Citi Vs. Wells Fargo: Which Bank Is a Good Match for You?
source link: https://www.businessinsider.com/personal-finance/citibank-vs-wells-fargo-comparison-review
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Citi vs. Wells Fargo: Which bank is a good match for you?
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
-
Citi® Accelerate Savings
-
Wells Fargo Way2Save® Savings Account
The bottom line: Citi® offers more CD terms and pays higher interest rates on savings accounts than Wells Fargo. If you're searching for a checking account, it may be a tight race between Citi and Wells Fargo.
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.
Pros and cons of Citi
| Pros | Cons |
|
|
Pros and cons of Wells Fargo
| Pros | Cons |
|
|
Citi vs. Wells Fargo checking account comparisons
Below, we've compared each bank's low-fee checking accounts.
| Citi Access Account | Wells Fargo Everyday Checking Account | |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $10 or $0 | $10 or $0 |
| How to waive the monthly service fee | Check off at least one of these requirements per month:
| Check off at least one of these requirements per month:
|
| Sign-up bonus | None | None |
| Next steps | Learn more | Learn more |
Winner: Citi
The Citi Access Account barely edges out the Wells Fargo Everyday Checking Account because it has a $0 opening deposit and makes it a bit easier to waive the monthly service fee. However, if you are under the age of 24, you might still want to consider Wells Fargo since your monthly service fee will automatically be waived.
Citi Access Account
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.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 | 3.40% (varies by location) | 0.15% |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $4.50 or $0 | $5 or $0 |
| How to waive the monthly fee | Fulfill one of the following criteria monthly:
| Fulfill one of the following criteria monthly:
|
| Caveats |
| None |
| Next steps | Learn more | Learn more |
Winner: Citi
Citi® Accelerate Savings will likely be a more appealing option since you'll earn more interest on your savings. However, if you don't live in one of the 42 states that has Citi® Accelerate Savings or you worry about the minimum balance requirements, the Wells Fargo Way2Save® Savings Account might be worth exploring.
Citi® Accelerate Savings
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Citi vs. Wells Fargo CD comparisons
| Citi Fixed Rate Certificates of Deposit | Wells Fargo Fixed Rate Certificate of Deposit | |
| Term lengths | 1 month to 10 years | 3 months to 1 year |
| Minimum opening deposit | $500 | $2,500 |
| APY | 0.05% to 4.15% | 0.50% to 2.01% |
| 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 |
Winner: Citi
Citi CDs offer a greater variety of CDs, such as step-up CDs and no-penalty CDs. It also pays an especially competitive interest rate on a 1-year or 18-month CD.
Citi Fixed Rate Certificates of Deposit
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Citi vs. Wells Fargo trustworthiness and BBB score
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 has 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.
A bad BBB rating isn't necessarily the be-all and end-all. Talk to current customers or read online customer reviews to get a better understanding of whether a particular institution might be right for you.
Both Wells Fargo and Citi have been involved in recent public controversies.
Citi has been in the following public settlements:
- 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 said the bank had inefficient banking practices.
Wells Fargo has been involved in the following cases:
- In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that 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 the Comptroller of Currency issued a cease and desist order against Wells Fargo that claimed the bank of having an inefficient compliance risk management program.
- In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.
- In 2019, the city of Philadelphia required Wells Fargo to pay $10 million in a settlement that accused the bank engaged in predatory mortgage lending to racial minorities.
- In 2019, the California Department of Insurance also required the bank to pay $10 million in a settlement that said the bank signed up and charged 1,500 consumers on insurance products without their knowledge.
Winner: Tie
Both banks have been involved in public scandals. You might consider exploring mission-driven banks if you'd like to learn about additional banking options.
Frequently asked questions
Choosing between Citi and Wells Fargo may depend on the accounts you'd like to open and what you prioritize most in your banking experience.
You 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. Wells Fargo has the most branches in the US, and is available in more states than Citi.
Wells Fargo has a bigger branch network in the US. Wells Fargo has 7,200 locations, while Citi only has 690 branches.
Top Offers From Our Partners
Send gift cards to your friends and family instantly. Cash App is budget friendly — gift cards start at $1. A tooltip
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK