Chase Vs. Citibank: Which Is Better For Your Money? (2024)

Chase and Citi® are two of the most recognizable names in banking. Both banks have a large footprint, with thousands of branches and ATMs nationwide and abroad. They both offer full-service banking with an array of checking and savings accounts as well as other financial services.

The better national bank depends on your needs. In this guide, we’ll compare bank account offerings and features to see how Chase and Citibank compare.

Annual percentage yields (APYs) and account details are accurate as of April 4, 2024.

Pros and Cons of Citibank

Pros

• 65,000+ fee-free ATMs
• Variety of checking and savings packages
• Multiple CD account types
• Competitive APYs on featured CD terms and high-yield savings account

Cons

• Low APYs on basic savings accounts and most CD terms
• High-yield savings account not available nationwide
• Monthly service fees if you don’t meet the requirements to waive them
• Fees for out-of-network ATM transactions
• Smaller network of around 650 branch locations concentrated in major U.S. cities

Pros and Cons of Chase

Pros

• Large network of 4,700+ branch locations
• Frequent bank bonus offers
• Wider range of financial products and services

Cons

• Low APYs on checking, savings and CD accounts
• Monthly fees if you don’t meet the requirements to waive them
• Fees for out-of-network ATM transactions
• Smaller network of 16,000 fee-free ATMs

Citibank vs. Chase Checking Account Comparisons

Citibank has six checking account packages with different monthly fees and features. Three are everyday banking packages, while the others fall under the premium account category. Chase also offers a variety of everyday and premium checking accounts to meet varying banking needs, as well as options for kids and students.

Citibank waives the monthly fees on its checking packages, which run from $10 to $30, for customers who meet certain balance or transaction requirements. Monthly fees on Chase’s checking accounts range from $4.95 to $35, with opportunities to waive the fee for every account.

Both banks’ everyday checking accounts offer basic features. Neither Citibank Access Account Package nor Chase’s Secure Banking account offer paper checks.

Citibank’s premium checking packages include perks like no ATM fees, reimbursem*nts for fees charged by out-of-network ATM operators and preferred pricing and rates on other Citi products and services. Chase’s premium checking options offer similar perks. No Citibank checking accounts earn interest. Chase Premier Plus Checking℠, Chase Premier Plus Checking℠ and Chase Private Client Checking℠ accounts earn interest. However, the rates earned on all three accounts are meager.

Chase has a larger network of bank branches, with over 4,700, compared to Citibank, which operates roughly 650 branches. Citibank is the clear winner for ATM access, with over 65,000 fee-free ATMs between Citibank, MoneyPass and Allpoint ATM networks. Chase only operates 16,000 ATMs.

Citibank vs. Chase Savings Account Comparisons

Citibank savings account rates may be higher than Chase’s savings rates, depending on your location.

Citibank offers two savings account options—Citi® Accelerate Savings and Citi Basic Savings Account. Citi Accelerate is a high-yield savings account earning a competitive 4.45% APY, but it’s not available in California, Connecticut, Maryland, Nevada, New Jersey, New York, Virginia, the District of Columbia or parts of Florida and Illinois. On the other hand, Citi Savings is available nationwide but offers a below-average APY that’s more in line with other national banks.

Chase also offers two savings accounts—Chase Savings and Chase Premier Savings. Neither carries restrictions based on your location. Also, neither account earns a competitive APY compared to the top online banks. Premier Savings accounts are eligible for a slightly higher interest rate when linked to a qualifying Premium checking account.

Citi Savings accounts not linked to a checking account carry monthly service fees ranging from $0 to $25. Citi waives these fees if you meet certain account requirements each month.

Chase Savings accounts come with a $5 monthly service fee, while Premier Savings accounts carry a $25 monthly fee. Both are waived by meeting certain account criteria. All Chase savings accounts come with autosave features but offer few perks otherwise.

Citibank vs. Chase CD Comparisons

Neither Citibank nor Chase is short on CD options for consumers who want to maximize their savings, but rates at both banks fall well below the best CD rates. Citibank’s rates on both standard and featured CDs are slightly higher than Chase’s.

Citibank offers standard fixed-rate CDs in term lengths ranging from three months to five years. Most Citi Certificates of Deposit rates are very low, but several featured CD terms currently offer competitive promotional rates on all account balances. Citibank also has Citi Step-Up CDs and Citi No-Penalty CD for more flexibility.

Chase offers over a dozen CD terms ranging from one month to ten years. Standard Chase Bank Certificates of Deposit rates are 0.01% APY on all terms. Chase offers relationship rates for customers with a linked Chase personal checking account—these are still low on most terms, but select promotional rates are competitive and similar to what you’d earn with Citi’s featured CDs.

Citibank requires a $500 minimum deposit to open a CD account, while Chase requires a $1,000 minimum. Both banks charge early withdrawal penalties for withdrawals made before a CD’s maturity date.

Who Should Go for Citibank?

You should consider Citibank if you enjoy the convenience of fee-free access to ATMs. The bank operates an extensive network of over 65,000 ATMs. Citi has roughly 650 branch locations in the U.S., mostly in major metropolitan centers, so it’s only a good option for in-person support if you live within driving distance of a local branch.

If you’re looking to earn a bank account bonus, you might want to look at Citibank’s checking account promotions to see if you qualify.

Citi is not the best choice for anyone who wants to minimize fees or maximize their savings through competitive APYs. As mentioned, the bank offers higher rates in select cases, but overall, its rates fall closer to the national average. The top online banks offer much higher rates and fee-free bank accounts.

Who Should Go for Chase?

You should consider Chase if you prefer branch banking. While Chase has a much smaller ATM network than Citibank, it operates over 4,700 bank branches across the U.S., making it more accessible for most consumers.

Chase is a good option for individuals looking for full-service banking. The national bank offers many bank accounts and other financial products and services. It’s also worth looking at if you’re interested in and qualify for a Chase bank account bonus.

Like Citibank, Chase is not ideal for consumers who want to avoid fees or earn the best rates on savings accounts or CDs. You can find pockets of higher rates within its products, but overall, you’ll have better luck opening a high-yield savings account or CD through an online bank.