Which bank is a good option for you?

  • Citi offers more attractive savings accounts and CDs than Chase to earn interest.
  • Citi also makes it easy to waive monthly service fees on checking accounts.
  • Both banks have been involved in public controversies and are tied for reliability.
  • Read Insider Banking Reviews on Citi and Chase.

Chase and Citi are two notable national banks with widely available branches across the US. If you don’t live near a banking location, you can also open accounts online.

To help you determine which bank might be the best fit for you, we’ve compared


reviewing accounts

, savings accounts and CDs. We are also reviewing the trustworthiness of financial institutions so you can learn more about the history of each institution.

Pros and Cons of Citi

Chase pros and cons

Citi vs. Checking Account Comparisons chase

Chase and Citi have multiple checking accounts. Below, we compare two popular checking accounts with minimal banking fees.

Annual Percentage Yield (APY)

None

Minimum deposit amount

None

Annual Percentage Yield (APY)

None

Minimum deposit amount

None

More information

  • The most basic Citi checking account
  • Access to 690 US branches and 1,800 foreign locations
  • Waive the $10 monthly service fee by making a direct deposit per month, OR making one bill payment per month, OR maintaining an average monthly balance of $1,500 in linked accounts
  • No minimum opening deposit
  • FDIC insured

Citi vs. Savings Account Comparisons chase

Citi offers two savings accounts: Citi® Accelerate Savings and Citi® Savings Account. Chase has a traditional savings account and a premium savings account with a slightly higher interest rate.

We’ve compared Citi® Accelerate Savings to Chase Savings℠ as these accounts are available in most states and have similar monthly service fees.

Annual Percentage Yield (APY)

0.60% APR

Minimum deposit amount

None

Annual Percentage Yield (APY)

0.60% APR

Minimum deposit amount

None

advantage

  • High APY ($1 minimum balance to earn)
  • No opening deposit

Cons

  • You may pay a monthly fee, depending on a variety of factors
  • Other fees depend on the checking account you link to your savings account
  • Not available in certain states
  • BBB gives Citi an F for reliability

Read our review
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More information

  • Monthly fee depends on whether you link to a Citi checking account and the checking account you choose
  • Depending on the checking/savings package you have, you may be eligible to have the monthly fee waived.
  • No opening deposit
  • Compound interest to maximize your savings
  • Not available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of FL and Puerto Rico

Comparisons of Citi vs. Chase CD

Annual Percentage Yield (APY)

0.05% to 1.50% APY

Minimum deposit amount

$500 to $2,500

Annual Percentage Yield (APY)

0.05% to 1.50% APY

Minimum deposit amount

$500 to $2,500

advantage

  • CD Term Range
  • Relatively low early withdrawal penalties

Cons

  • Rates vary by term.
  • Initial deposit of $500 to $2,500, depending on your state of residence
  • You must visit a branch to deposit more than $10,000
  • BBB gives Citi an F for reliability

Read our review
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More information

  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalties ranging from 90 to 180 days of interest
  • Earn 0.65% APY on a 6-month CD; Earn 1.50% APY on an 11-month CD; Earn 1.01% APY on a 5-year CD
  • Earn 0.05% APY on other CD terms between 3 months and 10 months; Earn 0.10% APY on other CD terms between 1 year and 4 years
  • $500 opening deposit in most US states; $1,000 in California and Nevada; $2,500 in Maryland, Virginia, Florida and DC

Which bank is more reliable?

We use ratings from the Better Business Bureau to assess how well a bank deals with customer problems.

The BBB gave JP Morgan Chase & Co. (Chase’s parent company) a B- rating due to government action taken against the company.

These are recent cases with JP Morgan Chase & Co.:

Meanwhile, Citi is rated F because it received a high volume of customer complaints and took government action against the business.

Citi has been in the following public scandals:

  • In 2019, Citi accidentally sent $900 million to clients.
  • In 2020, the bank had to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated that the bank had inefficient banking practices.

Keep in mind that a good BBB rating will not guarantee that you will have a smooth relationship with a bank. Also consider talking to current customers or reading customer reviews online.

FAQ (frequently asked questions)

Is Citi or Chase better?

Your preference between these two banks is likely to come down to where you live.

For example, Citi® Accelerate Savings is a strong high-yield savings account option, but it’s not available in California, Connecticut, Illinois, Maryland, Nevada, New Jersey, New York, Virginia, Washington, DC, and select portions. from Florida and Puerto Rico. If you live in one of these states, you’ll need to compare Citi® Savings vs. Chase Savings and see which institution you prefer.

You’ll also want to consider how both banks work and which accounts you’d like to open. Citi organizes your checking and savings accounts into bundles. If you prefer to open only a checking or savings account, you may prefer Chase.

Is Citi or Chase bigger?

Chase has more than 4,700 branches in the US, while Citi has more than 690 locations. You’ll still be able to open bank accounts online if you don’t live near a branch.

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