Discover Bank vs Citibank
Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Citibank? Read our comparison chart below.
Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.
While Citibank has 700 branches across the U.S. Accounts must be opened as a checking & savings package. Service fees and ways to waive are on the high side. Best for high-balance customers who can open one of the elite accounts to earn reward points, get preferred rates, and other perks.
Compare Discover Bank with Citibank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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Discover Bank | Citibank | |
|---|---|---|
Online Savings Account - Earn 1.01% APY - | Citigold Package - $1,500 Bonus - | |
Benefits and Features | ||
| Savings | 0.04% - 0.15% APY. No minimum deposit. $4.50 monthly fee unless you maintain an average monthly balance of $500. | |
| CD | 0.25% to 1.15% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.90%. Minimum deposit of $2,500 to open. | 0.10% - 0.40% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets. |
| Checking | Earn 1% cashback on up to $3,000 in debit card purchases each month | |
| Money Market | 0.85% APY under $100,000; 0.90% APY $100,000 or more. $2,500 minimum deposit. | A.k.a 'Savings Plus' Account. 0.01% - 0.10% APY. Minimum opening deposit $100. |
| Customer Service | 24/7 Live Customer Service (Telephone) | |
| ATMs | 2400 ATMs across the country. Citibank also works at all MoneyPass ATMs, which means access to over 60,000 no-fee ATMs. | |
| IRA CD | 12-month CD APY of 0.90%. 24-month CD APY of 1.01%. 5-year CD APY of 1.15%. | Can convert an IRA to a regular CD account. 0.10% - 0.40% APY. Terms ranging from 3 months to 5 years. Minimum opening deposit is $1,000 in CA, and NV, $2,500 in MD, DC, VA, and FL, $500 in all other markets. |
| IRA Money Market | Can convert an IRA account to a regular Money Market account. 0.01% - 0.10% APY. Minimum opening deposit $100. | |
| Locations | 700 Citibank branches across 13 states (mostly in California and New York) | |
CreditDonkey® Reviews | ||
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| CD | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Solid online bank with high APY rates and good customer service... | Large national bank best for high balance customers... |
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| What Others View | ||
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Discover Bank: Pricing information from published website as of 5/29/2020 Citibank: Pricing information from published website as of 07/03/2020. | ||
Which is Better: Discover Bank or Citibank?
Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.
In short: Discover Bank's savings, checking, and customer service are worth mentioning. In particular, the customer service is outstanding.
Articles on Discover Bank
Discover Bank
Discover Savings Review
Discover Checking Review
Discover CD Rates
Articles on Citibank
Citibank Review
Citibank Routing Number
Which Do You Think is Best?
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