Bank Of America and Citizens Bank offer a range of banking services, and sometimes, it's challenging to understand which is best for your needs.
In this article, we will compare their savings accounts, checking accounts, CDs, credit cards, and lending products.
Checking Accounts
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Account Types
Citizens Bank offers checking accounts like One Deposit Checking and Citizens Quest Checking, each catering to different needs:
Citizens Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
One Deposit Checking from Citizens | $9.99 | Make one deposit each statement period |
Citizens Quest Checking | $25 | $25,000 |
Citizens Private Client Checking | $0 | $200,000 |
Citizens EverValue Checking | $5 | Can't be waived |
Citizens Student Checking | $0 | under 25 |
BofA Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
Safe Balance | $4.95 | $500 |
Advantage Plus | $12 | $1,500 |
Advantage Relationship
| $25 | $20,000 |
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Features
Bank of America offers some great features for both individuals and businesses.
For personal accounts, you can get paper checks, overdraft protection, and they assure you won't lose money if your card gets stolen. They also provide online banking, allowing you to check your account whenever it suits you.
BofA Checking Account | Main Features |
|---|---|
Safe Balance | Digital banking, no overdraft fees, $0 liability guarantee |
Advantage Plus | Paper checks, overdraft protection, $0 liability guarantee |
Advantage Relationship
| Earns interest, no fees on select banking service ,overdraft protection |
Business Advantage Fundamentals
| QuickBooks® integration, Cash Flow Monitor, Erica, Mobile Check Deposit, Zelle® for business |
Business Advantage Relationship
| No fees for incoming wires, stop payments, electronic deposits & more |
Customers of Citizens Bank enjoy access to a network of over 1,000 branches and 3,000 ATMs. The Citizens Virtual Assistantadds to the convenience by allowing customers to have live conversations with a person for assistance.
To provide a safety net for overdrafts, Citizens offers solutions like Citizens Fee Relief and Citizens Peace of Mind, with no overdraft fee on the first occurrence each year.
Citizens premium accounts offer exclusive benefits and rewards that grow with your relationship. These perks include an investment match, better cash back rewards on credit cards, higher savings rates, and discounts on lending.
The relationship also brings fewer fees for checks, wire transfers, using other banks' ATMs, stop payments, and more, ensuring a cost-effective banking experience.
Citizens Bank Account | Main Features |
|---|---|
One Deposit Checking | Digital wallet, Zelle, overdraft solutions, Citizens paid early |
Citizens Quest Checking | CitizensPlus, no fee for additional services, personalized guidance |
Citizens Private Client Checking | CitizensPlus benefits, Dedicated team of advisors, preferred rates |
Citizens EverValue Checking | No overdraft fees, Reduced fees for Non-Citizens ATM |
Citizens Student Checking | No fees for Non-Citizens ATM, No overdraft fees, Free design checks |
Savings Accounts
Bank of America's Rewards Savings account offers low rates. It has a cool feature called Keep the Change. It saves money for you by rounding up your purchases when you use a Bank of America debit card. Plus, the mobile app makes it easy to deposit checks into your savings account.
Citizens Bank savings account convenience with Automatic Transfers, allowing automatic deposits. Monthly fees are easily waived through simple methods. Safety is prioritized through 24/7 fraud monitoring and FDIC insurance. Its online division, Citizens Access, offers much better savings rates.
Also, unlike BofA – Citizens bank does offer a money market account, but the rates are low.
Citizens Access | Citizens Savings | BofA Savings | |
|---|---|---|---|
Savings Rate | 4.50% | 5.00% | 0.01% – 0.04% |
Minimum Deposit | $0.01 | $0 | $100 |
Fees | $0 | $4.99 per month
Can be waived if you maintain a $200 minimum daily balance, or under age 25 or 65 and older.
| $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
|
Certificate Of Deposits (CDs)
When it comes to CDs, Bank Of America is our winner.
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Citizens Bank CD Rates
Citizens Bank offers two options for CDs. The initial option is a traditional fixed-term CD, available exclusively online for specific months, with no additional term variations.
CD Term | APY |
|---|---|
10 Months | 5.50% ($25,000 minimum deposit) |
14 Months | 2.75% |
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Bank Of America CD Rates
CD Term | APY |
|---|---|
3 Months | 4.50% |
6 Months | 0.03% |
7 Months (Featured) | 4.75% |
12 Months | 0.03% |
13 Months (Featured) | 4.30% |
24 Months | 0.03% |
25 Months (Featured) | 3.20% |
36 Months | 0.03% |
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Credit Cards
Bank of America stands out when it comes to credit cards.
They offer a variety of credit cards to suit different financial needs. If you want cash back on everyday purchases, the Bank of America Customized Cash Rewards card is a great option, allowing you to customize bonus categories. For frequent travelers, the Bank of America Travel Rewards card earns points for travel expenses and has no foreign transaction fees.
If you're after premium benefits, consider the Bank of America Premium Rewards Elite Credit Card. It provides significant rewards for travel and dining, along with statement credits for travel expenses.
Card | Rewards | Bonus | Annual Fee |
| Bank of America Unlimited Cash Rewards
| 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
| $0 |
|---|---|---|---|---|
| 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 | N/A | 21 billing cycles on purchases and balance transfers made within the first 60 days | $0 |
| 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 |
| Bank of America Premium Rewards | 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 |
Card | Rewards | Bonus | Annual Fee |
| Citizens Cash Back Plus World Mastercard
| 1.8%
1.8% cash back on everything you buy | 0% Intro APR: 15 billing cycles on balance transfers | $0 |
|---|---|---|---|---|
| Citizens Clear Value Mastercard | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| Citizens Private Client World Elite Mastercard | 2%
2% cash back on everything you buy | 0% Intro APR: 15 billing cycles on balance transfers | $195 |
Mortgage And Loans
When it comes to lending products, both banks offer options for borrowers, but they do not include all types of loans.
Bank of America lending options include offers mortgages, mortgage refinancing, and home equity loans. Additionally, they offer auto purchase loans and auto refinancing options.
On the other hand, Citizens Lending Solutions offers mortgage options for homebuyers and HELOC, as well as student loans.
None of these banks offer personal loans, RV loans, or boat loans.
Which Bank Is Our Winner?
There is no clear-cut which bank is the winner, but we prefer Bank Of America because of its various credit card options, more CD terms with high rates, and decent features of their checking accounts.
However, it is crucial to assess various factors, primarily focusing on those significant for your specific considerations, such as banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
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Comparing Bank Of America and Citizens Bank: Our Methodology
In our detailed banking comparison, The Smart Investor team thoroughly looked in five main areas in both banks and compare them side by side:
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
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