Bank Of America VS Citibank: Which Is Better

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.

Key Takeaways

• Both Bank of America and Citibank have checking accounts, savings accounts, CDs, money market accounts and extensive ATM access
• Bank of America is one of the oldest banks in the USA and it was established in 1784
• Citibank was established in New York City during the War of 1812
• If you frequently visit the bank branch then Bank of America should be your choice over Citibank

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

Comparison	Bank of America	Citibank
Locations	Over 5,000 locations	700 branches across 13 states
ATMs	Over 1,800 ATMs	Over 2,400 ATMs
Savings	3/5	3/5
CD	2/5	3/5
Checking	2.5/5	3/5
Money Market	N/A	N/A
Customer Service	4.5/5	4/5
Mobile App	4.5/5	4.5/5
Pros	Extended customer service hours Full-service bank National availability	Best for high balance customers Free ATMsGlobal presence
Cons	The 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

Comparison	Bank of America Advantage Plus Banking	Citibank Regular Checking
Monthly fee	$12	$12
How to waive	Receive 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
APY	None	None
ATM network and fees	About 17,000$2.50 at out-of-network ATMs	More than 60,000 fee-free ATMs, including partner networks$2.50 at out-of-network ATMs
Sign-up bonus	$100	None

Basic Savings Accounts Comparison Of Bank Of America And Citibank

Comparison	Bank of America Advantage Savings	Citibank Savings
Monthly fee	$8	$4.50
How to waive	Have 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
APY	0.01% 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 bonus	None	None

Certificates Of Deposit Comparison Of Bank Of America And Citibank

Comparison	Bank of America	Citibank
Minimum opening deposit	$1,000	$500
APY on one-year term	0.03%	0.10%
APY on three-year term	0.03%	0.10%
APY on five-year term	0.03%	0.15%

Overdraft Fees Comparison Of Bank Of America And Citibank

Comparison	Bank of America	Citibank
Overdraft fee	$35, maximum of four per day	$34, maximum of four per day
Overdraft protection transfer fee	$12 per transfer	$10
Extended overdraft fee	None	None

Account Options For Bank Of America And Citibank

	Bank of America	Citibank
Checking account	Yes	Yes
Savings account	Yes	Yes
Certificates of deposit	Yes	Yes
Money market account	Yes	Yes

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

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 Name	Best For
Ally Bank	Overall, customer service
Discover Bank	Overall, cash-back rewards
Bank of America	Overall, Branch availability
Citibank	Overall, ATM availability
One Finance	Overall, flexible overdraft options
Varo Bank	Overall, high rates
Chime	Overall, budgeting tools
Connexus Credit Union	Overall, interested for checking

References:

1. https://www.creditdonkey.com/bank-of-america-bank_citibank.html
3. https://www.comparably.com/competitors/bank-of-america-vs-citi

Last Updated on October 28, 2022 by Magalie D.