NewDominion Bank VS Citibank

Which bank is better for you?

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

  • Low opening required amounts
  • Variety of personal deposit accounts
  • Business accounts available
  • Bump Rate CDs

Cons:

  • Cannot open accounts online
  • Most accounts have a monthly fee
  • Accounts have tiered interest rates
  • Full account information not online
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 2.5 Star Icon
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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
NewDominion Bank Review

NewDominion has low opening required amounts for most of their accounts. Checking, savings, and one money market account do not have a required amount to open the account. All the CD terms require $1,000 to open. The Evolve money market account requires $1,000 to open.

There are a variety of personal deposit accounts offered through NewDominion Bank. They offer two checking accounts, one savings, two money market accounts, and a variety of CD terms. NewDominion offers a savings account specifically for youth and investment options. Mortgage, home equity, auto, and personal loans are also offered.

Along with personal accounts, NewDominion offers business accounts. They offer checking accounts, money market accounts, and CDs for businesses. They offer business and equipment loans, lines of credit, and commercial real estate loans. Business accounts include online banking, mobile check deposit, and ACH services.

NewDominion offers Bump Rate CDs. Most CDs lock in rates from the day you open the account to maturity. However, the Bump Rate CDs allow for a one time increase to a higher interest rate during the term of the CD. The Bump Rate CDs are available in a 23-month and 35-month CDs. They each require $1,000 to open.

NewDominion Bank accounts cannot be opened online. To open an account, you must first schedule an appointment. A bank representative will call, or you can visit a branch location to finish opening the account. NewDominion currently does not offer any online accounts.

Most NewDominion accounts have a monthly fee. The fees range from $15 to $25 depending on the account. Waive the monthly fees by keeping a set balance in the account. Those balance range from $2,500 to $10,000. The average amount kept in the account is an average daily balance.

To earn the most competitive rate, the NewDominion MMA requires a large sum. Any amount in the account earns interest, but to receive the highest rate requires $100,000 in the account. The savings account also has tiered rates. To earn the most competitive rate requires $10,000 in the savings account.

NewDominion website does not have a complete list of fees and account information. For complete details, you must visit a branch location or contact customer service. Open an account in the branch.

Read the full NewDominion Bank 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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