Table Of Content
Citibank is a global financial services company with over 100 million customers in 98 countries. If you're looking for a dependable financial service where you can open a checking and savings account with no minimum deposit, Citibank is a great option.
Because there are over 60,000 ATMs available for you to use to access your money, this is a great way to organize your finances and access your funds. You can also easily obtain a credit card, which is an excellent tool for organically increasing your credit rating.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings CD options, and recently launched a rewards checking account with interesting features.
There is no required minimum balance to open an account. With any amount deposited into the high-yield savings account, you begin earning interest. The more money you deposit, the more interest you earn, but there is no minimum deposit amount.
Banking Options
Citi | American Express | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
As of [month-year] American Express savings account offers higher rates than Citi with no monthly maintenance fees and is considered as one of the best savings account available. Although you can waive the Citi fees by linking your savings account to an eligible checking account, the lower rate is a massive factor here.
The only real advantage Citi has is that its savings account is a conventional account, whereas American Express is a high yield account, and therefore only allows a maximum of 9 withdrawals in any month.
Citi | American Express | |
|---|---|---|
APY | 3.85% | 3.75% |
Fees | $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
| $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | Yes | No |
Main Benefits |
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|
Checking Account
The Citi checking account is a fairly standard offering, with a $12 fee that can be waived by making a qualified bill payment or receiving a qualifying deposit, and overdraft protection that will automatically transfer funds from your savings to avoid overdraft fees. These are fairly standard features that you would expect from any of the major banks.
The Amex Rewards Checking account is not open to everyone right now. You must have held an American Express personal credit card for at least three months to qualify.
When you open a Rewards Checking account, you'll not only earn interest on your balance, but you'll also earn one Amex Membership Reward point for every $2 you spend with your debit card. There is no limit to the amount of rewards you can earn with your debit card, and your purchases are protected for 90 days against theft or damage.
Citi | Amex | |
|---|---|---|
APY | 0.01% | 1.00% |
Fees | $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
| $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
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Compare CDs
This is another area where American Express comes out on top. Citi has only a slight difference in rates for taking on a longer term CD, whereas American Express has a tiered structure that encourages longer investments. . However, even the basic one year CD rate is double that of Citi.
The only advantage Citi has is that it does offer a no penalty CD, where you can withdraw your funds early with no penalty.
American Express | Citi | |
|---|---|---|
Minimum Deposit | $0 | $500 – $2,500 |
APY Range | 1.15% – 4.50% | 0.05% – 4.30% |
APY 6 months | / | 1.10% |
APY 12 months | 4.50% | 4.15% |
APY 24 months | 4.25% | 2.50% |
APY 36 months | 1.15% | 2.50% |
No Penalty CD | / | 12 months, 4.05% APY |
Credit Cards
American Express built its reputation on being a credit card provider, but over the years has expanded its product line. So, as you would expect, there is an impressive array of American Express credit card options.
The bank has a number of reward cards, but the three most popular are the Platinum card that pays 5x membership reward points, the Gold Card with 4x points and the Green card with 3x points. Each of these cards carry an annual membership fee which is $695, $250 and $150 respectively. The other reward card options are the Blue Card, Amex EveryDay Preferred and Amex EveryDay.
There is also a choice of cash back cards. The Blue Cash Preferred is free of an annual membership fee for the first year, while the Blue Cash EveryDay and Cash Magnet cards have no annual fee. Depending on the specific card, you can earn up to 6% cash back.
American Express also offers SkyMiles and Hotel cards, and a prepaid card, the Serve card, with no hidden fees or credit check. You can even have the $6.95 monthly fee waived if you receive a $500+ direct deposit in that statement period.
Citi also has a vast selection of credit cards, in categories including Rewards, Travel, Cash back, Balance Transfer and 0% intro rate. Many of the cards have no annual fee, and you can earn up to 5% cash back. One of the Citi most popular cards is the Simplicity card, which offers 0% Intro APR for 18 months on purchases and balance transfers with no annual fee.
Citi has even partnered with some popular brands including AT&T, American Airlines, Expedia and Costco, so you can get the best rewards with your preferred brands. For those who want to improve their credit score, Citi offers a secured card.
Many of the cards offer welcome bonuses for new cardholders, but these often have spending minimums and time limits to qualify.
Personal Loans
American Express personal loans are only available to pre-approved AmEx cardholders. These loans have no origination or prepayment fees, and the majority of them are funded within two days of signing the loan agreement. American Express does not make many borrower requirements public. To be eligible for a personal loan, you must be a preapproved cardholder. In the case of the most creditworthy borrowers,
Although American Express personal loans lack some consumer-friendly functionalities, such as a discount for setting up automated payments, it will directly pay off your creditors, making these loans appropriate for debt consolidation if you qualify for a low rate. Furthermore, American Express does not perform a hard credit inquiry during the preapproval or application process.
Citi provides personal loans . The loans can be used to make home improvements, pay off high-interest debt, fund a large purchase, or even invest.
Citibank, on the other hand, has no set minimum credit score requirements. If you already have a good relationship with Citibank, you are more likely to get approved. Documentation such as ID, paystubs, or even tax returns may be required to verify your information. You should bring those items with you if you go to the branch.
Citi | American Express | |
|---|---|---|
APR | 9.99% – 23.99% APR
| 6.98% – 19.99% |
Loan Amount | $2,000 – $30,000 | $3,500 – $40,000 |
Terms | 12-60 months
| 12-36 months |
Customer Service
American Express offers 24/7 customer support online or on the phone, so if you have a query or need help, you can easily access the customer service team.
Citi’s customer service is a little more complicated. There are several phone lines to access the support team according to your product. So, if you have a credit card query, it is a different number than if you had a question about your savings account.
However, Citi also has a comprehensive help page. You can type in an inquiry and receive an answer, or message the customer service team via the website. You can even scan a QR code within the phone app to message the team.
Online/Digital Experience
Both American Express and Capital One have apps to enhance the customer’s digital experience. The Amex app is available for iOS and Android with a rating of 4.9/5 and 4.5/5 respectively on the Apple Store and Google Play. The Citi mobile app is rated 4.9/5 on Apple and 4.7/5 on Google.
Both apps allow you more control over your account, with 24/7 access to manage your transactions, make transfers, lock your card and receive notifications.
The bank’s websites are also very helpful and enhance the customer’s digital experience. You can browse the available products and compare options if you’re not sure which is the best choice for you.
Which Bank is The Winner?
With both banks offering similar products, we need to look a little more closely at which bank is better.
If you’re looking for a more full service bank with variet of personal banking options and personal service then Citi is a better choice.
However, American Express does have a higher APY on both savings and checking account , better CD rates and plenty of card options. If you already have an Amex card, it may be a better option for you.
|  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 3.75% | 3.85%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $0 | $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
| Compare Banking |
Mobile App Rating | 4.9/5 on iOS 4.1/5 on Android | 4.9/5 on iOS 4.7/5 on Android | Various Banks
|
on Amex website |
on Citi website |
on our website |
FAQs
Does Citi offers a promotion or bonus for new customers?
Yes, CitiBank offers bank promotions for new accounts as well as on a variety of credit cards. As of April 2023 , you can get $200 – $2,000, based on your minimum deposit.
Does American Express offers a promotion or bonus for new customers?
While American Express banking promotions are quite limited, you can find welcome bonuses on many Amex cards.
Is Citibank reliable?
Citibank is concerned about security. When you use the online banking services, the information is encrypted with 128 bit encryption to keep it safe.
Furthermore, Citibank is FDIC insured, so your funds are safe up to the legal limits. Finally, you can enroll in Citibank Safety Check. This automatically uses funds from your savings account to help cover overdrafts on your checking account. Citibank is clearly not in the business of charging exorbitant overdraft fees.
Which bank wins: Citibank or Bank of America?
Citibank and Bank of America are both national banks known for their convenience rather than higher savings rates. Both banks offer a wide range of banking products as well as cutting-edge technology.
You can also gain access to a large ATM network, but Citibank's network is larger. Furthermore, Citibank provides live customer service, particularly during odd hours. So, unless you prioritize access to more physical branches, Citibank is likely to be a better choice.
Is American Express National Bank recommended?
American Express has been in business since 1850 and is a household name in the credit card industry. As a national bank, this online-only platform has some outstanding features.
With no minimum deposit requirements or monthly fees, you can earn competitive rates on your savings. So, unless you're looking specifically for a checking account, American Express National Bank is a good option.
Is there a physical American Express bank?
American Express Bank is an online-only bank that provides a few personal banking options, such as a high-yield savings account and certificates of deposit (CDs). There are also no physical locations to visit, so all transactions must be completed online.
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Compare More
Citi Bank vs Discover Bank
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Citi Bank vs CIT Bank
CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.
Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.
Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?
Citi Bank vs Chase
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Citi Bank vs Bank of America
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Citi Bank vs Wells Fargo
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
Citi Bank vs Capital One
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
Citi Bank vs Barclays
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
American Express vs Discover
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
American Express vs Capital One
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
American Express vs Chase
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
American Express vs CIT Bank
CIT Bank is similar to a traditional high street bank in that it offers a variety of savings accounts, an eChecking account, CDs, mortgages, and home loans. The only obvious gaps in the product line are the absence of a credit card or personal loan option.
American Express began as a credit card company, but in recent years, it has expanded into a broader range of banking products. You can access savings accounts and personal loans in addition to its numerous credit card options. However, if you're looking for a full-service bank, American Express doesn't offer a checking account or mortgage options.
Read Full Comparison: CIT Bank vs American Express: Which Bank Account Is Better For You?
American Express vs CIT Bank
CIT Bank is similar to a traditional high street bank in that it offers a variety of savings accounts, an eChecking account, CDs, mortgages, and home loans. The only obvious gaps in the product line are the absence of a credit card or personal loan option.
American Express began as a credit card company, but in recent years, it has expanded into a broader range of banking products. You can access savings accounts and personal loans in addition to its numerous credit card options. However, if you're looking for a full-service bank, American Express doesn't offer a checking account or mortgage options.
Read Full Comparison: CIT Bank vs American Express: Which Bank Account Is Better For You?
