Table Of Content
When Citi Bank Wins?
Citi has an impressive banking product line that includes checking and saving accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Citibank can be a better choice than Capital One Bank if:
You can easily meet the fee waiver criteria
You need a personal loan or mortgage
- you want a bank welcome bonus
When Capital One Bank Wins?
Capital One began as simply a credit card company, but in recent years it has expanded its banking product line. In addition to its impressive choice of credit card options, Capital One has checking and savings accounts, kids’ accounts, auto finance and refinancing.
Capital One can be a better choice than Citi if:
- You Plan to deposit a large sum of money in a savings account
- You're ready for an online bank
- You're looking for a student credit card
Citi | Capital One | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Both Capital One and Citi offer decent rates when it comes to savings accounts. While it is possible to waive the $4.50 Citi fee, this is something you don’t need to consider with Capital One.
Both accounts have no minimum deposit and there are savings tools to help you build your balance. Citi Accelerate savings offers other savings package options if you need to upgrade to access better features.
The only real downside to the Capital One savings account is that you are restricted to a maximum of six withdrawals in any month. So, if you are likely to need to transfer money out or withdraw cash often, you may incur an interest penalty.
Citi Bank | Capital One | |
|---|---|---|
APY | 4.00% | 4.00% |
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
Capital One is one of the top online banks and has the edge in terms of checking accounts. While the Citi account does not pay interest, Capital One’s is interest-bearing.
Citi Bank | Capital One | |
|---|---|---|
APY | 0.01% | 0.10% |
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
| $0 |
Minimum Deposit | $0 | $50 |
Main Benefits |
|
|
Additionally, the Capital One account has no fees. In contrast, the Citi account has a $12 monthly fee that you need to make qualifying deposits, bill payments, or maintain a balance to have it waived.
Both accounts offer overdraft options. Citi checking has auto transfer overdraft protection, which links your savings account to automatically transfer funds if your checking account balance slips too low.
Citi Account | Monthly Fee | Avg Day Balance To Waive Fee |
|---|---|---|
Citi Access Checking | $5 | $30,000 |
Citi Regular Checking | $15 | $30,000 |
Citi Priority Account Package | $0 | $30,000 |
Citigold Account Package | $0
| $200,000 |
Citigold Private Client | $0 | $1,000,000 |
Also, Citi offers a variety of checking accounts such as Citi Access or Citi Regular accounts for basic accounts and Citi priority or Citigold for premium customers.
Capital One allows you to choose your preferred overdraft option. The options include free savings transfer, auto decline or Next Day Grace that gives you a full business day to bring your balance up to the required level before you incur a fee.
CDs
This is another area of comparison where Capital One has a clear edge. While both banks have no minimum deposit requirement, Citi offers a 0.05% – 4.15%. On the other hand, Capital One has weighted its rates to encourage taking on a longer-term CD.
While Citi CD rates are high compared to other traditional banks, it still lacks compared to online banks such as Capital One.
Capital One | Citi | |
|---|---|---|
Minimum Deposit | $0 |
$500 – $2,500 |
APY Range | 3.50% – 4.00% | 0.05% – 4.15% |
APY 6 months | 4.20% | 3.25% |
APY 12 months | 4.20% | 2.50% |
APY 24 months | 3.70% | 2.00% |
APY 36 months | 3.60% | 2.00% |
No Penalty CD | / | 12 months, 0.05% APY |
Credit Cards
Citi and Capital One are among the top players in the credit card industry.
-
Citi
Citi has a vast choice of credit card options that you can browse by category on the bank’s website.
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 spending $1,500 on purchases in the first 6 months
| $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 |
The points can be redeemed via the Citibank Thankyou Network, which allows for point combining. They can also be used for purposes other than travel, such as purchasing merchandise or gift cards.
Citi also has a number of partnership cards with brands such as American Airlines, Costco, AT&T and Expedia. Most of the Citi credit cards have a welcome bonus; just watch out for spending minimums and time limits or you may fail to qualify for your bonus.
-
Capital One
Capital One also has a superb selection of credit cards, with options for all credit scores.
Mortgage
This is where the tables start to turn in Citi’s favor. Citi offers mortgage products and home loans for buying, refinancing or accessing your home equity. You can prequalify for your home loan to make the process of property buying a little easier. There are also promotions for new home loan customers. You can either have $500 credit for your closing costs or access a lower interest rate.
On the other hand, Capital One does not currently offer any mortgage or home loan products.
Loans
Citi offers personal loans of up to $30,000 for up to 60 months. The loan application process is straightforward to make applying quick and easy. When approved, a check will be mailed within five business days.
Citi also offers lower rates if you sign up for Auto Deduct payments and you’ll get Thank You points when you link an eligible checking account.
Capital One does not have conventional personal loans. However, you can access auto loans that have no origination fee and offer approval decisions within just one minute.
Customer Service
Citi Bank | Capital One | |
|---|---|---|
iOS App Score (1-5) | 4.9 out of 5 | 7.99% – 24.99%
|
Android App Score (1-5) | 4.7 | 36 to 84 months
|
BBB Rating (A-F) | F | $2,500 – $40,000
|
Consumer Affairs (1-5) | 680
| 680
|
WalletHub (1-5) | 680
| 680
|
Contact Options | phone/chat/social | 680
|
Citi offers specialized phone lines, a help page with stock answers, and a QR code for messaging its team.
Capital One also provides dedicated phone lines, accessible via its website, along with support through @AskCapitalOne on Twitter.
Despite these efforts, customer reviews are disappointing, with Citi scoring 1.4/5 and Capital One 1.3/5 on Trustpilot
Top Offers From Our Partners
Top Offers From Our Partners
Online/Digital Experience
Both banks have an app to make it easier to manage your accounts on the go. The Citi mobile app is rated 4.9/5 and 4.7/5 on Apple and Google respectively, while Capital One’s app is rated 4.8/5 on the Apple Store and 4.9/5 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?
Both Citi and Capital One are large reputable financial institutions, so to summarize which bank is better, we will need to revisit the positives and potential negatives.
Both banks offer a great selection of credit card options, so which is best will depend on what you’re looking for in a card and your preferred brands. When you’re looking at the basic banking products of savings, checking and CDs, Capital One has the clear edge with better rates and no account maintenance fees.
However, when you start to look at loans and mortgages, Citi comes into its own.
FAQs
What promotion does Citi offer?
CitiBank offer promotions on checking account, in addition to a variety of credit card bonuses for new customers. For example, if you open a new Citi Personal Account, you can get $325 if you meet the conditions.
Is there a Capital One bank account for teenagers and kids?
Capital One offers some excellent products to help teenagers learn about money. Children aged 8 and up are eligible for the Money teen checking account. The account includes parental controls that enable parents to monitor their child's spending and assist them with teachable money moments. There are no account fees or minimums, and the account includes a free debit card.
There is also a fee-free kids savings account with no minimum balance that pays 0.30 percent. You can link the accounts to make it easier for your children to manage their money and save.
Can you close a Citi bank account over the phone/online?
The easiest way to close your Citi bank account is to use the website secure messaging service to speak to a Citi representative.
The representative will guide you through the account closure process. You can also visit your local branch to complete the requirements to close your account, but you cannot close a Citi credit card account at a branch.
Does Citi Offer Car Loans?
Citi does not offer specific car loans, but it does offer personal loans and lines of credit that can be used for a number of reasons including purchasing a vehicle. You can receive a lump sum payout for your loan and repay the loan over a term of up to 60 months.
Is my money secure with Capital One?
While the share price has fluctuated significantly during turbulent economic times, Capital One has remained a safe bank for your money.
Customers are protected for up to $250,000 in deposits because the bank is FDIC insured.
Capital One did receive a $3.5 trillion federal bailout in 2008, but it has since repaid all of the funds.
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 Capital One With Other Banks
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
Capital One began as a credit card company, but it has grown to offer a diverse range of traditional banking services over the years. In addition to credit cards, it offers checking and savings accounts, loan refinancing, auto finance, and children's accounts. As a result, Capital One is more appealing to those seeking a traditional banking experience.
Read Full Comparison: Discover vs Capital One: Which Bank Account Wins?
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.
Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.
Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.
Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.
Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?
Capital One made its name as a credit card company, but in recent years, it has developed a decent banking product line that rivals that of a traditional bank. Capital One offers loan refinancing, kids' accounts, and auto finance in addition to checking and savings accounts.
Credit One remains primarily a credit card company, but it does offer a limited range of banking products, including CDs.
Read Full Comparison: Capital One vs Credit One: Which Bank Account Is Better?
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Bank of America has an impressive product lineup, as one would expect from a large banking institution. There are various checking and savings accounts, as well as numerous credit card options, auto loans, home loans, and investments. This makes switching from your current bank a breeze.
Capital One began as a credit company, but it has recently expanded its product line. You can now access checking and savings accounts, auto finance, refinancing, and children's accounts in addition to an impressive selection of credit cards.
Read Full Comparison: Bank of America vs Capital One: Which Bank Wins?
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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?
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?
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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