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Citizens Bank

Citizen Bank Reviews

Written by Lauren Le-Hair

About Citizens Bank | Read More

8.0

LS Score

9.4

Credibility

6.5

Support

8.0

Accessibility

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Opening Hours

Mon-Fri 9am-8pm EST

Sat-Sun 9am-5:30pm EST

Contact Information

1-800-922-9999
Headquarters: One Citizens Plaza, Providence, RI 02903

Social Media

8.0

LS Score

9.4

Credibility

6.5

Support

8.0

Accessibility

Visit Site

Opening Hours

Mon-Fri 9am-8pm EST

Sat-Sun 9am-5:30pm EST

Contact Information

1-800-922-9999
Headquarters: One Citizens Plaza, Providence, RI 02903

Social Media

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

5.99-14.00%

APR. Fixed Rate

6.97-15.03%

APR. Variable Rate

$1K-$750K

Loan Amount

5-20 years

Repayment terms

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

20 days

Funding Time

Student Loan Refinance

6.49-10.98%

APR. Fixed Rate

7.02-12.41%

APR. Variable Rate

$1K-$750K

Loan Amount

Pros & Cons

Refinancing for federal and private student loans.
No degree or enrollment required.
No origination or prepayment penalties.
0.25% Loyalty discount for existing Citizens Bank customers

Must have a minimum of $10,000 to refinance
Next day funding not available

Student Loan Type

Private student loans
Student loan refinance

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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

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

Well-established company with over 1,000 branches and 3,000 ATMs
Monthly maintenance charges are easy to avoid
Physical branches are available if you want to talk to someone in person about your financial needs

Poor interest rates available compared to online-only banks
Branches are only available in 12 states
Basic accounts incur a $3 out-of-network ATM fee
High overdraft fees

Account types

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

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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

Account Types

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.

Student Checking

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.

CDs

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.

MMDs

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%

Account Name	Key Features
One Deposit Checking	$9.99 monthly maintenance fee that is easily waived Access to online banking Extra time available to cover overdrafts
Citizens Evervalue Checking	$5 monthly maintenance fee No overdraft fees to pay No minimum balance requirement
Citizens Quest Checking	Access to online banking with extra features $25 monthly fees that can be waived The first overdraft fee each year is waived
Citizens Wealth Checking	Personalized wealth management services are available $200,000 average balance required to qualify No associated fees
Student Checking	No fees if you are under 25 No monthly fees No overdraft fees
One Deposit Savings	Easily waived monthly fee of $4.99 No minimum balance required Interest earned at 0.01%
Citizens Quest Savings	Complimentary with a Citizens Quest Checking Account Accrues interest at 0.07& Unlimited out-of-network ATM transactions
Citizens Wealth Savings	No associated fees Enhanced interest rates compared with other products Personalized money services are available
CDs	A minimum deposit of $1,000 required 10, 14, and 25-month CD at 0.03% to 0.20% Early withdrawal may incur a penalty
MMDs	Returns vary from 0.01% to 2% The return depends on account status and deposit amount Deposits are fully FDIC protected

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

Written by Lauren Le-Hair

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’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.