Table Of Content
When Citi Bank Wins?
Citi has a superb line of banking products that have you covered for most aspects of your finances.
In addition to savings and checking accounts, there are personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans
Citibank can be a better choice than Barclays Bank if:
You want a credit card favoring your preferred brands
You can easily meet the fee waiver criteria
You need a personal loan or mortgage
When Barclays Bank Wins?
Barclays has a more streamlined product line. This bank has credit card options, savings, credit cards, and personal loans.
The most obvious gap in the product line is a lack of a checking account. This makes Barclays more of a supplemental bank rather than being your primary day to day financial institution.
Barclays can be a better choice than Citibank Bank if:
You want access to higher interest rates on your savings
You want better CD rates
You don’t need a checking account
Citi Bank | Barclays | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Barclays does have the edge in terms of basic savings accounts. It offers an impressive 4.20%. Additionally, while Citi has a monthly maintenance fee, the Barclay savings account is fee free.
However, Citi does offer rewards if you link your Citi checking account, which is not possible with Barclays.
Both banks offer savings assistance to help you meet your savings goals, and Citi does have other savings packages if the basic account does not fulfill your needs. Just bear in mind that the Barclays account is online only, so you’ll not get in person support even if you have a branch nearby.
Citi Bank | Barclays | |
|---|---|---|
APY | 4.30% | 4.20% |
Fees | $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
| $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | Yes | No |
Main Benefits |
|
|
Checking Account
This is an area where Citi has an obvious edge. The Citi checking account is not interest bearing and does carry a maintenance fee, but this is quite straightforward to have waived.
Additionally, as we touched on above, you can link your savings account to gain rewards and enjoy overdraft protection. This will enable Citi to auto transfer funds to your checking account if your balance is insufficient.
Citi Bank | |
|---|---|
APY | 0.01% |
Fees | $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 | $0 |
Main Benefits |
|
CDs
Barclays certainly comes out on top in the CD comparison. While both banks have no minimum deposit, Citi has fairly lower rates 0.05% – 4.51%, the higher if you commit to a five year CD.
However, Barclays has tiered rates with the potential to earn 0.10% – 5.10%. Even if you only commit to a one year CD, the rate is still well over three times the highest Citi rate.
Citi Bank | Barclays | |
|---|---|---|
Minimum Deposit | $500 – $2,500 | $0 |
APY Range | 0.05% – 4.51% | 0.10% – 5.10% |
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Credit Cards
Citi has a massive selection of credit card options, but you can narrow down your options by searching the categories on the bank’s website. Most of the Citi cards carry no annual fee, but depending on your card choice, you could earn up to 5% cash back.
One of the most innovative Citi cards is the Double Cash. This card has a 0% introductory rate for 18 months and there is no annual fee. Anyone with bad credit or no credit at all will find the Citi Secured Mastercard to be very helpful. It allows you to put down a deposit equal to your credit line when you sign up, allowing you to easily build a strong credit score from there.
Citi also has partnership cards with a selection of brands including Costco, Expedia, AT&T, and American Airlines. Many of the Citi cards also offer a welcome bonus, you just need to be careful about the time limits and spending minimums or you may miss out.
Barclays also has an impressive choice of credit card options. The bank’s website allows you to find your ideal card by categories including travel, cash back, every day, and business. Front and center on the Barclays website are its impressive variety of partnership cards. Barclays has partnerships with Barnes & Noble, Emirates, Diamond Resorts, Priceline.com, AARP, and Carnival Cruises.
There is the potential to earn up to 3% cash back and many of the cards offer a welcome bonus if you spend $500 in the first 90 days. However, the really attractive thing about Barclays credit cards is that the sheer volume of partnership cards makes it easy to find your preferred brands.
Mortgage
Citi has the edge in this area as it offers a number of mortgage products to buy, refinance or access home equity. The bank allows prequalification to make the home buying process run a little smoother. Additionally, there are promotions for home loan customers, with either a lower interest rate or $500 credit towards your closing costs.
Barclays does not currently offer home loan or mortgage products.
Loans
Citi has personal loans for up to $30,000. You can take your loan with a term of up to 60 months. Citi aims to make the application process straightforward with a simple form, and upon approval, the bank will mail you a check within five business days.
Citi also has lower rates if you agree to Auto Deduct payments and if you link an eligible checking account, you’ll receive Thank You points.
Barclays is currently only offering loans by invitation only. You need to receive an invitation to apply in the mail. You can then visit the website link to proceed with your application and discover your rate and deal.
Customer Service
Citi has various phone lines dedicated to specific banking areas. You’ll also find a help page on the site with answers to frequently asked questions. You can also use the website or QR code to message the customer service team.
Barclays has a 24/7 customer service division. You can call in and speak to an agent, or use the self service line for simple inquiries such as balance checks, or transfers.
The scores on consumer review websites for these banks are a mixed bag. While Citi has a poor 1.4/5 rating on Trustpilot, Barclays US has a more respectable 3.2/5.
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Online/Digital Experience
Both banks have apps to make it more convenient to manage your account. The Citi mobile app is rated 4.9/5 and 4.7/5 on Apple and Google respectively, while Barclays is rated 4.6/5 on the Apple Store and 4.1/5 on Google Play.
Both banks also have a great website that makes it easy to browse the banking products. This is particularly evident when you’re exploring the credit card options. Both banks allow you to narrow down your search according to category or even credit score. You can also select and compare multiple cards to help you make a decision on which one is best for you.
Which Bank is The Winner?
The banks have some similarities, but some key differences, so to summarize which bank is better, we will need to revisit the positives and potential negatives.
Both of these banks offer a superb choice of credit cards, which means that you can find one that suits your spending habits and brand preferences. However, while Citi has a fairly comprehensive line of banking products, Barclays is missing some key products including a checking account and mortgages.
FAQs
What is the best Citi promotion for new account?
Citi offers a variety of promotion for opening a new bank account including Personal Checking, Citi Savings Account and Citi Business Account. You can get $200 – $2,000 bonus, based on your minimum deposit and if you meet the terms and conditions.
Does Barclays offer a promotion for new customers?
Unfortenately, as of September 2024, there is no promotion for opening a new savings account with Barclays Bank. The main benefit is the high rates you can get on your deposit.
What Barclays products are inflation proof?
Barclays offers fixed rates on its loans, which can help you to combat rising inflation. If you take out a loan, your monthly payments will be set for the entire loan term, even if the base rate increases. You can even lock in your rate to comparison shop and ensure that you’re getting the best deal before you commit.
Is there a free checking account offered by Barclays?
Although Barclays provides savings accounts, credit cards, and loans, it does not provide a checking account. So, whether you're willing to pay checking account fees or not, this is not the bank for you if you need a checking account to manage your day-to-day transactions.
Can you invest in gold products via Citi?
Citi does have an investment platform where you can buy selected shares, bonds, ETFs and stocks with no commission fees. This could provide access to buy gold stocks and build your investment portfolio.
You can opt for a self managed investment plan or use the Citi advisors to automate your investments. The fees and account minimums for each plan vary, so you will need to carefully consider which is the best approach for your investment plans.
Does Citi allow joint accounts?
Citi does allow joint ownership of accounts. You can open a joint account together or it is possible to add a second person to your existing Citi bank account. Citi does need to verify the ID for both parties, but if you are already an existing Citi customer, you will only need to go through verification for the other person. You can do this online or in your local branch.
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?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
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?
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Quontic High Yield Savings
- 4.50% APY on savings
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CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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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 Barclays Versus Other Banks
Barclays and HSBC are non-US banks that offering various banking services to US customers. Let's compare their banking options side by side: Barclays Bank vs. HSBC Bank
Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.
Barclays Bank vs. American Express Bank: Which Bank Account Is Better?
Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One
Both Chase and Barclays offer a significant portfolio of banking services for US-based customers, but Chase is our winner. Here's why.
Chase Bank vs. Barclays Bank: Which Bank Account Is Better?
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