Table Of Content
When Discover Bank Wins?
Discover Bank is both a full-service online bank and a payment services provider. Individuals can use Discover for banking and retirement planning. Discover is best known for its rewards credit cards, but it also offers personal, student, and home equity loans.
Because Discover is a strictly online bank, there are no local branches where customers can visit for banking needs. Customers can reach Discovery through customer service, which is available 24 hours a day, seven days a week. You can access your account in a variety of ways. All accounts can be accessed online.
Discover makes use of a mobile app that is available for both iOS and Android devices. You can use this app to access all of your Discover accounts and use their mobile check deposit by taking a photo with your phone or tablet.
Discover can be a better choice than Citibank if:
- You’re looking for great savings rates
- You want fee free accounts
- You arer ready for an online bank
When Citi Bank Wins?
Citibank is a global financial services company with over 100 million customers in 98 countries. If you're looking for a dependable financial service where you can open a checking and savings account with no minimum deposit, Citibank is a great option. You can also easily obtain a credit card for almost every spending habits (as long as you have good credit.
Along with many helpful tools for increasing your financial gains, you should be aware of some drawbacks within the Citibank system. Citibank requires you to meet certain criteria in order to waive monthly fees on checking accounts. This may be a disservice to users who are not yet financially secure. When you use another bank's ATM, you are also charged.
Citibank can be a better choice than Discover if:
- You want a massive choice of credit card options
You can easily meet the fee waiver criteria
- You need a personal service
Banking Options
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.
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. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Discover Bank | Citi Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Compare Savings Account
When it comes to savings rates, both Discover and Citi offer competitive rates. Additionally, Discover is fee free, so you don’t need to worry about maintaining a particular balance to avoid a monthly fee.
Citi accounts also come as a package, so you do need to open a checking account for using a savings account.
Discover Bank | Citi Bank | |
|---|---|---|
APY | 4.30% | 4.35% |
Fees | $0 | $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 | $0 | $0 |
Checking Needed? | No | Yes |
Main Benefits |
|
|
Checking Account
Discover also has the edge in the checking account comparison. In addition to being fee free, you can even earn 1% cash back on your debit card purchases. Citi requires that you make a qualified bill payment, receive a qualifying deposit or maintain an account balance to ensure the $12 account management fee is waived each month.
Both banks have a similar size ATM network, but Citi’s is a little larger, so the only real advantage Citi has is its overdraft protection, which automatically transfers funds from your savings account to avoid overdraft fees if you have insufficient funds.
Discover Bank | Citi Bank | |
|---|---|---|
APY | 0% (1% cash back on up to $3,000 in debit card purchases each month) | 0.01% |
Fees | $0 | $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 | $0 |
Main Benefits |
|
|
Compare CDs
Similar to savings account, also in terms of CDs you can earn higher rates with Discover. However, the minimum deposit ia a big higher compared to Citi.
Discover | Citi | |
|---|---|---|
Minimum Deposit | $2,500 |
$500 – $2,500 |
APY Range | 2.00% – 5.00% | 0.05% – 4.90% |
APY 6 months | 3.40% | 1.10% |
APY 12 months | 4.85% | 4.30% |
APY 24 months | 4.30% | 2.50% |
APY 36 months | 4.30% | 2.50% |
No Penalty CD | / | 12 months, 4.25% – 4.75% APY |
Credit Cards
Discover is a leading credit card issuer, so it stands to reason that it would offer a great selection of card options. All the Discover cards offer rewards and the bank also has the Unlimited Cashback Match. This means that Discover will match, dollar for dollar, your first year’s cash back automatically with no maximum reward cap or minimum spends.
One of the most popular Discover cards is the Discover Cash Back. This offers 5% cash back and has a 0% introductory rate. You can also get similar rewards with the Discover NHL card that has a card option for all 31 teams. There is also the Travel card that offers miles, and the Gas & Restaurant card that prioritizes cash back within this spending category.
Discover also has student versions of some of the popular cards, including Student Chrome that gives higher cash back on restaurant and gas station purchases, and the Student Cash Back card offering similar benefits to the standard Discover Cash Back card.
Finally, there is a Discover Secured card, for those with less than perfect credit who want to build their credit while earning cash back.
Citi has a massive selection of credit card options. You can browse the card options by category including Travel, Rewards, Cash Back, 0% intro rate and Balance Transfer. Many of these cards have no annual fee and allow you to earn up to 5% cash back.
One of Citi’s most popular cards is Double Cash. This is an innovative card offering 1% cash back on your purchase and then another 1% when you pay for those purchases. This is in addition to no annual fee and 18 months of 0% for balance transfers.
Citi also has partner cards with popular brands including American Airlines, AT&T, Expedia and even Costco, so you can tailor your rewards with your preferred brands. Many of the Citi cards offer new cardholder welcome bonuses, but you do need to watch for time limit qualifications and spending minimums.
Personal Loans
Discover only conducts a soft pull inquiry when you apply for a personal loan, but you must have a minimum yearly income of $25,000. In order to be accepted, your credit score cannot be lower than 660. Discover is a good option because their rates are competitive, and borrowing from them means you're making payments directly to the creditor.
The only issue with Discover is that the application process is more time consuming than others, and they charge a hefty late payment fee. A Discover personal loan can be used for a variety of purposes, including financing large purchases such as home repairs or a wedding, as well as debt consolidation. You can also use your personal loan to cover unexpected expenses, such as home renovations or the purchase of a new vehicle.
Citibank personal loans are ideal for current bank customers. Customers who are already customers get better terms, options, and rewards. There are no origination or late fees with Citibank personal loans. They also do not have a prepayment penalty, so the loan can be paid off early without incurring any additional fees. All online eligible candidates can apply through a registered Citibank account, and applicants who do not already have one must create one before submitting the online application. Borrowers can apply for loans with Citibank in three ways: online, by phone, or in person at a local branch.
Customers with strong credit histories at Citibank will find competitive rates. Borrowers who are not existing customers will have few options.
Discover Bank | Citi Bank | |
|---|---|---|
APR | 6.99% – 24.99%
| 9.99% – 23.99% APR
|
Loan Amount | $2,500 – $35,000
| $2,000 – $30,000 |
Terms | 36 to 84 months
| 12-60 months
|
Customer Service
Discover offers access to its customer service team 24/7 online or via phone, so if you need urgent help or have an account query, you can easily access support.
Citi’s customer support is more complex. The bank has different phone lines to access customer service according to the product or query. So, if you have a question about Citi savings accounts, you’ll need a different number than if you had a credit card query.
Citi also has a comprehensive help page, where you can type in an inquiry or keyword and receive an answer. You can also use the website or app to message the customer service team. You can even use your smartphone to scan the QR code to message the team.
Online/Digital Experience
Both Discover and Citi have an app. Discover’s app is rated 4.9/5 and 4.5/5 on the Apple Store and Google Play respectively. This is an intuitive and easy to use app that allows you to manage your account, move money around and even put a hold on your debit card if necessary.
The Citi app has a 4.9/5 rating on the Apple Store and 4.7/5 on Google Play. This also allows you to manage your account, contact the customer service team and receive notifications.
Both websites are very helpful to enhance the digital experience. You can browse products and compare options if you’re unsure about which product would be best for you.
Which Bank is The Winner?
Both Discover and Citi established their reputations as credit card companies and both have expanded their services over the years. This allows you to access some great products that can fit your specific needs. But how do they really stack up against each other?
If you’re looking for the best rates with no fees and some nice features, like 1% cash back on debit card purchases, Discover is the better bank. Discover offers great rates on savings and CDs, but there is the $2,500 minimum deposit on CDs, which may be a barrier to entry.
Although Discover does have ample credit card options, if this is more your area of concern, the sheer volume of Citi cards is likely to make Citi a better choice for you. While it may not offer the same fee free accounts, the waiver requirements are fairly basic and easy to manage.
FAQs
Does Discover offers a bonus promotion?
Yes, Discover offers bank promotions for new accounts as well as on a variety of credit cards. As of September 2023 , Discover Cashback Debit account offers Up to $360 bonus promotion based monthly debit card activity.
How's Citi promotion?
Citi checking and savings promotion is usually relevant for both new business and personal customers. For example, the Citi Personal Checking offers new accounts a $200 – $2,000 bonus, based on your minimum deposit and as long as you meet Citi terms and conditions.
Does Discover offers secured credit cards?
Yes, Discover has excellent options for students and those looking to build credit. The Discover It Secured credit card is a good option for people who want to rebuild or establish their credit. You must make a refundable security deposit to open your account. This deposit amount will have an impact on your approved credit line.
In addition to this option for a genuine credit card, you can earn 2% cash back on restaurant and gas station purchases up to $1,000 per quarter and 1% cash back on all other purchases.
How's Citibank reputation?
- F on BBB – BBB assigns ratings ranging from A+ (highest) to F (lowest) (lowest). BB ratings are based on information in BBB files about factors such as the business's complaint history with the BBB, the type of business, the length of time in business, transparent business practices, and more.
- 1.04/5 on BBB customer reviews (248 reviews) – BBB customer reviews allow customers to leave positive, negative, or neutral feedback about their marketplace experiences.
- On JD Power national banking 2020 research, Citi rates under the industry average with 631 points only, while Capital One on top with 688 points.
What are the drawbacks of Citi Savings Account?
Citi's top APY is only available in a few markets, so some customers will be denied high-quality interest rates.
There is also the risk of misunderstanding due to the labeling of various savings account packages. Because of how these are operated, the confusion over rate versus APY makes the banking experience a little more complicated than in other places.
Does Discover worth it?
Discover Bank is a high-end online banking service that provides competitive rates on accounts with no minimum balances or fees. You can earn 1% cash back on your checking accounts, which is unusual in the banking industry.
Discover banking prioritizes their accounts by providing comparisons to other banks, absolute transparency, and flexibility. Because of their user-friendly banking products, you can use their services with confidence, knowing that your account is secure.
Discover Bank's online bank is an excellent example of a company that provides services for the adult with a hectic schedule while also providing dependable software that you can rely on. This is a high-yielding earning opportunity that you should take advantage of if you use Discover Bank.
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Compare More
Discover vs Bank of America
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
Discover Bank vs Capital One
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?
Discover vs American Express
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.
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. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Discover Bank vs Chase Bank
The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Discover Bank vs Ally Bank
Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: Discover vs Ally: Which Bank Wins?
American Express vs Citi
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?
CIT Bank vs Citi
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?
Chase vs Citi
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?
Bank of America vs Citi
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?
Citi vs Barclays
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?
Citi vs Capital One
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?
Citi vs Wells Fargo
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?
