Citizens Bank Review: A Variety of Accounts and Efficient Money Management
Citizens Bank RI
Breadth of Products
- Multiple account types
- Many accounts with no minimum to open
- Easy to avoid most monthly account fees
- Limited geographic reach and branch support
- Low APYs across all accounts
About Citizens Bank
Citizens Bank is one of the nation’s oldest and largest financial institutions, with $187 billion in assets as of Sept. 30, 2021. The Providence, Rhode Island-based bank’s business mix is split roughly 50/50 between consumer and commercial customers, and it boasts about 3,000 ATMs and 1,000 branches across 11 states in the Midwest, Mid-Atlantic and New England regions. Customers have access to a wide variety of personal accounts, from standard checking and savings to money market accounts, certificates of deposit, credit cards, IRAs and loans. GOBankingrates named Citizens Bank in its annual rankings as offering one of the Best Money Market Accounts of 2022 and also included it in its Top 100 Banks list for the year.
Citizens Bank Product Details
Learn more about the different products offered by Citizens Bank.
Citizens Bank Checking Accounts
Citizens Bank has four checking account options: One Deposit Checking, Citizens Quest Checking, Citizens Wealth Checking and Student Checking for customers under 25. Citizens Quest and Citizens Wealth both earn interest. Citizens Wealth and Student Checking are the only accounts with no monthly service fee, but fees on the other accounts can be waived by meeting certain requirements.
There are no minimum deposit requirements to open One Deposit, Citizens Quest or Student Checking accounts. To be eligible for the Citizens Wealth account, you must maintain $200,000 in combined monthly deposit and investment balances. The interest rate on Citizens Wealth Checking varies and may increase or decrease daily, so the website does not list an annual percentage yield. For Citizens Quest Checking, the APY is 0.02% across all balances tiers.
Citizens Bank Savings Accounts
Citizens Bank offers three traditional savings accounts: One Deposit Savings, Citizens Quest Savings and Citizens Wealth Savings. There is no minimum deposit to open any account. Citizens Quest and Citizens Wealth have no monthly service fee. One Deposit Savings charges a $0 monthly fee to customers under 25 and over 65. Otherwise, the fee is $4.99, but it can be waived when you make one deposit of any amount during each monthly maintenance fee period.
You won’t get a huge return on your money with any of the savings accounts. The APY for One Deposit is only 0.01% for all balance tiers. Citizens Quest and Citizens Wealth both pay a 0.02% APY on all balances.
Citizens Bank Money Market Accounts
Citizens Bank offers three money market accounts: Personal Money Market, Citizens Quest Money Market and Citizens Wealth Money Market. You can open all accounts with any deposit amount and all offer check-writing access. There is no monthly service fee with Citizens Quest and Citizens Wealth if you open their corresponding checking accounts. The fee for the Personal Money Market account is $10, but it can be waived with a minimum daily balance of $2,500. The Personal Money Market Account is also one of the reasons the bank was named in the list of the Best Money Market Accounts of 2022 by GOBankingRates.
The APY on the Personal Money Market account is a rock-bottom 0.01%. For Citizens Quest, you get a standard rate of 0.03% APY and a preferred rate of 0.05% APY on all balance tiers. For Citizens Wealth, the standard rate is 0.04% APY. The preferred rate is 0.04% APY on balances below $25,000, and 0.05% on balances above $25,000.
Citizens Bank offers a variety of CD terms and rates, but they vary by location. To get a complete list of the CD options in your area, you’ll have to visit a branch. Only three CD options are offered on the bank’s website: the Online-Only 14-Month CD, the 10-Month CD, and the 25-month CD. The minimum balance for each is $1,000.
The APY is 0.03% for both the Online-Only 14-Month CD and the 10-Month CD. For the 25-month CD, the standard APY is 0.03%, though you can get a 0.05% APY if you pair the CD with a Citizens Quest of Citizens Wealth checking account.
How Citizens Bank Earned Its Scores
Here’s some of the reasons why Citizens Bank earned its marks. Read the full details below.
For the most part, monthly fees at Citizens Bank are either low or easy to waive. The main exceptions are the Citizens Quest and Citizens Wealth checking accounts, which require high deposits to avoid fees. However, those accounts do come with benefits, including interest.
Citizens Bank offers mobile apps for Android and iOS users. User ratings are very solid.
4.2 stars out of 5 for the app on
Features available on the mobile apps include account management, remote check deposit, money transfer and bill pay.
Breadth of Products
One of Citizens Bank’s main strengths is its diverse product line. Customers have access to standard bank accounts like checking, savings, money market and CDs, along with IRAs, investment options, loans, credit cards and business accounts.
Three of the four checking accounts at Citizens Bank have no minimum deposit requirements. There is no minimum deposit to open any savings account or money market account, either. The minimum for CDs is $1,000.
Citizens Bank offers what most customers need in a banking institution — a wide variety of accounts with fees that are either low or relatively easy to waive.
Citizens Bank vs. Competitors
Citizens Bank has a limited reach nationally but still competes with other banks. Here’s how it compares with some of them.
|Citizens Bank||Large branch and ATM network for a regional bank|
|M&T Bank||Free checking|
|Northeast Bank||Higher rates|
Citizens Bank vs. M&T Bank
M&T Bank’s EZChoice Checking account has no monthly maintenance fee, which gives it a very slight edge over Citizen Bank’s One Deposit Checking account, which has a $9.99 monthly fee that can be waived by making one deposit per statement period. Citizens Bank has a wider reach, with about 1,000 branches and 2,700 ATMs vs. about 700 branches and 1,800 ATMs at M&T.
Citizens Bank vs. KeyBank
Although Citizens Bank has an impressive roster of customer service numbers, KeyBank offers extensive live-chat hours in addition to 24/7 telephone service. If you’re a smaller CD investor, you might give Citizens Bank the nod because it requires only $1,000 to invest in a CD. KeyBank requires at least a $2,500 deposit to open their Short Term and Tired CD accounts.
Citizens Bank vs. Northeast Bank
Northeast Bank easily takes the prize over Citizens when it comes to savings account interest rates. Northeast Bank’s PROPEL Savings account pays as much as 0.75% APY, while its money market accounts pay as much as 0.50%. But Citizens Bank has a substantial edge in size, as Northeast Bank only operates in Maine with eight branches.
Even though Citizens is a regional bank, it offers a full suite of products and services that you usually only find at large national banks. This makes Citizens Bank a good one-stop-shop option for those in its service area. The bank doesn’t win any awards for interest rates, however, with even CDs paying no more than a 0.05% APY.
Citizens Bank FAQHere are the answers to some commonly asked questions about Citizens Bank.
- Does Citizens Bank offer Zelle?
- Yes; customers can transfer money to and from others for free by using Zelle.
- Does Citizens Bank have free checking?
- Citizens Bank offers two checking accounts with no monthly fees: Student Checking, but you have to be under 25; and Citizens Wealth Checking, but you need a very large deposit to be eligible.
- When are mobile deposits available at Citizens Bank?
- If you are depositing a check written out of a Citizens Bank account, the funds will be available the same business day that it is deposited. If the checking being deposited is a non-Citizens Bank check, the funds will be available the next business day.
- What is the daily cash withdrawal limit from ATMs?
- For most accounts, it's $500. Citizens Bank raises that limit to $1,000 for the Platinum and Platinum Plus Checking accounts.
John Csiszar contributed to the reporting for this article.
Rates are subject to change. Information on accounts is accurate as of Apr. 21, 2022.
This content is not provided by Citizens Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citizens Bank.