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Bank7 VS Citibank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Personal and business accounts offered
  • Online personal deposit accounts
  • Competitive rates for online accounts
  • Some accounts have low opening amount

Cons:

  • Accounts have monthly fees
  • CDs and checking have high opening amount
  • Interest rates not listed on the website
  • Online accounts only for new customers
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Good rates with Citi Accelerate Savings
  • Variety of accounts available
  • Low opening required amounts
  • ATM fee reimbursement for some accounts

Cons:

  • Regular account rates not competitive
  • Competitive rates have requirements
  • Accounts have monthly fees
  • Competitive CD rates require a high amount
Bank7 Review

Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.

Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.

The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.

Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.

All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.

Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.

Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.

The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.

Read the full Bank7 review.

Citibank Review

The Citi Accelerate Savings accounts offer competitive interest rates. These accounts are opened as packages. There are five packages to choose. The Citi Accelerate Savings account offers competitive interest rates. Those rates are competitive with other online accounts. This account is only offered to people who apply online. You can apply through Citibank online, CitiMobile, or Citiphone Banking.

Citi offers a good variety of bank accounts. They offer checking and savings accounts. They offer a wide variety of CD terms, with 16 different term options. Citi offers a variety of account packages that fit your banking needs. The packages vary depending on your account balance amounts.

There is not a required amount to open Citi Accelerate Savings accounts. The checking accounts do not have an opening required amount. But, to waive the monthly fees, you must have a set account balance. The minimum opening balance for CDs varies between markets. To earn the most competitive rates for some CDs requires a balance of over $25,000.

The Citigold account package offers ATM reimbursement. To qualify to be a Citigold member, you must have combined Citi account balances over $200,000. Once you qualify, Citi will reimburse you for any ATM fees charged by other banks or ATM providers. This is only for consumer accounts.

Most other account interest rates with Citi are not competitive. The Citi Accelerate Savings account offers rates competitive with other online accounts. There are also a few CD terms that offer competitive rates. Most other Citi account rates compare to typical bank rates.

To earn the most competitive rates with the Citi Accelerate Savings account, you must meet set requirements. These requirements help to waive the monthly fees. All the Citi Accelerate Savings accounts must be opened in a package. That means opening other Citi accounts that link to the Accelerate Savings account.

Each account has a monthly fee. The savings and checking account fees range from $10 to $30. There are ways to waive the monthly fees for each account. Having a set amount of direct deposit into the account can waive the fees. Having a set account balance can also waive the monthly fee. The balances required to waive the fees are high. It can range from $1,500 to $200,000 depending on the account.

Most Citi CD terms do not offer competitive interest rates. Only the six, 12, and 18-month CDs offer rates competitive with other online CDs. To earn the most competitive rates for the 12 and 18-month CDs requires a balance of $25,000. All the other CD rates are not competitive with other online CD accounts.

Read the full Citibank review.

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