Citi vs. Bank of America vs. Chase: Which Bank Is the Best?

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Choosing the right financial institution depends on your priorities. You'll likely prefer national banks to local ones if you want an institution with more locations or a greater variety of bank products.

We've compared three notable financial institutions — Citi, Bank of America, and Chase — to see which of these national banks might be suitable for you. We're also comparing financial institutions in trustworthiness so you can see if it plays a factor in your selection.

Citi Pros and Cons

Bank of America Pros and Cons

Chase Pros and Cons

Citi vs. Bank of America vs. Chase Checking Account Comparisons

We've compared three basic checking accounts offered by each bank. You may not need to pay monthly service fees on these accounts if you qualify to waive them. 

The Citi Access Account will probably be your go-to option if your goal is to avoid paying monthly service fees on a checking account. Citi's requirements for waiving monthly service fees are a bit more lenient than Bank of America or Chase. 

For example, you'll be able to waive the account's monthly service fee during the first three months. The Citi Access Account also waives fees if you receive direct deposits of $250 or more, which is lower than Chase. 

You might still consider the Bank of America Advantage Plus Checking Account or Chase Total Checking® if you'd like to earn a cash bonus. Citi offers a cash bonus, but you'll need to select the Citi Priority or a Citigold® Checking Account - Product Name Only and deposit a hefty amount of money to qualify.

Bank of America has a cash bonus if you open the  Bank of America Advantage Plus Checking Account. It offers a Bank of America Advantage Plus Checking Account - Intro Bonus.

Chase Total Checking® will likely have the easiest cash bonus to qualify for. You can receive a Chase Total Checking® - Intro Bonus. Chase offers bonuses on several of its checking accounts that go up to $3,000 if you qualify — learn more with our guide to the best bank account bonuses.

Citi vs. Bank of America vs. Chase Savings Account Comparisons

See how Citi, Bank of America, and Chase savings accounts compare.

Bank of America makes it slightly easier to waive monthly service fees on a savings account than Citi or Chase. The account automatically waives the monthly service fee during the first six months of opening your account. After the first six months, you'll also be able to waive the monthly service fee if you meet specific age requirements or enroll in the Bank of America Preferred Rewards program.

If you're searching for a competitive interest rate on a savings account, Citi® Accelerate Savings offers the highest interest rate out of the three accounts.

However, Citi® Accelerate Savings is an online high-yield savings account that's only available in 42 states. You won't be eligible for the account if you live in a state with brick-and-mortar locations. You can open other savings accounts at branches, but the rates aren't nearly as competitive. Also, bear in mind Citi groups its savings accounts and checking accounts into packages, which can be overwhelming if you'd like to only open a savings account.

Chase might be worth considering if you don't meet the requirements to waive the monthly service fee at either of the other two banks — you can waive the Chase Savings℠ monthly service fee if you keep a minimum of $300 in your account.

Citibank vs. Bank of America vs. Chase CD Comparisons 

Citi and Bank of America both offer special types of CDs, while Chase does not. Citi has a step-up CD, which increases its rate after a set date. Both also have the option of a no-penalty CD, which won't charge you a fee if you withdraw money before the end of your term.

Citi also has a lower minimum opening deposit than Chase and Bank of America.

Which Bank is the Most Trustworthy?

The Better Business Bureau rates businesses according to how they respond to customer issues. 

The BBB has given Bank of America A- rating, Chase an A+ rating, and Citi an F rating. Citi's rating is due to its not responding to or resolving a high number of customer complaints on the BBB website. Meanwhile Bank of America's rating is due to government action taken against the bank. 

A good BBB rating doesn't necessarily guarantee you'll have a smooth relationship with a business. Talk to current customers or read online customer reviews to see if one of these banks might be right for you. 

All three banks have also been involved in public scandals over the last few years.

In 2020, Citi was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated the bank had inefficient banking practices.

Here are cases Bank of America has recently been involved in: 

• The Consumer Financial Protection Bureau fined Bank of America for freezing customers' accounts because its automatic fraud filter incorrectly detected fraud on accounts. The CFPB claimed that the bank made it difficult for customers to un-freeze their accounts (2022).
• The Department of Justice charged Bank of America when it accused the bank of unfairly denying home loans to adults with disabilities, even though they qualified for loans. Bank of America paid around $300,000 total to people who were refused loans (2020).

Chase has been involved in the following cases:

• JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading (2020).

• The US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women (2020).

Citi, Bank of America, and Chase: Frequently Asked Questions

Which is the best, Citi, Bank of America, or Chase? 

Citi makes it the easiest to waive monthly services fees on checking accounts. It's also the strongest option if you'd like to open a CD. Bank of America offers the most ways to waive monthly service fees on savings accounts. Lastly, Chase will likely be the ideal choice for earning a cash bonus for a checking account. Its bonus is relatively easy to qualify for.

Which bank of the three, Citi, Bank of America, or Chase, is the safest? 

All three banks are FDIC insured. When a financial institution is federally insured, money deposited into a bank account will be secure even if the financial institution shuts down.

Which bank is bigger, Citibank or Bank of America?

Bank of America is bigger in that it has more branches in more US states. It has locations in 37 states and Washington, DC, while Citibank has branches in 12 states and Washington, DC. However, Citibank gives you access more ATMs (65,000), and Bank of America has 15,000 ATMs.