Citi vs. Wells Fargo: Which Bank Is a Good Match for You?

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If you prefer a traditional banking experience, Citi and Wells Fargo are two national brick-and-mortar banks you might be considering.

We’ve compared each bank’s savings account, checking accounts, and CDs so you may see if a particular institution might be better suited for your needs. We’re also looking at how each bank’s recent history so you can gauge their trustworthiness.

See Insider’s best national banks>>

Citi Pros and Cons

Wells Fargo Pros and Cons

Citi vs. Wells Fargo Checking Account Comparisons

Below, we’ve compared each bank’s low-fee checking accounts.

Citi vs. Wells Fargo Savings Account Comparisons

Citi and Wells Fargo both have two types of savings accounts. We’ve compared the Citi® Accelerate Savings to the Wells Fargo Way2Save® Savings Account since these accounts are available in most states and have similar monthly service fees.

Citi vs. Wells Fargo CD Comparisons 

Citi also has speciality CDs like step-up CDs and no-penalty CDs. Meanwhile, Wells Fargo also has a Wells Fargo Special Fixed Rate CD that pays 4.25% to 4.51% (vary by location) APY.

Citi vs. Wells Fargo Trustworthiness and BBB Scores

We use ratings from the Better Business Bureau so you may see how a business addresses customer issues.

Wells Fargo received an F rating because it has responded to customer complaints and because there was government action taken against the bank. Citi has an F rating because it’s received a high volume of customer complaints and had government action taken against the business.

A bad BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to get a better understanding of whether a particular institution might be right for you.

Both Wells Fargo and Citi have been involved in recent public controversies.

Citi has been in the following public settlements:

• In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC said the bank had inefficient banking practices.

Wells Fargo has been involved in the following cases:

• In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.  
• In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that claimed the bank of having an inefficient compliance risk management program.
• In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.

Citi vs. Wells Fargo: Frequently Asked Questions

Sophia Acevedo, CEPF

Banking Reporter

Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. 
You can reach out to her on Twitter at @sophieacvdo or email [email protected].
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Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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