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Citizens Bank Review 2024

Updated February 29, 2024
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At a glance

3.7
Rating: 3.7 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.8 stars out of 5

Checking

Rating: 4.5 stars out of 5

Savings

Rating: 2.5 stars out of 5

MMA

Rating: 2.7 stars out of 5

About Bankrate Score

Overview

Citizens is a good option for consumers living in the 16 states where it has branches in the New England, Mid-Atlantic and Midwest regions. Those outside of Citizens Bank’s footprint might consider Citizens Access, Citizens Bank’s online division that began offering accounts in July 2018. While yields are generally low, most accounts don’t require a minimum deposit to open.

Highlights

  • Highly Rated App
  • Large Branch Network
  • Low Min Deposit
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/26/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 5/26/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/26/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Citizens Bank offers a large range of banking services that will appeal to a multitude of customers. From savings and checking accounts to credit cards and home loans, Citizens Bank can be a one-stop shop for customers looking to save and borrow. The bank has a sizable branch presence in the New England, Mid-Atlantic and Midwest regions. While opening a deposit account at Citizens is very easy, savers can easily find better yields elsewhere.

Pros

  • Checkmark

    Citizens has around 1,100 branches and approximately 3,200 ATMs.

  • Checkmark

    Citizens checking accounts have early direct deposit.

  • Checkmark

    Citizens’ CD offers a competitive yield.

  • Checkmark

    No fee is charged on overdrafts of $5 or less.

Cons

  • ATM fees are waived only with higher status accounts; otherwise, a $3 fee for out-of-network ATM withdrawals applies.

  • Yields for the money market and savings accounts are low.

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Citizens Bank banking products

2.5
Rating: 2.5 stars out of 5
Bankrate Score

Citizens Bank savings overview

Citizens Bank offers three savings accounts. The base account, scored for this section, is the One Deposit Savings account, which can be opened without a deposit, though you can avoid the $4.99 monthly maintenance fee by making one deposit every month.

For customers under age 25 or 65 and older, the account is free of a monthly fee.

The One Deposit Savings account offers a rock-bottom APY; you can easily find higher yields elsewhere. Those looking for higher rates may wish to consider an online bank, like Citizens Access, the online-only division of Citizens Bank.See more details about Citizens Bank savings account offerings.

Pros

  • Checkmark

    The One Deposit Savings account can be opened with any deposit amount.

  • Checkmark

    Waiving the monthly maintenance fee is easy.

  • Checkmark

    There are no limits on withdrawals from savings accounts.

Cons

  • Other banks offer much higher APYs.

  • There’s a monthly maintenance fee; other banks offer completely free accounts.

  • There’s a $3 fee per statement if you opt in for paper statements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Citizens Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/26/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $35
Non-sufficient funds fee None
Monthly maintenance fee $5-$10, depending on the account
Out-of-network ATM fee $3
Excessive transaction fee None*
Paper statements $3

*Money market account will be converted into a checking account that doesn’t pay interest if you surpass the six-per-month withdrawal limit three or more times during any consecutive 12-statement period.

Customer experience

Physical presence. Citizens Bank customers have access to around 1,100 branches and approximately 3,400 ATMs in 16 states in the New England, Mid-Atlantic and Midwest regions.

Highly rated mobile app. The bank’s mobile app receives high scores on the Google Play Store and Apple App Store. It can be used to send money with Zelle, deposit checks, pay bills and more.

Customer service. Citizens Bank customer service hours are from 7 a.m. to 10 p.m. during the week and 9 a.m. to 6 p.m. on weekends.

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

Zestyclose-Handle-73
Feb 1, 2023
Citizens Bank Reviews
Pros: App is fine. Lots of branches locally and regionally. Cons: Around one-third of the time I go in, they try to sell me on a new credit card or some other service.
via Reddit
Maximum-Relative-234
Jul 1, 2023
Which bank should I choose?
If you instead prefer a brick-and-mortar financial institution, then, having used both Citizens and Chase, I would recommend Chase. I prefer the broader range of products and services they offer, and their website/app are much better. Just be sure that no matter which bank you choose, there may be monthly service fees. Make sure you can maintain the requisite account activity/balances so those don’t apply.
via Reddit

Our editor's take

Beyond deposit products, Citizens Bank offers a wide host of financial products and services, ranging from credit cards and wealth management to small business banking. But ensure yourself that you don’t open more accounts than you need. 

Both Chase and Citizens Bank offer a wide array of financial services, but Chase has the edge when it comes to brick-and-mortar locations. While Citizens Bank has approximately 1,000 branches across the 16 states, Chase maintains nearly 5,000 branches in 48 states and Washington, D.C.

About Citizens Bank

Headquartered in Providence, Rhode Island, Citizens Bank is a large, full-service regional bank that offers a suite of retail, small business and commercial banking products, including a wide variety of deposit products for consumers to choose from.

Citizens operates in 16 states where its some 1,000 branches are located, mainly in the New England, Mid-Atlantic and Midwest regions. Customers have fee-free access to approximately 3,200 ATMs scattered throughout the country.

How does Citizens Bank compare to other banks?

Citizens Bank vs. Citibank

Citizens Bank and Citibank offer many of the same financial products and services, ranging from credit cards and small business banking to CDs, savings and checking accounts. Citibank doesn’t offer a money market account, but Citizens Bank does.

Citibank is the larger institution between these two banks, with a global reach that stretches across more than 200 countries and thousands more fee-free ATMs than Citizens Bank. If you’re looking for a bank with the largest geographical footprint, Citibank may be a good option to consider.

That noted, Citibank’s accounts tend to have higher monthly fees, and neither of these banks offer the most competitive APYs on savings accounts. Higher yields can easily be found at other institutions, particularly online-only banks. 

Citibank is currently offering a couple of competitive CDs, but Citizens Bank’s online-only division — Citizens Access — is offering higher rates between the two.

Citizens Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.