Citizens Bank Review: Checking Accounts, Savings Accounts and CDs| North Loop Official Blog
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North Loop
24 Feb 2020

Citizens Bank Review: Checking Accounts, Savings Accounts and CDs

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Overall Review of Citizens Bank

A large regional bank in the Northeast, Citizens offers accounts with uncompetitive, low interest rates and high overdraft fees.

Pros & Cons

Pros:
  • No minimum or opening balance required for One Deposit Checking.


Cons:
  • $3 out-of-network ATM fee.
  • Non-interest bearing checking accounts
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Profile image2: Pros & Cons
Credit: North Loop

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

Citizens Bank Savings Account Review

Citizens Bank offers an extremely low 0.01% annual percentage yield on its basic savings account. On the Green Savings Account, you need to maintain a minimum daily balance of $200 to avoid $4.99 monthly fee. However, you don’t need an opening balance and your first four monthly fees are waived..

Citizens Bank CDs Review

Citizens Bank offers certificates of deposits with fairly low yields, high minimum deposits and limited options for term-lengths.

Citizens Bank Checking Accounts Review

While there is no minimum or opening balance required for Citizens’ One Deposit Checking Account, there is a monthly fee of $9.99. This can be waived if you make one deposit every month.
Citizens Bank has approximately 2,900 ATMs (largely in the Northeast). It’s non-Citizens ATM fee is $3 (plus that ATM’s charges), which is more expensive than other banks (or you could get a no ATM fee account such as North Loop).

The overall banking experience

Citizens has fairly good customer support, and a solid bank branch network in the Northeast. However, due to its legacy roots, you need to visit a branch for a lot of its services, and this isn’t possible all the time as it isn’t a nationwide branch network (we highly recommend switching to online accounts where you can access them anywhere you are).

Fees at Citizens Bank

Citizens Bank Checking Accounts charge the following fees:
  • $9.99 monthly fee (waived with one deposit per month)
  • $20 incoming wire fee
  • $30 outgoing wire fee (domestic)
  • $40 outgoing wire fee (international)
  • $3 non-Citizens Bank ATM fee
  • $3+3% of the amount Foreign ATM Withdrawal Fee
  • 3% Foreign Transaction Fee

Hey, since we have you - North Loop charges no outgoing wire fees, no incoming wire fees and no ATM fees at any ATM in the world! And of course, it has no minimum or monthly fee.

Overdraft Fees at Citizens Bank

Citizens has amongst the highest (and frankly, fairly ridiculous) overdraft fees in the country. $35 per overdraft transaction, up to a maximum of seven times a day (that results in an insane $245 fee). If your account stays overdrawn, Citizens will charge you a $30 sustained-overdraft fee that gets charged on the fifth, eighth and 11th business day that the account remains overdrawn.
You can sign up for overdraft protection, but this will cost you $12 per transfer from your savings account.

Online Banking at Citizens Bank

Citizens Bank has an average online banking experience - you can chat with customer support 24/7, and the website has a savings feature. However, many functions and services aren’t available online and require telephone banking or visiting a branch (which becomes an issue if you’re not in the Northeast region).

North Loop Checking Accounts

Sick of fees and account minimums? North Loop is a no-minimum, no-fee checking account - you could save over $300 a year with a North Loop account vs. a Citizens Bank Account. Signing up takes 5 minutes, and you can link any other bank account you have to our powerful spending analysis tools! Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.