Join us as we delve into a comprehensive comparison of the financial offerings from Citibank and M&T Bank. We'll explore savings accounts, checking accounts, CDs, credit cards, and lending products to help you make informed decisions about your banking needs.
Checking Accounts
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Account Types And Fees
M&T Bank offers four main types of checking accounts, such as the EZChoice checking for basic needs, MyChoice Plus for more features and benefits and MyChoice Premium for premium perks such as waived fees for multiple banking activities:
M&T Bank Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
M&T Bank EZChoice Checking | $0 | N/A |
M&T Bank MyChoice Plus | $14.95 | $2,500 |
MyWay Banking from M&T | $4.95 | Single monthly deposit/withdrawal/debit payment |
M&T Bank MyChoice Premium | $24.95 | $7,500 |
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Features
Citi's basic checking features include no overdraft or returned item fees, online banking, access to 65,000+ fee-free ATMs, check writing, mobile check deposits, and $0 liability for unauthorized charges.
Premium checking offers additional perks such as financial check-ups from Citi Personal Wealth Management, higher savings rates, unlimited reimbursement of non-Citi ATM fees, a dedicated team, waived online transfer fees, higher limits for deposits and withdrawals, cash back subscription rebates, and advanced wealth planning services.
Citi Account | Main Features |
|---|---|
Citi Access Checking | No Overdraft or returned item fees, online banking, 65,000+ fee-free ATMs |
Citi Regular Checking | Check writing, mobile check deposits, $0 liability for unauthorized charges |
Citi Priority Account Package | Financial check-ups from Citi wealth management, higher savings rates |
Citigold Account Package | Unlimited reimbursement of non-Citi ATM fees, waived online transfer fees
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Citigold Private Client | Higher limits for deposits & withdrawals, cash back subscription rebates, advanced wealth planning |
M&T Bank's Basic Checking Account gives you handy features like online and mobile banking, M&T Alerts, access to 2,000 ATMs and 900 branches, and a debit card.
Customers can upgrade to the Premium Checking Account for even more convenience. You get all the Basic account benefits, plus extra perks like no fees at non-M&T ATMs, the ability to earn interest, easy check handling with Mobile Deposit, an M&T Debit Card, no fees for using non-M&T ATMs, free standard check orders, and special deposit rates.
M&T Bank | Main Features |
|---|---|
M&T Bank EZChoice Checking | Online & mobile banking, alerts, 2,000 ATMs, 900 branches, debit card |
M&T Bank MyChoice Plus | No Fee at non-M&T ATMs, Interest-bearing, mobile deposit, debit card |
MyWay Banking from M&T | No overdraft fees, online and mobile bill pay, checkless account |
M&T Bank MyChoice Premium | No fee at non-M&T ATMs, free check orders, special deposit rates |
Savings Accounts
Citi is our winner when it comes to savings account as it offers higher rates than M&T Bank.
The Citi Accelerate Savings is a savings account that gives a high APY of (4.30%), one of the best from regular banks. PNC has a similar rate with its High Yield Savings account, but it's only for certain customers and has a competitive online rate with no needed minimum deposit.
Also, neither Citi nor M&T Bank offers a money market account.
M&T Bank Savings | Citi Accelerate Savings | |
|---|---|---|
Savings Rate | 0.01% | 4.30% |
Minimum Deposit | $0 | $0 |
Fees | $7.5
Can be waived if you maintain a minimum daily balance of $500 or more or have a personal checking account with M&T Bank or by making at least one deposit in your Relationship Savings account
| $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
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Certificate Of Deposits (CDs)
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M&T Bank CD Rates
M&T CDs | |
|---|---|
Select CD 12 Month | 4.00% |
Select CD 24 Month | 3.75% |
Regular CD 8 Month | 4.75% |
Minimum Deposit | $1,000 |
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Citibank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 0.05% | 90 days interest |
6 Months | 4.65% | 90 days interest |
7 Months (Featured) | 0.05% to 4.75% | 90 days interest |
9 Months | 3.75% | 90 days interest |
12 Months | 2.00% – 3.00% | 90 days interest |
12 Months – No Penalty | 0.05% | / |
18 Months | 3.75%
| 180 days interest |
24 Months | 2.00% | 180 days interest |
30 Months | 0.10% | 180 days interest |
36 Months | 2.00% | 180 days interest |
48 Months | 2.00% | 180 days interest |
60 Months | 2.00% | 180 days interest |
Credit Cards
Citibank is our winner when it comes to credit cards, and actually, there is no real competition here. It offers much more options (including redemption options) compared to M&T Bank cards.
Citi offers cards like Citi Double Cash and Citi Custom Cash for cashback, Citi Simplicity for a long 0% intro APR, and Citi Secured to help build credit. If you love to travel, there's the Citi Premier® Card that gives points for travel, dining, and entertainment.
Citibank also has co-branded cards with partners like American Airlines, Best Buy, Costco, and more. On the other hand, TD Bank's card options are more limited, and they have fewer choices for redeeming rewards.
Card | Rewards | Bonus | Annual Fee |
| Citi® Double Cash Card | 1% – 2%
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
| N/A
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
| $0 |
|---|---|---|---|---|
| Citi Premier® Card | 1X – 10X
10X per dollar on hotel, car rentals and attractions booked through CitiTravel.com, 3X points on restaurant, supermarket, gas station, and air travel and other hotels purchases, and 1X points per dollar on all other purchases
| 75,000 points
75,000 bonus points after spending $4,000 in the first 3 months of account opening, redeemable for $750 in gift cards or travel rewards on thankyou.com
| $95 |
| Citi Simplicity® Card | None | None | $0 |
| Citi® Secured Mastercard® | None | None | $0 |
 | Citi Custom Cash℠ Card | 1-5%
5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
| $200
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back)
| $0 |
Card | Rewards | Bonus | Annual Fee |
| M&T Visa Signature Credit Card
| 1.5%
1.5% cash back on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
|---|---|---|---|---|
| M&T Visa Credit Card with Rewards | 1x
1 point per $1 spent on every purchase | 10,000 points
10,000 bonus points after $500 in purchases made in the first 90 days from account opening | $0 |
| M&T Visa Credit Card | N/A | 0% Intro APR: 12 billing cycles on balance transfers and purchases | $0 |
| M&T Secured Credit Card | N/A | N/A | $0 |
Mortgage And Loans
M&T Bank is our top choice for loans because it provides more borrowing options than Citibank.
M&T Bank stands out in the market, especially in mortgages and home equity loans. They offer various types of mortgages, like fixed-rate and adjustable-rate mortgages, catering to individual preferences. M&T Bank also provides auto loans, personal loans, and even student loans, which are not offered by Citibank.
Citi has fewer loan options, including mortgages, mortgage refinancing, and home equity loans. They also offer personal loans and auto loans, including refinancing.
Which Bank Is Our Winner?
Citibank is our winner, mainly due to more credit card options and decent checking features, including premium accounts, while M&T Bank is best for borrowers.
However, it is crucial to assess various factors, primarily focusing on those significant for your specific considerations, such as banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
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Compare Citibank Versus Other Banks
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?
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?
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?
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
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?
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?
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
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?
While U.S. Bank offers some better conditions when it comes to lending options, Citibank is our winner in this comparison. Here's why.
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
PNC Bank and Citibank are two big players in brick-and-mortar banking. Let's compare them side by side and see which is our winner: PNC Bank vs. Citibank
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Citi is our winner for most consumers, but Ally is also a great option if you are willing to manage your account online. Here's why.
Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
