Citizens Bank continues to be a well-known name in the banking world, providing a variety of services tailored to meet the needs of its customers. If you're considering your options for a financial institution, it’s wise to take a closer look at what Citizens Bank offers. This review provides insights into the bank’s asset size, annual percentage yields (APY) for deposit products, and a clear list of advantages and disadvantages to help you make an informed decision.
Overview of Citizens Bank
Founded in 1828 and based in Providence, Rhode Island, Citizens Bank has expanded considerably over the years. As of 2025, the bank manages around $200 billion in assets, positioning it among the larger banking institutions in the United States.
This impressive asset base enables Citizens Bank to provide a wide range of products and services. These cater to both personal banking needs, like checking and savings accounts, as well as commercial banking. Its extensive branch network across multiple states makes it a practical choice for customers who prefer face-to-face banking.
Deposit Products and APYs
Checking Accounts
Citizens Bank has several checking account options. Here's how they stack up in terms of APYs:
Regular Checking Account: This account typically does not earn interest, making it suitable for basic banking needs without the expectation of growth.
Elite Checking Account: Offers an APY of around 0.05% on balances but requires customers to maintain a minimum monthly balance. This account is ideal for those who regularly hold a higher balance, enabling them to earn a little on their money while managing everyday expenses.
While checking accounts may not usually focus on interest earnings, Citizens Bank does allow you to accumulate some rewards while accessing your funds.
Savings Accounts
When it comes to savings accounts, Citizens Bank offers appealing options:
Standard Savings Account: This account features an APY of approximately 0.10%, and it requires a low minimum deposit for opening and maintaining the account, making it accessible for most customers.
Citizen's Bonus Savings Account: If you’re looking to maximize your savings, this account can yield an APY of up to 0.15%, provided certain criteria are met—like maintaining a minimum balance or scheduling regular transfers.
These savings accounts offer solid returns compared to some traditional banks, making them attractive for growing savings steadily.
Certificates of Deposit (CD)
Citizens Bank also features various CD options:
3-Month CD: Offers an APY of roughly 0.20%—a good choice for those looking to earn a bit while keeping their money relatively flexible.
12-Month CD: Provides a higher average APY of about 0.50%. Citizens Bank sometimes promotes special rates, yielding an even better return on investment for those willing to lock their money in for a longer period.
These CD options can be beneficial for savers planning for short- and medium-term savings goals.
Pros and Cons of Citizens Bank
Pros
Wide Range of Products: Citizens Bank offers diverse financial services, including checking and savings accounts, loans, and investment options, allowing customers to handle multiple banking needs under one roof.
User-Friendly Online Banking: The online platform is intuitive and allows you to manage your accounts efficiently, whether you're paying bills or checking your balance.
Convenient Locations: With branches in several states, customers can easily access in-person banking services where they need them.
Solid APYs: Citizens Bank provides competitive interest rates on savings and CD accounts, giving customers the chance to earn more on their deposits.
Customer Service: Many users commend the helpfulness and professionalism of customer service representatives, which can enhance the overall banking experience.
Cons
Limited Interest on Checking Accounts: Most checking account options provide minimal or no interest, which may deter individuals looking to grow their funds through everyday transactions.
Fees for Certain Accounts: Some accounts may incur monthly fees if minimum balance requirements aren't met, which could pose a problem for customers managing variable finances.
APYs Not Market-Leading: While the bank’s APYs are fair, they may fall short compared to online banks or credit unions that often offer much higher rates on savings accounts.
ATM Network Limitations: Although there are many ATMs available, fee-free options can be limited compared to larger banks, potentially leading to extra costs for customers.
Occasional Limited Promotional Rates: Special offers and promotional rates are not always consistently available, which could be a letdown for those seeking greater earnings on deposits.
Final Thoughts
Citizens Bank is a reliable choice for those exploring the banking landscape, especially for individuals seeking various financial services and decent savings products. With approximately $200 billion in assets and competitive APYs on different deposit accounts, it caters well to many customers’ banking needs.
Despite certain drawbacks—such as minimal interest on checking accounts and potential fees—Citizens Bank excels in customer service, diverse offerings, and an accessible online banking platform. As you weigh your options, consider these factors to determine if Citizens Bank is the right fit for your financial objectives.
Engaging with your finances is essential for making wise decisions. Comparing Citizens Bank with other banking institutions will provide a clearer view of what suits your savings and checking account needs best. By remaining informed, you can confidently navigate your banking journey and make choices that support your financial growth.