Citizens Bank review 2024: Regional banking with nationwide potential
Citizens Bank's extensive branch network in the Northeast and Midwest provides access to in-person banking services and a diverse product lineup.
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Jake Safane is a finance and sustainability writer who has worked for organizations such as The Economist Group and a division of The Financial Times. He specializes in topics such as insurance, budgeting, and retirement.
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Editor
Gabriela Walsh is a Certified Educator in Personal Finance® and a personal finance editor at Bankrate. Her previous work experience includes various editorial positions at FinanceBuzz. She combines her understanding of language and literature with her commitment to delivering content that empowers others to build healthy money management skills.
Updated September 12, 2024, 10:11 AM EDT
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With roots dating back to 1871, Citizens Bank has a long history of serving customers in the Northeast and Midwest. Today, the bank boasts an extensive network of over 1,000 branches across 15 states and Washington, D.C. It also provides robust online and mobile banking, including a high-yield online savings account through its Citizens Access division.
However, Citizens Bank's complex fee structure, low interest rates on many accounts, and mixed customer service ratings may not suit everyone. Keep reading for a detailed, unbiased look at this regional banking powerhouse.
Fox Money rating: 7.1/10
Citizens Bank’s complex fee structure and low interest rates on most accounts may not be the best fit for everyone. The bank's online division offers more competitive options, but the separation between the two entities may be confusing for some.
Pros
- Wide range of banking products and services
- Extensive branch network in 15 states and Washington D.C.
- High-yield online savings account option (Citizens Access)
- Competitive rates on some CDs
- Most accounts can be opened with any deposit amount
- Several ways to waive monthly maintenance fees on many accounts
Cons
- Low APYs on most branch-based savings and checking accounts
- Complex fee structure that varies significantly between accounts
- Monthly maintenance fees on many accounts
- No ATM fee reimbursements for most accounts
- Some accounts have high balance requirements to waive fees or earn best rates
Citizens Bank accounts
Citizens Bank offers several deposit accounts, including checking, savings, CDs, and more.
Checking accounts
There are five types of Citizens Banks checking accounts, which can make choosing one a little tricky.
- One Deposit Checking: This account waives its $9.99 monthly maintenance fee when you make at least one deposit per statement period. It offers basic checking features but doesn't earn interest.
- Citizens Quest Checking: With a $25 monthly maintenance fee (waived with $5,000+ in monthly deposits or $25,000 in combined balances), this account earns 0.03% APY and provides additional benefits like rate discounts on loans.
- Citizens Private Client Checking: This account is available to private client customers with $200,000+ in combined balances. It earns 0.07% APY, waives its monthly fee, and provides premium benefits like unlimited ATM fee reimbursements.
- Citizens EverValue Checking: This account has a non-waivable $5 monthly fee but offers unique features like no overdraft fees and early access to direct deposits.
- Student Checking: For students under 25, this account has no monthly fee and provides basic checking features.
Pros
- Ability to access a wide network of branches and ATMs
- No minimum initial deposit
- Several ways to avoid monthly maintenance fees
- Some accounts offer interest
Cons
- Low to no APYs
- Different accounts can be confusing to navigate
- No fee reimbursements from other ATMs aside from Citizens Private Client and Citizens Private Bank accounts
Savings accounts
Citizens Bank offers several savings options with varying rates and requirements:
- One Deposit Savings: This account waives its $4.99 monthly fee with one deposit per statement period but earns a low 0.01% APY.
- Citizens Quest Savings: This account is available to Citizens Quest Checking customers. It has no monthly fee and earns 0.05% APY.
- Private Client Savings: For Private Client customers, this account has no monthly fee and earns 0.07% APY.
- Citizens Access Savings: This online-only account has no fees and earns a competitive 4.50% APY with a minimum balance of $0.01.
Citizens promotes Quest as its featured savings account, but that requires a Citizens Quest Checking account, so it might not make sense to open if you prefer other checking accounts.
The interest rates on the Quest and One Deposit savings accounts are very low. Citizens' online-only high-yield savings account is a better option if you want to earn a more competitive rate and are comfortable with online banking. But remember this account is offered through a separate banking division, Citizens Access.
Pros
- No minimum initial deposit
- Several ways to avoid monthly maintenance fees
- Variety of options to choose from based on savings goals and preferences
Cons
- Low APYs on some accounts
- Different accounts can be confusing to navigate
- Most accounts are limited based on location
Money market accounts
Citizens Bank provides three money market account options:
- Personal Money Market: This account earns 0.01% APY and waives its $10 monthly fee with one deposit per statement period.
- Citizens Quest Money Market: Available to Citizens Quest Checking customers, this account has no monthly fee and can earn up to 3.75% APY with $25,000+ in new deposits.
- Private Client Money Market: For Private Client customers, this account has no monthly fee and earns up to 4.00% APY, depending on your balance.
The Citizens Quest and Private Client money market accounts, come with check-writing features and unlimited free ATM withdrawals. However, you’ll need to keep a sizable amount in your account to earn the highest rates.
Pros
- No minimum initial deposit
- No monthly maintenance fees on most accounts
- Some options offer competitive APYs
Cons
- High balance requirements to earn the highest APY
- Accounts are limited based on location
CDs
Citizens offer two main options for CDs for those living near branches, but you need a Citizens Quest or Citizens Private Client Checking account to open these.
Citizens also offer online-only CDs through Citizens Access. These CDs have a $5,000 minimum initial deposit and terms ranging from 1 to 5 years.
Citizens Banks’ CD early withdrawal penalties are high. For CDs with terms less than one year, there’s a $50 transaction penalty plus the greater of 90 days' worth of interest or half the remaining interest left to be earned. For CDs with terms over one year, the penalty is the greater of 180 days' worth of interest or half the remaining interest left to be earned.
Pros
- Competitive APYs
- Several different CD terms to choose from
Cons
- Few CD options
- Moderate minimum deposits
- Early withdrawal penalties are steep
Other Citizens Bank products and services
Citizens Bank is a full-service bank that can appeal to those looking to handle most of their financial needs with one financial institution. Some of Citizens' other products and services include:
- Credit cards
- IRAs
- Home loans
- Student loans
- Wealth management
Citizens also offer small business and corporate banking products and services.
Citizens Bank fees
Citizens Bank's fees vary depending on the type of account you choose. Some have monthly maintenance fees and overdraft fees, for example, while others don't but require higher balances.
Because there is so much variance, it's important to look at the specific fees for the account you're interested in rather than assuming that what one account charges applies to the others.
Citizens Bank banking experience
In addition to its extensive branch network, Citizens Bank offers a robust online and mobile banking platform.
Online and mobile banking platform
Citizens Bank online banking lets you view account balances, transfer funds, pay bills, set up account alerts, and more. The Citizens Bank mobile app, available for iOS and Android, brings the power of online banking to your smartphone. Key features include:
- Mobile check deposit
- Zelle payments
- Debit card controls
- Biometric login
- Secure messaging
The app is highly rated, with 4.7 out of 5 stars on the Apple App Store (out of 570,000 reviews) and 4.8 out of 5 stars on Google Play (out of 110,000 reviews).
Customer service
Citizens offer customer service phone support seven days a week:
- Phone support: You can call Citizens Bank's general customer service line at 1-800-922-9999. For specific account questions, call 1-800-656-6561 for checking, savings, money market, and CDs. Phone support is available Monday through Friday from 7 a.m. to 10 p.m. and Saturday through Sunday from 9 a.m. to 6 p.m. ET.
- Email support: You can securely email Citizens Bank through your online banking portal. Log in, navigate to the "Customer Service" tab, and select "Secure Message Center."
- Social media support: Citizens Bank is active on social media and typically responds to direct messages within a few hours. You can reach out on Facebook (@citizensbank) or Twitter (@CitizensBank).
- Branch support: If you live near a Citizens Bank branch, you can visit in person for assistance with account questions, transactions, and more. Branch hours vary by location.
While Citizens Bank provides multiple support channels, many customers have reported difficulties getting timely, effective help. The bank has concerning customer service ratings on sites like Trustpilot and the Better Business Bureau, with common complaints citing long hold times, unresolved issues, and inconsistent information from representatives.
How Citizens Bank stacks up
When considering Citizens Bank for your needs, it's helpful to compare it to other national banks.
Citizens Bank offers a strong regional presence and a variety of account options but may not have the same nationwide branch access as larger competitors.
All four banks offer relatively low interest rates on branch-based accounts but provide competitive online savings options. Fees are also a consideration with all banks, but each offers ways to waive many common charges.
Ultimately, the right bank for you depends on your needs and priorities. Chase Bank or PNC Bank may be a better fit if you value nationwide branch access and ATM coverage. All four banks offer solid options if you're primarily interested in online banking and high-yield savings.
How we rated this bank
Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.
Here are some of the factors that influenced this bank’s overall score:
The bottom line
Citizens Bank's strengths lie in its product diversity and low minimum deposit requirements. It offers a wide range of banking products suitable for various customer needs, and most accounts can be opened with any deposit amount.
However, the bank falls short in several areas. The interest rates on many of its branch-based accounts are low. The fee structure is complex and confusing for customers, with many accounts carrying monthly maintenance fees.
Citizens Bank might be a good choice for customers who value a wide range of products and the option for both online and in-person banking, particularly those living in the Northeast or Midwest. However, those looking for high interest rates across all account types might find better options elsewhere.
Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.