When we talk about the top banking institutions of America, it hardly happens that someone forgets to mention the names of Citibank and Wells Fargo. Both of these offer loans, mortgages, customer accounts, and credit/debit services.
However, when we compare them head to head, Citibank moves far ahead in terms of everything. It has more ATMs, better customer support, and even higher interest rates in its savings and CD accounts. Moreover, the minimum deposit amount is also low.
But Wells Fargo has better offline support with a massive network of over 4,900+ branches and even a $0 stop payment fee.
Wells Fargo vs Citibank
|Checking Monthly Fee||$10||$12|
|Checking Minimum Deposit||$25||$0|
|Savings Monthly Fee||$5||$4.50|
|CD Earning||1 Year 0.01%,||1 Year 0.10%, 5 Year 0.15%|
|CD Minimum Deposit||$2,500||$500|
|Phone Hours||24 Hours||24 Hours|
|Overdraft Fee||$35, limit 3 per day||$34, limit 4 per day|
Citibank is a far better bank in almost every way when compared to Wells Fargo. However, there are a few tidbits where it lags.
For example, Citibank has only 600 branches in the US as compared to Wells Fargo which has over 4,900 branches. Moreover, the stop payment fee is $30, which is free in the case of Wells Fargo customers.
As far as other aspects are concerned, the annual rates in savings and CD accounts are higher in Citibank. Moreover, they have a much lower minimum deposit amount and lower monthly account maintenance fees.
Citibank Pros and Cons
Citibank is for those customers who prefer convenience, superior customer support, better annual return rates, and a low minimum deposit amount.
Wells Fargo Pros and Cons
Customers who want better offline support and the convenience of more branches can choose Wells Fargo for opening their accounts, and with Wells Fargo, the stop payment fee is $0.
Checking Account Comparison
|Checking Account||Wells Fargo||Citibank|
|Minimum Opening Deposit||$25||$0|
Although the monthly account maintenance fee is more or less the same for both banks, Citibank account holders can waive this fee through minimum deposits or account balances.
Moreover, Citibank users of 62 and above have their maintenance fees waived off permanently. Also, Citibank customers enjoy a $0 minimum account opening deposit.
Savings Account Comparison
|Savings Account||Wells Fargo||Citibank|
|Monthly Maintenance Fee||$5||$4.50|
As we can see that the monthly maintenance fee of Citibank is slightly lower than Wells Fargo. Moreover, the APY rates are also quite attractive.
In both these banks you can waive off the monthly maintenance fee, however, the waiving criteria in the case of Citibank are a lot more viable. Also, Citibank customers enjoy a $0 minimum account opening deposit.
Citibank Certificate of Deposit Comparison
|Certificate of Deposit||Wells Fargo||Citibank|
|APY- 1 Year||0.01%||0.10%|
|APY- 3 Years||No Standard Rates||0.10%|
|APY- 5 Years||No Standard Rates||0.15%|
Opening a Certificates of Deposit account in Wells Fargo is pointless. You will get far attractive returns in Citibank. Moreover, the minimum deposit to open a CD is almost one-fifth when compared to Wells Fargo.
|Wire Transfer||Domestic $15|
Here we can see that if you compare ATM fees, overdraft fees, and wire transfer fees, both banks have the same charges. You can opt for any one of them.
However, the return deposit fee is lower in the case of Citibank while Wells Fargo charges a $0 stop payment fee.
Is Citibank Better Than Wells Fargo?
Although both Wells Fargo and Citibank offer similar perks and drawbacks, they are almost evenly matched. Overall, Citibank has an average lesser fee, lesser minimum deposit value, and higher APY returns.
Benjamin is a certified financial advisor, with over 10 years of experience in the industry. He is knowledgeable about various business and financial topics, such as retirement planning and investment management. Ben has been recognized for his work in the financial planning industry. He has also been featured in various publications.