- Pros and Cons of Citi
- Pros and Cons of Bank of America
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Which Bank is More Trustworthy?
- Frequently Asked Questions
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The bottom line: Bank of America is likely the best option 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 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 can see how each responds to customer issues and whether it's been involved in public controversies.
See Personal Finance Insider's guide to the best national banks>>
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Compare Citi and Bank of AmericaCiti
Bank of America
Citi Pros and Cons
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Bank of America Pros and Cons
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Citi vs. Bank of America Checking Account Comparisons
Below, we've compared two of the lowest-fee checking accounts available at each bank.
| Citi Access Checking | Bank of America Advantage SafeBalance Banking® Account | |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $5 monthly service fee | $4.50 monthly service fee |
| How to waive the monthly service fee | The monthly service fee is waived if:
| The monthly service fee is waived if:
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| Sign-up bonus | $300 | $200 |
| Next steps | Start Banking | Start Banking |
Citi doesn't have a minimum opening deposit, and it automatically waives the monthly fee for the first three months. Both accounts offer good checking account bonuses for eligible customers, though.
Winner: Citi
Citi narrowly beats Bank of America in this category since its checking account has a lower opening deposit and the monthly service fee is waived during the first three months of account opening. Its sign-up bonus is also higher.
Citi Access Checking Start banking Citi, FDIC Insured Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFees$5 monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$0
Bonus Info icon Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)$300
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- con icon Two crossed lines that form an 'X'. No paper checks
- con icon Two crossed lines that form an 'X'. $2.50 fee for using out-of-network ATMs
- con icon Two crossed lines that form an 'X'. BBB gives Citi an F in trustworthiness
- Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
- The most basic Citi checking account
- Access to over 650 branches in the US
- No minimum opening deposit
- FDIC insured
Citi vs. Bank of America Savings Account Comparisons
Citi offers two savings accounts — Citi® Accelerate Savings and the Citi® Savings Access. 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.
| Citi® Accelerate Savings | Bank of America Advantage Savings Account | |
| APY | 4.45% (vary by location) | 0.01% to 0.04% |
| Minimum opening deposit | $0 | $100 |
| Monthly service fee | $4.50 monthly service fee | $8 monthly service fee |
| How to waive the monthly fee | Monthly service fees are waived during the first three months. Then, you have to meet one of the following requirements:
| No monthly service fee during the first 6 months After that, you must fulfill one of the following requirements each month:
|
| Caveats |
| None |
| Next steps | Open Account | Start Saving |
Citi's high-yield savings account is a great option if you live in an eligible area — but if not, then you'll have to use its regular savings account, which pays low rates. Citi makes you open the account in a bank account package, which means you'll have to pay close attention to monthly service fees and minimum balance requirements.
Winner: Citi
The Citi® Accelerate Savings is a better option for earning a high interest rate, but you'll need to live in an eligible state and also open a bank account package. The Bank of America Advantage Savings Account still might be worth considering if you find it easier to waive monthly service fees at Bank of America.
Citi® Accelerate Savings Open account Citi, FDIC Insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$4.50 monthly service fee
Annual Percentage Yield (APY)4.45% (vary by location)
Minimum Deposit Amount$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY (minimum $0 balance to earn)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit
- con icon Two crossed lines that form an 'X'. You may pay a monthly fee, depending on a variety of factors
- con icon Two crossed lines that form an 'X'. Other fees depend on which checking account you link to your savings account
- con icon Two crossed lines that form an 'X'. Not available in certain states
- con icon Two crossed lines that form an 'X'. BBB gives Citi an F in trustworthiness
You might like Citi if you live in one of the areas that offers the Citi® Accelerate Savings account, so you can earn a higher savings rate than the national average. The best high-yield savings accounts, however, offer even more competitive savings rates.
Citi® Accelerate Savings Product Details- 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, MD, NV, NJ, NY, VA, DC, certain parts of FL or IL
Compare Today's Savings Rates
Citi vs. Bank of America CD Comparisons
| Citi Fixed Rate CD | Bank of America Fixed Term CD | |
| Term lengths | 1 month to 10 years | 28 days to 10 years |
| Minimum opening deposit | $500 ($100,000 for the top rate) | $1,000 |
| APY for standard CDs | 0.05% to 5.25% | 0.03% to 4.00% |
| Early withdrawal penalties | 90 to 180 days interest | 7 to 365 days interest |
| Types of CDs | Standard CDs, Step Up CDs, and No Penalty CDs | Standard CDs, featured CDs, flexible CD |
| Next steps | Start Saving | Start Saving |
Citi and Bank of America both have a wide range of CD terms. Each pays low rates on many terms, but high ones on a select few. Overall, though, Bank of America's rates are more competitive on a higher number of terms.
Winner: Bank of America
Bank of America's flexible CD (which is a no-penalty CD) pays a much better rate than Citi's no-penalty CD. While Citi has a Step Up CD that increases your rate every 10 months, the Step Up rates still aren't high enough to make it a competitive account. Bank of America CD rates are better overall.
Bank of America Fixed Term CD Start saving Bank of America, Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.03% to 4.00%
Minimum Deposit Amount$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Terms from 28 days to 10 years
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to over 3,900 branches and 15,000 ATMs
- con icon Two crossed lines that form an 'X'. Low APY
- con icon Two crossed lines that form an 'X'. Interested is compounded monthly, not daily
- con icon Two crossed lines that form an 'X'. $1,000 opening deposit
- con icon Two crossed lines that form an 'X'. High early withdrawal penalties
Bank of America CD rates are low overall, with the exception of select short-term options. You'll still find the best CD rates at online financial institutions, though, regardless of which term you'd like to get.
Bank of America Fixed Term CD Product Details- Access to over 3,900 branches and 15,000 ATMs
- Terms ranging from 28 days to 10 years
- Early withdrawal penalties are as follows: the greater of all interest earned or 7 days interest on the amount withdrawn for terms under 90 days; 90 days interest for terms over 90 days and under 12 months; 180 days interest for terms of 12 months to under 60 months; 365 days interest on terms of 60 months or more
- Interest compounded monthly and paid monthly
- FDIC insured
Citi vs. Bank of America Trustworthiness and BBB Ratings
We use ratings from the Better Business Bureau to evaluate how a bank resolves customer issues.
Bank of America has an A- rating. Citi has an F rating because it has a high number of complaints on the BBB website that it has not responded to or resolved.
Both Bank of America and Citi have been involved in recent public controversies. In November 2023, the Consumer Financial Protection Bureau claimed Citibank intentionally discriminated against Armenian-American credit card applicants. The CFPB ordered the bank to pay $25.9 million in fees and to applicants who were impacted.
Bank of America paid over $100 million to customers in a settlement with the Consumer Financial Protection Bureau in 2023 when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it.
In 2022, 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.
Winner: Bank of America
Bank of America wins in this category since it is more likely to address customer issues, but keep in mind it's also been involved in public controversies. You might want to learn more about ethical banking if you prioritize finding an institution that fits your values.
Citi and Bank of America FAQs
Is Bank of America or Citi better? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.If you live in one of 42 states that have the Citi® Accelerate Savings, you'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 service 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 the age of 18.
Is Bank of America or Citi bigger? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Bank of America is available in more states than Citi. Bank of America also has 3,900 branches in the US, while Citi only has 690 locations.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
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