Citizens Bank is a large banking institution based primarily on the East Coast with additional locations in Ohio and Michigan. It offers full-service banking, including student loans, home and personal lending, and investment services. Founded in 1828, Citizens Bank is one of the nation's oldest banks.
- Pros and Cons
- Company Overview
Large range of products and services
2,900 ATMs for banking convenience
User-friendly online interface and app
Lower interest rates than most online banks
Must have deposits of at least $25,000 to get the best interest rates
Branch locations only in 11 states
- Official Website www.citizensbank.com
- Bank Product Offerings Savings accounts, checking accounts, CDs, money market accounts, credit cards
- Customer Service Phone: M-F 7 a.m.-10 p.m; Weekends 9 a.m.-6 p.m.; mobile app
- Year Founded 1828
Who Is Citizens Bank For?
Citizens Bank should appeal to most banking consumers who want a traditional banking experience. It may be a good option for people who want to:
- Bank at a traditional brick-and-mortar location
- Access loan services such as student loans, home loans, or personal loans
- Access wealth management and investment services
- Have 24-hour online banking access
What Does Citizens Bank Offer?
Citizens Bank offers the following types of accounts:
All of Citizens Bank’s checking accounts carry a fee. And all these fees can be waived if you meet specific requirements. It’s a good idea to understand the fee structure for each account so that you don’t end up getting dinged with maintenance fees. After all, even a maintenance fee of just $9.99 a month can add up to $119.88 a year.
|Type of Checking Account||Monthly Maintenance Fee||Terms to Waive Fee||APY|
|Student Checking Account||No fee before age 25||Be under age 25||No APY|
|One Deposit Checking||$9.99||One deposit each statement period||No APY|
|Citizens Bank Platinum Checking||$25||$25,000 deposit across all accounts||.02%|
|Citizens Bank Platinum Plus Checking||$25||$25,000 deposit across all accounts and $5,000 deposits in your checking account, or an average balance in your checking account of $10,000||.02%|
Brick and mortar institutions like Citizens Bank have much lower or even nonexistent interest rates compared to their online-only competitors. They also tend to have higher fees. This is because there are a lot of overhead expenses in maintaining the building and staff for brick and mortar banks.
Citizens Bank offers several savings accounts, some of them have monthly maintenance fees while others don’t.
|Type of Savings Account||Monthly Fee||Terms to Avoid Fee||APY|
|One Deposit Savings||$4.99||4 months waived, then at least one monthly deposit required||.01%|
|Platinum Savings||$0||Maintain Platinum Checking account||.02%|
|Platinum Plus Savings||$0||Maintain Platinum Plus Checking account||.02%|
|CollegeSaver||$0||Deposit $25 per month and get a $1,000 bonus on the child's 18th birthday||.01%|
Out of all these savings accounts, the CollegeSaver account is the best deal as long as you meet the terms. It’s a good idea to set up automatic transfers to the CollegeSaver account so that you are sure to qualify for the $1,000 payout when your child turns 18.
If you are looking for a more competitive rate on your savings account, then you may want to consider putting your money into an online bank instead of a brick-and-mortar branch. Typically, online banks offer higher interest rates on its savings accounts.
Certificates of Deposit
There are three different CDs available at Citizens Bank: an online-only 14-month CD, a 10-month CD, and a 25-month CD.
|Certificates of Deposit|
|CD Type||Minimum Balance to Open||APY||APY With Platinum Checking||APY With Platinum Plus Checking|
These CDs have rates that could be described as "anemic." If you want to earn more, see our list of the best CD rates and you’ll find many banks (particularly online-only banks) offering better rates.
Money Market Accounts
Like its other products, Citizens Bank gives the biggest perks to those who have Platinum and Platinum Plus checking accounts. But there is also a Personal Money Market Account which you can open without having a Platinum or Platinum Plus checking account.
|Money Market Accounts|
|Type of Money Market||Minimum Balance to Open||Standard APY||Type of Account Required|
|Personal Money Market||Any amount||.01%||N/A|
|Citizens Bank Platinum Money Market||Any amount||.03% balances $50k+||Platinum Checking|
|Citizens Bank Platinum Plus Money Market||$25,000 not currently on deposit with Citizens Bank||.05% on balances $50k+||Platinum Plus Checking or $25,000 of new deposits|
Citizen Bank offers two separate cards, one that has a cash-back program and one that has a slightly better interest rate. Neither card charges an annual fee.
- Citizens Bank Cash Back Plus World Mastercard
- Citizens Bank Clear Value Mastercard
If you are disciplined about paying off your credit cards every month, then the Citizens Bank Cash Back Plus World Mastercard has a flat-rate cash-back program that is easy to understand and is competitive with other cash-back cards.
Other Financial Products From Citizens Bank
- Personal loans
- Home loans and lines of credit
- Mortgage refinancing
- Student loans and refinancing
- Investing and insurance
- Retirement planning
- Wealth management
- Business banking
Citizens Bank Customer Service
Citizens Bank offers customer service for costumers of its consumer accounts via phone (M-F 7 a.m. to 10 p.m. and weekends 9 a.m. to 6 p.m.), and via its mobile app. Customers can also visit one of its brick-and-mortar branches.
In the 2020 J.D. Power Customer Satisfaction Survey of Regional Banks, Citizens Bank received a score of 804 out of 1,000 in the North Central region. The average was 827.
How to Bank With Citizens Bank
You can open the Citizens Bank account at any branch location or online at any of the specific account pages.
Here’s what you’ll need to open the account:
- Social Security number
- Driver’s license or state ID number
- A way to fund your deposit (check or debit card)
In our review, we found Citizens Bank to be a great choice for anyone who wants a personal and in-person banking experience. It offers all of the traditional banking services such as checking accounts, savings accounts, and loan services. With an easy-to-navigate site and app, you’ll be able to find all the information you need easily.
Compared to online-only banks, Citizens Bank’s interest rates are quite low. If you want higher rates of return on your savings and checking accounts—and don't mind sacrificing the in-person service experience—then an online-only bank may be right for you.
J.D. Power. “2020 U.S. Retail Banking Satisfaction Study.” Accessed April 17, 2021.