Citizens Bank Review: Checking and Savings
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Overall institution rating
3.6
Citizens Bank is a large regional bank in the Northeast, Midwest, Florida and the Washington, D.C., area with a network of free ATMs and branches. Its rates on savings are low, and overdraft fees are high. But the bank can be a convenient, cost-effective choice for basic checking and savings if you live in one of the states within the bank's coverage area. Best for: Those who are unlikely to overdraft and want free ATM and branch access in the Northeast, Midwest, Florida and the Washington, D.C., area for basic checking.
- Large branch network.
- No minimum opening deposits on checking and savings accounts.
- Highly rated mobile apps.
- Expensive overdraft fee.
- Low rates.
- Monthly fees (though they are avoidable).
Full review
Full review
Citizens Bank
Savings
Citizens Bank One Deposit Savings
2.6
/52.6
/5APY
0.01%
With $0 min. balance for APY
Bonus
N/A
APY
0.01%
With $0 min. balance for APY
Bonus
N/A
Rates on the basic One Deposit Savings, which was the account we factored into the overall savings rating, and premium accounts are below the national average of 0.42%.
But the One Deposit Savings account only requires a minimum daily balance of $200 or a single deposit each statement period to waive its $4.99 monthly fee, and the fees are automatically waived for people under 25 or over 65. And there's no opening deposit requirement.
» Looking to bank online? Check out NerdWallet's review of Citizens Bank's online-only division, Citizens
Note: Citizens Bank offers certificates of deposit, but not in the term lengths that we rate. The bank's online CD offerings include six-month and 14-month options.
» Interested in comparison shopping? Check out the best CD rates
Checking
Citizens Bank One Deposit Checking
3.7
/53.7
/5Monthly fee
$9.99
Bonus
N/A
Monthly fee
$9.99
Bonus
N/A
True to its name, Citizens Bank's One Deposit Checking requires only one deposit — of any amount — per month to waive the $9.99 monthly fee. There's no minimum or opening balance required.
The bank offers 3,400 free ATMs in the states it serves in the Northeast, Midwest and Florida. If you use an ATM out of Citizens Bank's network, the bank charges $2.50.
Other checking accounts, which weren't factored into our overall checking rating, include a student checking account and two options that require high average balances — $25,000 and $200,000 — or $5,000 in monthly deposits for one of the accounts to waive monthly fees.
Customer experience
Citizens Bank has more than 1,100 branches across the Northeast, Midwest, Florida and the Washington, D.C., area. The bank rounds off its customer support with extended call center hours.
The online experience includes a savings goal calculator and the ability to compare different product offerings. The mobile experience receives good ratings on iOS and Android apps.
Overdraft fees
Citizens Bank charges overdraft fees of $35 per occurrence and up to five times per day. This brings the daily maximum to $175 If you overdraft your account but are able to bring your account balance to $0 or higher by 10 p.m. ET on the following business day, your overdraft fee will be rebated the next day. Beside this grace period, Citizens Bank also doesn’t charge a fee for accounts that are overdraft by $5 or less.
There are a couple other ways to avoid overdrafts. You can link a savings account and make a free overdraft protection transfer, or you can add a line of credit to your checking account, but the fee is $12 per day a transfer occurs, and the line of credit also charges a flat $30 annual fee plus interest. (See how this compares with overdraft fees at other banks.)
How does Citizens Bank compare?
4.00%
$300
4.35%
N/A
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.