Bank Of America VS Citibank: Which Is Better

Bank Of America VS Citibank

Both Bank of America and Citibank are two renowned and popular banks in the USA. Both banks offer services that national banks are known for. These two banks provide convenience over high savings rates and they have a wide range of accounts and extensive ATM access. So, if you are planning to open checking, savings, or certificate of deposit (CD) and are not sure whether to choose Bank of America or Citibank then you have landed in the right place. Below I have evaluated both Bank of America and Citibank and helped you decide which is better for you based on your circumstances. Let’s check them out!

Bank of America is USA’s one of the largest banks and it has more than 5,000 locations and 16,000 ATMs nationwide. This bank offers checking, savings, CDs, IRA, and investment accounts and they are very popular for their good customer service with extended hours. On the other hand, Citibank has only 700 branches across the USA and they offer credit cards and banking services. Citibank has higher service fees and balance requirements compared to Bank of America.

An Overview Of Bank Of America VS Citibank

Bank of America is one of the oldest banks in the USA and it can trace its roots back to 1784. Bank of America has helped the American Revolution and in rebuilding Richmond after the Civil War. Citibank on the other hand was established in New York City during the War of 1812. This bank also has a history of funding both war efforts and economic boosts to the American industrial system. Both Bank of America and Citibank have various banking options including checking accounts, savings accounts, CDs, and money market accounts.

Bank of America offers three types of checking accounts and the lowest monthly maintenance fee of the three checking account types is at $4.95. Like BoF, Citibank’s checking account also doesn’t pay any interest. But, the fee of Citibank’s checking account is very high compared to Bank of America and it is $12. On the other hand, both Bank of America and Citibank have basic savings accounts and they are interest-bearing accounts. Citibank’s savings accounts are usually linked with their checking account.

Side By Side Comparison Of Bank Of America And Citibank

ComparisonBank of AmericaCitibank
LocationsOver 5,000 locations700 branches across 13 states
ATMsOver 1,800 ATMsOver 2,400 ATMs
Savings3/53/5
CD2/53/5
Checking2.5/53/5
Money MarketN/AN/A
Customer Service4.5/54/5
Mobile App4.5/54.5/5
ProsExtended customer service hours
Full-service bank
National availability
Best for high balance customers
Free ATMsGlobal presence
ConsThe free checking option is not available
Low-interest rate
No free checking options
Low savings APYHigher balance requirements

Basic Checking Accounts Comparison Of Bank Of America And Citibank

ComparisonBank of America Advantage Plus BankingCitibank Regular Checking
Monthly fee$12$12
How to waiveReceive a direct deposit of $250 or more at least once a month. Keep an average account balance of at least $1,500.Enroll in Preferred Rewards (which requires $20,000 as an average three-month balance). Fee waived for students under age 24.Have one direct deposit and one bill payment each month. Keep an average monthly balance of at least $1,500 (can include money in a linked Citibank savings account)Fee waived for ages 62 and older
Minimum deposit to open$100$0
APYNoneNone
ATM network and feesAbout 17,000$2.50 at out-of-network ATMsMore than 60,000 fee-free ATMs, including partner networks$2.50 at out-of-network ATMs
Sign-up bonus$100None

Basic Savings Accounts Comparison Of Bank Of America And Citibank

ComparisonBank of America Advantage SavingsCitibank Savings
Monthly fee$8$4.50
How to waiveHave a daily balance of at least $500.Have a linked Bank of America Advantage Relationship Banking® account. Enroll in the Bank of America Preferred Rewards relationship banking program.Have an average monthly balance of at least $500if you maintain a minimum $1,500 monthly balance across eligible linked accounts
Minimum deposit to open$100$0
APY0.01% APY on all balances for standard accounts.Rates may vary by state. In some, it’s 0.04% APY for balances below $25,000.
Sign-up bonusNoneNone

Certificates Of Deposit Comparison Of Bank Of America And Citibank

ComparisonBank of AmericaCitibank
Minimum opening deposit$1,000$500
APY on one-year term0.03%0.10%
APY on three-year term0.03%0.10%
APY on five-year term0.03%0.15%

Overdraft Fees Comparison Of Bank Of America And Citibank

ComparisonBank of AmericaCitibank
Overdraft fee$35, maximum of four per day$34, maximum of four per day
Overdraft protection transfer fee$12 per transfer$10
Extended overdraft feeNoneNone

Account Options For Bank Of America And Citibank

Bank of AmericaCitibank
Checking accountYesYes
Savings accountYesYes
Certificates of depositYesYes
Money market accountYesYes

When To Choose Bank Of America

If you frequently visit the bank branch then Bank of America should be your choice over Citibank. Bank of America has more than 5,000 retail financial centers in the U.S. alone. This is where Bank of America outclass Citibank. Moreover, Bank of America offers a Merrill Edge brokerage platform and it will help you control both your online and offline banking experience. Moreover, Merrill Edge also provides complete control of your investment portfolio which is very convenient.

When To Choose Citibank

If you give priority to customer service and you frequently use ATMs then you should choose Citibank. Citibank has one of the best customer services in terms of banking sectors in the USA. Citibank has separate toll-free phone lines for various customer supports. The best part of Citibank is, they have a live person 24/7. You can also live chat, visit a branch or connect by mail. On the other hand, Bank of America’s customer care phone lines are only open for 15 hours during the week, and 12 hours on weekends. Moreover, the ATM network of Citibank is also vast and they have more than 60,000 surcharge-free ATMs available for use compared to Bank of America’s 16,000 ATMs.

FAQs About Bank Of America VS Citibank: Which Is Better

What makes Citibank different from other banks?

Citibank standout among other banks in the USA because of its emphasis on international banking. The international banking of Citibank distinguishes it from Bank of America and other big banks. If you are looking for an international banking solution then you can put your trust in Citibank.

Are Citibank and Bank of America the same?

No, Citibank and Bank of America are not the same. They are different banks and they operate with their own business plan. Though, both banks offer basic savings accounts, as well as interest-bearing savings accounts, checking accounts, etc.

Is Citibank a good bank?

Yes, Citibank is one of the best banks in the USA. If you are looking for solid full-service banking products and services as well as access to plenty of free ATMs then Citibank will be the best option for you.

Is Bank of America a good bank?

Bank of America is a very renowned and historical bank of the USA. It is one of the best banks in the USA and if you are looking for the comfort of having a bank branch or an ATM near your location then Bank of America will be an excellent option for you.

Who Is The Best Bank To Bank Within The USA?

It is very hard to find a bank that is best for everything. Therefore, you have to choose a bank that best suits your requirement. Let’s check out which bank is best for what reason – 

Bank NameBest For
Ally BankOverall, customer service
Discover BankOverall, cash-back rewards
Bank of AmericaOverall, Branch availability
CitibankOverall, ATM availability
One FinanceOverall, flexible overdraft options
Varo BankOverall, high rates
ChimeOverall, budgeting tools
Connexus Credit UnionOverall, interested for checking

Last Updated on November 19, 2021 by Musa D

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