Bank of the West VS Citibank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Pros:

  • Business accounts are available
  • Direct deposit is not required
  • A variety of different lengths of CDs
  • Transfer money to others with PopMoney

Cons:

  • Low-interest rates on accounts
  • High initial required amounts for CDs
  • High required amounts for accounts
  • Products change based on states
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Pros:

  • Citi Private Pass
  • Fee-free ATMs
  • Earn Thank You Points
  • Business Banking

Cons:

  • Most accounts have fees
  • High daily balances
  • High opening balances for savings accounts
  • Low interest rates
Bank of the West Review

Bank of the West offers checking, savings, CDs, and money market accounts for your business. Credit cards, loans, and lines of credit are also available. Bank of the West offers payroll services and payment processing options. Foreign exchange services for business accounts are also available. Interest rates for their different business accounts are not listed on the website.

Bank of the West does not require you to have direct deposit into their checking account. There is a monthly maintenance fee, but you can waive that fee by depositing money into your account each month. You can deposit any amount by an ATM, in-branch, direct, or mobile deposit to waive the fee.

Bank of the West offers Flexible-Term CDs, Premium Money Market CD, and a Relationship CD. Within these different CD types are a variety of term lengths, except the Relationship CD. That only has a 12-month term option. To apply for a CD and get the specific term lengths and rates you have to visit a branch. You cannot apply online.

With Popmoney you can send or receive money with only an email, text, or account number. You decide where the money is deposited. You will receive an alert when the transaction is complete. There is a fee to send money overnight, and not all customers qualify to use Popmoney.

Personal banking accounts of Bank of the West do not have competitive interest rates. The rates are much less than online-only banks but similar to typical bank interest rates.

To open a CD, you must have an opening balance of $1,000 for the Flexible-Term CDs and Premier Money Market CDs. To open a Relationship CD, you must have $2,500 and a checking account with Bank of the West.

To waive the Premier Checking account fee, you must have $25,000 in qualifying accounts. The Choice Money Market account requires $5,000. CD accounts require $1,000 to $2,500 to open. The Classic Savings account requires $300. There are other options for ways to have monthly fees waived. Know the options if you cannot keep the required amounts of money in the accounts.

Bank of the West accounts are not available in all states. To apply for an account, you must have an address in one of the states listed. Interest rates and products differ between states. The name of the bank may be slightly different as well depending on the area.

Read the full Bank of the West review.

Citibank Review

Citi Private Pass is an entertainment program for credit and debit card holders. You can buy tickets to concerts, sporting events, restaurants, and movie screenings before others. The best deals are found on Twitter or with a weekly email. There is no fee from Citi to make purchases through Citi Private Pass.

Citi has thousands of ATMs across the United States and in 20 other countries. You can get cash without paying a fee at these ATMs. Free ATMs have the Citibank brand. MoneyPass ATMs are free too. Talking ATMs are at every Citibank branch with ATMs. If you aren’t a CitiGold or Priority member and use a non Citi ATM you will be charged the fee. You can find ATMs and branches on Citi’s website.

Three checking accounts and many credit cards offer thank you points. You earn points from qualifying purchases, direct deposits and bill pay. These points can be used to make a variety of different purchases. The only checking accounts that earn points are Citibank account, Citi Priority Package and CitiGold. These accounts require high account balances.

Citi offers small or commercial business banking. Checking accounts differ depending on the number of transactions made. Citi offers different cash flow options for deposits and customer payments. Business payroll services and credit cards are available.

Every account offered has fees except CitiGold. To be a member of CitiGold requires $200,000 in accounts. The fees range from $10 to $30. Waive fees by maintaining a monthly average balance. Those balances are high. They range from $500 to $50,000. Checking accounts must have a balance of $1,500 always to waive the fee. Basic savings accounts can have the fee waived if you are older than 62 or have a direct deposit into the account.

The opening balances for savings accounts are $100. There isn’t a required amount to open a checking account. But, you will be charged the account fee if you don’t have $1,500 to $50,000 in the account. The amount is different for each account.

Interest rates for checking and savings accounts aren’t found on the website. Not all checking accounts earn interest. Citibank interest rates aren’t competitive to other online banks. You don’t know what you earn until you sign up.

Read the full Citibank review.

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