $4.2 million in a settlement with the US Department of Labor to people who claimed the bank discriminated against female, Black, and Hispanic applicants in the hiring process.
Frequently asked questions
Is Bank of America or Citi better?
You might favor Citi if you’re searching for a brick-and-mortar bank that pays a solid interest rate. Citi 6-month, 11-month, or 5-year CDs are offering a great interest rate right now. If you live in one of 42 states that have the Citi® Accelerate Savingsyou’ll also be able to earn a higher interest rate than with the average savings account.
Bank of America could be a better choice if you find it easier to waive monthly services fees on a particular account. For example, the Bank of America Advantage Savings Account doesn’t charge a monthly service fee during the first six months and waives the fee automatically for anyone under age 18.
Is Bank of America or Citi bigger?
Bank of America is available in more states than Citi. Bank of America also has 4,200 branches in the US, while Citi only has 690 locations.