Citi vs. Bank of America: Which Bank Is Better for You?

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Citi and Bank of America are national brick-and-mortar banks with a variety of checking and savings accounts.

To help you figure out which bank is better for you, we've compared different types of bank accounts. We're also reviewing both institutions for trustworthiness so you can see how each responds to customer issues and whether it's been involved in public controversies.

See Insider's guide to the best national banks>>

Citi Pros and Cons

Bank of America Pros and Cons

Citi vs. Bank of America Checking Account Comparisons

Below, we've compared two of the lowest-fee checking accounts available at each bank.

Citi has a slightly higher monthly service fee than Bank of America, but it's easier to waive it. It also doesn't have a minimum opening deposit.

You may like the Bank of America Advantage SafeBalance Banking® Account - Product Name Only if you qualify for its Bank of America Advantage SafeBalance Banking® Account - Ongoing Bonus bonus, since Citi Access doesn't offer one. However, you may be eligible to earn up to Citigold® Checking Account - Ongoing Bonus with Citi Priority - Product Name Only or a Citigold® Checking Account - Product Name Only — you'll just have to make some hefty deposits to qualify.

See Insider's guide to the best bank account bonuses>>

Citi vs. Bank of America Savings Account Comparisons

Citi offers two savings accounts — Citi® Accelerate Savings and the  Citi® Savings Account. Meanwhile, Bank of America has one savings account option.

We've compared Citi® Accelerate Savings to the Bank of America Advantage Savings Account since these accounts are available in most states and have similar monthly service fees.

Citi's high-yield savings account is a great option if you live in an eligible area — but if not, then you'll have to use its regular savings account, which pays low rates. Citi makes you open the account in a bank account package, which means you'll have to pay close attention to monthly service fees and minimum balance requirements.

Citi vs. Bank of America CD Comparisons 

Citi and Bank of America both have a wide range of CD terms. Each pays low rates on many terms, but high ones on a select few. You'll need a little less money to get started with Citi, and its early withdrawal penalties on longer terms are lower than with Bank of America.

Citi vs. Bank of America Trustworthiness and BBB Ratings

We use ratings from the Better Business Bureau to evaluate how a bank resolves customer issues.

Bank of America has no rating from the BBB because its profile is being updated. Citi has an F rating because it has a high number of complaints on the BBB website that it has not responded to or resolved.

A good BBB rating won't guarantee that you'll have a perfect relationship with a bank. Talk to current customers or read online customer reviews to see if a particular bank will be a good fit for you.

Both Bank of America and Citi have been involved in recent public controversies. 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: 

• Bank of America paid over $100 million to customers in a settlement with the Consumer Financial Protection Bureau when accused of repeatedly charging a $35 overdraft fee for the same transaction, withholding credit card rewards, and enrolling customers in credit card accounts without them knowing or authorizing it (2023). 
• 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).

Citi and Bank of America FAQs

Is Bank of America or Citi better?

 If you live in one of 42 states that have the Citi® Accelerate Savings, you'll also be able to earn a higher interest rate than with the average savings account. Bank of America could be a better choice if you find it easier to waive monthly service fees on a particular account. For example, the Bank of America Advantage Savings Account doesn't charge a monthly service fee during the first six months and waives the fee automatically for anyone under the age of 18.

Is Bank of America or Citi bigger?

Bank of America is available in more states than Citi. Bank of America also has 3,900 branches in the US, while Citi only has 690 locations.