Best Bank Account at Citizens Bank: A Savings Account With No Monthly Fee or Minimum Deposit

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A solid savings account can help you work toward a bright financial future. But choosing a savings account riddled with fees can be a drain on your savings. The good news is that many financial institutions offer worthwhile savings account options. At Citizens Bank, the Citizens Quest Savings account presents a worthwhile opportunity.

Citizens Quest Savings Account Overview

After a detailed analysis, GOBankingRates identified the Citizens Quest Savings account as the top bank account option at Citizens Bank. Here’s a breakdown of the reasons for this high praise and the features of this account.

Minimal Fees

When it’s time to open a savings account, the lack of a monthly maintenance fee is a big deal. The Citizens Quest Savings account doesn’t come with a monthly maintenance fee attached, which is a good thing for your budget.

Of course, like most banks, the bank account does have some other fees attached. The fees you encounter will vary based on the services you use. For example, you can expect a $15 customer foreign currency exchange fee, a $10 letter of reference fee, and a $10 fee if your account remains inactive for two years. Before you open the account, make sure to read through the fine print to understand any fees that might be attached to services you plan to use on a regular basis.

APY

The Citizens Quest Savings account offers an annual percentage yield of on all levels of account balances. Unfortunately, the APY offered on this account is less than the current national average of 0.45%.

If you are looking for a savings account with a more enticing APY, check out GOBankingRates’ list of the top high-yield savings accounts. A higher APY can help you put your savings to work.

Perks

The perks attached to a bank account can make or break your experience. Luckily, the Citizens Quest Savings account comes with plenty of benefits. These benefits include:

• Automated savings: You can set up automatic transactions to move money into your savings account. When you automate your savings goals, you are more likely to hit your target.
• Link other accounts: You can link Citizens Quest Checking and Money Market accounts to your Quest Savings account without a fee.
• Citizens Fee Relief: The bank doesn’t charge any overdraft fees on your first overdraft each year.

With helpful perks, making the most of your Citizens Quest Savings account will be a breeze.

Branch and ATM Access

Citizens Bank offers a large physical footprint, which will come in handy for savers who want access to an in-person branch. The Rhode Island-based bank boasts over 1,000 branches spread across 14 states. These states include Connecticut, Michigan, Delaware, Florida, Maryland, Massachusetts, Ohio, New York, New Jersey, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, D.C.

You don’t have to live in one of these states to work with Citizens Bank. But if you are looking for in-person branch locations, you’ll only find them within these states. Since the bank offers a robust online banking platform, you can manage your accounts at this bank entirely online.

In terms of ATMs, the bank operates around 3,200 ATMs. If you choose an in-network option, you won’t face any ATM fees.

Mobile Banking

Managing your money from a mobile app can be very convenient. However, the convenience is only helpful if the bank you work with offers a viable mobile app. Luckily, Citizens Bank offers a comprehensive mobile app. The mobile app has earned 4.7 out of 5 stars in the App Store and 4.5 out of 5 stars in the Google Play Store.

Customer Service

You have multiple ways to get in touch with this bank, which means resolving any questions you have should be straightforward. For example, you can call the bank or reach out via the chat feature in its online banking platform with questions about your account. If you prefer to work with someone in person, that’s an option too.

The bankers at physical branches are able to help you build a plan for your finances. It’s never a bad idea to ask for a helping hand when you need it. For some, the ability to walk into a physical branch is a useful way to start a conversation about saving more.

Security

Citizens Bank protects your deposits through FDIC insurance. With that, deposits held in Citizens Bank are insured through the Federal Deposit Insurance Corp. for up to $250,000 per depositor, per account type. If you stay below the FDIC coverage limits, your funds should be perfectly safe with this bank.

Additionally, Citizens Bank operates 24/7 fraud monitoring. It’s another layer of security to help you keep your funds safe.

Easy To Open

If you decide to move forward with a Citizens Quest Savings account, the process is simple. You won’t need a minimum deposit to get started.

You’ll need to fill out a straightforward online application. Be prepared to provide your driver’s license, Social Security number, email address and phone number. If you want to fund your account immediately, you must provide funding account information.

You also have the choice of opening a Citizens Bank account in a physical branch location.

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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 10, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

To determine rankings, GOBankingRates looked at the following factors across all accounts (checking and savings) from each bank (excluding relationship accounts): (1) minimum deposit to open an account; (2) monthly checking fee ratio (percent of the minimum to avoid fee compared to the monthly fee itself); (3) minimum needed to earn interest; (4) APY on the account; (5) overdraft fee amount; and (6) any associated perks advertised with the account. All factors were scored and combined, with the lowest score being best. In final calculations, factor (1) was weighted 0.5x, factor (2) was weighted 2x, and factor (6) was weighted 1.5x, with any cash bonus offer counting as a double perk. Search volume for each account was also taken into consideration. Rates, terms and bonus offers can change from the date of publication.

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