Citizens Bank offers customers a range of checking accounts, savings accounts, Certificates of Deposit (CDs), and Money Market Deposit (MMD) accounts. Citizens Bank has over 1,200 branches in the New England, the mid-Atlantic, and the Midwest. Therefore people in these regions will have the choice between online and retail banking.
While Citizens Bank offers a variety of accounts, its savings and CD accounts are uncompetitive compared to online banks. Details of the products provided by Citizens Bank online bank are shown below.
Citizens Bank offers customers five different types of checking accounts.
One Deposit Checking
This is Citizens Bank’s entry-level account offering. The One Deposit Checking account comes with a debit card, check-writing benefits, and a monthly maintenance fee of $9.99. Yet, you can waive this fee simply by making one deposit into the account every month. There is no minimum deposit amount or minimum balance requirement with this account.
Citizens EverValue Checking
The Citizens Bank EverValue Checking account comes with a $5 monthly maintenance fee that cannot be waived. However, the benefit of this account is that there are no overdraft fees charged, which otherwise would cost $37. As with the One Deposit Checking account, there is no minimum deposit amount or minimum balance requirement.
Citizens Quest Checking
The Citizens Quest Checking account is Citizens Bank’s flag-bearing account. This interest-earning account accrues 0.05% on all balances. It also features benefits such as no charge for using out-of-network ATMs and reduced wire orders and money transfer fees. Users are charged a $25 monthly maintenance fee for this account, which can be waived via $5,000 monthly deposits or by holding an average monthly balance of $25,000 across Citizens Bank accounts.
Citizens Wealth Checking
Citizens Wealth Checking account is the highest VIP level account offered by Citizens Bank. This account comes with all the benefits of the Citizens Quest Checking account, plus personalized financial advice tailored towards your needs. There are no associated monthly fees, but you must hold an average monthly balance of $200,000 or more to be eligible.
The Student Checking account is available for those under 25. It comes with no monthly maintenance fee, no charge for out-of-network ATM fees, and no overdraft charges.
One Deposit Savings
The One Deposit Savings account is a complimentary product to the One Deposit Checking account. As with the checking account, a monthly maintenance fee can be waived if you make one deposit each period. There is no minimum balance to open the account, and interest of 0.01% is earned on all balances.
Citizens Quest Savings
If you have a Citizens Quest Checking account, you automatically qualify for a Citizens Quest Savings account. There is no fee or minimum balance requirement, and you will earn 0.07% interest on all balances.
Citizens Wealth Savings
The complimentary product to the Citizens Wealth Checking accounts, the Wealth Savings account offers no fees, enhanced interest rates, and personalized money-management services.
Citizens Bank offers CDs with three different terms; 10 months, 14 months, and 25 months. However, the terms offered are not competitive compared to online banks, with APY ranging from 0.03% to 0.20%. The standard rate is 0.03% for all duration CDs, with 0.10% offered to Citizens Quest account holders on the 14- and 25-month CDs and 0.20% provided to Citizens Wealth customers on the 14- and 25-month CDs. You will need a minimum deposit of $1,000 to take out a CD with Citizens Bank.
There are three money market accounts offered by Citizens Bank, one for all customers, one for Citizens Quest customers, and one for Citizens Wealth customers. APYs provided for these products are as follows:
- Personal Money Market – 0.01% on all balances
- Citizens Quest Money Market – from 0.07% up to 1.5%
- Citizens Wealth Money Market – from 0.10% up to 2%
Opening an Account With Citizen Bank
After comparing the many accounts available with Citizens Bank, we decided we wanted to apply for the Citizens EverValue Checking account to take advantage of the no overdraft charges.
After selecting “Open Account”, we were taken to a portal where we could choose if we were a new or existing customer. Helpfully, we were informed what we would need to provide to open this account.
We selected that we were new to Citizens Bank and stated that it was an individual application. We were then invited to enter our basic information.
After entering these fields, we had to provide our address, date of birth, SSN, and mother’s maiden name for security purposes. We also had to make a W9 Tax Certification declaration, stating that our details provided were correct. Finally, we authorized Citizens to perform a soft credit pull on our account.
After this, we signed multiple disclosures relating to the account and moved to the deposit stage, where we could link an existing bank account to make our first deposit.
The whole process was easy to perform, taking less than 10 minutes in total. The instructions were straightforward, and no aspects of the online application were unclear.
- Available in all states