Citi offers more compelling savings accounts and CDs than Chase for earning interest.
Citi also makes it easier to waive monthly services fees on checking accounts.
Both banks have been involved in public controversies and are tied for trustworthiness.
Read Insider’s bank reviews of Citi and Chase.
Chase and Citi are two notable national banks with branches widely available in the US. If you don’t live near a bank location, you may also open accounts online.
To help you determine which bank might be a better fit for you, we’ve compared checking accounts, savings accounts, and CDs. We’re also reviewing financial institutions in trustworthiness so you can know more about each institution’s history.
Pros and cons of Citi
ProsCons
National bank with 690 branches and access to 72,000 fee-free ATMs
High interest rate on the Citi Accelerate Savings (must have at least $1 in account to earn interest)
Possible to waive monthly service fees
Competitive interest rate on 6-month CDs, 11-month CDs, and 5-year CDs
Different types of CDs (no-penalty and Step Up CDs)
Citi groups its bank accounts into packages, so you’ll need to open both a savings and checking accountNo money market accountMonthly service fees if you don’t qualify to waive themLow interest rate if you live in a state that doesn’t offer Citi Accelerate SavingsF rating from the Better Business Bureau due to government action taken against the business and high volume of customer complaints
Pros and cons of Chase
ProsCons
National bank with 4,700 branches and 16,000 free ATMs
Possible to waive monthly service fees
Checking account bonus of $200 if you set up direct deposits
Low rates on savings and CDsNo money market accountMonthly service fees if you don’t qualify to waive themB- rating from the Better Business Bureau due to government action taken against the business
Citi vs. Chase checking account comparisons
Chase and Citi have multiple checking accounts. Below, we’ve compared two popular checking accounts with minimal bank fees.
Citi Access AccountChase Total Checking®Minimum opening deposit$0$0Monthly service fee$10 or $0$12 or $0How to waive the monthly service fee
Fulfill one of the following requirements:
Make at least one monthly direct deposit of any amountMake one bill payment per monthKeep an average monthly balance of $1,500 or more in all Citi accounts and investment accounts
Fulfill one of the following requirements:
Make a total of $500 or more in direct depositsKeep a minimum daily balance of $1,500 or more in your checking accountKeep an average daily balance of $5,000 or more in all Chase accounts and investment accounts
Sign-up bonusNone$200Next stepsCiti Access AccountChase Total Checking®
Winner: Citi
The Citi Access Account makes it a bit easier to waive monthly service fees than Chase Total Checking® — you can use a monthly direct deposit or bill payment to waive the fee. You may want to consider Chase if you’d like to earn a bonus on a low-fee account, though.
Citi vs. Chase savings account comparisons
Citi offers two savings accounts — Citi® Accelerate Savings and the Citi® Savings Account. Chase has a traditional savings account and premium savings acc count with a slightly higher interest rate.
We’ve compared the Citi® Accelerate Savingsto the Chase Savings℠ since these accounts are available in most states and have similar monthly service fees.
Citi® Accelerate SavingsChase Savings℠APYCiti® Accelerate SavingsChase Savings℠Minimum opening deposit$0$0Monthly service fee$4.50 or $0$5 or $0How to waive the monthly feeKeep an average monthly balance of $500 or more (if you have an Elevate, Basic, or Access account package)Keep an average monthly balance of $50,000 or more across all your Citi accounts (if you have the Citi Priority account package)Keep an average monthly balance of $10,000 or more across all your Citi accounts (if you have the Citi account package)Automatically waived if you have a Citigold account
Meet one of the following requirements:
Maintain a daily balance of $300 or moreHave an automatic transfer of $25 or more from Chase checkingLink Chase College Checking℠ for overdraft protectionAre under the age of 18Link to a qualifying Chase checking accountCaveatsAvailable in 42 states (you won’t be able to open an account in CA, CT, IL, MD, NV, NJ, NY, VA, certain parts of FL, certain parts of Puerto Rico, and Washington, DC)Will also need to open a checking accountNone
Winner: Citi
Citi® Accelerate Savings will likely be your go-to option if you’d like to earn more interest on your money. However, if you aren’t looking to open a checking account or you live in a state that doesn’t offer this account, Chase Savings℠ might be worth considering.
Citi vs. Chase CD comparisons
Citi Fixed Rate Certificates of DepositChase Certificate of Deposit (CD)Term lengths1 month to 10 years1 month to 10 yearsMinimum opening deposit$500 to $2,500$1,000APYCiti Fixed Rate Certificates of DepositChase Certificate of Deposit (CD)Early withdrawal penalties90 to 180 days interest90 to 365 days interestTypes of CDsStandard CDs, Step Up CDs, and No Penalty CDsStandard CDsNext stepsCiti Fixed Rate Certificates of DepositChase Certificate of Deposit (CD)
Winner: Citi
Citi has more appealing Citi Fixed Rate Certificates of Deposit than Chase. You could earn a competitive interest rate with a 6-month, 11-month, or 5-year CD, or choose specialty CDs like no-penalty CDs and Step-Up CDs. That said, if you live in Maryland, Virginia, Florida, or Washington, DC, bear in mind Citi requires an initial deposit of at least $2,500.
Which bank is more trustworthy?
We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues.
The BBB gave JP Morgan Chase & Co. (Chase’s parent company) a B- rating due to government action taken against the business.
Here are recent cases with JP Morgan Chase & Co.:
In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million when charged with wrongful trading. In 2020, JP Morgan Chase & Co. paid $800,000 in back wages in a settlement with the US Department of Labor that accused the company of underpaying women. The US Department of Labor also required the bank to provide a total of $9 million for compensation adjustments over five years.
Meanwhile, Citi has an F rating because it’s received a high volume of customer complaints and had government action taken against the business.
Citi has been in the following public scandals:
In 2019, Citi accidentally sent $900 million to customers. In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated the bank had inefficient banking practices.
Keep in mind a good BBB rating won’t guarantee that you’ll have a smooth relationship with a bank. Also consider talking to current customers or reading online customer reviews.
Winner: Tie
Chase and Citi have both been involved in multiple public controversies in the last few years. You may refer to our explainer on ethical banking if you’d like to learn about socially responsible or sustainable banking.
FAQ (frequently asked questions)
Is Citi or Chase better?
Your preference between these two banks may likely come down to where you live.
For example, the Citi® Accelerate Savings is a solid high-yield savings account option, but it isn’t available in California, Connecticut, Illinois, Maryland, Nevada, New Jersey, New York, Virginia, Washington, DC, and select parts of Florida and Puerto Rico. If you live in one of these states, you’ll have to compare the Citi® Savings Account with Chase’s savings accounts and see which institution you prefer.
You’ll also want be mindful of how both banks work and which accounts you’d like to open. Citi organizes its savings and checking accounts into packages. If you’d prefer to open only a checking or savings account, you might favor Chase.
Is Citi or Chase bigger?
Chase has more than 4,700 branches in the US, while Citi has over 690 locations. You’ll still be able to open online bank accounts if you don’t live near a branch.