Citizens Bank Review: CDs, Checking, Savings, Money Market, and IRA Accounts
In this review, we’ll cover: Citizens Bank CD Rates Citizens Bank Checking Account Options Citizens Bank Savings Account Options Citizens Bank Money Market Account Options Citizens Bank IRA Options Overall Review of Citizens Bank Citizens Bank CD Rates Citizens Bank offers limited options for CDs and very low rates unless you also have an existing … Continue reading Citizens Bank Review: CDs, Checking, Savings, Money Market, and IRA AccountsThe post Citizens Bank Review: CDs, Checking, Savings, Money Market, and IRA Accounts appeared first on MagnifyMoney.
Posted — UpdatedAccount Type
Account Name
Compare Rates from Similar Accounts
0.02%
Savings
Citizens Bank (RI) Platinum Savings
1.80%
Goldman Sachs Bank USA High-yield Online Savings Account
on Goldman Sachs Bank USA’s secure website
In this review, we’ll cover:
Citizens Bank CD Rates
Citizens Bank Checking Account Options
Citizens Bank Savings Account Options
Citizens Bank Money Market Account Options
Citizens Bank IRA Options
Overall Review of Citizens Bank
Citizens Bank CD Rates
Citizens Bank offers limited options for CDs and very low rates unless you also have an existing premium account with them.[Chart-CitizensBankCdRates] Online-Only 13-Month CD
14-Month CD
36-Month CD
Standard APY
1.00%
0.03%
0.03%
APY with Platinum Checking
1.00%
0.04%
1.70%
APY with Platinum Plus Checking
1.00%
0.05%
2.00%
[/Chart-CitizensBankCdRates]As of 7/9/2018
- Minimum opening deposit: $1,000
- How interest is compounded: Interest is calculated based off of your daily balance, then tallied up and deposited into your account monthly.
- Early withdrawal penalty:
- $50 plus whichever of the following two options is less:1. 180 days’ worth of interest on the withdrawn amount2. Half of the remaining interest you would have earned
13-Month CD – Online Only
This CD can only be opened online. It has a fairly small minimum deposit amount requirement, but the APY isn’t as high as the current leading CD rates.
14-Month CD
This CD is much more accessible for people with smaller amounts of cash. The rates for this CD, however, are very low.
36-Month CD
This CD is interesting. It’s also fairly accessible for people with smaller opening deposits. However, unless you have one of the Platinum checking accounts, there’s no real incentive to open a 36-month CD over a 14-month CD because the rates are exactly the same.
In fact, if these two CDs pay the same interest rate for non-Platinum checking account members, it’s probably better to stick with the 14-month CD because you’ll earn exactly the same interest rate and you’ll get more frequent access to your money if you need it.
How to get a Citizens Bank CD
If you decide a Citizens Bank CD is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.
You can fund it with a check, or a credit or debit card, but heads up: If you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.
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How Citizens Bank CD rates compare
Citizens Bank clearly wants you to be a Platinum Checking Account member, and these CDs only make sense if you are one. The rates offered for Platinum Checking Account holders on their 14-month and 36-month CDs are actually slightly better than national averages.
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Citizens Bank Checking Account Options
One Deposit Checking from Citizens Bank®
- Minimum opening deposit: Any amount
- Interest rate: None
- Monthly maintenance fee: $9.99
- How to waive monthly maintenance fee: Citizens Bank will waive the fee if you’re a minor, or if you have at least one deposit into your account each statement period.
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: None
- Overdraft fee: $35 per item (up to seven per day)
Even though this is Citizens Bank’s most basic-level checking account, it isn’t one you can walk away from and leave on autopilot. You’ll need to make at least one deposit into the account each statement period in order to avoid the exorbitant $9.99 monthly fee.
Not only that, but it will cost you to use this account anyway — at least indirectly. Checks do not come free with this account. You’ll need to pay at least $9.99 for an order of checks if you want to, you know, write checks from your checking account.
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Citizens Bank Platinum Checking
- Minimum opening deposit: Any amount
- Interest rate: 0.02% APY for any amount in your account
- Monthly maintenance fee: $25
- How to waive monthly maintenance fee: Keep at least $25,000 across all of your Citizens Bank investment and deposit accounts.
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge)
- Overdraft fee: No fee for overdraft transfers or overdraft lines of credit
This is Citizens Bank’s lowest premium-level checking account. If you have this account, you can qualify for higher rates on CDs, savings accounts, and money market accounts, a 0.125% discount on a mortgage, and waived fees for things like paper statements or stop check orders. Plus, you’ll get free checks. You can also earn interest with this account, albeit at a very low level.
In return, Citizens Bank wants you to keep a fairly high amount of cash with them in deposit and investment accounts. Make sure you can commit to this so you don’t have to face the high $25 monthly fee.
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Citizens Bank Platinum Plus Checking
[Chart-CitizensBankPlatinumPlusChecking]Amount
$0-$24,999
$25,000-$249,999
$250,000+
APY
0.03%
0.05%
0.07%
[/Chart-CitizensBankPlatinumPlusChecking]As of 7/9/2018
- Minimum opening deposit: Any amount
- Monthly maintenance fee: $25
- How to waive monthly maintenance fee: You’ll need to keep at least $25,000 in linked deposit or investment accounts, plus one of the following two requirements: either deposit at least $5,000 per month into your account, or keep at least $10,000 in your account.
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge)
- Overdraft fee: No fee for overdraft transfers or overdraft lines of credit
This is basically the same account as the lower-level Citizens Bank Platinum Checking account with one extra bonus: a slightly higher, but still overall lackluster, interest rate.
In return for this higher interest rate you’ll need to jump through a few extra hoops (in addition to having at least $25,000 in linked deposit or investment accounts): keep an average of at least $10,000 in your checking account, or deposit at least $5,000 into your checking account each statement period.
How to get a Citizens Bank checking account
If you decide a Citizens Bank Checking Account is right for you, good news: it only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.
You can fund it with a check or a credit or debit card, but again, if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.
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How Citizens Bank checking accounts compare
Most checking accounts at large national banks set the bar fairly high to waive their outrageous monthly fees in return for low interest rates. Citizens Bank is no exception. Rather than using this account for its low interest rate, however, think outside the box: You actually can earn some decent rates on CDs if you hold one of the Platinum checking accounts.
If you can meet the requirements on these Platinum checking accounts, want to earn higher rates on CDs, and if Citizens Bank is convenient for you to work with, then this bank might make sense for you.
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Citizens Bank Savings Account Options
GoalTrack Savings®
GoalTrack Savings is a savings reward program that you can enroll in with any savings account, except for the CollegeSaver and Citizens Bank HomeBuyer Savings accounts. If you enroll in this program, you have to make a pledge: I will save X dollars each month for X months.
If you reach your goal, Citizens Bank will reward you with a gift card to certain merchants such as Best Buy, Lowe’s, Hyatt, or Pizza Hut. The amount of the gift card may be as follows:
Months
$25-$49
$50-$99
$100-$199
$200-$399
$400+
8-11
Discount at a merchant
$5
$5
$10
$20
12-17
$5
$5
$10
$20
$40
18-23
$5
$10
$20
$40
$75
24-35
$10
$20
$40
$75
$100
36+
$20
$40
$75
$100
$250
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Green Savings®
- Minimum opening deposit: Any amount
- Interest rate: 0.01% APY for any amount in your account
- Monthly maintenance fee: $4.99
- How to waive the monthly maintenance fee: Fee is waived for the first four months of account opening. After that, the fee is waived if you keep an average of at least $200 in your account every day.
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: None
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
Citizens Bank’s Green Savings account is their most basic savings account. It’s also their only savings account to charge a fee, which you can avoid as long as you keep a small amount of cash ($200) in this account.
That means that this account isn’t meant to ever be drained completely lest you face the pesky monthly fee. Make sure you take that into account — i.e., if you’re saving for a specific goal, you’ll need to bump up your savings target by $200 to leave enough in this account after you withdraw the cash.
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Citizens Bank Platinum Savings
- Minimum opening deposit: Any amount
- Interest rate: 0.02% APY for any amount in your account
- Monthly maintenance fee: None
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: None
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
This account comes standard with Citizens Bank’s Platinum Checking account. Although this account doesn’t have a monthly maintenance fee, the checking account does: $25, unless you qualify to have the fee waived.
The benefits of this savings account aren’t much greater than Green Savings, which you can open without a demanding checking account. Thus, we only recommend this account if you’re interested in the Platinum Checking account anyway.
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Citizens Bank Platinum Plus Savings Account
[Chart-CitizensBankPlatinumPlusSavings]Amount
$0-$24,999
$25,000-$249,000
$250,000+
APY
0.03%
0.05%
0.07%
[/Chart-CitizensBankPlatinumPlusSavings]As of 7/9/2018
- Minimum opening deposit: Any amount
- Monthly maintenance fee: None
- ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refund: None
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
This is Citizens Bank’s most premium-level savings account. It also comes standard with a Platinum Checking account, meaning that you’ll have to pay a $25 monthly fee for that account as well unless you qualify to have the fee waived.
In return, you get slightly higher savings account rates, as well as higher rates on things like CDs and money market accounts.
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CollegeSaver®
- Minimum opening deposit: $25 if your child is under 6 years old. $500 if your child is 6-12 years old.
- Interest rate: 0.05% for any amount in your account
- Monthly maintenance fee: None
- Minimum monthly deposit: If your child is under 6 years old, you’ll need to deposit $25 per month until his or her 18th birthday. If your child is between 6 to 12 years old, you’ll need to deposit $50 per month until his or her 18th birthday.
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
If you’re looking to save up some extra cash for your kid’s college bill, the CollegeSaver account might be able to help. Be warned, though: it does have some steep requirements. You’ll have to commit to depositing at least $25 into the account ($50 if your child is between ages 6-12) every single month until their 18th birthday. If you can do this, you’ll get a nice bonus: When your child turns 18, Citizens Bank will throw an extra $1,000 into your savings account.
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Citizens Bank HomeBuyer Savings®
- Minimum opening deposit: $100
- Interest rate: 0.05% for any amount in your account
- Monthly maintenance fee: None
- Minimum monthly deposit: $100
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
If you’re saving for a house, you might want to consider the Citizens Bank HomeBuyer program. If you can commit to saving $100 per month for 36 months straight, you can get a $1,000 credit toward the closing costs on a Citizens Bank mortgage (assuming you qualify). You also get a free pass to skip one monthly deposit per year without losing eligibility for the $1,000 credit.
If you do earn the credit, be prepared to use it fairly soon: You have another 36 months after you earn the credit to complete the purchase of a home, or lose it.
This sounds like a good plan (and it very well may be), but remember: Just because you get a $1,000 credit at the start of your mortgage doesn’t mean it’ll be cheaper in the long run.
Who knows what mortgage interest rates Citizens Bank will be charging three years from now and whether they’ll be competitive or not. You might end up saving $1,000 now only to shell out thousands more later.
How to get a Citizens Bank Savings account
If you decide a Citizens Bank savings account is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.
You can fund it with a check or a credit or debit card, but once again, if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.
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How Citizens Bank savings accounts compare
While we do like some of the unique savings accounts that Citizens Bank offers (specifically the savings accounts for college and home down payments), we think that the interest rates offered are still very low.
Furthermore, their savings accounts either come with unnecessarily high fees, or are linked to checking accounts that do have high fees.
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Citizens Bank Money Market Account Options
Personal Money Market
- Minimum opening deposit: Any amount
- Interest rate: 0.01% APY for any amount in your account
- Monthly maintenance fee: $10
- How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
- ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refunds?: None
- Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.
This account also comes with checks, however watch out: You can only use the checks up to three times per month without incurring an excessive transaction fee. Like savings accounts, you’ll also be limited to just six certain transactions per month according to Federal Regulation D rules. If you go over, you’ll have to pay a $15 transaction fee.
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Citizens Bank Platinum Money Market
Promotional offer: If you deposit at least $25,000 of new-to-Citizens-Bank money in a new Citizens Bank Platinum Money Market account, you’ll earn the following interest rates until November 30, 2018:[Chart-CitizensBankPlatinumMoneyMarket]Amount
$0-$24,999
$25,000-$2,999,999
$3,000,000+
APY
0.03%
1.00%
0.03%
- Minimum opening deposit: Any amount
- Interest rate: 0.03% APY for any amount in your account (unless you qualify for the promotional rates above)
- Monthly account maintenance fee: None
- How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
- ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refund: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge, however).
- Excessive transaction fee: You’re allowed six certain transactions per month (including three checks) as per Federal Regulation D. After that, you’ll be charged $15 per transaction or check.
You are eligible to open this account if you have a Platinum Checking account. Like the other premium-level savings accounts, this account has no monthly maintenance fee of its own, but its linked Platinum Checking account does.
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Citizens Bank Platinum Plus Money Market
Promotional offer: If you deposit at least $25,000 of new-to-Citizens-Bank money in a new Citizens Bank Platinum Plus Money Market account, you’ll earn the following interest rates until November 30, 2018:[Chart-CitizensBankPlatinumPlusMoneyMarket]Amount
$0-$24,999
$25,000-$2,999,999
$3,000,000+
APY
0.05%
1.35%
0.25%
- Minimum opening deposit: Any amount
- Interest rate: 0.05% APY for any amount in your account (unless you qualify for the promotional rates above)
- Monthly account maintenance fee: None
- How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
- ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
- ATM fee refund: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge, however).
- Excessive transaction fee: You’re allowed six certain transactions per month (including three checks) as per Federal Regulation D. After that, you’ll be charged $15 per transaction or check.
If you have a Citizens Bank Platinum Plus checking account, you’re eligible to open this corresponding money market account as well. Normally, the rates are very low (0.05% APY), however, if you have enough cash to take advantage of the promotional offer (meaning you have $25,000 stashed somewhere outside of Citizens Bank that you bring in to open a new account), you can earn much more interest.
How to get a Citizens Bank Money Market account
If you decide a Citizens Bank money market account is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.
You can fund it with a check or a credit or debit card, but if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.
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How Citizens Bank’s Money Market accounts compare
If you can qualify for the promotional rates offered on the Platinum or Platinum Plus Money Market accounts, you can actually earn pretty decent rates. Unfortunately, most people may have a difficult time earning them because you need to deposit at least $25,000 from another non-Citizens Bank account, and the rates only last until November 30th.
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Citizens Bank IRA Options
IRA CDs
Citizens Bank offers some less-touted IRA CD options, including terms ranging from one to 120 months. You can get started with one of their IRA CDs with a deposit as small as $250. There is no monthly account maintenance fee.
The interest rates on these IRA CDs are not advertised on their website, however, so you’ll need to contact the bank directly if you’d like to open an IRA CD.
How to get a Citizens Bank IRA CD
If you’re interested in getting a Citizens Bank IRA CD, make sure you do your homework first by calling the bank or visiting them in person to verify the rates and term options for their different CDs.
IRA Savings
Citizens Bank also offers an IRA Savings account, however they offer just about as much information on it as with their IRA CDs (that is to say, very little).
You can open an IRA Savings account with any amount you wish. Your first four months with this account are free, but after that you’ll need to pay a $4.99 monthly maintenance fee if you don’t keep at least $200 in your account.
How to get a Citizens Bank IRA savings account
Again, if you’re interested in this account you’ll need to either call Citizens Bank or visit a branch to get the information you need to make an informed decision. Specifically, you’ll need to inquire about the interest rate being offered and whether there are any fees associated with the account.
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Overall review of Citizens Bank
Citizens Bank does offer some niceties with their accounts. In particular, we like the monetary bonuses they throw in for the CollegeSaver and HomeBuyer Savings accounts, in addition to their GoalTrack gift card bonuses. These rewards may provide just enough incentive if you’re looking to stick to your savings goals.
However, we are not excited about the rates that they offer and the amount of fee baggage that these accounts come with. In this day and age, it’s very easy to find a bank that doesn’t hang you high and dry with fees.
The only reason we can see recommending Citizens Bank is if you want to use an in-person branch exclusively and if Citizens Bank is the closest bank to you. Otherwise, we’d skip past this one in favor of something better.
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