Citibank vs. Bank of America: How Do They Compare?

Citi and Bank of America are two of the largest banks in the U.S., and both offer a wide variety of products and services. If you’re trying to choose between Citi or Bank of America, how can you measure which one is best? Here we compare each bank’s accounts and features, highlighting the factors you should consider to select the right bank for your needs.

Citi and Bank of America quick comparison

Citi vs. Bank of America: Checking accounts

Both Citi and Bank of America offer checking accounts, though fees and features differ.  In general, Bank of America offers more flexibility and affordability, with a greater variety of checking account options and lower fees on basic accounts. 

Citi checking accounts

Citibank, also known as Citi, offers two checking account options: Regular Checking, which comes with unlimited check writing, and Access Checking, which is a checkless option.  Access Checking has a $5 monthly service fee, while Regular Checking has a $15 monthly fee.

Citi will waive fees on both accounts for the first three months and may continue to do so with at least $250 in Enhanced Direct Deposits monthly. This includes Automated Clearing House (ACH) transfers, such as payroll, pension and Social Security payments. 

With both accounts, you’ll pay no overdraft or returned item fees. To use a non-Citi ATM, you’ll be charged a $2.50 fee with Access Checking, but Regular Checking will waive this fee if you meet the direct deposit requirement. No minimum deposit is required to open a checking account with Citi.

Bank of America checking accounts

Bank of America offers a broader range of checking account options, including multiple choices designed to meet the needs of individuals and families, as well as businesses.

The most basic checking account, Advantage SafeBalance Banking, has no monthly fee for customers under 25. Otherwise, pay a monthly fee of $4.95, though it is waivable if you maintain a daily balance of at least $500. A $2.50 fee applies to use a non-Bank of America ATM. 

Open a basic checking account with a minimum deposit of $25. 

If you’re seeking a more comprehensive option, Bank of America’s Advantage Relationship Banking earns interest with no fees on select banking services, but you’ll need to make a minimum deposit of $100 to open it. A monthly $25 fee applies for daily balances under $20,000.

Citi vs. Bank of America: Savings accounts 

In the battle of Bank of America versus Citi, Citi wins where savings accounts are concerned, offering a higher annual percentage yield (APY) on basic accounts and a higher-yield option for customers who want to grow their funds faster.

Citi savings accounts

Two featured savings accounts from Citi are the Citi Savings Account and the Citi Accelerate High-Yield Savings Account (available in limited markets). 

Citi’s basic savings account has an APY of 0.03%, while the high-yield account has an APY of 3.70%. These accounts have a monthly service fee of $4.50, which is waivable for customers who maintain an average monthly balance of at least $500. 

If you plan to maintain a combined average monthly balance of $30,000 or more, you may benefit from one of Citi’s Relationship Tiers: Citi Priority, Citigold and Citigold Private Client. 

The value of benefits grows with each tier. For example, monthly fees are waived with all tiers, but customers who qualify for Citigold, which requires a combined monthly average balance of $200,000, will also receive increased limits for ATM withdrawals, purchases and global transfers. 

Bank of America savings accounts

Bank of America offers one traditional savings account: Advantage Savings, which requires a $100 minimum deposit. Advantage Savings has an $8 monthly maintenance fee, though it can be waived for account owners who are under 25 or maintain a minimum daily balance of at least $500. 

Customers who enroll in Bank of America’s Preferred Rewards program will also be able to bypass this fee. The Preferred Rewards program has four tiers: Gold, Platinum, Platinum Honors and Diamond. To qualify for Gold, you’ll need a Bank of America personal checking account and a three-month combined average daily balance of at least $20,000. 

Preferred Rewards members earn more: The standard APY on a Bank of America Advantage Savings is 0.01%, but the rewards tiers earn APYs between 0.02% and 0.04%. 

Citi vs. Bank of America: CDs

A certificate of deposit (CD) is a type of savings account that pays interest over a set period of time, typically providing a higher return than a traditional savings account. 

Both Bank of America and Citi offer CDs with rates that vary based on term, or the length of time you leave your money in the account. However, the minimum deposit required to open an account is lower with Citi. 

Citi CDs

Citi offers three types of CDs: a fixed-rate CD, which provides a guaranteed rate for the entire term; a no-penalty CD, which waives early withdrawal penalties; and a step-up CD, for which the APY increases gradually throughout the term. All three require a $500 minimum deposit. 

Citi’s fixed-rate CDs range from three months to five years, with rates varying depending on term length. For example, the three-month CD has an APY of 0.05%, while the seven-month CD has a rate of 3.25%.

Bank of America CDs

Bank of America offers three CD account options: fixed term, featured and flexible. Fixed-term CDs are available for one month up to 10 years. Interest rates depend on term and account balance, with APYs ranging from 0.03% to 3.75%. 

Featured CDs are available with terms of seven to 37 months, with APYs between 0.11% and 4.00%. Flexible CDs have a standard term of 12 months and an APY of 3.51%. Flexible CDs have no early withdrawal penalties after the first six days. 

Unless you make a change during the seven-day grace period, fixed-term CDs automatically renew with the same term when they reach maturity. Bank of America’s featured and flexible CDs automatically renew into a three-month flexible CD. 

All CDs have a minimum deposit of $1,000. 

Citi vs. Bank of America: Customer service

Citi offers 24/7 phone support for banking customers at 888-248-4226. Phone support with Bank of America is a bit more limited. 

Bank of America offers customer support for checking and savings accounts at 800-432-1000 from 8 a.m. to 11 p.m. Eastern time Monday through Friday and from 8 a.m. to 8 p.m. ET on weekends. For CDs, contact 888-827-1812 from 8 a.m. to 9 p.m. ET Monday through Friday and from 8 a.m. to 8 p.m. ET on Saturday. 

Both banks also provide in-person support through their physical branches. With more than 3,700 branches spread across 39 states, Bank of America offers relatively accessible locations. 

Citi has significantly fewer locations, with about 700 branches primarily concentrated in a handful of metropolitan areas. However, Citi also has a wide network of fee-free ATMs in participating retail locations nationwide. 

Citi vs. Bank of America: Online banking and mobile apps

Both Citi and Bank of America offer handy online services and mobile apps, allowing customers to track their spending, move money between accounts and find answers to questions. Each bank is rated highly on the mobile app stores, though Citi’s app is rated slightly higher on both iOS and Android. 

When to choose Citi

Still wondering whether to choose Bank of America or Citi? Consider Citi for your deposit accounts if: 

• You live in an area where its high-yield savings account is available. One of Citi’s stand-out offerings is the Citi Accelerate High-Yield Savings Account, which earns an APY of 3.70%. This account isn’t available everywhere, so you’ll need to check if this is an option where you live. 
• You plan to maintain a daily balance over $30,000. If the combined balance of your accounts is at least $30,000, you’ll qualify for the first of Citi’s relationship tiers: Citi Priority. This tier provides benefits including waived fees and increased spending limits. 
• You want convenient ATM access. With more than 65,000 fee-free ATMs at branches and retailers nationwide, Citi makes depositing or withdrawing funds easy. In comparison, Bank of America has 15,000 ATMs nationwide.

When to choose Bank of America

Here are some situations where Bank of America might be a better choice: 

• You want access to in-person support. Bank of America has far more branch locations than Citi does, making it better for customers who want the option to talk with a banker. 
• You want a longer CD term. While Bank of America’s CDs are available with terms lasting up to 10 years, Citi’s max out at five. If you get a CD with a competitive interest rate, you may want to allow your funds to earn interest for as long as possible. 
• You also own a business. Both Citi and Bank of America offer options for business owners, but some of Citi’s business banking options are available only in certain areas. If you need to open personal and business accounts, it might be easier to keep everything in one place, making Bank of America a better choice for small business owners.