Banks > Citigroup vs. Bank of America
In the realm of banking giants, Citigroup and Bank of America offer distinct advantages. This comparison delves into their key features, helping you determine which aligns better with your financial priorities.
This comparison analyzes real-world performance, user feedback, and key differentiators to help you make an informed decision.
Quick Verdict
Citigroup may be preferable for those seeking higher savings yields (where available) and extensive ATM access. Bank of America is a solid choice for users prioritizing a large physical branch presence and diverse investment options through Merrill Lynch.
- Citigroup offers potentially higher savings rates with Citi Accelerate Savings, but availability is limited.
- Bank of America boasts a larger branch network, but Citigroup has a significantly larger ATM network.
- Both offer a variety of credit card rewards programs, catering to different spending habits.
Who Should Choose Which?
Choose Citigroup if:
Individuals seeking potentially higher savings rates (if Citi Accelerate Savings is available) and a vast ATM network. Also suitable for those interested in commission-free online trading.
Choose Bank of America if:
Customers who value a large physical branch network, comprehensive financial planning services, and a variety of investment options through Merrill Lynch.
Key features – Side-by-Side
| Attribute | Citigroup | Bank of America |
|---|---|---|
| Savings Account Interest Rates | Citi Savings: Introductory 4.25% APY for 3 months, then 1.11% to 1.18% APY. Citi Accelerate Savings: Up to 3.40% APY (location dependent). | Base rate of 0.01% APY, up to 0.04% APY for Preferred Rewards members. Significantly lower than the national average. |
| Checking Account Fees | Access Checking: $5 monthly (waivable). Regular Checking: $15 monthly (waivable). Fees waived for Relationship Tier customers. | Advantage SafeBalance Banking: $4.95 monthly (waivable). Advantage Plus Banking: $12 monthly (waivable). Advantage Relationship Banking: $25 monthly (waivable). |
| Mortgage Rates (30-Year Fixed) | 6.125% (6.237% APR) as of September 30, 2025 | 6.250% (6.457% APR) as of October 2025 |
| Credit Card Rewards | Citi Double Cash: 2% cash back. Citi Strata Premier: ThankYou Points. Citi Strata℠ Card: Bonus points on supermarkets, select transit, gas & EV charging. AAdvantage Platinum Select: AAdvantage miles. | Customized Cash Rewards: Up to 6% cash back in chosen category. Unlimited Cash Rewards: 1.5% cash back. Travel Rewards: 1.5 points per $1. Premium Rewards: 2 points per $1 on travel and dining. |
| ATM Network Size | Over 65,000 surcharge-free ATMs | Approximately 15,000 ATMs |
| Investment Services | Citi Personal Wealth Management (CPWM), Citi Self Invest (commission-free online trading) | Merrill Edge and Merrill Lynch: self-directed, advisor-guided, professionally managed portfolios. Merrill Guided Investing minimum: $1,000 (growth), $50,000 (income). |
Overall Comparison
Pros and Cons
Citigroup
- Competitive savings rates (Citi® Accelerate Savings)
- Variety of credit card options with different rewards programs
- Extensive ATM network (over 65,000 surcharge-free ATMs)
- Multiple channels for customer service (phone, online chat, in-person)
- Financial planning services available for relationship tier customers
- Checking accounts have monthly fees (can be waived with requirements)
- Citi® Accelerate Savings availability depends on location
- Out-of-network ATM fees may apply (waived for certain relationship tiers)
Bank of America
- Large branch network
- Extensive ATM network
- User-friendly online banking platform
- Variety of credit card options with rewards programs
- Financial planning services available
- Low interest rates on savings accounts
- Checking account fees (can be waived)
- Some users report issues with mobile app navigation and biometric login
User Experiences and Feedback
Citigroup
- CitiDirect® is designed to be an intuitive and user-friendly interface
- Citi's mobile app is generally well-regarded, with features such as mobile check deposit, bill pay, and account management
- No major complaints reported.
- Citi's savings rates are competitive, especially the Citi® Accelerate Savings account, when compared to big banks.
- Citi Mortgage interest rates are generally competitive with the national average.
- The value of the credit card rewards programs varies depending on the card and how you redeem the rewards.
Bank of America
- User-friendly online banking platform
- Convenient branch access
- Extensive ATM network
- Low savings account interest rates
- Checking account fees
- Mobile app navigation issues reported by some users
- Credit card rewards can be significantly increased through the Preferred Rewards program.
- Mortgage rates are generally in line with or slightly better than national averages.
- Checking account fees can be waived by meeting certain balance requirements or enrolling in Preferred Rewards.
Frequently Asked Questions
Which bank has lower checking account fees?
The lowest tier checking accounts have similar fees, but both offer ways to waive them.
Which bank offers better mortgage rates?
Mortgage rates are very close, so it's best to compare personalized quotes from both.
Sources & Citations
- Official product specifications
- Expert reviews from tech publications
- User feedback from online forums
Information gathered through AI-assisted web search and analysis. Last updated: October 2025
Methodology & Transparency
Our comparison methodology combines multiple data sources to provide comprehensive, unbiased analysis:
- Data Collection: We gather information from official specifications, user reviews, and independent testing
- AI-Assisted Analysis: Advanced AI helps process large amounts of data while maintaining accuracy
- Human Oversight: All comparisons are reviewed for accuracy and relevance
- Regular Updates: Content is refreshed to reflect new information and user feedback
- Bias Mitigation: We strive for objectivity by considering multiple perspectives and sources
Versusly.ai uses AI-assisted content generation combined with human oversight to deliver comprehensive comparisons. We are transparent about our process and continuously work to improve accuracy and usefulness.