Citizens Bank Review: Checking and Savings
- +1
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
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.
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).
Product reviews
Savings
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 0.38%.
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
Citizens Bank One Deposit Savings
Checking
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 around 3,000 free ATMs in the states it serves in the Northeast, Midwest and Florida, which is a relatively low number of ATMs compared to the large networks offered by many national and online banks. 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 of $25,000 and $200,000 — or $5,000 in monthly deposits for one of the accounts — to waive monthly fees or qualify for the account.
Citizens Bank One Deposit Checking
Customer experience & overdraft fees
Customer experience
Citizens Bank has about 1,000 branches across the Northeast, Midwest, Florida and the Washington, D.C., area. The bank rounds off its customer support with extended call center hours on weekdays and weekends.
The online experience includes a basic savings goal calculator. 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.)
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.