Table Of Content
When Bank of America Wins?
Bank of America is a large banking institution and this is reflected in its impressive banking product line. In addition to a variety of savings and checking accounts, there are home loans, auto loans, investment options, and a selection of credit cards
Bank of America can be a better choice than Citibank if:
You can meet the requirements for account fee waivers
The credit card partners and deals appeal to you.
You want more credit for your mortgage fees
When Citi Bank Wins?
Citi also has an extensive product line. This selection includes credit card options, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, checking and saving accounts.
This makes either bank a viable option if you want to switch from your current bank, as you won’t need to compromise on the choice of banking products.
Citibank can be a better choice than Bank of America Bank if:
You want a credit card that favors your preferred brands or spending habits.
You want better rates on your CDs
You want better savings rates without needing to meet specific criteria
Bank of America | Citi Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
At first glance, the Bank of America and Citi savings accounts appear similar, but when you start to look closer, the differences become apparent.
For example, while both accounts have the potential to earn interest, you need to be a Preferred Rewards and have a larger balance to access the higher rates.
Additionally, Citi’s account maintenance fees are far lower than the Bank of America’s yet the fee waiver criteria are similar.
Bank of America | Citi Bank | |
|---|---|---|
APY | 0.01% – 0.04% | 4.30% |
Fees | $8 per month
Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
| $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
|
Minimum Deposit | $100 | $0 |
Checking Needed? | No | Yes |
Main Benefits |
|
|
Checking Account
The Bank of America and Citi checking accounts have more similarities. Neither account is interest bearing and both accounts carry a $12 monthly maintenance fee. The fee waiver criteria are also similar. However, there is one minor difference as Bank of America has a minimum account balance of $25.
In terms of features, both accounts offer some form of overdraft protection. While Bank of America allows you to choose your overdraft settings, Citi allows you to set up an auto transfer from your savings in scenarios where you have insufficient funds.
However, while Citi offers unlimited check writing with its account, this is not available with Bank of America checking account. This is becoming an increasingly rare feature as many account providers are moving over to debit cards and digital payment methods and eliminating checks. So, it is a nice touch that Citi allows unlimited check writing.
Bank of America | Citi Bank | |
|---|---|---|
APY | 0.01% – 0.02% | 0.01% |
Fees | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
|
Minimum Deposit | $25 – $100 | $0 |
Main Benefits |
|
|
Top Offers From Our Partners
CDs
The comparison between the Bank of America and Citi CDs is a little straightforward. While Bank of America has a $1,000 minimum deposit requirement, it only offers 0.03% regardless of CD term.
On the other hand, Citi has no minimum deposit requirements and offers 0.10% to 0.15%, depending on the term. This means that there is no real advantage to Bank of America CDs.
Bank of America | Citi Bank | |
|---|---|---|
Minimum Deposit | $1,000 | $500 – $2,500 |
APY Range | 0.05% – 5.00% | 0.05% – 4.65% |
Credit Cards
Bank of America has a selection of credit cards including tiered rewards options like the Customized Rewards card or if you prefer no spending categories, there is the Unlimited Rewards card. Bank of America also has a Travel Card that offers miles, partnership cards with brands like Alaska Airlines, Amtrak, and Free Spirit.
There are also student cards, a secured card to build your credit and earn rewards and the BankAmericard that has a 0% intro rate for 18 months.
Card | Rewards | Bonus | Annual Fee |
| Bank of America® Customized Cash Rewards credit card
| 1-3%
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
| $200
$200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $0 |
|---|---|---|---|---|
| Bank of America® Travel Rewards credit card | 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 |
| BankAmericard® credit card | N/A |
N/A
N/A
| $0 |
| Bank of America® Premium Rewards® credit card | 1.5X – 2X
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
|
60,000 points
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account. | $95 |
| Bank of America Unlimited Cash Rewards credit card | 1.5%
unlimited 1.5% cash back on all purchases
|
$200
$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| $95 |
| Bank of America® Premium Rewards® Elite | 1.5x – 2x
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases | 75,000 points
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
| $550 |
Citi also has an impressive variety of cards. You can check the card options by categories such as Rewards, Travel, 0% intro rate, Cash Back, and Balance Transfer. Most Citi cards have no annual fee and you can earn up to 5% cash back.
One of the most popular Citi cards is the Citi Simplicity Card that offers long interest-free periods for purchases with no annual fee. For the first 18 months, new customers pay no interest on all purchases and balance transfers. With your Citi Premier Card you’ll earn 3X points on restaurants, supermarkets, gas stations, air travel and hotels, and 1X on all other purchases.
Like Bank of America, Citi also has partnership cards with Costco, American Airlines, AT&T, and more. Many Citi credit cards also have a welcome bonus, but these often have spending minimums within a time limit to qualify.
Card | Rewards | Bonus | Annual Fee |
| Citi® Double Cash Card | 1% – 2%
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
| N/A
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
| $0 |
|---|---|---|---|---|
| Citi Premier® Card | 1X – 10X
10X per dollar on hotel, car rentals and attractions booked through CitiTravel.com, 3X points on restaurant, supermarket, gas station, and air travel and other hotels purchases, and 1X points per dollar on all other purchases
| 75,000 points
75,000 bonus points after spending $4,000 in the first 3 months of account opening, redeemable for $750 in gift cards or travel rewards on thankyou.com
| $95 |
| Citi Simplicity® Card | None | None | $0 |
| Citi® Secured Mastercard® | None | None | $0 |
 | Citi Custom Cash℠ Card | 1-5%
5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
| $200
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back)
| $0 |
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Top Offers From Our Partners
Mortgage
Bank of America has a selection of mortgage products including ARM and fixed rate mortgages, VA and FHA loans. The bank also offers home equity lines of credit. Additionally, Preferred Rewards members may qualify for up to $600 towards mortgage origination fees upon completion.
Citi has mortgage and home loan options to buy, refinance or access home equity. Citi also allows customers to prequalify to make shopping for a new home a little easier. Like Bank of America, Citi has a promotion for new home loans, but you have a choice of $500 towards your closing costs or you can secure a lower interest rate.
Loans
Bank of America does not have a conventional loan, but its auto loans have no origination fees. You can also lock in your loan rate to make it easier to comparison shop. Additionally, Bank of America provides applicants an approval decision in approximately one minute.
Citi does have personal loans and customers can borrow up to $30k. The loans are available with a term of up to 60 months and fixed rates of 7.99% to 23.99%. Citi has a simple application process to make applying quick and straightforward.
Upon approval, you can expect a check to be mailed to you within five business days. Citi also allows customers to qualify for lower rates if they sign up for Auto Deduct monthly payments. You can also receive Thank You points if you link an eligible checking account to your loan.
Customer Service
It is a little surprising, but Bank of America does not have 24/7 access to its customer service team. The phone lines are only open 8 am to 9 pm during the week and 8 am to 8 pm on the weekend. There are also website contact forms and social media accounts, but you are unlikely to get a response outside these hours.
Citi has numerous phone lines specializing in specific products or banking areas. For example, there is a credit card line that differs from the line needed if you have a savings account query. There is also a help page, where you can type in your inquiry and receive a standard answer or you can click the link to message the customer service team. Citi even has a QR code to scan with your phone and message the team.
Although most banks tend to score poorly on consumer review rating platforms, Bank of America has an impressive 3.5 out of 5 on Trustpilot, unfortunately, this highlights the pitiful 1.4/5 Citi scored.
Online/Digital Experience
Both banks have an app that is compatible with iOS or Android devices. Bank of America’s app is rated 4.8/5 on the Apple Store and 4.6/5 on Google Play, while the Citi mobile app is rated 4.9/5 on Apple and 4.7/5 on Google.
Both sites have a clean design and are simple to use which provides a decent user experience. You can explore the product line to find the right ones for you. This is particularly helpful if you’re searching for your best credit card option.
Which Bank is The Winner?
Both Bank of America and Citi are well established banks offering a solid selection of products, so which bank is better?
Both banks have similar products that are quite easy to compare. For example, both banks have a checking account that carries a $12 monthly maintenance fee and mortgages with credit incentives for new customers.
However, there are some key differences. For example, Citi has personal loans up to $30k and better CD rates, while Bank of America offers more credit for mortgage customers.
| |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.04% | 4.30%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
| Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.6/5 on Android | 4.9/5 on iOS 4.7/5 on Android | Various Banks
|
on Bank of America website |
on Citi website |
on our website |
FAQs
What are Citibank promotions for new accounts?
Citi offers checking account bonuses and sign-up bonuses on many credit cards. As of September 2024 , if you open a new Citi Savings Account, you can get $100 – $5,000 based on your deposit amount.
What are Bank of America promotions for new accounts?
Bank of America offers checking account bonuses and sign-up bonuses on many credit cards. As of September 2024 , if you open a new Advantage Banking Account, you can get $200 bonus if you meet the terms and conditions.
Is my money safe on Bank of America?
Bank of America is one of the largest banks in the USA, so it provides a reassurance that your money is safe. In addition to FDIC insurance for deposits up to $250k, Bank of America has trillions in assets.
Therefore, even if the country falls into a massive recession, this bank has sufficient assets to cover any potential losses from loan defaults or other effects of a recession.
Can you invest in Crypto via Bank of America?
While it is possible to access some investments through Bank of America’s partnership with Merrill Edge, at this time it is not possible to buy or invest in Cryptocurrencies with this bank. If you do want to buy crypto, you will need a brokerage account with a compatible platform.
Does Citi offer a free checking account?
Although Citi has a number of checking account options, they all have a monthly maintenance fee. However, it is possible to have the fee waived if you meet the waiver criteria.
For example, The Access Account package has a $10 fee that can be waived if you maintain a balance of $1,500 or have one qualifying deposit or bill payment per statement period.
Why are Citi rates basically low?
As with many traditional banks, Citi has a branch network that while convenient for customers does add to its overhead costs. Unlike fully online banks which only need to pay for physical buildings for admin purposes, Citi needs to pay to staff, operate and maintain each of its branches.
This is reflected in its rates, which are lower when you compare them to a fully online bank. However, you do have the flexibility to call into your local branch if you need face to face assistance with a query.
The Smart Investor Banking Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare BofA With Alternative Banks
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Bank of America is a nationwide network that offers deposit, loan, and credit card services. There are also increased daily limits on ATM and debit purchases, which is an excellent incentive to improve your financial situation. Aspiration's company was presented in a very different manner than their bank competitors.
One feature that sets them apart from their competitors is that they let their customers decide how much they want to pay for their services. The fee that the customer believes is fair or appropriate for the level of service they receive is set by the customer.
Read Full Comparison: Aspiration vs Bank of America: Which Bank Account Is Better?
Wells Fargo's product offering is even more extensive. This bank offers checking accounts, a variety of savings accounts, mortgages, loans, and investment options such as IRAs, 401ks, and wealth management services. This makes switching from another bank even easier because you'll have access to all of your favorite banking products.
Bank of America offers a diverse range of banking services. Checking and savings accounts, auto loans, home loans, credit cards, and investment options are all available.
Read Full Comparison: Bank of America vs Wells Fargo: Which Bank Is Better?
Bank of America has an impressive line of banking products, as one would expect from a large banking institution. Aside from various checking and savings accounts, there are auto loans, home loans, a variety of credit cards, and investment options. This makes switching from your current bank easier because you'll find many familiar products.
Chase also has a good selection of banking products. There are checking and savings accounts, auto loans, home loans, and home equity options, as well as a fantastic selection of credit cards.
Read Full Comparison: Bank of America vs Chase: Where to Save Your Money?
US Bank offers an even more impressive range of banking services. Savings and checking account options, investments, personal loans, mortgage products, and wealth management are all available.
Bank of America offers a wide range of banking services. There are numerous credit cards available, as well as various checking and savings accounts, home loans, investments, and auto loans.
Read Full Comparison: Bank of America vs US Bank: Which is Best For You?
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
Both banks have a decent selection of banking products, but there are some gaps in each line up. If you’re looking for the best returns, Capital One does have the edge in terms of CD and savings rates.
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Truist Bank vs. Bank Of America: Which Bank Account Is Better?
Bank of America and PNC Bank offer various banking products, but which is a better fit for you? Let's compare and see our winner: PNC Bank vs. Bank Of America
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There is no clear-cut winner, but we prefer Bank Of America. But, there are cases when Citizens is best. Here's our comparison: Bank of America vs. Citizens Bank
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Bank of America vs. Fifth Third Bank: Which Bank Account Is Better?
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We believe Bank Of America is the preferred option in this battle. But, there are significant differences to know. Here's our comparison: Bank of America vs. KeyBank
While Regions Bank offers better checking accounts, Bank of America wins in credit cards and CDs. Here's our side by side comparison: Regions Bank vs. Bank of America
If you feel comfortable with online-only banking and depending on your needs – Ally may be a better option than Bank Of America. Here's why.
Ally Bank vs. Bank of America: Which Bank Account Is Better?
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
Compare Citibank Versus Other Banks
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.
Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.
Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
While U.S. Bank offers some better conditions when it comes to lending options, Citibank is our winner in this comparison. Here's why.
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
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