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Citibank offers more CD terms and pays higher interest rates on savings accounts than Wells Fargo.
If you’re searching for a checking account, it may be a tight race between Citibank and Wells Fargo.
Both banks have been involved in several public controversies.
Read Insider’s reviews of Citibank and Wells Fargo.
If you prefer a traditional banking experience, Citibank 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.
Pros and cons of Citibank
ProsCons
690 branches and 72,000 fee-free ATMs
High interest rate on savings account (need at least $1 in account to earn interest)
Possible to waive monthly service fees
Solid interest rate on 6-month CDs, 11-month CDs, and 5-year CDs
Different types of CDs (no-penalty and Step Up CDs)
Citibank groups its bank accounts into packages, so you’ll need to open both a savings and checking accountDoesn’t offer a money market accountMonthly service fees if you don’t qualify to waive themCiti Accelerate Savings isn’t available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, some parts of FL, and Puerto RicoF rating from the Better Business Bureau due to government action taken against the business and high volume of customer complaints
Pros and cons of Wells Fargo
ProsCons
7,200 locations and 13,000 ATMs
Possible to waive monthly service fees
Save As You Go® feature transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card
Low interest rates on savings and CDsMonthly service feesNR (No Rating) from the Better Business Burea and public settlements involving racial and disability discrimination
Citibank vs. Wells Fargo checking account comparisons
Below, we’ve compared each bank’s low-fee checking accounts.
Citi Access AccountWells Fargo Everyday Checking AccountMinimum opening deposit$0$25Monthly service fee$10 or $0$10 or $0How to waive the monthly service fee
Check off at least one of these requirements per month:
Receive a direct deposit of any amountMake one bill payment Have an average monthly balance of at least $1,500 in all Citi accounts and investment accounts
Check off at least one of these requirements per month:
Receive direct deposits of at least $500Have $500 or more in your account dailyLink your account to a Wells Fargo ATM Card or Campus Debit CardAre between the ages of 17 and 24Sign-up bonusNoneNoneNext stepsCiti Access AccountWells Fargo Everyday Checking Account
Winner: Citibank
The Citi Access Account barely edges out the Wells Fargo Everyday Checking Account because it has a $0 opening deposit and makes it a bit easier to waive the monthly service fee. However, if you are under the age of 24, you might still want to consider Wells Fargo since your monthly service fee will automatically be waived.
Citibank vs. Wells Fargo savings account comparisons
Citibank 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.
Citi® Accelerate SavingsWells Fargo Way2Save® Savings AccountAPYCiti® Accelerate SavingsWells Fargo Way2Save® Savings AccountMinimum opening deposit$0$25Monthly service fee$4.50 or $0$5 or $0How to waive the monthly fee
Fulfill one of the following criteria monthly:
Have an average monthly balance of $500 or more (for Elevate, Basic, or Access account packages)Have an average monthly balance of $50,000 or more across all your Citi accounts (for the Citi Priority account package)Have an average monthly balance of $10,000 or more across all your Citi accounts (for the Citi account package)Automatically waived if you have a Citigold account
Fulfill one of the following criteria monthly:
Have $300 in your account dailyUse the Save as You Go feature if you have a checking accountAre under the age of 18 (19 in Alabama)CaveatsNot available in CA, CT, IL, MD, NV, NJ, NY, VA, certain parts of FL, certain parts of Puerto Rico, or Washington, DCWill also need to open a checking accountNoneNext stepsCiti® Accelerate SavingsWells Fargo Way2Save® Savings Account
Winner: Citibank
Citi® Accelerate Savings will likely be a more appealing option since you’ll earn more interest on your savings. However, if you don’t live in one of the 42 states that has Citi® Accelerate Savings or you worry about the minimum balance requirements, the Wells Fargo Way2Save® Savings Account might be worth exploring.
Citibank vs. Wells Fargo CD comparisons
Citi Fixed Rate Certificates of DepositWells Fargo Fixed Rate Certificate of DepositTerm lengths1 month to 10 years3 months to 1 yearMinimum opening deposit$500 to $2,500$2,500APYCiti Fixed Rate Certificates of DepositWells Fargo Fixed Rate Certificate of DepositEarly withdrawal penalties90 to 180 days interest3 months interest for all CD termsTypes of CDsStandard CDs, Step Up CDs, and No Penalty CDsStandard CDs
Winner: Citibank
Citi Fixed Rate Certificates of Deposit offer a greater variety, and you’ll also earn a higher CD rate regardless of which term you choose.
Citibank vs. Wells Fargo trustworthiness and BBB score
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 Citibank have been involved in recent public controversies.
Citibank has been in the following public settlements:
In 2019, Citibank 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 said the bank had inefficient banking practices.
Wells Fargo has been involved in the following cases:
In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that claimed the bank of having an inefficient compliance risk management program.In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that accused the bank engaged in predatory mortgage lending to racial minorities.In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.
Winner: Tie
Both banks have been involved in public scandals. You might consider exploring mission-driven banks if you’d like to learn about additional banking options.
Frequently asked questions
Which is better, Citibank or Wells Fargo?
Choosing between Citibank and Wells Fargo may depend on the accounts you’d like to open and what you prioritize most in your banking experience.
You prefer Citibank 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. Wells Fargo has the most branches in the US, and is available in more states than Citibank.
Which is bigger, Citibank or Wells Fargo?
Wells Fargo has a bigger branch network in the US. Wells Fargo has 7,200 locations, while Citibank only has 690 branches.