Chase vs Citibank: Which Is Best for You? - NerdWallet (2024)

FAQs

Chase vs Citibank: Which Is Best for You? - NerdWallet? ›

For more branches, Chase may be better for you. But for more free ATMs and higher CD rates, Citibank may be more attractive. Both banks have a range of accounts and services, but they're similarly bogged down by high fees and poor rates.

You should consider Citibank if you prefer extensive ATM and branch accessibility, both domestically and abroad. Citibank will also serve you better if you're looking for a big bank with higher rates. Chase, however, may be a better option for you if branch accessibility and a great mobile app are a priority.

Citi is a good choice for individuals looking for full-service banking and who can meet monthly account requirements to waive monthly fees. It's also a smart choice if you live in an area with access to Citi's high-yield savings account or use ATMs often because of its large fee-free ATM network.

Chase ranked second in the 2022 J.D. Power U.S. National Banking Satisfaction Study. Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.

They offer a fixed rate of return, your money can be withdrawn in an emergency with no penalty, and your account is insured for up to $250,000 by the Federal Deposit Insurance Corp. ( FDIC ). That means your money is safe even in a major financial crisis.

Chase checking account monthly maintenance fees vary from $4.95 to $25 for the bank's standard checking options, and from $25 to $35 for the bank's premium checking options. Additionally, Chase offers three checking accounts designed for kids and students, which feature low service fees from $0 to $6.

How many bank accounts should I have? ›

Some experts suggest you should have four bank accounts -- two checking and two savings. You'll use one checking account to pay bills and the other for spending money. One savings account will be dedicated to your emergency fund and the other to miscellaneous goals.

A bank built for a world of complexity

Citi is a bank that's uniquely positioned for this moment. Through our vast global network and our on-the-ground expertise, we can connect the dots, anticipate change and empathize the needs of our clients and customers in ways that other banks simply cannot.

“As our clients and communities increasingly self-isolate, we have noticed shifts in foot traffic and market dynamics — so, to best meet our changing customer needs, we have begun to temporarily close branches where and when it makes sense,” the bank said in a statement to Bloomberg.

Citigroup is ranked 33rd on the Fortune 500 as of 2021.

Chase Bank Customer Reviews

Chase Bank is rated 4.0 out of 5.0 stars by independent customer review site Trustpilot, based on over 4,600 reviews. Many of the positive reviews mention the cashback rewards as a reason for signing up and lots of reviews reveal how the round-up feature helps them to save.

There are a lot of reasons that JPMorgan Chase and Bank of America, the two largest U.S. banks that are effectively "too big to fail," are in a much better shape than SVB Financial and are unlikely to fall victim to the same problem SVB Financial got itself into.

Citibank's consumer business in India will be transferred to Axis Bank, as of March 1, 2023.

Certificate of deposit (CD)

Like a savings account, a certificate of deposit (CD) is often a safe place to keep your money. One big difference between a savings account and a CD is that a CD locks up your money for a set term. If you withdraw the cash early, you'll be charged a penalty.

The Citi Double Cash Card is a Mastercard. This means that you can use the card virtually everywhere in the world that accepts credit cards. Mastercard is accepted in over 210 countries and territories, and by millions of retailers.

How do I avoid Chase fees? ›

With 4,000 more ATM locations than Wells Fargo, reduced fees and a wider variety of welcome bonuses, Chase is a better option for most customers. Chase is also the clear winner for military personnel, offering waived fees on checking accounts and ATM withdrawals for active-duty service members and veterans.

Chase offers a wider variety of accounts, though it is lacking in IRA options. Chase's website and mobile interfaces are both easily navigable and full of convenient features. Bank of America has about 3,900 branches compared to Chase's 4,800 branches.

The “big four banks” in the United States are JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. These banks are not only the largest in the United States, but also rank among the top banks worldwide by market capitalization, with JPMorgan Chase being the most valuable bank in the world.

Use Zelle^® to get paid, or send payments to eligible suppliers and vendors. It's free to Chase customers, users must have a bank account in the U.S. to use Zelle^{® 1} and it's available 24/7 on your Chase Mobile ² app or chase.com.

Chase Bank's top-tier product is Chase Private Client. Key benefits include a dedicated banker and personalized investment guidance. You'll also get priority service for everyday banking and access to J.P. Morgan Wealth Management.

Goldman Sachs is generally regarded as the leading investment bank in most business areas, and is the toughest Bulge Bracket investment bank to break into. Goldman has a very strong reputation within the industry and among corporations.

While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.

$25 monthly service fee OR $0 with one of the following each monthly statement period: An average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits/investments. OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase ...

There is no minimum balance required to open a Chase checking account. One of the ways to avoid service fees on some accounts is to maintain a minimum balance.

What is $12 monthly fee Chase? ›

Checking account fees Chase Total Checking

It has a Monthly Service Fee of $12, which can be waived by one of the following: Electronic deposits made into this account totaling $500 or more. Daily balance of $1,500 or more in just this account.

You may be worried about keeping all of your cash in a single bank. As long as that bank is FDIC-insured and your deposit doesn't exceed $250,000, you should be safe to do so.

Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.

The average savings account balance in the United States was $41,600 in 2019, while the median account balance across the country was only $5,300. The average and median balances vary depending on age, with older generations having more savings.

Citibank is owned by Citigroup, a U.S.-based investment bank and financial services corporation headquartered in New York, NY. Citigroup was founded in 1998 and has owned Citibank ever since. Citibank is the 3rd-largest credit card issuer in the United States, with 78.7 million cards in circulation.

Capital One is a subsidiary of Capital One Financial Corporation, a U.S.-based bank holding company headquartered in McLean, Virginia and founded in 1994. Capital One has been a subsidiary of Capital One Financial Corporation since it was established as a separate division of the company in 1994.

You can continue to use your Debit, ATM, Citi India consumer banking customers are now served by Axis Bank. Citi India has transferred ownership of its consumer bankingbusiness to Axis Bank (registration number L65110GJ1993PLC020769).

In the country's rapidly transforming economic and banking landscape, Citibank was unable to garner a sufficient market share in the consumer banking sector, which it forayed into in 1985. As a result of this, the group decided to exit its retail business in India.

Yes, your Citi account will remain the same after the acquisition by Axis Bank. Citibank's consumer business in India will be transferred to Axis Bank, as of March 1, 2023.

In India, Axis Bank has taken over Citibank's consumer banking business as part of Citigroup's plan to exit retail operations in 13 markets, including India.

Is Citibank better than Chase? ›

The bottom line: Citi® offers more compelling savings accounts and CDs than Chase. Citi also makes it easier to waive monthly service fees on checking accounts. Both banks have been involved in public controversies and are tied for trustworthiness.

J.P. Morgan scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. Both tied in 1 area: Work-life balance.

Forbes Names Simmons Bank Among World's Best Banks 2023.

Among these banks were Silvergate Bank, Silicon Valley Bank, and Signature Bank, which collapsed in March 2023 Additionally, undercapitalization, loan quality, and losses on investment securities are common reasons why banks may fail.

Wells Fargo & Company was ranked as the bank with the worst reputation in America, according to the 2020 (and 2019!) Harris Poll Reputation Quotient Rankings.

Chase ranked second in the 2022 J.D. Power U.S. National Banking Satisfaction Study. Chase has a good basic checking account but its savings rates are low, and some fees are high and hard to avoid.

GOBankingRates has ranked Chase as one of the Top Banks of 2023. It has also been recognized in the Best Checking Accounts and Best Savings Accounts annual lists for 2023.

Chase Bank is ideal if for those who: Want a variety of deposit, lending, and investment options from one financial services company. Are able to maintain the minimum daily balance or complete qualifying activities to waive fees. Want to earn valuable rewards or cash back from their credit card purchases.

Why does Chase keep declining me? ›

Common reasons why Chase credit cards get declined:

Delinquency: If you are very behind on paying your bills, Chase could stop your card from being used for any new purchases. The account is closed: If your card is declined, it could mean Chase closed your account, though they should have notified you if they did.

If you're entering your credit card information and you make a typo, you'll find that your transaction is declined. Online merchants will ask you to type in your credit card account number, expiration date, CVV and address. If you make a single error on any of these fields your transaction may be declined.

A Bloomberg report said that Citigroup was cutting hundreds of jobs across the company, including its investment banking division. As of the fourth quarter in 2022, Citigroup reported a workforce of 240,000 employees. Less than 1% layoffs could imply that around 2,000 employees may be laid off.

Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades. The ultrarich are considered to be those with more than $30 million in assets.

Millionaires have many different investment philosophies. These can include investing in real estate, stock, commodities and hedge funds, among other types of financial investments. Generally, many seek to mitigate risk and therefore prefer diversified investment portfolios.

Treasury Bills, Notes and Bonds

U.S. Treasury securities are considered to be about the safest investments on earth. That's because they are backed by the full faith and credit of the U.S. government. Government bonds offer fixed terms and fixed interest rates.

You will need a good to excellent credit score to qualify for the best Citi credit cards. A good score is generally considered 670 to 739 and an excellent score is 740 and above. In addition to general requirements, each Citi credit card has its unique creditworthiness requirements.

You need a credit score of at least 700 to get a Citi credit card in most cases. That means applicants for Citi credit cards need at least good credit to be approved.

Is Chase a good bank for bad credit? ›

Chase is Unlikely to Approve Bad Credit

Chase doesn't have an exact credit score that it requires for credit card approval, but none of the cards in the bank's extensive portfolio are marketed to consumers who have bad credit.

The bottom line: Citi® offers more CD terms and pays higher interest rates on savings accounts than Wells Fargo. If you're searching for the best checking account, it may be a tight race between Citi and Wells Fargo.

1. JPMorgan Chase. Chase Bank is the consumer banking division of JPMorgan Chase. It currently has more than 4,700 branches and more than 16,000 ATMs.

Most Chase cards require a score of at least 600, which is about the dividing line between fair and poor credit.

On Chase's Secure Website. On Chase's Secure Website. Credit Rating Requirement: Good/Excellent (670-850)

You don't need a minimum deposit to open any checking account with Citi, but you may with other banks. Even if it's not required, funding the account and maintaining a certain balance can help you avoid account maintenance fees and help get you started with using your checking account.

No annual fee forever with the Citi Rewards Visa Card.

Just apply online for a Citi Rewards Visa Card and use your new Citi credit card within 60 days from card approval. Promo will run from Dec 1, 2022 until Mar 31, 2023.

Is Capital One better than Citi? ›

Bottom Line: Capital One miles are slightly more valuable than Citi ThankYou Points, thanks to partnerships with British Airways Executive Club and Air Canada Aeroplan. However, Citi can be more useful for booking hotel stays, thanks to a 1:2 transfer partnership with Choice Privileges.

Citigroup

Citicorp LLC