Our Verdict
With Citizens Financial, also known as Citizens Bank, you’ll find a range of banking options available. While it might not boast the highest interest rates or the widest array of products, it does offer some perks. You’ll appreciate easy fee waivers, early access to direct deposits, and a good selection of checking and savings accounts. However, its limited branch locations beyond its main areas and the somewhat lower interest rates on savings accounts. Overall, if you’re looking for tailored banking services and easy access to a variety of financial products in its service regions, Citizens Financial could be a suitable choice for you. Read on!
Pros
- Avoid monthly service fees on checking and savings accounts by meeting reasonable requirements
- Access 24/7 customer service via phone for assistance
- Gain early access to funds by getting paid up to two days early with direct deposit
- Benefit from competitive rates on select CD terms, particularly the 8-Month CD
Cons
- Experience limited accessibility for customers outside its operating regions due to no physical branches in 36 states
- Encounter generally low interest rates on savings accounts and most CD terms
- Find limited CD term options, with only 8- and 14-month terms currently available
Who Citizens Financial Is Best For
Citizens Financial caters well to your needs if you:
- Reside in one of the 14 states where Citizens Bank has physical branch locations
- Prefer a more personal touch and the convenience of local branches and ATMs
- Value features like early direct deposit and 24/7 customer service over earning the highest possible interest rates
- Seek a regional bank with a diverse range of banking products and services under one roof
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Who Citizens Financial Isn't Right For
Citizens Financial might not align with your preference if you:
- Live outside the bank’s operating regions and require easy access to physical branches
- Prioritize earning the highest annual percentage yields (APYs) on their deposit accounts
- Desire a wide selection of CD terms or specialized banking products
- Frequently incur overdrafts and want to avoid high overdraft fees
What Citizens Financial Offers
Citizens Financial offers a comprehensive range of personal and business banking products, including:
- Checking accounts (One Deposit, EverValue, Quest, Private Client, and Student Checking)
- Savings accounts (One Deposit, Quest, and Private Client Savings)
- Certificates of Deposit (CDs)
- Money market accounts: Personal Money Market, Quest Money Market, and Wealth Money Market
- IRA CDs and IRA Savings
- Business checking and savings accounts, as well as specialized business banking services
- Credit cards, mortgages, personal loans, student loans, and other lending products
- Investment and financial planning services
Citizens Financial Details
Checking Accounts
- One deposit checking account offers a straightforward solution for everyday banking needs, with a $9.99 monthly fee that is waived upon one deposit each statement period. There’s no minimum balance requirement, though a $3 fee applies for non-citizens ATM transactions, alongside access to citizens peace of mind overdraft protection.
- Citizens quest checking provides enhanced features and benefits through the CitizensPlus loyalty program, albeit with a $25 monthly fee waived for those maintaining $5,000 in total deposits or $25,000 combined balance. It earns interest and doesn’t charge fees on overdraft plans or for non-Citizens ATM transactions. Moreover, it offers access to Citizens Peace of Mind and Citizens Fee Relief, where the first overdraft occurrence each year incurs no fee.
- Citizens private client checking presents premium perks for Private Clients within the CitizensPlus program, with no monthly fee requiring a $200,000 combined deposit and investment threshold. It earns higher interest rates and doesn’t impose fees on overdraft plans or for non-Citizens ATM transactions. Additionally, it grants access to Citizens Peace of Mind, Citizens Fee Relief, and other exclusive benefits.
- Citizens EverValue checking offers an everyday value account without overdraft fees, albeit with a $5 monthly fee that cannot be waived. There’s no minimum balance requirement, and no fees are charged on overdraft plans.
- Student checking is tailored for individuals under 25 years old, featuring no monthly fee or overdraft fees, along with no fees on overdraft plans. Upon all account owners reaching the age of 25, it automatically transitions to One Deposit Checking.
Each account offers various features like early direct deposit access, mobile banking, and debit card protection. The key differentiators are the monthly fees, interest rates and overdraft protection options.
Savings Accounts
- One Deposit Savings: 0.01% APY, $4.99 monthly fee (waivable)
- Quest Savings: No monthly fee, higher interest rates
- Wealth Savings: No monthly fee, higher interest rates
Certificates of Deposit (CDs)
- 8-Month CD: 5.25% APY Competitive interest rates, $25,000 minimum deposit
- 14-Month CD: 2.75% APY, $1,000 minimum deposit
- Early withdrawal penalties may apply for both
Money Market Accounts
- Personal Money Market: $10 monthly fee (waivable), average interest rates, no minimum balance, 0.1% APY
- Quest Money Market: Higher interest rates, no monthly fee, no minimum balance, 0.7% to 2.75% APY
- Private Client Money Market: Highest interest rates, no monthly fee, no minimum balance, 0.10% to 3% APY
IRA Savings Accounts
- Variable interest rate
- No term/maturity date
- Minimum balance to open: Any amount
- Allows “Steady Save” recurring contributions (you determine amount and frequency)
- $4.99 monthly maintenance fee, waived with $200 minimum daily balance or for first 4 months
- ATM card issued
- Accepts Traditional and Roth IRA contributions
- FDIC insured
IRA Certificates of Deposit (CDs)
- Provides a fixed interest rate to grow retirement funds steadily
- Available terms: 1 month to 120 months
- Minimum balance to open: $250
- Does not allow additional contributions after opening (except during grace period at maturity for fixed terms)
- No monthly maintenance fee
- No ATM card issued
- Early withdrawal penalties may apply
- FDIC insured
Both IRA account types offer potential tax benefits, with Traditional IRA contributions possibly being tax-deductible (consult a tax advisor). The key difference is that the IRA Savings allows flexible, ongoing contributions with a variable rate, while the IRA CD locks in a fixed rate for a set term but does not permit additional deposits during that term.
Business Banking
- Business Checking Accounts: Clearly Better Business Checking, Business Advisor Checking, and Analysis Business Checking.
- Business Savings Account: 0.01% APY, $4.99 monthly fee (waivable).
- Business Money Market: No minimum opening balance, $9.99 monthly fee waived with a $2,500 minimum daily balance.
- Business CDs Terms: $1,000 minimum balance, no fee, 0.03% APY
- Business Credit Cards: The Business Everyday Points Credit Card offers a $325 reward when you spend $5,000 in the initial 90 days. Following that, you’ll earn an unlimited 1.5% in rewards on your everyday business expenses. Enjoy a 0% introductory APR on purchases for the first 6 months from account opening, with a variable APR of 16.49% – 26.49% thereafter. Plus, there’s no annual fee. As for the Business Platinum Credit Card, it provides a 0% introductory APR on purchases for the initial 12 months from account opening, followed by a variable APR of 13.49% – 24.49%. Also, there’s no annual fee, and it offers additional services such as merchant services, payroll solutions, and business loans.
>>>PRO TIPS: Are First Citizens Bank Business Loans Worth It?
Where Citizens Financial Stands Out
Early Direct Deposit
Citizens Financial offers a convenient feature called “Paid Early,” allowing you to receive your direct deposit funds up to two days ahead of schedule. This gives you valuable early access to your money.
Reasonable Fee Waivers
With many of its checking and savings accounts, you may encounter monthly service fees. However, you can often waive these fees by meeting simple requirements such as making a single deposit or maintaining a minimum balance. It aims to make it effortless for you to avoid unnecessary charges.
Competitive CD Rates
While its overall CD rates may not stand out, we do offer competitive rates on specific CD terms, particularly the 8-Month CD. If you’re considering short-term CD investments, this could be an appealing option for you.
Citizens Checkup
You receive personalized guidance on your account. The bankers assist you in focusing on what matters most and devising a plan for your financial future. It’s complimentary for all Citizens customers. The bankers will evaluate your needs and tailor a customized approach for you, helping in initiating or adjusting your financial journey. You’ll also receive support in tracking your progress towards retirement and beyond. Appointments are available either in-branch or over the phone.
Where Citizens Financial Falls Short
Limited Geographic Reach
If you’re someone who values banking face-to-face but don’t reside in one of the 14 states or D.C. where Citizens Financial has branches, you might find their accessibility lacking. It’s something to consider if you prefer the option of in-person banking services.
Low Interest Rates on Savings Accounts
When it comes to growing your savings, the interest rates at Citizens Financial might not cut it for you. Compared to other traditional banks and especially online ones, they tend to offer lower rates. If you’re aiming to maximize your savings growth, you might want to explore other options.
Overdraft Fees
While some of its accounts offer overdraft fee waivers or no overdraft fees, Citizens Financial charges a $35 overdraft fee per item for several of its accounts. If you’re prone to overdrawing, those fees can pile up fast.
How to Qualify for Citizens Financial
To open a personal banking account with Citizens Financial, you typically need to meet the following requirements:
- Be a U.S. citizen or a legal resident with a valid Social Security number or Individual Taxpayer Identification Number (ITIN)
- Provide a valid government-issued photo ID and proof of address
- Meet any minimum balance or deposit requirements for specific account types
- Undergo a standard credit check and ChexSystems verification for certain account types
Additional requirements may apply for business banking accounts or specific lending products.
How to Apply for Citizens Financial
To apply for a Citizens Financial account, you have three convenient options:
- Online Application: Start by visiting the Citizens Financial website. Follow the instructions to fill out an application for your chosen account type. Remember to input all necessary personal and financial details, and upload any required documents.
- In-Branch Application: If you prefer a face-to-face approach, head to a Citizens Bank branch. There, you can meet with a representative who will assist you in opening your account. Just make sure to bring along all the required identification and paperwork.
- Phone Application: If you prefer the phone, simply dial the Citizens financial customer service line. Let them know you’d like to open an account, and they’ll walk you through the process step by step, gathering all the information needed along the way.
Choose the method that suits you best, and take the first step towards managing your finances with Citizens Financial.
>>>GET SMARTER: Citizens Business Loans Review
Alternatives to Citizens Financial
KeyBank
If you’re someone who prefers a local banking experience, KeyBank might be right up your alley. Operating across 15 states, they keep things simple with low minimum deposits and easy-to-avoid fees. While its overdraft fees are lower than some, they can still add up if you’re not careful, and its savings account interest rates aren’t the most competitive. Its certificates of deposit offer decent rates, though.
Regions Bank
Regions Bank offers a wide array of financial products and services, from checking and savings accounts to loans and mortgages. Its particularly strong in the South and Midwest, providing a range of banking solutions. It sweetens the deal with an annual savings account bonus and an overdraft grace period. Just keep an eye out for potential fees and high overdraft charges.
Chase Bank
Chase Bank is pretty much everywhere, making it super convenient for access to branches and ATMs. Its app and website are user-friendly, simplifying tasks like transfers and bill payments. However, if you’re after the highest savings rates, you might want to explore other options. Chase covers all the bases with their banking products, from day-to-day banking to mortgages and credit cards.
Customer Reviews
Customer reviews for Citizens Financial generally skew positive, highlighting strong points such as excellent customer service and branch accessibility. However, criticisms include dissatisfaction with low savings account interest rates and limited branch coverage in certain areas. According to U.S. News & World Report, Citizens Financial’s ratings are as follows: Checking – 3.7, Savings – 3.1, CD – 4.4. Nerd Wallet rates it at 4.0, while Business Insider rates it at 3.5. Additionally, Citizens Financial holds a B rating from the Better Business Bureau.
Pro Tips
- Take advantage of the “Paid Early” feature by setting up direct deposit to access your funds sooner
- Carefully review the requirements for waiving monthly service fees on your accounts to avoid unnecessary charges
- Consider opening a CD with Citizens Financial if you’re interested in the 8-Month or 14-Month terms and find the rates competitive
- Explore overdraft protection options like linked savings accounts or lines of credit to avoid costly overdraft fees
Recap
Citizens Financial provides a variety of banking options, though it may not offer the highest interest rates or widest product selection. It does, however, offer benefits such as easy fee waivers, early direct deposit, and various checking and savings accounts. Limited branch locations outside its main areas and lower interest rates on savings accounts are factors to consider. Overall, if you reside in its service regions and seek tailored banking services, it could be a suitable choice.
However, if you need access to physical branches outside its operating regions or prioritize high interest rates, Citizens Financial might not be the best fit. It also lacks a wide selection of CD terms and could lead to high overdraft fees for frequent overdraws.
Citizens Financial offers a range of personal and business banking products, including checking and savings accounts, CDs, and investment services. Its accounts vary in features, fees, and benefits, catering to different customer needs.
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