Citizens Bank has branches in 12 states on the East Coast.
Citizens Bank; Insider
The bottom line: You may like Citizens Bank if you are looking for a brick-and-mortar bank and live on the East Coast. The bank’s Citizens Bank One Deposit Checking Account and Citizens Bank Personal Money Market Account come with Citizens Peace of Mind, a program that refunds overdraft fees.
Overall bank rating
Insider rating (out of 5)
Pros and cons
No minimum opening deposits required
Citizens Peace of Mind reimburses overdraft fees if you deposit money into your account within one business day
Possible to waive monthly service fees
Only available on the East Coast
Monthly service fees
Pays low savings rates
Interest compounded monthly, not daily
The Citizens Bank One Deposit Savings Account doesn’t require an opening deposit and waives the monthly service fee if you’re a minor, young adult, or senior.
If you’d like to earn a higher interest, our best savings account guide will have some more compelling options to consider.
The Citizens Bank One Deposit Checking Account is a solid checking account with no minimum opening deposit. It waives the monthly service fee if you deposit money into your account at least once a month.
While the bank still charges a $37 overdraft fee for overdrawing, it has a unique program for reimbursing these fees. Through Citizens Peace of Mind, the bank refunds overdraft fees on any checking or money market accounts if you deposit money into your account before 10 p.m. ET the next business day. It may be more difficult to get a refund at other brick-and-mortar banks.
Citizens Bank has limited Citizens Bank Certificate of Deposit and pays a pretty low interest rate regardless of which term you choose. If you have to withdraw money from your CD before it matures, you’ll also have to pay a hefty early withdrawal penalty.
If you’d like to earn a competitive interest rate on a CD, look over our best CD rates guide for stronger contenders.
Money market account
The Citizens Bank Personal Money Market Account might be worthwhile if you plan to keep at least $2,500 in your account daily, so you don’t have to pay a monthly bank fee.
Otherwise, the bank’s checking account is likely a stronger option if you’d like easy access to your bank account, and online banks pay higher rates if you’d prefer to focus …read more
Source:: Business Insider