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Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
2024-01-04T19:02:16Z
- Pros and Cons of Citi
- Pros and Cons of Bank of America
- Checking Account Comparisons
- Savings Account Comparisons
- CD Comparisons
- Which Bank is More Trustworthy?
- Frequently Asked Questions
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If you prefer a traditional banking experience, Citi and Wells Fargo are two national brick-and-mortar banks you might be considering.
We've compared each bank's savings account, checking accounts, and CDs so you may see if a particular institution might be better suited for your needs. We're also looking at how each bank's recent history so you can gauge their trustworthiness.
Compare Citi vs. Wells Fargo
-
Citi® Accelerate Savings
-
Wells Fargo Way2Save® Savings Account
Editor's Rating
3.75/5
Annual Percentage Yield (APY)
4.45% (vary by location)
Editor's Rating
2.5/5
Annual Percentage Yield (APY)
0.15%
Minimum Deposit
$25
Citi, FDIC Insured
On Wells Fargo's website
Citi Pros and Cons
| Pros | Cons |
|
|
Wells Fargo Pros and Cons
| Pros | Cons |
|
|
Citi vs. Wells Fargo Checking Account Comparisons
Below, we've compared each bank's low-fee checking accounts.
| Citi Access Checking | Wells Fargo Everyday Checking Account | |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | See website for details | $10 monthly service fee |
| How to waive the monthly service fee | See website for details | Check off at least one of these requirements per month:
|
| Sign-up bonus | None | $325 |
| Next steps | Start Banking | Start Banking |
Citi Access Checking
Citi, FDIC Insured
Insider’s Rating
4/5
Fees
See website for details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Bonus
None
Pros
- No opening deposit
- No overdraft fees
Cons
- No paper checks
- $2.50 fee for using out-of-network ATMs
- BBB gives Citi an F in trustworthiness
Product Details
- The most basic Citi checking account
- Access to over 650 branches in the US
- No minimum opening deposit
- FDIC insured
Citi vs. Wells Fargo Savings Account Comparisons
Citi and Wells Fargo both have two types of savings accounts. We've compared the Citi® Accelerate Savings to the Wells Fargo Way2Save® Savings Account since these accounts are available in most states and have similar monthly service fees.
| Citi® Accelerate Savings | Wells Fargo Way2Save® Savings Account | |
| APY | 4.45% (vary by location) | 0.15% |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $4.50 monthly service fee | $5 monthly service fee |
| 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:
| Fulfill one of the following criteria monthly:
|
| Caveats |
| None |
| Next steps | Open Account | Start Saving |
Citi® Accelerate Savings
Citi, FDIC Insured
Insider’s Rating
3.75/5
Fees
$4.50 monthly service fee
Annual Percentage Yield (APY)
4.45% (vary by location)
Minimum Deposit Amount
$0
Pros
- High APY (minimum $0 balance to earn)
- No opening deposit
Cons
- You may pay a monthly fee, depending on a variety of factors
- Other fees depend on which checking account you link to your savings account
- Not available in certain states
- BBB gives Citi an F in trustworthiness
Insider’s Take
You might like Citi if you live in one of the areas that offers the Citi® Accelerate Savings account, so you can earn a higher savings rate than the national average. The best high-yield savings accounts, however, offer even more competitive savings rates.
Product Details
- Monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
- You may qualify to have the monthly fee waived, depending on which checking/savings package you have
- No opening deposit
- Compounding interest to maximize your savings
- Not available in CA, CT, MD, NV, NJ, NY, VA, DC, certain parts of FL or IL
Citi vs. Wells Fargo CD Comparisons
Citi also has speciality CDs like step-up CDs and no-penalty CDs. Meanwhile, Wells Fargo also has a Wells Fargo Special Fixed Rate CD that pays 4.75% to 5.01% (varies by location) APY.
| Citi Fixed Rate CD | Wells Fargo Standard Fixed Rate CD | |
| Term lengths | 1 month to 10 years | 3 months to 1 year |
| Minimum opening deposit | $500 | $2,500 |
| APY | 0.05% to 5.25% | 1.50% to 4.51% |
| Early withdrawal penalties | 90 to 180 days interest | 3 months interest for all CD terms |
| Types of CDs | Standard CDs, Step Up CDs, and No Penalty CDs | Standard CDs |
Citi Fixed Rate CD
Citi, FDIC Insured
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
0.05% to 5.25%
Minimum Deposit Amount
$500 ($100,000 for the top rate)
Pros
- Range of CD terms
- Relatively low early withdrawal penalties
Cons
- Rates vary depending on term
- $500 to $2,500 opening deposit, depending on your state of residence
- Must visit a branch to deposit more than $10,000
- BBB gives Citi an F in trustworthiness
Insider’s Take
Citi might be a decent option for a traditional 9-month, 1-year, or 15-month term. It also offers a good no-penalty CD rate. That said, Citi CD rates are overall low compared to the best online banks and credit unions.
Product Details
- Terms ranging from 3 months to 5 years
- Early withdrawal penalties ranging from 90 to 180 days interest
- Earn 1.10% APY on a 6-month CD; Earn 5.25% APY on a 7-month CD; Earn 4.00% APY on a 9-month; Earn 3.00% to 4.00% APY on a 12-month CD; Earn 2.50% APY on a 15-month CD
- Earn 0.05% APY on other CD terms between 3 months and 11 months; Earn 0.10% APY on the 13 months, 14 months, and 30 months; Earn 2.50% APY on other CD terms between 18 month and 5 years
- $500 opening deposit ($100,000 for the top rate on the 11-month CD)
Citi vs. Wells Fargo Trustworthiness and BBB Scores
We use ratings from the Better Business Bureau so you may see how a business addresses customer issues.
Wells Fargo received an F rating because it hasn't responded to customer complaints and because there was government action taken against the bank. Citi has an F rating because it's received a high volume of customer complaints and had government action taken against the business.
Both Wells Fargo and Citi have been involved in recent public controversies.
In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlementthat accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
In 2021, the Office of theComptroller of Currency issued a cease and desist order against Wells Fargo that claimed the bank of having an inefficient compliance risk management program.
n November 2023, the Consumer Financial Protection Bureau claimedCitibank intentionally discriminated against Armenian-American credit card applicants. The CFPB ordered the bank to pay $25.9 million in fees and to applicants who were impacted.
Citi vs. Wells Fargo FAQs
Which is better, Citi or Wells Fargo?
You may prefer Citi if you're looking for ways to earn more interest on your money. For example, Citi® Accelerate Savings and select Citi CDs pay a higher interest rate than the average savings account or CD. Bear in mind that the Citi® Accelerate Savings is mainly available as an online-only option, though. If you prioritize a large branch network, you may prefer Wells Fargo.
Which is bigger, Citi or Wells Fargo?
Wells Fargo has a bigger branch network in the US. Wells Fargo has 4,900 locations, while Citi only has 690 branches.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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