Citizens Bank

Are you interested in finding a bank that will not only hold your money but also encourage you to work toward achieving your monetary objectives? If this is the case, consider opening an account at Citizens Bank. Citizens Bank is a regional bank that operates approximately one thousand locations throughout the Midwestern, Mid-Atlantic, and New England regions of the United States. The United States Citizens Bank is the thirteenth largest bank in the country. In addition, it is one of the oldest banks in the entire region.

Citizens Bank Overview

Citizens Bank originated as Citizens Savings Bank in 1871. RBS Group completed the purchase of the financial institution in 1988. Over one thousand locations of the bank's branches may now be found in 11 different states in the New England, Mid-Atlantic, and Midwest areas.

The bank is confident in assisting customers in making the most of their money and meeting all their financial management needs. The guide also includes the Pros and Cons of citizens bank and Citizens Bank Products.

Citizens Bank Products

The Citizens Bank Products that are offered are as follows:

Savings Accounts

Five different account types are available, one of which is a savings account for college.
No or very low recurring monthly costs

Certificates of Deposit

There is a choice of 12 months, 14 months, or even 48 months for the term length.
Minimum deposit conditions
Rate increases accessible through established account ties

Money Market Accounts

There are three different account option choices.
Opening two accounts without opening two associated checking accounts is impossible.
Rate boosts offered

Checking Accounts

There are three different account option choices.
Monthly maintenance expenses that are subject to waiver
Options for overdraft protection are at your disposal.

IRAs

Two accounts, the IRA Savings and the IRA Certificates of Deposit
Must be opened either in person at a branch or via phone.

Pros and Cons of Citizens Bank

The Pros and Cons of citizens bank are as follows:

Pros

A large regional bank that provides customers with a variety of options.

With assets totaling more than $185 billion, Citizens Bank ranks as the thirteenth largest bank in the United States. It serves eleven states spread across the Mid-Atlantic, New England, and Midwest areas.

Accounts are accessible solely online, free of charge, and monthly.

The savings accounts and certificates of deposit that the bank provides can only be accessed online and provide competitive interest rates. There are no recurring costs associated with online accounts.

The Liquid Certificate of Deposit offers assured rates and does not impose any penalties for early withdrawals.

If you need access to your money before the certificate of deposit matures, you will be subject to a penalty under standard CD terms.

Cons

Unless you meet certain requirements, checking accounts will charge you a monthly fee.

If you meet the requirements, the monthly service charge associated with a checking account will not be applied to your balance.

Only 11 of the 50 states have branches available.

Customers who live outside have restricted access to the products and services offered by Citizens Bank, even though the bank operates branches throughout these regions. You may be required to use another bank's ATM if your travels take you outside of its footprint.

There is a partial fee reimbursement when using the ATM of another bank.

Customers of Citizens Bank are subject to a $3 fee for any transaction made at an ATM belonging to another financial institution. If you have a premium checking account with the bank, the bank will reimburse you for up to ten dollars per statement period for fees incurred at ATMs of other banks.

Who Is Citizens Bank Best for?

Customers who live in one of the 11 states where Citizens Bank operates branches and ATMs are best served by the bank. It works best for those in the following categories:

Located in either the Mid-Atlantic or Midwest region of the United States
Possesses the ability to carry out the necessary tasks to avoid paying checking fees
Requests preferential interest rates depending on the existing relationship with the bank
Wishes to establish a savings account that does not impose a minimum required amount

Citizens Bank Branches by State

Citizens Access, the company's web-based bank, is an excellent choice for customers located anywhere in the United States. Although no monthly service fees are associated with its savings accounts, a minimum starting deposit of $5,000 is required.

Consider signing up for Citizens Access if you fall into any of these categories:

Want to find a savings account or certificate of deposit with a decent rate of return
At least $5,000 is required to start an account.
Not willing to pay monthly service fees

How Does Citizens Bank Stack Up?

The Midwestern states, the states in the Mid-Atlantic region, and New England are all regions that Citizens Bank excels at serving. They can provide basic business banking services and certain sophisticated services such as support for point-of-sale financing and benefits support for firms based in such locations. Nevertheless, their interest rates aren't particularly competitive, and their online customer service could have long wait times and other problems.

To Wrap Up

Citizens Bank is a significant regional bank with a network of free ATMs and branches across Florida, the Midwest, and the United States. The returns it offers on savings accounts and certificates of deposit are mostly below average, while the fees it charges for overdrafts are pretty expensive. Citizens Bank is synonymous with several important consumer banking products and services.

Citizens Access, the company's web-based bank, is an excellent choice for customers located anywhere in the United States. However, no monthly service fees are associated with its savings accounts, and a minimum starting deposit of $5,000 is required. People who want competitive interest rates on savings accounts and certificates of deposit might consider opening an account with Citizens Access.