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Citibank vs. Wells Fargo: Which Is Best for You?
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Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press, USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News
Carolyn has worked in newsrooms around the country as a reporter and editor. Her interests include personal finance, sci-fi novels and ridiculous Broadway musicals.
Citibank and Wells Fargo are two of the nation’s largest megabanks — with thousands of branch locations, a full host of financial products and sizable ATM networks. Our head-to-head comparison will help you sort out the differences and decide which is best for you.
Snapshot comparison
Citibank
Wells Fargo
Checking accounts
Citibank Regular Checking (part of the Basic Banking package)
N/A.
Wells Fargo Everyday Checking
Monthly fee: $10 (See below for ways to waive this fee).
Minimum deposit to open: $25.
Savings accounts
Citi Savings
APY: 0.03%
Monthly fee: $4.50 (See below for ways to waive this fee).
Wells Fargo Way2Save Savings
APY: 0.01%.
Monthly fee: $5 (See below for ways to waive this fee).
Certificates of deposit
Citi CD interest rates
1 year: 2.50%.
5 year: 2.00%.
Minimum deposit to open: Generally ranges from $500 to $2,500, depending on location.
Wells Fargo CD interest rates
1 year: 2.75%. Rates may vary by location.
No standard rates available online beyond one-year terms. Call or visit a branch for rates.
Minimum deposit to open: $2,500 or $5,000, depending on the type of CD.
Overdrafts, ATMs, customer service
Citibank details
Overdraft fee: $0.
Overdraft protection transfer fee: $0.
ATMs: 60,000+ fee free.
Branches: About 700 in the U.S. and 1,800 overseas.
Customer service: 24/7 by phone.
Wells Fargo details
Overdraft fee: $35, maximum of 3 per day.
Overdraft protection transfer fee: $12.50 per use.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
4.20%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
5.00%Annual Percentage Yield (APY) is accurate as of 10/01/2024. APY may change at any time before or after the account is opened. Available only online.
4.50%4.50% APY for $0 to <$250k; 4.80% APY for $250k+ balance
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.75%*Current promotional rate; annual percentage yield (variable) is 4.25% as of 11/8/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
0.10%Advertised Annual Percentage Yield (APY) is variable and accurate as of 07/01/2024. Rates are subject to change at any time before or after account opening.
Unlike these brick-and-mortars, online banks don’t have thousands of branches. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent.
+ Click here for analysis of Citibank and Wells Fargo's checking accounts
Citibank’s and Wells Fargo’s checking accounts are standard for large, national banks. Consider Wells Fargo if you're looking for a sign-up bonus, or Citibank if you want access to a much larger ATM network.
Have a recurring auto-transfer from a linked account.
You are younger than 18 (19 in Alabama) and are the primary account holder.
Minimum deposit to open
$0.
$25.
+ Click here for analysis of Citibank and Wells Fargo's savings accounts
Citibank’s and Wells Fargo’s savings accounts are also standard for large banks — and that means earning almost no interest, unless you qualify for Citi's Accelerate account. To earn more money on your balance, consider putting at least some of your savings into an online bank. Check out NerdWallet’s best savings account tool and explore other options.
+ Click here for analysis of Citibank and Wells Fargo's banking experiences
Big banks really shine when it comes to access, and you’ll find that with both Citibank and Wells Fargo. Choose Wells Fargo if domestic branches are important to you and Citibank if you’d like more options overseas. And keep in mind that Wells Fargo has been heavily fined in recent years for opening around 1.5 million bank accounts and over half a million credit card accounts without customer knowledge.
Citibank vs. Wells Fargo: Overdraft fees
Citibank
Wells Fargo
Overdraft fee
$0.
$35, maximum of 3 per day.
Overdraft protection transfer fee
$0.
$12.50 per use.
Extended overdraft fee
None.
None.
+ Click here for analysis of Citibank and Wells Fargo's overdraft fees
If you tend to overdraw your account, go with Citibank, which is now one of an increasing number of banks that don’t charge overdraft fees. Wells Fargo's overdraft fees are in line with the national median, which is steep.
Almost evenly matched
Citibank and Wells Fargo share most of the perks and drawbacks of large, national banks. If having access to a branch and ATM network is most important to you, one of them might be a fit. Wells Fargo has more branches and Citi more ATMs overall, though Citi also has branches overseas.
If the traditional banking model of full service with high fees and low yields doesn’t seem too appealing, see NerdWallet’s list of best checking accounts for other options.
The information related to Citi checking and savings accounts has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
