- Offers three simple credit cards.
- Has a variety of small business offerings.
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Updated March 15, 2024
In a nutshell
With over 1,000 branches and 3,000 ATMs, Citizens offers an array of services. The bank is headquartered in Providence, Rhode Island, and has been around since 1828.
- Citizens Bank, N.A. is a consumer bank held by Citizens Financial Group, Inc., a publicly traded company that trades under the stock ticker CFG.
- Citizens Bank operates in 14 states and the District of Columbia.
- Personal banking and small business banking products are provided.
Pros:
Cons:
- Does not have travel credit cards.
- Does not offer personal loans.
- Does not offer auto loans.
Citizens Bank checking
Citizens has five types of checking accounts. Let's go over them.
One Deposit Checking from Citizens
This account does not have minimum balance requirements to open the account. The monthly maintenance fee is $9.99 and the fee can be waived with one deposit each statement period.
With this account, you can pay with a contactless debit card, a digital wallet, Zelle or checks. In terms of overdraft protection, the bank offers an option called Citizens Peace of Mind that rebates overdraft fees if you bring your account back to zero the next day.
One Deposit Checking from Citizens
One Deposit Checking from Citizens
Min. deposit
$0
Monthly fee
$9.99, can be waived with one deposit per statement period.
Citizens Quest Checking
The monthly maintenance fee for this account is $25 and the fee can be waived with $5,000 total in deposits each statement period or by maintaining $25,000 in monthly combined deposits and investments in multiple Citizens accounts.
With the Citizens Quest Checking account, you are eligible to receive benefits with the bank, including investment match, more credit card cash back rewards and higher savings rates. You do not pay fees for using other bank's ATMs. You also have access to services for personalized financial advice.
In terms of overdraft protection, you get access to Citizens Peace of Mind as well as a feature called Citizens Fee Relief which waives the fee for your first overdraft occurrence each year.
Citizens Quest Checking
Citizens Quest Checking
Min. deposit
$0
Monthly fee
$25, can be waived with $5,000 deposit per statement period.
Citizens Private Client Checking
This account is the most exclusive checking account that Citizens offers. The checking account does not have a monthly maintenance fee, however you must maintain $200,000 in combined deposits and investments to qualify.
Some of the account benefits include both of the overdraft features from the bank, Citizens Peace of Mind and Citizens Fee Relief, as well as access to financial advisors to create a personalized financial plan.
Citizens Private Client Checking
Citizens Private Client Checking
Min. deposit
$200,000 in combined deposits and investments\*\* to qualify
Monthly fee
$0
Citizens EverValue Checking
This account is a simple account aimed at everyday consumers. It does not require a minimum balance to open the account and there are no overdraft fees. However, there is a $5 monthly fee that cannot be waived.
Citizens EverValue Checking
Citizens EverValue Checking
Min. deposit
$0
Monthly fee
$5
Student Checking
The Student Checking account is for those under 25 years-old. The upside is you won't pay overdraft fees on this checking account. The downside is if you try to make a purchase with insufficient funds, your transaction will be denied.
In terms of the monthly maintenance fee, there is no fee so long as you are under 25.
Citizens Student Checking
Citizens Student Checking
Min. deposit
$0
Monthly fee
$0
Eligible ages
Under 25 years-old
Citizens Bank savings
One Deposit Savings from Citizens
This account is for those looking for a simple savings account. It's a good account to have alongside the One Deposit or the Student Checking Account at Citizens.
There is no monthly maintenance fee if you make one deposit of any amount each monthly fee period. Otherwise, the fee is $4.99. If you are over the age of 65 or under 25, you do not pay monthly maintenance fees. There is no minimum balance to open the account, and the annual percentage yield (APY) is 0.01%.
One Deposit Savings from Citizens
One Deposit Savings from Citizens
Min. deposit
$0
Monthly fee
$4.99
Citizens Quest Savings
This account is best for those who have a Citizens Quest Checking account. If you have both accounts, there is no monthly maintenance fee.
There is no minimum balance to open the account, and the APY is 0.07%.
Citizens Quest Savings
Citizens Quest Savings
Min. deposit
$0
Monthly fee
No monthly maintenance fee if you pair with Citizens Quest Checking account.
Citizens Private Client Savings
This account is for those who have a Private Client Checking Account. There is no fee if you have a Private Client Checking account. What's more, there is no minimum balance to open the account.
Citizens Private Client Savings
Citizens Private Client Savings
Min. deposit
$0
Monthly fee
No monthly maintenance fee if you pair with Citizens Private Client™ Checking.
Citizens Bank certificates of deposit (CD)
Citizens offers CDs for a duration of 8 and 14 months. Both of these accounts charge early withdrawal fees if you want to access your money before the term is complete.
| Citizens Bank CD's | APY* | Min. balance to open |
|---|---|---|
Citizens 8-Month CD | 5.50% | $25,000 |
Citizens 14-Month CD | 2.75% | $1,000 |
The 8-month CD requires a minimum balance of $25,000 to open, and the APY is 5.50%.
The 14-month CD has a requirement of $1,000 to open and the APY is 2.75%.
Citizens Bank money market accounts (MMA)
Citizens Bank has three types of MMAs, the Personal Money Market, the Citizens Quest Money Market, and the Citizens Private Client Money Market account.
The Personal Money Market account has a monthly maintenance fee of $10 which can be waived if you maintain a minimum daily balance of at least $2,500. There is no minimum balance to open the account, and the and the APY is 0.01%. This is a good account if you are planning to keep the balance above $2,500 and do not have a Citizens Quest Checking account. Otherwise, you're better off with a Citizens Quest Money Market account which has higher APYs.
Citizens Personal Money Market
Citizens Personal Money Market
APY*
0.01%
Min. balance to open
Any Amount
Monthly fee
$10.00, keep a minimum daily balance of at least $2,500 to waive the fee.
The Citizens Quest Money Market account does not have a fee, so long as you have a Citizens Quest Checking account. There is no minimum amount to open the account. The standard APY ranges between 0.07% and 1.20%. For an account with a balance below $24,999, the APY is 0.10%. An account with a balance of $25,000 to $74,999, the APY is 0.10%. The APY will then jump to 0.35% for accounts with a balance of $250,000 to $999,999, and 1.20% for those with $1 million and above in the account.
Citizens Quest Money Market
Citizens Quest Money Market
APY*
0.07% and 0.35%.
Min. balance to open
Any Amount
Monthly fee
$0.00 with Citizens Quest Checking
The Citizens Private Client Money Market account does not have a maintenance fee when the client has a Private Client Checking account. There is no minimum amount to open the account with this MMA either. The standard APY ranges from 0.10% to 1.70%, depending on the balance in the account. The interest structure is similar to the Citizens Private Client Money Market, but for accounts with $1 million or more, the APY is 1.70%. This is a good account if you have a Private Client Checking account with the bank because the APYs are significantly higher than the other two MMAs at Citizens. It's worth noting, however, that the APYs on these MMAs are not as competitive as the interest gained on a high-yield savings account from competitor banks: Citizens MMAs are best for existing clients.
Citizens Private Client Money Market
Citizens Private Client Money Market
APY*
0.10% to 1.70%
Min. balance to open
Any Amount
Monthly fee
$0.00 with Private Client Checking account
Citizens Bank mortgages
Citizens offers mortgages for those buying and those building a home. It also refinances mortgages.
When you apply, you find out what your annual percentage rate (APR) is. For a 30-year fixed rate repayment, for instance, you can lock in an APR and make payments over the course of 30 years.
Citizens Bank credit cards
Citizens keeps its credit card offerings simple: There are three Citizens credit cards.
The card_name where you earn 1.8% cash back on everything you buy. If you also have a Citizens Quest Checking account, your cash back increases to 1.9%. The APY for purchases varies between reg_apr,reg_apr_type, depending on your creditworthiness. The card does not have an annual fee or foreign transaction fees. There is also no penalty APR for late payments.
The card_name has a intro_apr_rate,intro_apr_duration. After that, a variable APR of 19.24% to 27.24% applies. This card does not have an annual fee. The APY for purchases varies between reg_apr,reg_apr_type, which, again, depends on your creditworthiness.
The Citizens Private Client World Elite Mastercard offers 2% cash back on everything. This card has an annual fee of $195, which is waived for Citizens Private Client Checking account customers. Depending on your creditworthiness, the APR for purchases varies between 19.24% and 27.24%. This card has various perks, including a TSA PreCheck or Global Entry fee rebate, access to airport lounges and travel insurance coverage. To qualify for this credit card, you must be a Citizens Private Client Checking customer.
Citizens Bank business banking
For its small business products, Citizens has checking, savings, MMA and CD accounts. It also offers business credit cards, Small Business Administration (SBA) loans, cash management, payroll, merchant services, employee benefit solutions and more.
Its checking accounts are the Clearly Better Business Banking, the Business Advisor Checking and the Citizens Analysis Business Checking.
The Clearly Better Business Banking does not have a monthly maintenance fee. It's a basic account for small businesses that have a small amount of transactions.
The Business Advisor Checking has a monthly maintenance fee of $25 that can be waived with an average daily balance of $10,00 or a $35,000 monthly combined balance. This account is best for businesses with an average amount of activity.
The Citizens Analysis Business Checking has a maintenance fee that varies. You will have to check with the bank for details specific to your business. Those fees can be offset with a credit that can be used on available balances. This account is best for businesses that have a large amount of activity.
Citizens Bank's customer experience
Citizens gets a B rating by the Better Business Bureau (BBB), which rates banks from an A+ to F based on their business health.
According to the 2023 J.D. Power U.S. Retail Banking Satisfaction Study, Citizens ranks sixth highest bank in New England for customer satisfaction.
Lastly, the Consumer Financial Protection Bureau (CFPB) required Citizens to pay a $9 million penalty for unlawful credit card servicing. The CFPB said the bank failed to properly manage and respond to customers' credit card disputes and fraud claims.
Overall, from these three sources, the bank's customer experience is average.
How does Citizens compare?
Citizens vs. PNC Bank
Both Citizens and PNC Bank offer a variety of checking and savings account options. As big, multi-service banks, there isn't much difference between them. For example, Citizens has five types of checking accounts and PNC Bank has three. The tiers and APYs are similar enough that it might not sway your decision to open an account at one or the other.
In terms of its other products, PNC Bank has more diversity and options, so if you are looking for a variety of financial services, PNC may be best for you. If you're looking for more private client offerings, Citizens would be the better choice.
Citizens vs. Chase
Citizens's clearest difference from Chase is its money market account offerings. Chase does not have MMAs, but it offers auto loans, which Citizens bank does not. If one of these two is a priority for you — the MMA or the auto loan — then deciding which bank is best for you will be an easy decision.
Methodology
By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.
Frequently asked questions (FAQs)
Is Citizens FDIC-insured?
Yes. Citizens is insured by the Federal Deposit Insurance Corporation (FDIC). Therefore, deposits are insured up to $250,000 per person.
Is Citizens a good or bad bank?
Citizens is a good bank and has a variety of services, especially for those customers who are looking for simplicity in their banking experience.
Is Citizens a good bank for beginners?
Citizens is good for beginners and offers checking, savings and other services geared for those new to banking, as well as students. For instance, the Student Checking account is for those under 25 years of age and does not have overdraft fees.
Who owns Citizens bank?
Citizens Bank is owned by Citizens Financial Group. The bank is listed and traded on the New York Stock Exchange (NYSE) under the symbol CFG.
AP Buyline’s content is created independently of The Associated Press newsroom. We might earn commissions from links in this content. Learn more about our policies and terms here.