Chase vs Citibank Review: Which Bank Is Better?

chase vs citibank

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When you compare Chase to other big-name banks like Bank of America and Wells Fargo, you quickly discover that Chase wins out when it comes to fees, minimum deposit requirements, and sign-up incentives.

But other banks often beat Chase to the punch on interest rates on savings and certificates of deposit. The question is when we compare Chase Vs Citibank, does the same pattern emerge?

Whether you are looking for a checking account, savings account, or certificates of deposit, we will highlight the winner between the two big banks in each category.

Which Is The Best Bank To Use?

If you are a frequent traveler, Citibank is probably a well-known name to you. Across the world, Citibank has an almost endless number of branches. In fact, we counted 2,649 branches in 19 countries, including 723 branches in the United States.

Frequent travelers who like the idea of walking into a trusted financial institution when abroad should probably choose Citibank, which is hard to beat for its global presence.

While Citibank has thousands of branches overseas, United States residents may be better served at Chase, which has over 5,000 locations.

Convenience aside, the big question is how do Citibank and Chase stack up on fees, costs, interest rates, and minimum deposit requirements.

Let’s see which bank comes out on top…

Where Citibank Bank Shines

Citibank Chase
Checking Account Minimum Deposit $0 $25
International ATM Fee $0 $5
Savings Account Interest Rate 0.04% 0.01%
Fee Per Month $0 $5
Certificates of Deposit APY 2-Year CD 0.50% 0.05%
APY 3-Year CD 0.70% 0.05%
APY 5-Year CD 0.80% 0.25%
Minimum Deposit As low as $500 $1,000
# ATMs Nationwide 60,000 16,000
Overdraft Fee Extended Overdraft Fee $0 $15

Checking Account & Savings Account

If you don’t need much more than a checking or savings account and tend to keep low balances, Citibank may be the best choice because it imposes no minimum deposit restrictions on either account.

It also pays a slightly higher interest rate on savings account deposits. And savings account holders are not penalized with monthly charges as they are at Chase.

Certificates of Deposit

Savings rates on certificates of deposit are also more favorable at Citibank.

This patterns is familiar when comparing Chase to other brand-name banks. Chase tends to come in second place on interest rates paid on savings.

Whether you are choosing a 2-year, 3-year, or 5-year certificate of deposit, Citibank pays higher interest rates.

Convenience

Citibank also has a substantially larger network of fee-free ATMs compared to Chase. In fact, it has almost 4x more ATMs in its network.

Overdraft Fees

Lastly, Citibank won’t sting you with fees on extended overdrafts but Chase will hit you with a double-digit charge.

Where Chase Bank Shines

If you want to pocket a bonus when signing up for a new account, Chase is the better choice.

It frequently runs promotions that pay as much as $150 for opening new checking and savings accounts.

And you don’t need to deposit as much to get started with a savings account, just $25 versus $100 at Citibank.

Citibank Chase
Checking Account Sign Up Bonus
Savings Account Sign Up Bonus
Savings Account Minimum Deposit $100 $25
Overdraft Fees Overdraft Protection Fee $10 $0
# Branches Nationwide 723 5,100

Within the United States, Chase has a much larger branch network. While overseas travelers will do better with Citibank, domestic users may find Chase more convenient.

Chase vs Citibank:
Where They Are Equal

On some factors, Chase and Citibank stand toe-to-toe.

Monthly checking account fees, out-of-network ATM fee charges, and overdraft charges are all identical.

Plus, both banks provide intuitive mobile apps for both iOS and Android device that make it easy to bank on-the-go.

Citibank Chase
Checking Account Fee Per Month $12 $12
ATM Fee Out of Network $2.50 $2.50
Certificates of Deposit Penalties for Early Withdrawal
Overdraft Fees Per Charge $34 $34
Customer Support Time/Day All day everyday All day everyday
Mobile App iOS / Android

How To Waive
Checking Account Fees

Although both Chase and Citibank impose checking account fees, it is possible to waive them.

How To Waive Chase Checking Account Fees

At Chase, the best ways to waive fees are:

  • Keep your checking account balance above $1,500
  • Maintain an overall balance above $5,000 across multiple accounts
  • Take $500+ in direct deposits monthly
Daily Balance $1,500+
Daily Balance Across Multiple Qualifying Accounts $5,000+
Monthly Direct Deposits $500+

How To Waive Citibank Checking Account Fees

At Citibank, the best ways to waive fees are to:

  • Have qualifying bill payments
  • Maintain a monthly balance of $1,500+ across checking and savings accounts
Monthly Balance $1,500+

Seniors over the age of 62 also qualify for free checking.

How To Waive
Savings Account Fees

Similarly, you can waive Savings Account fees at both Chase and Citibank.

How To Waive Chase Savings Account Fees

As long as you have a daily balance above $300, you can waive savings account fees.

Other ways to enjoy a free Chase savings account is to link to a premium Chase checking account, transfer at least $25 monthly, or be under the age of 18.

Daily Balance $300+
Link to: Premium Chase Checking Account
Monthly Automatic Transfer $25
Age Under 18

How To Waive Citibank Savings Account Fees

Similarly, Citibank waives savings account fees when a daily balance of $500 is held.

Fees are also waived for individuals under the age of 18 and for account holders who make monthly automatic transfers.

Daily Balance $500+

Compare Chase vs Citibank:
The Bottom Line

Chase and Citibank both feature extensive ATM networks, nationwide branches and 24/7 customer care.

It’s impossible to separate them when it comes to checking account fees, out-of-network ATM fees, overdraft fees, and early withdrawal penalties.

Where they differ is on the interest you can earn on savings accounts and certificates of deposit – Citibank offers substantially higher interest rates.

Citibank also has lower minimum deposit levels on checking accounts and a much greater network of no-fee ATMs nationwide.

Where Chase shines compared to Citibank is in three areas: lower minimum deposit threshold on savings accounts, no overdraft protection fee, and many more branches within the United States.

And it doesn’t hurt that Chase provides attractive sign-up bonuses too!

 

Have you compared Chase vs Citibank? Tell us what you think, we would love to hear from you.

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