Citi vs. Bank of America vs. Chase: Which Bank Is the Best?

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The bottom line: Citi® offers more ways to waive monthly service fees on its standard checking account than Chase or Bank of America. It also has CDs with low minimum opening deposits.

For savings accounts, it could be a toss-up between Citi and Bank of America — earns a higher interest rate than its competitors but the makes it easier to waive monthly service fees.

You might like Chase or Bank of America if you are interested in a cash welcome bonus, because both banks make it relatively easy to qualify. Both are also on Insider's list of the best national banks.

Choosing the right financial institution depends on your priorities. You'll likely prefer national banks to local ones if you want an institution with more locations or a greater variety of bank products.

We've compared three notable financial institutions — Citi, Bank of America, and Chase — to see which of these national banks might be suitable for you. We're also comparing financial institutions in trustworthiness so you can see if it plays a factor in your selection.

Citi Pros and Cons

Pros	Cons
Around 650 branches and access to 65,000 fee-free ATMs High-yield savings account  Possible to waive monthly service fees Solid interest rate on select CD terms Different types of CDs (no-penalty and Step Up CDs) You may qualify for up to $2,000 in a cash bonus	Bank accounts are grouped into packages, so you'll open both a savings and checking account Doesn't offer a money market account Monthly service fees if you don't qualify to waive them isn't available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, DC, Puerto Rico, and some parts of Illinois and Florida F rating from the Better Business Bureau

Bank of America Pros and Cons

Pros	Cons
Around 3,900 branches and access to 15,000 ATMs Possible to waive monthly service fees AmeriDeals feature helps you earn cash back on purchases $100 checking account bonus that's relatively easy to qualify for	Low interest rates on savings accounts Doesn't offer a money market account Monthly services fees on savings and checking accounts

Chase Pros and Cons

Pros	Cons
Around 4,700 branches and access to 16,000 ATMs Possible to waive monthly service fees Earn up to $3,000 in a cash bonus if you qualify A+ rating from the BBB	Low interest rates on savings account Doesn't offer a money market account Monthly service fees on savings and checking accounts

Citi vs. Bank of America vs. Chase Checking Account Comparisons

We've compared three basic checking accounts offered by each bank. You may not need to pay monthly service fees on these accounts if you qualify to waive them. 

Minimum opening deposit
Monthly service fee	$10 or $0 when waived	$12 or $0 when waived	$12 or $0 when waived
How to waive the monthly service fee	Must do one of the following each month: Receive a direct deposit of any amount Make one bill payment  Have an average monthly balance of at least $1,500 in all Citi accounts and investment accounts	Must do one of the following each month: Receive $250 or more in direct deposits Have a minimum balance of $1,500 daily Enroll in the Preferred Rewards Program Be a student under age 25	Must do one of the following each month: Receive $500 or more in direct deposits Have a minimum balance of $1,500 daily Maintain an average daily balance of $5,000 or more in all Chase bank and investment accounts
Sign-up bonus
Next steps

The will probably be your go-to option if your goal is to avoid paying monthly service fees on a checking account. Citi's requirements for waiving monthly service fees are a bit more lenient than Bank of America or Chase.

For example, you'll be able to waive the account's monthly service fee if you receive a direct deposit of any amount. The is also the only one of the three checking accounts that lets you waive the monthly service fee by making a monthly bill payment.

You might still consider the or if you'd like to earn a cash bonus. Citi offers a cash bonus, but you'll need to select the package or a and deposit a hefty amount of money to qualify.

Bank of America has a cash bonus if you open the  . It offers a .

will likely have the easiest cash bonus to qualify for. You can receive a . Chase offers bonuses on several of its checking accounts that go up to $3,000 if you qualify — learn more with our guide to the best bank account bonuses.

Winner: Citi 

The wins over  or the because its requirements for waiving monthly service fees are a bit easier to fulfill. However, you may still want to consider opening a checking account at Chase or Bank of America if you're looking for a cash bonus that's easier to earn.

Citi vs. Bank of America vs. Chase Savings Account Comparisons

See how Citi, Bank of America, and Chase savings accounts compare.

APY
Minimum opening deposit
Monthly service fee	$4.50 or $0 when waived	$8 or $0 when waived	$5 or $0 when waived
How to waive the monthly fee	Must do one of the following each month: Have an average monthly balance of $500 or more (for Elevate, Basic, or Access account packages) Have  an average monthly balance of $50,000 or more across all your Citi accounts (for the Citi Priority account package) Have an average monthly balance of $10,000 or more across all your Citi accounts (for the Citi Account package) Automatically waived if you have a	There's no monthly service fee for the first 6 months After that, you must do one of the following: Have a minimum daily balance of $500 Link to a Bank of America Advantage Relationship Banking Account Enroll in the Bank of America Preferred Rewards program Be under the age of 18 Be under the age of 25 and a student	Must do one of the following each month: Have a minimum daily balance of $300 Have an automatic transfer of $25 or more from Chase Checking Link Link to qualifying Chase checking account Be under the age of 18
Caveats	Not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, DC, Puerto Rico, and some parts of Illinois and Florida Package system can be confusing	None	None
Next steps

Bank of America makes it the easiest to waive monthly service fees on a savings account. The account automatically waives the monthly service fee during the first six months of opening your account. After the first six months, you'll also be able to waive the monthly service fee if you meet specific age requirements or enroll in the Bank of America Preferred Rewards program.

If you're searching for a competitive interest rate on a savings account, offers the highest interest rate out of the three accounts.

However, is an online high-yield savings account that's only available in 42 states. You won't be eligible for the account if you live in a state with brick-and-mortar locations. You can open other savings accounts at branches, but the rates aren't nearly as competitive. Also, bear in mind Citi groups its savings accounts and checking accounts into packages, which can be overwhelming if you'd like to only open a savings account.

Chase might be worth considering if you don't meet the requirements to waive the monthly service fee at either of the other two banks — you can waive the  monthly service fee if you keep a minimum of $300 in your account.

Winner: Bank of America and Citi

Bank of America and Citi tie in this category because their savings accounts stand out for different reasons. could be a solid option for earning a competitive interest rate. However, if you want to waive monthly service fees or don't live in a market that allows you to open a Citi Accelerate account, the offers the most lenient requirements out of all three banks.

Citibank vs. Bank of America vs. Chase CD Comparisons 

Term lengths	1 month to 5 years	28 days to 10 years	1 month to 10 years
Minimum opening deposit
APY
Early withdrawal penalties	90 to 180 days interest	7 to 365 days interest	90 to 365 days interest
Types of CDs	Standard CDs, Step Up CDs, and No Penalty CDs	Standards CDs, Featured CDs	Standard CDs
Next steps

Citi and Bank of America both offer special types of CDs, while Chase does not. Citi has a step-up CD, which increases its rate after a set date. Both also have the option of a no-penalty CD, which won't charge you a fee if you withdraw money before the end of your term.

Citi also has a lower minimum opening deposit than Chase and Bank of America.

Winner: Citi

When it comes to CDs, are the most appealing of the three banks. The minimum opening deposit is only $500 in most states. Meanwhile, Chase pays low interest rates on CDs if you are not eligible for a relationship rate. Bank of America pays good rates on some terms, but not on as many as Citi.

Which Bank is the Most Trustworthy?

The Better Business Bureau rates businesses according to how they respond to customer issues. 

The BBB has given Bank of America no rating (its profile is being updated), Chase an A+ rating, and Citi an F rating. Citi's rating is due to its not responding to or resolving a high number of customer complaints on the BBB website.

A good BBB rating doesn't necessarily guarantee you'll have a smooth relationship with a business. Talk to current customers or read online customer reviews to see if one of these banks might be right for you. 

All three banks have also been involved in public scandals over the last few years.

In 2020, Citi was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated the bank had inefficient banking practices.

Here are cases Bank of America has recently been involved in: 

• The Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).
• The Department of Justice charged Bank of America when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans (2020).

Chase has been involved in the following cases:

• JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading (2020).

• The US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women (2020).

Citi, Bank of America, and Chase: Frequently Asked Questions

Which is the best, Citi, Bank of America, or Chase? 

The best bank for you may depend on which types of bank accounts you want and if you meet the requirements to waive monthly service fees at a particular bank. 

Citi makes it the easiest to waive monthly services fees on checking accounts. It's also the strongest option if you'd like to open a CD.

Bank of America offers the most ways to waive monthly service fees on savings accounts. Lastly, Chase will likely be the ideal choice for earning a cash bonus for a checking account. Its bonus is relatively easy to qualify for.

Which bank of the three, Citi, Bank of America, or Chase, is the safest? 

All three banks are FDIC insured. When a financial institution is federally insured, money deposited into a bank account will be secure even if the financial institution shuts down.

If a bank shuts down your money won't be lost. It will be transferred to another bank with FDIC insurance, or you'll receive a check. Up to $250,000 is secure in individual bank accounts, and $500,000 in joint accounts.

Which bank is bigger, Citibank or Bank of America?

Bank of America is bigger in that it has more branches in more US states. It has locations in 37 states and Washington, DC, while Citibank has branches in 12 states and Washington, DC. However, Citibank gives you access more ATMs (65,000), and Bank of America has 15,000 ATMs.

Read the original article on Business Insider

from All Content from Business Insider https://www.businessinsider.com/personal-finance/citibank-vs-bank-of-america-vs-chase-comparison-review
via gqrds