Chase vs. Citibank: Head-to-Head Comparison

Big national banks like JPMorgan Chase and Citibank can seem more or less the same. Both of their names are everywhere, and it can take some digging to find the differences between their accounts, rates, technology and customer service.

But there are reasons some customers will prefer one over the other. Here’s how they compare.

Who wins

	Chase	Citibank
Checking
Savings & money market
CDs	It's a tie.
Customer experience
Other fees	It's a tie.
Overall

Our decision was closer than it looks from this chart, and you might prefer Citi if you value long-term rewards and support over Chase’s upfront perks.

Learn More

at Chase Bank

Learn More

at Citibank

Here’s a closer look at the features of these big banks.

Checking accounts

	CHASE TOTAL CHECKING ACCOUNT	CITIBANK BASIC CHECKING ACCOUNT
Monthly fee	$12, but waived if: • You receive at least $500 in direct deposits each month. • You keep an average daily balance of $1,500. • You have at least $5,000 between linked Chase savings and investment accounts.	$12, but waived if: • You have one qualifying bill payment and one qualifying direct deposit. • You keep a balance of $1,500 (can include money from a linked Citibank savings account). • You are 62 or older.
Minimum opening deposit	$25	$0
ATM network	15,500 free Chase ATMs Out-of-network ATM fee: $2.50	34,000 free Citibank ATMs Out-of-network ATM fee: $2.50 (waived if you are 62 or older)
Interest on balances	None	None
Sign-up bonus	$150 when you set up a direct deposit. (Offer good through July 18, 2016.)	None

ANALYSIS

Chase and Citibank have four similar checking options, but Chase distinguishes itself with the $200 sign-up bonus.

Both banks also offer interest-bearing checking accounts, but they have excessive requirements to avoid steep monthly fees — and for 0.01% and 0.03% APY, it’s hardly worth the hassle.

At Chase, the Premier Plus Checking account charges a $25 monthly service fee unless you have an average daily balance of $15,000 in that account or spread across qualifying linked deposits and investments. The Premier Platinum Checking account charges the same fee unless you have an average daily balance of $75,000 in it and related accounts. Citibank’s Gold Account charges a $30 monthly fee unless you have at least $50,000 in deposits and retirement balances.

With fees and requirements like these, the basic checking account is the better option at these banks, and Chase’s sign-up bonus tips the scale.

» MORE: NerdWallet’s best checking accounts

Savings accounts

	CHASE SAVINGS ACCOUNT	CITIBANK SAVINGS PLUS ACCOUNT
Minimum opening deposit	$25	$100
Monthly fee	$5, but waived if: • You keep an average daily balance of $300. • You have one repeating automatic transfer of $25 from a Chase checking account. • You are under 18.	$4.50, but waived if: • You have at least $500 in the account or across it and a linked checking account.
Interest on balances	0.01% APY	Rates vary by state. In California and others, it's 0.01% APY.
Withdrawal limit fee	$5	None
Sign-up bonus	$150 when you deposit $10,000 and leave it for 90 days. Offer good through June 13, 2016.	None

ANALYSIS

New Chase customers receive a $150 bonus — while the offer lasts — when they open a savings account and keep a minimum balance of $10,000 for the first 90 days. This is a good deal among big banks, but it is a one-time only offer. If you have $10,000 to save, you could open an account with 1% APY at an online-only bank or your local credit union and receive earnings of about $100 per year.

Chase also offers a Savings Plus account with a $20 monthly fee unless you have an average daily balance of $15,000 in it or in qualifying linked accounts, but the same idea applies. Your money won’t grow much with an APY between 0.01% and 0.06%, and it could be more successful at another institution.

Chase wins here because it’s easier to get started and avoid the monthly fee. The sign-up bonus doesn’t hurt.

» MORE: NerdWallet’s best savings accounts

Certificates of deposit (CDs)

	CHASE CDS	CITIBANK CDS
Minimum opening deposit	$1,000	$1,000
Early withdrawal penalties?	Yes	Yes
Terms and rates	17 terms offered; rates vary by account size 1-year: 0.02%-0.05% APY 3-year: 0.15%-0.40% APY 5-year: 0.35%-0.60% APY	16 terms offered 1-year: 0.15% APY 3-year: 0.35% APY 5-year: 0.50% APY

ANALYSIS

The CD rates at both banks scrape the bottom of the below-average barrel. For balances below $10,000, Citi is the better choice. Chase’s rates catch up or do better only when you choose a term on up to 10 years and have a balance nearer to or above $250,000.

If you want the best CD returns, you can find better rates — between 1% and 2.50% APY, depending on the term — at an online-only bank or credit union.

» MORE: What is a CD?

Customer experience

Chase has better technology and a more intuitive website, and it offers more branches for in-person banking. Citibank has tools for financial planning and budgeting, a live chat feature on its website and a broader ATM network.

We prize the things Chase excels at, but your location and preferred style of banking should be the deciding factor here.

Other fees

Both banks charge expensive fees. Citibank can charge $34 in overdraft fees up to four times per day; Chase isn’t much better, charging the same fee up to three times per day.

Chase can also tack on an extended overdraft fee of $15 and a $5 withdrawal limit fee for exceeding six monthly transactions on a savings account.

Next steps

Fees and poor rates aside, Chase has the better perks of the two banks. But if you’re not impressed with either, check our roundup of the best national banks for other options.

Melissa Lambarena is a staff writer at NerdWallet, a personal finance website. Email: mlambarena@nerdwallet.com. Twitter: @LissaLambarena.