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National banks have large branch and ATM networks.
Citibank; Chase; Bank of America; Savanna Durr/Insider
The bottom line: Citi offers more ways to waive monthly service fees on its standard checking account than Chase or Bank of America. It also has CDs with higher interest rates than most brick-and-mortar banks.
For savings accounts, it could be a toss-up between Citi and Bank of America — Citi® Accelerate Savings earns a higher interest rate than its competitors but the Bank of America Advantage Savings Account makes it easier to waive monthly service fees.
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.
Choosing the right financial institution depends on your priorities. You’ll likely prefer national banks to local banks 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.
Pros and cons of Citi
ProsCons
Around 690 branches and access to 72,000 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)
Bank accounts are grouped into packages, so you’ll 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, or 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 Bank of America
ProsCons
Around 4,200 branches and access to 16,000 ATMs
Possible to waive monthly service fees
AmeriDeals feature helps you earn cash back on purchases
A+ rating from the Better Business Bureau
$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 Bank account history includes settlements involving racial discrimination and unauthorized bank creation
Pros and cons of Chase
ProsCons
Around 4,700 branches and access to 16,000 ATMs
Possible to waive monthly service fees
$200 checking account bonus that’s relatively easy to qualify for
Low interest rates on savings accountDoesn’t offer a money market accountMonthly service fees on savings and checking accountsA- rating from the Better Business Bureau due to government action taken against the businessBank account history includes settlements involving wrongful trading and gender discrimination
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
$0$100$0
Monthly service fee
$10 or $0$12 or $0$12 or $0
How to waive the monthly service fee
Must do one of the following each 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
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 Program
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
None$100$200
Next steps
Citi Access AccountBank of America Advantage Plus Checking AccountChase Total Checking®
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 if you receive a direct deposit of any amount. The Citi Access Account is also the only one of the three checking accounts that lets you waive the monthly service fee by making a monthly bill payment.
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 package and deposit at least $10,000.
Chase will likely have the easiest cash bonus to qualify for. All you need to do is use a coupon code when you open Chase Total Checking® and set up direct deposit in the first 90 days.
Bank of America has a cash bonus if you open the Bank of America Advantage Plus Checking Account. To receive the bonus, you must have $1,000 or more in qualifying direct deposits during the first 90 days of opening an account.
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.
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
$0$100$0
Monthly service fee
$4.50 or $0
$8 or $0$5 or $0
How to waive the monthly fee
Must do one of the following each month:
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
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 CA, CT, IL, MD, NV, NJ, NY, VA, certain parts of FL, certain parts of Puerto Rico, or Washington, DCPackage system can be confusingNoneNone
Bank of America makes it the easiest to waive monthly service fees on a savings account. The Bank of America Advantage Savings Account automatically waives the monthly service fee during the first 6 months of opening your account. After the first 6 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. 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: Bank of America and Citi
Bank of America and Citi tie in this category because their savings accounts stand out for different reasons. Citi® Accelerate Savings could be a solid option for earning a competitive interest rate. However, if you want to waive monthly service fees, 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
$500 to $2,500$1,000$1,000
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 CDsStandard CDs
Citi Fixed Rate Certificates of Deposit may be notable if you’re looking for a competitive CD rate. Select Citi CD terms — a 6-month CD, 9-month CD, 1-year CD, and 18-month CD — are paying higher interest rates than most CDs at national brick-and-mortar banks.
Citi is also the only bank out of three to offer special types of CDs. You can get a step-up CD, which increases its rate after a set date. You 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.
Bank of America or Chase CDs might be worthwhile if you live in a state where Citi CDs require a high minimum opening deposit. If you live in Maryland, Virginia, Florida, or Washington, DC, you’ll need at least $2,500 to open a Citi CD. Chase and Bank of America CDs have the same minimum opening deposit regardless of where you live.
Winner: Citi
When it comes to CDs, Citi Fixed Rate Certificates of Deposit are the most appealing of the three banks. Select CD terms pay a competitive interest rate, and the minimum opening deposit is only $500 in most states. Meanwhile, Wells Fargo doesn’t have a lot of CD terms, and Chase pays low interest rates on CDs.
Which bank is the most trustworthy?
The Better Business Bureau rates businesses according to how they respond to customer issues.
The BBB gave Bank of America an A+ rating, Chase a A- rating, and Citi an F rating. Chase and Citi’s ratings are due to government action taken against the banks.
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.
Here are cases Bank of America has recently been involved in:
In 2020, the Department of Justice said Bank of America broke the law by denying home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 in the settlement to people who were denied loans, and the bank was required to implement a new non-discriminatory policy.In 2019, the US Department of Labor’s Office of Federal Contract Compliance Program said Bank of America discriminated against women, Black, and Hispanic applications in the hiring process. The bank had to pay $4.2 million in back wages in the settlement.
Chase has been involved in the following cases:
In 2020, JP Morgan Chase & Co. paid the Department of Justice $920 million in a settlement that said the bank was involved in wrongful trading. In 2020, the US Department of Labor said JP Morgan Chase & Co. broke the law by underpaying women. The bank was required to pay $800,000 in back wages in the settlement and provide a total of $9 million for compensation adjustments over the next five years.
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.
Winner: Tie
All three banks have been involved in public controversies. You might prefer a mission-driven bank if you’d like to bank with a financial institution that hasn’t been involved in recent settlements.
Frequently asked questions
Which is the best, Citi, Bank of America, or Chase?
The best bank for you may depend on which types of bank accounts you want and if you meet the requirements to waive monthly service fees at a particular bank.
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 bank account.
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.
If a bank shuts down your money won’t be lost. It will be transferred to another bank with FDIC insurance, or you’ll receive a check. Up to $250,000 is secure in individual bank accounts, and $250,000 is protected per owner in joint bank accounts.