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Citi and Bank of America are national brick-and-mortar banks with a variety of checking and savings accounts.
To help you figure out which bank is better for you, we’ve compared different types of bank accounts. We’re also reviewing both institutions for trustworthiness, so you may see how each responds to customer issues and whether it’s been involved in public controversies.
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Compare Citi and Bank of America
High interest rate on Citi® Accelerate Savings
Citi Pros and Cons
Bank of America Pros and Cons
Citi vs. Bank of America Checking Account Comparisons
Below, we’ve compared two of the lowest-fee checking accounts available at each bank.
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
On Citi’s site. Citi, FDIC Insured
Citi Access Account
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Citi vs. Bank of America Savings Account Comparisons
Citi offers two savings accounts — Citi® Accelerate Savings and the Citi® Savings Account. Meanwhile, Bank of America has one savings account option.
We’ve compared Citi® Accelerate Savings to the Bank of America Advantage Savings Account since these accounts are available in most states and have similar monthly service fees.
Citi® Accelerate Savings
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
Citi® Accelerate Savings
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
On Citi’s site. Citi, FDIC Insured
Citi® Accelerate Savings
Details
Annual Percentage Yield (APY)
3.85% (vary by location)
Minimum Deposit Amount
$0
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Bank of America Advantage Savings Account
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
On Bank of America’s site. Bank of America, FDIC Insured
Bank of America Advantage Savings Account
Details
Annual Percentage Yield (APY)
0.01% to 0.04%
Minimum Deposit Amount
$100
Citi vs. Bank of America CD Comparisons
Annual Percentage Yield (APY)
0.05% to 4.30%
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
0.05% to 4.30%
Minimum Deposit Amount
$500
On Citi’s site. Citi, FDIC Insured
Citi Fixed Rate CD
Details
Annual Percentage Yield (APY)
0.05% to 4.30%
Minimum Deposit Amount
$500
Citi vs. Bank of America Trustworthiness and BBB Ratings
We use ratings from the Better Business Bureau to evaluate how a bank resolves customer issues.
Bank of America has an A+ rating from the BBB. Citi has an F rating because it’s received a high volume of customer complaints and had government action taken against the business.
A good BBB rating won’t guarantee that you’ll have a perfect relationship with a bank. Talk to current customers or read online customer reviews to see if a particular bank will be a good fit for you.
Both Bank of America and Citi have been involved in recent public controversies.
Citi has been in the following public settlements:
- 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.
Bank of America has been in the following cases:
- In 2020, the Department of Justice claimed that Bank of America denied home loans to adults with disabilities based on their disability. Bank of America paid around $300,000 to people who were refused loans and needed to implement a new non-discriminatory policy.
Frequently Asked Questions
You might favor Citi if you’re searching for a brick-and-mortar bank that pays a solid interest rate. Citi 9-month, 1-year and 18-month CDs are offering a great interest rate right now. If you live in one of 42 states that have the Citi® Accelerate Savings, you’ll also be able to earn a higher interest rate than with the average savings account.
Bank of America could be a better choice if you find it easier to waive monthly service fees on a particular account. For example, the Bank of America Advantage Savings Account doesn’t charge a monthly service fee during the first six months and waives the fee automatically for anyone under the age of 18.
Bank of America is available in more states than Citi. Bank of America also has 3,900 branches in the US, while Citi only has 690 locations.
