Which bank is better for you?

  • Citi is the clear winner if you want to open a CD – there’s more variety and higher CD rates.
  • For savings and checking accounts, there can be a stiff race between the two banks.
  • Bank of America is more likely to deal with customer problems, but it is also embroiled in public scandals.
  • Read reviews of the bank familiar with City And American bank.

Citi and Bank of America are true national banks and have a variety of checking and savings accounts.

To help you figure out which bank is best for you, we have compared different types of bank accounts. We also review both organizations for their credibility, so you may see how they each respond to customer issues and whether they are involved in public controversies.

Pros and Cons of Citi

Pros and Cons of Bank of America

Citi vs. Bank of America Current Account Comparisons

Below, we have compared two of the lowest fees


checking account

Available in every bank.

Annual Percentage Return (APY)

Nobody

Minimum deposit amount

Nobody

Annual Percentage Return (APY)

Nobody

Minimum deposit amount

Nobody

more information

  • The simplest current account from Citi
  • Access to 690 branches in the US and 1,800 locations abroad
  • Waive the $10 monthly service fee by making one direct deposit per month, paying one bill per month, or maintaining an average monthly balance of $1,500 in linked accounts
  • There is no minimum opening deposit
  • FDIC insured

Citi vs Bank of America savings account comparisons

Citi offers two savings accounts – Citi® Savings Acceleration and a Citi® savings account. Meanwhile, Bank of America has one savings account option.

We have compared Citi® Savings Acceleration to me Bank of America savings account Since these accounts are available in most states and have similar monthly service fees.

Annual Percentage Return (APY)

0.60% APY

Minimum deposit amount

Nobody

Annual Percentage Return (APY)

0.60% APY

Minimum deposit amount

Nobody

Positives

  • High APY (minimum $1 credit to earn)
  • No deposit opening

Negatives

  • You may pay a monthly fee, depending on a variety of factors
  • Other fees depend on the checking account you link to your savings account
  • Not available in some countries
  • Gives BBB Citi a grade of F for credibility


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  • The monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
  • You may qualify for a monthly fee waiver, depending on your checking/savings package
  • No deposit opening
  • Double interest to maximize your savings
  • Not available in California, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of Florida and Puerto Rico

Annual Percentage Return (APY)

0.01% to 0.04% APY

Minimum deposit amount

$100 dollars

Annual Percentage Return (APY)

0.01% to 0.04% APY

Minimum deposit amount

$100 dollars

Positives

  • New accounts have an exempted monthly fee for the first six months
  • Multiple ways to waive monthly fees after the first 6 months
  • There are no excessive withdrawal fees if your balance is at least $20,000, or if you are a Preferred Rewards customer

Negatives

  • Low APY
  • Vehicle benefits are monthly, not daily
  • Initial deposit of $100
  • $8 monthly service fee
  • $10 excess withdrawal fee


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  • Access to over 4,200 branches and 16,000 ATMs
  • Earn slightly higher rates by becoming a Preferred Rewards customer and qualifying for Gold, Platinum or Platinum Honor tier
  • Earn cash when you make a purchase with a debit or credit card through the BankAmeriDeals® program; Cardholders will be automatically enrolled in the program when setting up Internet Banking and a list of eligible offers and deals will be available through Internet Banking.
  • Waive the $8 monthly service fee by maintaining a $500 balance, linking to your Bank of America Advantage Relationship Banking® account, or by becoming a Preferred Rewards customer
  • Waive the monthly fee if you are a student under 24 years old
  • Interest is accrued monthly and paid monthly
  • FDIC insured

Comparisons between Citi and Bank of America CD

Annual Percentage Return (APY)

0.05% to 1.50% APY

Minimum deposit amount

From $500 to $2500

Annual Percentage Return (APY)

0.05% to 1.50% APY

Minimum deposit amount

From $500 to $2500

Positives

  • A set of CD terms
  • Relatively low penalties for early withdrawal

Negatives

  • Prices vary according to the period
  • Opening deposit from $500 to $2,500, depending on your state of residence
  • You must visit the branch to deposit more than $10,000
  • Gives BBB Citi a grade of F for credibility


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  • Periods ranging from 3 months to 5 years
  • Early withdrawal fines range from 90 to 180 interest days
  • Earn 0.65% APY on 6-month CD; Earn 1.50% APY on CD for 11 months; Earn 1.01% APY on 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 and 4 years
  • An opening deposit of $500 in most US states; $1,000 in California and Nevada; 2500 dollars in Maryland, Virginia, Florida and the capital

Trustworthiness between Citi vs Bank of America and BBB rating

We use ratings from the Better Business Bureau to assess how the bank resolves customer issues.

Bank of America has rated A + From BBB, while Citi has an extension F rating. Because it received a large number of customer complaints and took government action against the company.

A good BBB rating will not guarantee that you will have a perfect relationship with a bank. Talk to existing customers or read online customer reviews to see if a particular bank would be a good fit for you.

Bank of America and Citi have been involved in the controversy last year.

Citi was in the following public settlements:

  • In 2019, Citi accidentally sent out $900 million to customers.
  • In 2020, the bank was required to pay $400 million in settlement With coin monitor. The OCC stated that the bank had ineffective banking practices.

Bank of America was in the following situations:

  • In 2020, the Department of Justice claimed that Bank of America Denied home purchase loans for adults with disabilities based on their disability. Bank of America paid about $300,000 to people who were denied loans and needed to implement a new non-discriminatory policy.
  • In 2019, Bank of America Pay $4.2 million in settlement with the U.S. Department of Labor for 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 may prefer Citi if you are looking for a physical bank that pays a fixed rate of interest. Citi’s 6-month, 11-month, or 5-year CDs offer a great interest rate right now. If you live in one of the 42 states with a domain Citi® Savings AccelerationYou will also be able to earn a higher interest rate than the average savings account.

Bank of America can be a better option if you find it easier to waive the monthly service fee on a specific account. For example, file Bank of America savings account Do not charge a monthly service fee for the first six months and automatically waive the fee for anyone under 18 years old.

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 has only 690 locations.