Citizens Bank review August 2024: checking, savings, CDs, and more

All rates and fees are current as of July 23, 2024, and are subject to change. 

Citizens Bank

Checking Accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $0.01
CD rates:	Earn up to 5.25% annual percentage yield (APY)

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Pros and Cons

Pros

• Plenty of account options: You can choose from several account types, giving you full freedom over your banking experience.
• Large number of locations: With 1,100 branches in 14 states and 3,200 ATMs, Citizens Bank is highly accessible to many people.

Cons

• Fees on most accounts: Most accounts have some type of fee; fortunately, they are easy to waive.
• Low APYs across the board: Citizens Bank offers below-average APYs on nearly all its products.

Who is Citizens Bank good for?

Citizens Bank is good for someone looking for a brick-and-mortar bank with many account types. You could conduct all of your banking at this institution without needing to open additional accounts elsewhere.

Who shouldn’t use Citizens Bank?

Citizens Bank only has branches in 14 states, mainly located on the East and West Coasts. Those living in the Midwest will likely need to find a different bank to use. Also, because most of Citizens Bank’s APYs are below average, it’s not a good choice for someone interested in maxing out interest earnings.

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Citizens Bank rates and products

Citizens Bank offers many different account types, including checking, savings, money market, and CD accounts.

Checking accounts

Citizens Bank offers five checking accounts—three everyday accounts, one student checking account, and one private client account. Every account comes with a contactless debit card, mobile app access, zero liability coverage, and Citizens Paid Early, which lets you get paid up to two days early.

These Citizens Bank checking accounts might not be the best free checking accounts on the market, as most come with monthly maintenance fees. However, they’re relatively easy to waive.

For example, you can waive the One Deposit Checking $9.99 fee by making one deposit each statement period. The Citizens Quest Checking’s $25 fee is waivable with $5,000 in total deposits each statement period or $25,000 in monthly combined balances across your accounts. Unfortunately, you can’t waive the $5 fee for the Citizens EverValue Checking. There are no fees for the Citizens Private Client Checking and Student Checking accounts.

The two accounts that earn interest are the Private Client and Quest Checking accounts, but they only earn 0.07% and 0.05% APY, respectively.

Right now, Citizens is offering a decent checking account bonus on every account except the EverValue Checking. See our list of best checking account bonuses to find other accounts with a sign-on bonus.

Savings accounts

There are three Citizens Bank accounts to choose from: the One Deposit Savings from Citizens, the Citizens Quest Savings, and the Citizens Private Client Savings. None are a high-yield savings account, meaning you won’t earn a ton of interest on your deposits. To find accounts with better APYs, consult our list of the best high-yield savings accounts.

The One Deposit Savings does have a $4.99 monthly fee, but you can waive it by making one deposit each month. It comes with a debit card, and you can get paid up to two days early. It makes the most sense if you want a basic, no-frills savings account.

The Quest Savings has no monthly fee and has a slightly higher APY. The Private Client savings has the highest APY at 0.10%, but you can still find better offerings nearly anywhere else.

One big benefit of all Citizens’ savings accounts is that there are no monthly transaction limits. You can make as many withdrawals as you want without penalty.

Citizens Bank savings rates compared to current top rates*

While Citizens Bank is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts

Citizens has three MMAs. One of the benefits of an MMA over a savings account is that they can have higher APYs. You can earn up to 3.00% APY with preferred rates and at least a $25,000 deposit, but standard rates are as low as 0.10% APY. Right now, the best MMAs have rates up to 5.25%.

With the Personal Money Market, you can waive the $10 monthly maintenance fee with a daily minimum balance of at least $2,500. The Quest Money Market and Private Client Money Market don't have monthly fees as long as you have a checking account.

The Quest Money Market has no fees for checks and no fees for ATM transactions while the Private Client Money Market has unlimited rebates on ATM fees charged by other banks.

While all accounts come with a debit card, you're limited to six transactions in a statement period. If you go over this limit three times in one year, you may have your money transferred automatically to a noninterest-earning checking account.

Certificates of deposit

With a CD, you deposit money for a set term in return for a fixed interest rate. Citizens Bank offers only two CD terms: eight months and 14 months.

To open a Citizens Bank CD, you'll need either a Citizens Quest or Citizens Private Client Checking account. Citizens' CD rates are comparable with some of the best CD rates on the market but the limited-term offerings may be a drawback.

There are also somewhat hefty early withdrawal penalties if you want to remove your principal before the term is up. You'll pay the 90 or 180 days of interest depending on term length, or half of the remaining interest to be earned, which could end up eating into your principal.

Other services Citizens Bank offers 

Along with the wide range of banking services listed above, Citizens Bank also offers: 

• Credit cards: Citizens offers a mix of cash back and balance transfer cards.
• Home loans: Choose between a new mortgage, mortgage refinancing, new construction loans, or a home equity line of credit (HELOC).
• Student loans: Whether you're going to college or grad school, Citizens offers loans for you. It also provides parent loans and refinancing.
• Investing and wealth management: Citizens' lineup of wealth advisors can help you manage your investments.
• Individual retirement accounts (IRAs): Citizens offers both IRA savings and IRA CDs that can help you save for retirement.
• Financial education: With tools to help you learn more about saving, budgeting, and managing debt, Citizens is a one-stop shop for financial education.
• Business banking: Small businesses can enjoy business credit cards, checking accounts, savings accounts, and loan options.

Online banking

Even though Citizens Bank is not an online bank, it still has a decent online banking experience. Once you open an account, you need to enroll in online banking services. Then, you can review account history, transfer funds, place stop payments, and much more.

The Citizens Bank platform and customer support

In addition to online banking, you can also access your accounts via mobile apps. It's rated 4.7 stars on both the App Store and Google Play. Using the apps, you can do everything from mobile check deposit to enroll in bill pay. The bank also offers online demos if you need help figuring out online or mobile banking.

Citizens has phone support lines depending on what you need help with. For checking, savings, money market, and CD questions, phone support is available Monday through Friday from 7 a.m. to 10 p.m. Eastern time and from 9 a.m. to 6 p.m. ET on the weekends.

Is Citizens Bank secure?

Citizens has a history of data breaches. One happened in 2021 that impacted customer's Social Security and account numbers. Another happened in 2017 when nearly 5,000 customers had $1.6 million in assets stolen.

Citizens Bank uses the highest level of encryption for your data and a one-time password request system to verify your identity. All accounts come with 100% online fraud protection.

Citizens Bank user reviews

Many customers speak highly of Citizens Bank, saying that they're "pretty chill" and that they "cannot recommend them enough for personal bank accounts." However, others have complaints about CD renewals, saying they weren't informed of the new interest rate before the account renewed. Others had problems with customer service being rude.

Compare Citizens Bank alternatives

Citizens Bank	PNC Bank	Chase Bank
Top savings APY	Top savings APY	Top savings APY
4.50%	4.65%	0.01%
Top checking APY	Top checking APY	Top checking APY
0.07%	0.01%	0.01%
Top CD APY	Top CD APY	Top CD APY
5.25%	5.05%	0.01%
Other services	Other services	Other services
Credit cards Home loans Student loans Investing and wealth management IRAs Financial education Business banking	Personal loans Credit cards Student loans InvestmentsInsurance Mortgages Estate planning	Credit cards Auto loans Mortgages Investment and wealth management Estate services Retirement planning
Learn more	Learn more	Learn more
View offer at Bankrate	View offer at MoneyLion	Read our review of Chase Bank

Is Citizens Bank right for you?

Overall, Citizens Bank is a reliable option if you prefer banking at brick-and-mortar locations with a large presence. As long as you live in the Citizens Bank service area, you'll have plenty of opportunities to pop into a branch for services. However, if you live outside of the Citizens Bank radius or value high APYs, then you'll likely want to find a different bank to partner with.

Frequently asked questions