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If you prefer a traditional banking experience, Citi and Wells Fargo are two national brick-and-mortar banks you might be considering.
We've compared each bank's savings account, checking accounts, and CDs so you may see if a particular institution might be better suited for your needs. We're also looking at how each bank's recent history so you can gauge their trustworthiness.
Citi and Wells Fargo both have two types of savings accounts. We've compared the Citi® Accelerate Savings to the Wells Fargo Way2Save® Savings Account since these accounts are available in most states and have similar monthly service fees.
Monthly service fees are waived during the first three months.
Then, you have to meet one of the following requirements:
Keep an average monthly balance of $500 or more
Own a checking account
Fulfill one of the following criteria monthly:
Have $300 in your account daily
an automatic transfer of $25 or more each fee period from a linked Wells Fargo checking account
an automatic transfer of $1 or more each business day within a fee period from a linked Wells Fargo checking account
Use the Save as You Go feature if you have a checking account
Are under the age of 24
Caveats
Not available in CA, CT, IL, MD, NV, NJ, NY, VA, certain parts of FL, certain parts of Puerto Rico, or Washington, DC
May also need to open a checking account
None
Next steps
Citi® Accelerate Savings - CTA Text
Wells Fargo Way2Save® Savings Account - CTA Text
Citi vs. Wells Fargo CD Comparisons
Citi also has speciality CDs like step-up CDs and no-penalty CDs. Meanwhile, Wells Fargo also has a Wells Fargo Special Fixed Rate CD - Product Name Only that pays Wells Fargo Special Fixed Rate CD - APY APY.
Citi Fixed Rate Certificates of Deposit
Wells Fargo Fixed Rate Certificate of Deposit
Term lengths
1 month to 10 years
3 months to 1 year
Minimum opening deposit
$500
$2,500
APY
Citi Fixed Rate Certificates of Deposit
Wells Fargo Fixed Rate Certificate of Deposit
Early withdrawal penalties
90 to 180 days interest
3 months interest for all CD terms
Types of CDs
Standard CDs, Step Up CDs, and No Penalty CDs
Standard CDs
Citi vs. Wells Fargo Trustworthiness and BBB Scores
We use ratings from the Better Business Bureau so you may see how a business addresses customer issues.
Wells Fargo received an F rating because it has responded to customer complaints and because there was government action taken against the bank. Citi has an F rating because it's received a high volume of customer complaints and had government action taken against the business.
A bad BBB rating isn't necessarily the be-all and end-all. Talk to current customers or read online customer reviews to get a better understanding of whether a particular institution might be right for you.
Both Wells Fargo and Citi have been involved in recent public controversies.
Citi has been in the following public settlements:
In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC said the bank had inefficient banking practices.
Wells Fargo has been involved in the following cases:
In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.
Citi vs. Wells Fargo: Frequently Asked Questions
Which is better, Citi or Wells Fargo?
You may prefer Citi if you're looking for ways to earn more interest on your money. For example, Citi® Accelerate Savings and select Citi CDs pay a higher interest rate than the average savings account or CD. Bear in mind that the Citi® Accelerate Savings is mainly available as an online-only option, though. If you prioritize a large branch network, you may prefer Wells Fargo.
Which is bigger, Citi or Wells Fargo?
Wells Fargo has a bigger branch network in the US. Wells Fargo has 4,900 locations, while Citi only has 690 branches.
