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Citizens Bank

Citizen Bank Reviews

8

bestfor-icon Wide range of banking needs

lauren
Written by Lauren Le-Hair

About Citizens Bank | Read More

8.0

LS Score

9.4

Credibility

6.5

Support

8.0

Accessibility

Visit Site
Opening Hours Opening Hours drop-down-btn
Mon-Fri 9am-8pm EST
Sat-Sun 9am-5:30pm EST
Contact Information Contact Information drop-down-btn
  • 1-800-922-9999
  • Headquarters: One Citizens Plaza, Providence, RI 02903
Social Media Social Media drop-down-btn

Citizens Bank Student Loans Review

Citizens Bank provides a large selection of funding options for student loans and student loan refinancing. Citizens Bank offers undergraduate and graduate student loans, parent loans, and other refinancing options. The financial company also offers several unique benefits, such as refinancing loans for people that did not graduate.

Citizens Bank Student Loans Highlight

700

Min Credit Score

4.48-13.29%

APR. Fixed Rate

6.38-14.28%

APR. Variable Rate

$1K-$750K

Loan Amount

5-20 years

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

20 days

Funding Time

Student Loan Refinance

6.99-10.99%

APR. Fixed Rate

7.29-12.44%

APR. Variable Rate

$1K-$750K

Loan Amount

Pros & Cons

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  • con-icon Refinancing for federal and private student loans.
  • con-icon No degree or enrollment required.
  • con-icon No origination or prepayment penalties.
  • con-icon 0.25% Loyalty discount for existing Citizens Bank customers
  • con-icon Must have a minimum of $10,000 to refinance
  • con-icon Next day funding not available

Student Loan Type

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  • Private student loans
  • Student loan refinance

Citizens Bank Student Loans Terms & Requirements

Citizens Bank has a wide range of student loan products available, but all products have similar requirements to take out a student loan. To be considered for a student loan, you (or, in some instances, a co-signer) will need to meet the following requirements:

Undergraduate Student Loans

  • US citizen or permanent resident, but international students can apply with a creditworthy co-signer
  • Enrolled at least half-time in a degree-granting, eligible institution
  • Have good credit or a creditworthy co-signer
  • Have attained the age of majority in your state of residence
  • Have no prior loan defaults

Undergraduate student loans are available for between $1,000 and $150,000. Variable rates are available between 5.99% and 12.02%, and fixed rates between 5.99% and 12.18%.

Graduate Student Loans

Borrowing terms for graduate loans are the same as for undergraduate loans. You can borrow from $1,000 to $150,000 for graduate degrees, $225,000 for MBA and law degrees, or $350,000 for healthcare degrees. Fixed APRs are available from 4.99% to 13.29%, with variable rates available from 6.37% to 14.27%.

Parent Loans

Terms and borrowing amounts are the same for parent loans, but the APR available is slightly higher. Fixed APRs are available from 7.13% to 12.52%, with variable APRs from 6.33% to 12.27%.

Student Loan Refinancing

To be eligible to refinance your student loan with Citizens Bank, you will need to meet the following criteria:

  • US citizen or permanent resident
  • Have at least $10,000 of student loans to refinance
  • Have made at least 12 qualifying payments after leaving school if you have an Associate’s degree or no degree

The amount you can refinance is dependent on your degree type. The following limits apply:

  • Bachelor’s degree or lower – $300,000
  • Graduate degree – $500,000
  • Professional degree – $750,000

Rates for refinancing offered are competitive, with variable APRs between 7.29% and 12.43% and fixed APRs between7.00% and 10.99%.

For all student loan products, co-signers can be released after 36 months of timely payments, and all loans are available for terms between 5 and 20 years.

On the other hand, the undergraduate and graduate loans are not the most competitive rates we have come across. However, the student loan refinancing rates are good, and the option to refinance even if you have not completed your degree is excellent. Anyone in this position should carefully consider student loan refinancing from Citizens Bank.

How to Apply

We applied for a student loan refinancing loan due to the competitive rates available and the fact that you can refinance without completing a degree. The Citizens Bank student loan page is user-friendly, and we quickly navigated to the starting point.

To start the process, we had to enter our email address and basic personal details such as name and phone number, and we were prompted to create an account. We were then asked what our reason for refinancing was, with three choices available.

After selecting that we wanted to lower our monthly payments, we were asked to fill out some forms, which included giving our date of birth and citizenship status.

After this, we were asked for details of our degree, existing student loans, and current income.

After entering our income details, we finally entered our address and SSN and selected “Get My Rates”. Doing so generated the student loan refinancing rates available to us. We were happy with the rates offered and chose to proceed. After signing the Loan Agreement and Terms and Conditions, our application was submitted.

The application process was straightforward, and we’d recommend it for people that did not complete their degree. We were told that a final decision on our application would be made within a week, with funding to follow within five business days after that.

Required Information

To apply for a private student loan or student loan refinancing from Citizens Bank, you will need to provide the following:

  • Name
  • Address
  • Proof of ID
  • Date of birth
  • SSN
  • College details
  • Degree details
  • Phone number
  • Email address
  • Income history and proof of income

State Availability

- Available in all states

Citizens Bank Online Banking Review

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 Online Banking Highlight

$1K

Min Deposit

Over 3,000 fee-free ATMs

ATM Network

$35

Overdraft Fees

None

Other Fees

Online Banking Savings

No minimum

Min Deposit

$3K

Min Balance

0.01-0.07%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

$25K

Min Balance

Min 0.05%

Min APY Checking

Pros & Cons

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  • con-icon Well-established company with over 1,000 branches and 3,000 ATMs
  • con-icon Monthly maintenance charges are easy to avoid
  • con-icon Physical branches are available if you want to talk to someone in person about your financial needs
  • con-icon Poor interest rates available compared to online-only banks
  • con-icon Branches are only available in 12 states
  • con-icon Basic accounts incur a $3 out-of-network ATM fee
  • con-icon High overdraft fees

Account types

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  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)

APY's

Account Type APY
Citizens Wealth Checking 0.05%
One Deposit Savings 0.01%
Citizens Quest Savings 0.07%
Citizens Wealth Savings 0.10%
CDs 0.03% – 0.20%
MMDs 0.01 – 2%

Features Benefits & Rewards

  • No overdraft fees if $5 or less, otherwise $37 fee charged
  • No maintenance fees if minimum balances met

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.

State Availability

- Available in all states

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

faq-icon

FAQ’s

Do I need a good credit score to get a loan from Citizens Bank?

Citizens Bank does not disclose the required credit score, but it is known that applicants need a good to excellent credit rating.

Does Citizens Bank offer private or federal student loans?

Student loans offered by Citizens Bank are private only.

Is Citizens Bank safe?

Yes! Citizens Bank has been operating for almost 200 years and is a fully regulated FDIC bank.

Customer Support

Citizens Bank customer support is available 24/7 in various methods. It’s essential to note that Citizens Bank has a comprehensive and easy-to-navigate FAQ section. You can contact the Citizens Bank customer support team via phone, online chat, or through one of 1,200 Citizens Bank branches.

We contacted customer support via phone to ask questions about student loan eligibility. We were placed on hold for some time, but once we were put in contact with the student loans team, our questions were answered knowledgeably and quickly.

Privacy & Security

Citizens Bank has an A+ with the Better Business Bureau and has earned many other awards and recognition over the years, including Forbes Best-in-State Bank 2020, Best Place to Work for LGBTQ Equality 2021, and more.

To protect user data and prevent fraud, Citizens Bank has security measures in place required by law. You can also download its free security software to help make your online banking and shopping secure. The Citizens Bank website details how your personal data is managed comprehensively but clearly.

In Conclusion

Citizens Bank provides customers with a full suite of banking services, from student loans to online banking. The long-established financial company has also amassed an incredible reputation since its establishment. Its physical presence, specifically on the East Coast, New England, and the Midwest, means that you get help easily. Citizens Bank offers competitive products and services, especially student loan refinancing for people that did not graduate.

Brand Disclaimer

Citizens Financial Group, its affiliates, and subsidiaries, including Citizens Bank, NA (“Citizens”), are providing the website (the “Site”) to you subject to the following terms (“Terms”). These Terms should be read carefully as they exclude or limit Citizens’ liability and set forth the terms and conditions which apply to your use of the Site. By using the Site, you agree to be bound by the Terms below. If at any time the provisions of these Terms are not acceptable to you or if you do not agree to be bound by these Terms, please discontinue your use of the Site.

The information and material contained within the Site and the terms, conditions, and descriptions that appear are subject to change. Unauthorized use of this Site or unauthorized entry into Citizens’ systems, misuse of passwords, or misuse of any information contained within the Site is strictly prohibited.

The availability of products and services described on the Site and associated fees, charges, interest rates, and balance requirements may differ among geographic locations. Your eligibility for products or services described in the Site is subject to Citizens’ approval in its sole discretion.

Investment services are not bank deposits and are not insured by the FDIC or any other third party, and are subject to investment risks, including the loss of the principal amount invested. You are hereby authorized to view the information contained in the Site and print pages in the Site for informational, non-commercial purposes only.