Citi vs US Bank Loans

(June 2024)

Citi vs US Bank Loans

In This Article

Our Verdict

US Bank emerges as the victor, claiming the throne of supremacy—in this eternal battle of financial giants, Citibank vs US Bank. You can see that both institutions wield formidable loan offerings after a meticulous examination of their loan products.

Know that US Bank’s triumph lies in its unmatched versatility across different kinds of loan types. From personal loans that cater to your dreams to comprehensive home loans that build the foundation of your future abodes, Do you know US Bank operates in 28 States in America? The states are Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, Wyoming, Kentucky, and Texas.

U.S Bank’s diverse array of financial solutions knows no bounds. Its auto loans race ahead, receiving its inspiration from competitive interest rates and flexible terms, providing you with a smooth ride toward your automotive aspirations. With this bank, you can expect a low-interest rate of 6.49% to 16.99%.

Moreover, U.S Bank’s customer-centric ethos shines brightly, outshining its rival in delivering unparalleled customer service. Unlike Citi which restricts its personal loans to customers that have had deposit accounts for at least 12 months, U.S Bank personal loans are available for you—whether you are a new or existing customer. With a seamless and intuitive application process, the U.S. ensures it marks your application journeys with ease and efficiency. Furthermore, U.S Bank’s proactive approach in assisting you throughout your loan tenure sets a new standard of excellence in the banking realm.

While Citibank offers you commendable loan options, its scope may not encompass the same breadth as Citibank. For instance, you can only access its services in 10 states: California, New York, Illinois, Florida, the District Of Columbia, Arizona, Alabama, Colorado, Georgia, and Nevada. In addition, you may not be able to apply for a Citi personal loan if your relationship with the bank is less than one year. Your interest rate is slightly higher than the US Bank with a rate of 11.99% to 18 99%. Though Citi exhibits a commendable commitment to customer satisfaction, its offerings lack the sheer magnitude and diversity that US Bank so effortlessly achieves.

For clarity’s sake, you can observe US Bank’s superiority in the following area:

  • Offers personal loans to its new and existing customers 
  • Offers competitive interest rates 
  • Gives a higher loan range than Citi
  • Charges no hidden fees 

In conclusion, US Bank’s supremacy in the realm of personal loans becomes irrefutable, with its unmatched versatility, customer-focused approach, and extensive array of loan products. The crown of victory gracefully rests upon U.S Bank’s head, solidifying its status as the unrivaled champion in the grand duel of Citi vs. US Bank Loans.

Why Choose Citi Loan

Why Choose Citi Loan

Who Citi Loan Is Best For

Know that Citi is best for you if you are an individual who:

  • Wants to do all their banking with one institution that offers a variety of products and services, such as checking, savings, CDs, credit cards, loans, investments, and more.
  • Needs access to a large ATM network and some physical branches, especially in California, New York, Illinois, Florida, the District Of Columbia, Arizona, Alabama, Colorado, Georgia, and Nevada. Citi has around 650 branches in the US and 65,000 fee-free ATMs.
  • Can qualify for a high-yield savings account that earns a competitive interest rate. The Citi Accelerate Savings account offers one of the highest APYs among national banks.
  • Has maintained a more than one-year deposit account with Citi.

Who Citi Loan Is Not Right For

Forget about Citi if you are an individual who:

  • Lives in areas where Citi doesn’t have branches or ATMs, or where some of its products are unavailable.
  • Does not want to pay monthly service fees or can’t meet the requirements to waive them.
  • Prefers a more personalized and friendly customer service experience.
  • Values trustworthiness and transparency from their bank.

Why Choose US Bank Loan

Why Choose US Bank Loan

Who US Bank Is Best For

Choose a US Bank loan if you are an individual who:

  • Is already a customer of US Bank or who wants to become one.
  • Needs flexibility in choosing their loan amount and repayment term.
  • Has good or excellent credit scores and can qualify for competitive interest rates.
  • Is looking for a reputable and reliable lender with a long history and a large network.

Who US Bank Is Not Right For

Focus on alternative options if you are an individual who:

  • Lives in areas where the bank doesn’t have branches or ATMs, or where some of its products are unavailable. 
  • Wants to avoid fees or prepayment penalties. 
  • Has poor or fair credit scores and may not qualify for the best rates or terms.
  • Prefers online or mobile banking and doesn’t want to visit a branch or call a customer service representative.
  • Values social responsibility and ethical practices from your lender. Be aware that US Bank has faced some controversies and lawsuits in the past.

Citi vs US Bank Loans: Main Differences

Idea For

Choose Citibank if you live in any of its covered states. Do you know you can also enjoy flexible repayment terms of 12, 24, 36, 48, or 60 months if you choose Citibank as your preferred lender? In addition to these packages, Citi offers you 650 branches and 65,000 fee-free ATMs. On the other hand, settle for US Bank, if you want a lender that offers competitive interest rates and a high loan range. If you have a good or excellent credit score, US Bank can be your ideal lender.

Pricing

Consider US Bank loans for its low rate which begins from 8.74% on personal loans. While Citi charges 11.99% to 18.99% on its personal loans. None of the banks charges origination fees or prepayment fees, but prepare for a $50 application fee when it comes to US Bank. You can get two between $1000 to $50,000 if you choose a US Bank personal loan, and up to $25,000 if you are a new customer. Citibank Bank on the contrary can only give you between $2000 to $30,000 if you are its existing customer. Bear in mind that you may not qualify for any of Citi’s personal loans if you don’t have at least 12 months of banking relationship with the bank.

Accounting Integration

Both banks compete well in this section and it’s hard to say who the winner is.

Citi and US Bank Loans integrate with third-party accounting software such as QuickBooks, Xero, FreshBooks, and Wave, which can help you track your income and expenses, create invoices and reports, manage taxes and payroll, etc. With both lenders, you also have access to open banking APIs that allow third-party apps to access customer data and offer services such as account opening, loan application, payment initiation, expense management, etc

In addition, Citi and US Bank Loans both have mobile banking apps that give you access to various features which you can use to manage your loans and other accounts, such as disposable virtual cards, credit card transaction disputes, recurring bills, subscriptions, and memberships.

Standout Features

Bear in mind that Citibank stands out in terms of repayment flexibility, and focused services that have a heavy presence in 10 states. While US Bank makes itself unique when it comes to geographical operations that cover 28 states and friendly interest rates. In addition to this, US Bank offers a higher loan amount range than Citi.

Citi vs US Bank Loans: Standout Features

Citi loan

  • Don’t expect any origination, application, or prepayment fees, which can save you money and give you more flexibility to pay off your loan early.
  • Gives you flexible repayment terms of 12, 24, 36, 48, or 60 months. This allows you to choose a monthly payment that fits your budget and goals.
  • Offers an onboarding API that lets third-party apps integrate account opening functions with the loan products, such as sending screening applications, submitting a new application for products, providing supporting documents, and checking the application status.
  • Offers disposable virtual cards that let you create a temporary card number for online purchases. Use this opportunity to protect yourself from fraud and identity theft.
  •  Offers you a cash bonus of up to $2,000 if you are a new customer who opens a checking account and takes out a loan of at least $10,000 with a term of 36 months or less.

US Bank Loan

  • Get lower interest rates than Citi personal loans, ranging from 8.74% to 21.24%, depending on your loan amount, term, and credit score.
  • Receive higher loan amounts than Citi personal loans, ranging from $1,000 to $50,000 if you are an existing customer and up to $25,000 if you are not a new customer.
  • Offers an open banking API that allows third-party apps to access your data and offer you services such as account opening, loan application, payment initiation, and expense management.
  • Gives you a chance for credit card transaction disputes. Dispute credit card transactions directly from the mobile app to save you time and hassle.
  • Get recurring bills, subscriptions, and memberships that let you view and manage your recurring payments in the mobile app, which can help you avoid unwanted charges and cancel unwanted services.

Citi vs US Bank Loans: Savings Accounts

Citi floors US Bank in terms of savings accounts because you can get a high-yield savings account that earns 0.50% APY, which is much higher than US Bank’s savings and money market accounts which earn 0.01% and 0.05% APY, respectively. Don’t worry about the minimum opening deposit or balance requirement and monthly service fee if you are considering Citi’s high-yield savings account, while US Bank’s savings and money market accounts may scare you away with minimum opening deposits of $25 and monthly service fees of $4 and $10, respectively.

With a Citi savings account,  access more variety and flexibility in its CDs, such as no-penalty CDs and Step Up CDs, while US Bank only offers you standard CDs with fixed terms and rates.

Citi vs US Bank Loans: Checking Accounts

Choose Citi over US Bank Loans for checking accounts, because: Citi’s checking account offers you a lower monthly service fee of $10, compared to US Bank’s checking account which greets you with a $12 monthly service fee.

Citi’s checking account offers disposable virtual cards that let you create a temporary card number for online purchases, which can protect you from fraud and identity theft, while US Bank’s checking account does not have this feature. Moreover, Citi’s checking account dashes you a welcome cash bonus of up to $2,000 if you open a checking account and take out a loan of at least $10,000 with a term of 36 months or less, while US Bank’s checking account only offers a welcome bonus of $100 if you open a checking account and set up direct deposits.

Pros and Cons of Citi Loans

Consider the following pros and cons of Citi Loan:

  • Charges no origination, application, or prepayment fees.
  • Has flexible repayment terms of 12, 24, 36, 48, or 60 months.
  •  Offers disposable virtual cards.
  • Offers a welcome bonus of up to $2,000.
  • Has higher interest rates ranging from 11.99% to 18.99%.
  • Has lower loan amounts than some competitors, ranging from $2,000 to $30,000.
  • Gives loans to its existing customers only.
  • Lacks availability in all states. Its services are not available in Alaska, Arizona, Arkansas, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, and Utah.

Pros and Cons of US Bank Loan

  • Has lower interest rates than Citi Loan, ranging from 8.74% to 21.24%.
  • Offers higher loan amounts than Citi Loan.
  • Offers credit card transaction disputes.
  • Charges a $50 application fee.
  • Lacks availability in all states.
  • Does not offer any cash bonus or promotion for its loan products.

Citi vs US Bank Loans: Customer Reviews

Choose US Bank Loans over Citi Loans based on customer reviews. Do you know why? US Bank Loans has a higher BBB rating of A+, while Citi Loans has a lower BBB rating of F.

US Bank Loans has a higher ConsumerAffairs rating of 3.8 out of 5 stars, based on 1,006 reviews, while Citi Loans has a lower ConsumerAffairs rating of 1.3 out of 5 stars, based on 1,238 reviews. Likewise on TrustPilot, US Bank Loans has a higher rating of 3.9 out of 5 stars, based on 2,137 reviews, while Citi Loans has a lower Trustpilot rating of 1.4 out of 5 stars, based on 1,133 reviews.

Citi and US Bank Loans Competitors

Pick the Bank of America loan if you want to enjoy a lender who can offer you financial products and services like checking, savings, CDs, and credit cards, along with its lending options. Get access to 3,900 branches and 15,000 ATMs, not to mention its exclusive cash bonuses for new customers who open certain accounts or meet certain requirements. Expect loan amounts that range between $1000 and $100,000 including an interest rate that begins from 7.49% to 23.74%.

Do you need a lender with omnipresent service? Choose Chase. You can access its services anywhere you are in the US. Get access to 4,700 branches and 16,000 ATMs. You can get a personal loan amount from $4000 to $600,000 including a friendly rate that begins from 6.99% to 35.99%.

Choose this online lender who offers personal loans for various purposes, such as debt consolidation, home improvement, auto purchase or refinance, medical expenses, and more. It has competitive interest rates that start from around 6%, and it does not charge any fees or prepayment penalties. Its loan amount ranges from $5000 to $100,000.

Pro Tips

Follow these pro tips to choose the best lender for yourself when it comes to Citi vs US Bank Loans:

  • Compare the interest rates, fees, loan amounts, and terms of both lenders to see which one offers the best deal for your borrowing needs and budget.
  • Check your credit score and history to see if you qualify for the lowest rates and highest loan amounts from either lender or if you need to improve your credit before applying.
  • Consider the benefits and features of both lenders, such as rate discounts, cash bonuses, third-party app integrations, virtual cards, etc., and see which ones are more valuable or useful for you.
  • Read customer reviews and ratings of both lenders to see how they handle customer service, problem resolution, funding speed, etc., and avoid lenders with many complaints or negative feedback.
  • Shop around and compare other lenders that offer personal loans, such as online lenders, banks, or credit unions, and see if you can find a better offer or a more suitable lender for your situation.

Recap

Don’t forget that Citibank and US Bank are two of the largest and most reputable banks in the US, offering a wide range of financial products and services, including personal loans. However, you must also be aware that these lenders have different strengths and weaknesses that may appeal to you in different ways.

Make sure you are a Citi existing customer to get its personal loans. At least, you must have had a deposit account for 12 months with the bank. Citibank offers personal loans only to existing customers who have had a deposit account for at least 12 months. US Bank offers personal loans to you whether you are its existing or non-existing customer with lower interest rates and higher loan amounts than Citibank.

You can enjoy flexible repayment terms, fast funding, and extensive ATM networks from both lenders, but they also have limited branch availability and low customer satisfaction ratings.

To choose the best lender for yourself, compare the loan details, costs, benefits, and reviews of both lenders, as well as other options in the market, and see which one meets your borrowing needs and budget.

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