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The bottom line: Citi® makes it easier to waive monthly service fees on its standard checking account than Chase or Bank of America. It also has CDs with low minimum opening deposits.
For savings accounts, it could be a toss-up between Citi and Bank of America. Citi® Accelerate Savings is ultimately our top pick because it earns a higher interest rate than its competitors but the Bank of America Advantage Savings Account might be worth exploring if you do not meet the requirements to waive monthly service fees or you live in a state that doesn’t have Citi’s high-yield savings account.
You might like Chase or Bank of America if you are interested in a cash welcome bonus, because both banks make it relatively easy to qualify. Both are also on Insider’s list of the best national banks.
Choosing the right financial institution depends on your priorities. You’ll likely prefer national banks to local ones if you want an institution with more locations or a greater variety of bank products.
We’ve compared three notable financial institutions — Citi, Bank of America, and Chase — to see which of these national banks might be suitable for you. We’re also comparing financial institutions in trustworthiness so you can see if it plays a factor in your selection.
Citi Pros and Cons
ProsCons
Around 650 branches and access to 65,000 fee-free ATMs
High-yield savings account
Possible to waive monthly service fees
Solid interest rate on select CD terms
Different types of CDs (no-penalty and Step Up CDs)
You may qualify for up to $2,000 in a cash bonus
Doesn’t offer a money market accountMonthly service fees if you don’t qualify to waive themCiti® Accelerate Savings isn’t available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, DC, Puerto Rico, and some parts of Illinois and FloridaF rating from the Better Business Bureau
Bank of America Pros and Cons
ProsCons
Around 3,900 branches and access to 15,000 ATMs
Possible to waive monthly service fees
AmeriDeals feature helps you earn cash back on purchases
$100 checking account bonus that’s relatively easy to qualify for
Low interest rates on savings accountsDoesn’t offer a money market accountMonthly services fees on savings and checking accounts
Chase Pros and Cons
ProsCons
Around 4,700 branches and access to 16,000 ATMs
Possible to waive monthly service fees
Earn up to $3,000 in a cash bonus if you qualify
A+ rating from the BBB
Low interest rates on savings accountDoesn’t offer a money market accountMonthly service fees on savings and checking accounts
Citi vs. Bank of America vs. Chase Checking Account Comparisons
We’ve compared three basic checking accounts offered by each bank. You may not need to pay monthly service fees on these accounts if you qualify to waive them.
Citi Access AccountBank of America Advantage Plus Checking AccountChase Total Checking®
Minimum opening deposit
Citi Access AccountBank of America Advantage Plus Checking AccountChase Total Checking®
Monthly service fee
Citi Access Checking – Fees Display or $0 when waivedBank of America Advantage Plus Checking Account – Fees Display or $0 when waivedChase Total Checking® – Fees Display or $0 when waived
How to waive the monthly service fee
The monthly service fee is waived during the first 3 months.
After that, you have to receive $250 or more in enhanced direct deposits.
Must do one of the following each month:
Receive $250 or more in direct depositsHave a minimum balance of $1,500 dailyEnroll in the Preferred Rewards ProgramBe a student under age 25
Must do one of the following each month:
Receive $500 or more in direct depositsHave a minimum balance of $1,500 dailyMaintain an average daily balance of $5,000 or more in all Chase bank and investment accounts
Sign-up bonus
Citi Access Account – Ongoing BonusBank of America Advantage Plus Checking Account – Ongoing BonusChase Total Checking® – Ongoing Bonus
Next steps
Citi Access Account – CTA TextBank of America Advantage Plus Checking Account – CTA TextChase Total Checking® – CTA Text
The Citi Access Account will probably be your go-to option if your goal is to avoid paying monthly service fees on a checking account. Citi’s requirements for waiving monthly service fees are a bit more lenient than Bank of America or Chase.
For example, you’ll be able to waive the account’s monthly service fee during the first three months. The Citi Access Account also waives fees if you receive direct deposits of $250 or more, which is lower than Chase.
You might still consider the Bank of America Advantage Plus Checking Account or Chase Total Checking® if you’d like to earn a cash bonus. Citi offers a cash bonus, but you’ll need to select the Citi Priority or a Citigold® Checking Account – Product Name Only and deposit a hefty amount of money to qualify.
Bank of America has a cash bonus if you open the Bank of America Advantage Plus Checking Account. It offers a Bank of America Advantage Plus Checking Account – Intro Bonus.
Chase Total Checking® will likely have the easiest cash bonus to qualify for. You can receive a Chase Total Checking® – Intro Bonus. Chase offers bonuses on several of its checking accounts that go up to $3,000 if you qualify — learn more with our guide to the best bank account bonuses.
Winner: Citi
The Citi Access Account wins over Chase Total Checking® or the Bank of America Advantage Plus Checking Account because its requirements for waiving monthly service fees are a bit easier to fulfill. However, you may still want to consider opening a checking account at Chase or Bank of America if you’re looking for a cash bonus that’s easier to earn. You also might prefer the Bank of America’s checking account if you’re a student under the age of 25.
Citi vs. Bank of America vs. Chase Savings Account Comparisons
See how Citi, Bank of America, and Chase savings accounts compare.
Citi® Accelerate SavingsBank of America Advantage Savings AccountChase Savings℠
APY
Citi® Accelerate SavingsBank of America Advantage Savings AccountChase Savings℠
Minimum opening deposit
Citi® Accelerate SavingsBank of America Advantage Savings AccountChase Savings℠
Monthly service fee
$4.50 or $0 when waived
$8 or $0 when waived$5 or $0 when waived
How to waive the monthly fee
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
There’s no monthly service fee for the first 6 months
After that, you must do one of the following:
Have a minimum daily balance of $500Link to a Bank of America Advantage Relationship Banking AccountEnroll in the Bank of America Preferred Rewards programBe under the age of 18Be under the age of 25 and a student
Must do one of the following each month:
Have a minimum daily balance of $300Have an automatic transfer of $25 or more from Chase CheckingLink Chase College Checking℠Link to qualifying Chase checking accountBe under the age of 18
Caveats
Not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, DC, Puerto Rico, and some parts of Illinois and FloridaPackage system can be confusingNoneNone
Next steps
Citi® Accelerate Savings – CTA TextBank of America Advantage Savings Account – CTA TextChase Savings℠ – CTA Text
Bank of America makes it slightly easier to waive monthly service fees on a savings account than Citi or Chase. The account automatically waives the monthly service fee during the first six months of opening your account. After the first six months, you’ll also be able to waive the monthly service fee if you meet specific age requirements or enroll in the Bank of America Preferred Rewards program.
If you’re searching for a competitive interest rate on a savings account, Citi® Accelerate Savings offers the highest interest rate out of the three accounts.
However, Citi® Accelerate Savings is an online high-yield savings account that’s only available in 42 states. You won’t be eligible for the account if you live in a state with brick-and-mortar locations. You can open other savings accounts at branches, but the rates aren’t nearly as competitive. Also, bear in mind Citi groups its savings accounts and checking accounts into packages, which can be overwhelming if you’d like to only open a savings account.
Chase might be worth considering if you don’t meet the requirements to waive the monthly service fee at either of the other two banks — you can waive the Chase Savings℠ monthly service fee if you keep a minimum of $300 in your account.
Winner: Citi
Citi® Accelerate Savings is our ultimately our top pick because you can earn a higher interest rate on a savings account. However, if you qualify to waive monthly service fees or don’t live in a market that allows you to open a Citi Accelerate Savings account, the Bank of America Advantage Savings Account offers the most lenient requirements out of all three banks.
Citibank vs. Bank of America vs. Chase CD Comparisons
Citi Fixed Rate Certificates of DepositBank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)
Term lengths
1 month to 5 years28 days to 10 years1 month to 10 years
Minimum opening deposit
Citi Fixed Rate Certificates of DepositBank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)
APY
Citi Fixed Rate Certificates of DepositBank of America Standard Term Certificate of DepositChase Certificate of Deposit (CD)
Early withdrawal penalties
90 to 180 days interest7 to 365 days interest90 to 365 days interestTypes of CDsStandard CDs, Step Up CDs, and No Penalty CDsStandards CDs, Featured CDsStandard CDsNext stepsCiti Fixed Rate CD – CTA TextBank of America Fixed Term CD – CTA TextChase CD – CTA Text
Citi and Bank of America both offer special types of CDs, while Chase does not. Citi has a step-up CD, which increases its rate after a set date. Both also have the option of a no-penalty CD, which won’t charge you a fee if you withdraw money before the end of your term.
Citi also has a lower minimum opening deposit than Chase and Bank of America.
Winner: Citi
When it comes to CDs, Citi Fixed Rate Certificates of Deposit are the most appealing of the three banks. The minimum opening deposit is only $500 in most states. Meanwhile, Chase pays low interest rates on CDs if you are not eligible for a relationship rate. Bank of America pays good rates on some terms, but not on as many as Citi.
Which Bank is the Most Trustworthy?
The Better Business Bureau rates businesses according to how they respond to customer issues.
The BBB has given Bank of America A- rating, Chase an A+ rating, and Citi an F rating. Citi’s rating is due to its not responding to or resolving a high number of customer complaints on the BBB website. Meanwhile Bank of America’s rating is due to government action taken against the bank.
A good BBB rating doesn’t necessarily guarantee you’ll have a smooth relationship with a business. Talk to current customers or read online customer reviews to see if one of these banks might be right for you.
All three banks have also been involved in public scandals over the last few years.
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:
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).
Chase has been involved in the following cases:
JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading (2020).
The US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women (2020).
Citi, Bank of America, and Chase: Frequently Asked Questions
Which is the best, Citi, Bank of America, or Chase?
Citi makes it the easiest to waive monthly services fees on checking accounts. It’s also the strongest option if you’d like to open a CD. Bank of America offers the most ways to waive monthly service fees on savings accounts. Lastly, Chase will likely be the ideal choice for earning a cash bonus for a checking account. Its bonus is relatively easy to qualify for.
Which bank of the three, Citi, Bank of America, or Chase, is the safest?
All three banks are FDIC insured. When a financial institution is federally insured, money deposited into a bank account will be secure even if the financial institution shuts down.
Which bank is bigger, Citibank or Bank of America?
Bank of America is bigger in that it has more branches in more US states. It has locations in 37 states and Washington, DC, while Citibank has branches in 12 states and Washington, DC. However, Citibank gives you access more ATMs (65,000), and Bank of America has 15,000 ATMs.
