With $153.5 billion in assets, Citizens Bank is one of the largest and oldest regional banking groups. The company offers financial services to a range of customers for both private and commercial use, including loans, credit cards, auto financing, money market accounts and more. For personal banking and savings needs, the bank offers several saving account options that you can review here to help you make an informed decision about what type of savings account is right for your lifestyle.
Citizens Bank Savings Account Review
Potential customers can register for a new account with Citizens Bank online, over the phone, or in person at one of the bank’s branches. The four different types of savings accounts currently available are:
- Green Savings
- Citizens Bank Platinum Savings
- Citizens Bank Platinum Plus Savings
Citizens Bank service charges, interest rates, perks and fees are associated with the individual savings accounts, but all accounts include these features:
- Steady Save: Those with a Citizens Bank checking account can set up automatic transfers to and from their accounts.
- On-the-go banking: Citizens Bank provides free 24/7 online, mobile, and phone banking to all customers.
- Variable interest rates: Verify the terms and conditions of an account before opening one.
Types of Citizens Bank Savings Accounts
Here are the basic features of each Citizens Bank savings account type:
Features of this simple savings account include no minimum opening balance. The monthly maintenance fee of $4.99 is waived for the first four months and will continue to be waived for accounts that maintain a minimum daily balance of $200. The Citizens Bank Green Savings account has an APY of 0.01 percent and includes free paperless statements.
Citizens Bank Platinum Savings
Just like the Platinum Checking accounts from Citizens Bank, Platinum Savings accounts include platinum rates on services. For customers seeking easy access to their money, the account also offers free unlimited ATM and in-branch transactions.
Monthly service fees are waived for this account, and accounts with balances between $2,500 and $9,999.99 receive a 0.02% APY. Personalized banking advice and overdraft protection options are also available to ensure smart banking decisions.
Citizens Bank Platinum Plus Savings
Platinum Plus accounts feature all of the features of Platinum accounts but with a higher APY of 0.07 percent for balances between $250,000 and $999,999.99.
Parents and guardians of children under 12 can plan for the future with this college savings account. If your child is under 6, the minimum opening balance is $25, whereas a $500 minimum is required for children 6 to 12 years old.
Additionally, there is a required minimum monthly contribution of $25 for children under the age of 6 and $50 for children between the ages of 6 and 12. The APY is 0.05 percent on all accounts, and there’s no monthly maintenance fee. Customers receive a $1000 bonus plus interest when the child turns 18.
A Must-Know: Here’s Your Citizens Bank Routing Number
Features and Terms of Citizens Bank Savings Accounts
Here are some of the most important factors to take into consideration when deciding whether to open a savings account with Citizens Bank:
Citizens Bank Saving Account Features
- Most accounts do not require a minimum starting balance.
- Transactions are easy between Citizens Bank savings accounts and checking accounts using the mobile app, online banking or the over-the-phone banking service.
- Most savings accounts, with the exception of CollegeSaver accounts, are eligible for the GoalTrack Savings program. This program helps customers create financial goals for their accounts and rewards them with items like gift cards when they reach those goals.
Things to Keep in Mind Before Signing Up
- Basic savings accounts like the Green Savings account require a minimum daily balance of $200.
- Relatively low APYs are offered.
- Bank branches and ATMs are not available nationwide and are concentrated in New England states.
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Range of Banking Options With a Regional Focus
Citizens Bank offers a range of savings accounts for potential customers, making it easier to find something specific for you. The low minimum starting balances for most accounts makes saving accessible to many, and the free or low-cost maintenance options take some of the stress out of managing account balances. Customers who have savings and checking accounts with Citizens Bank get the additional perk of easy transactions between accounts.
Citizens Bank is a regional bank headquartered in Rhode Island with branches available in 11 states only. Though there are plenty of online banking options, frequent travelers or people living in other states should be aware that they might encounter limitations without an accessible branch. People living in those states could benefit from the bank’s regional focus, however.
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