• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Citizens Bank review

Citizens Bank review 2024

T. Schneider / Shutterstock


Updated: December 28, 2023

Partners on this page provide us earnings.
Citizens Bank logo


Commissions and fees 4.5

Customer service4

Ease of use4.5


Savings Options4.5


Citizens Bank offers a long list of no-fee checking and <a href="https://moneywise.com/banking/savings-accounts/best-savings-accounts">savings accounts</a>. Some accounts have fees, but they are waived when you have a companion checking or savings account. You may be eligible for enhanced interest rates based on the bank-plan level you have. Citizens Bank is one of the major private student loan lenders in the country. And it could be a big advantage to do your banking where your student loan is. It's also an excellent bank to work with if you need business or commercial services.

What is Citizens Bank?

Citizens Bank, more formally known as Citizens Financial Group, Inc., is one of the largest regional banks in the United States. Though best known in the private student-loan space, it has a significant banking presence in the Northeast and extending into the Midwest and South.

Citizens Bank operates a chain of more than 1,000 brick-and-mortar branches located in 11 states: Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. Headquartered in Providence, Rhode Island, the bank was founded in 1828. And it ranks as the 14th largest bank in the United States as of June 2023.

The bank's business is split between consumer and commercial business banking, with an even distribution between the two.

Citizens Bank has a Better Business Bureau rating of “B.” That's on the higher end of the ranking the agency assigns, which is a scale of A+ to F. It offers several financial products, including checking, savings, money market accounts, CDs, mortgages and home equity loans, personal loans, credit cards, and business and commercial accounts.

Citizens Bank features

Savings, Checking, Money Market, CDs
Web Based, iPhone App, Android App
Amount of branches
ATM reimbursement
Online deposits
FDIC insurance
Customer service
7:00 A.M. to 10:00 P.M., Monday through Friday, and 9:00 A.M. to 6:00 P.M. on Saturdays and Sundays

How Does Citizens Bank Work?

Citizens Bank works with multiple plan levels, including Basic, Platinum, and Platinum Plus levels.

Each represents a family of account types. For example, under the Platinum Plan, you get a Citizens Bank Platinum Checking Account, a Citizens Bank Platinum Savings Account, and a Citizens Bank Platinum Money Market. With that plan, you qualify for higher interest rates than are available with the standard plan. And your monthly maintenance fees can also be waived.

Citizens Bank offers both mobile and online banking, including mobile check deposits. And you can send and receive money using Zelle.

You also get customized alerts. You can set up online, mobile, email and text notifications, as well as bill payment reminders and security alerts. And you can even get notifications alerting you of a cleared check or a completed direct deposit.

Online and mobile banking come with in-app 24/7 customer service.

Citizens Bank deposit accounts

Citizens Bank offers several accounts, which are based on various tiers. But its product offerings differ from region to region, so you'll need to check with them to confirm the following apply to your situation.

Basic service

  • One Deposit Checking from Citizens Bank: This is a simple checking account with no minimum deposit requirement. There's a monthly maintenance fee of $9.99, but it is waived if you make one deposit (any amount) each month.
  • One Deposit Savings from Citizens Bank: This savings account has no minimum balance requirement. And it pays interest on all balances. There is a monthly maintenance fee of $4.99, but it is waived if you make at least one deposit a month. And you automatically receive a waiver on the first four monthly maintenance fees.

Platinum service

Citizens Bank Platinum Checking: This is an interest-bearing checking account. The account has no required minimum balance requirements. But to waive the $25 monthly maintenance fee, you must maintain at least $25,000 in combined monthly balances in deposit and investment accounts.

There are no fees for stop payments, money orders, bank checks, or other services. And the account comes with four fee waivers per month for the use of non-Citizens Bank ATMs. You'll also enjoy higher interest rates on savings, money market, and CDs if you have this account.

Citizens Bank Platinum Savings: There's no minimum balance requirement on this account either. And it also pays interest. And there's no monthly maintenance fee if you also maintain a Platinum Checking Account.

Platinum Plus service

Citizens Bank Platinum Plus Checking: Platinum Plus is another interest-bearing checking account. It comes with many of the same perks as the Platinum checking account but has higher interest rates. There's no minimum account balance requirement, except to waive the monthly fee.

The $25 monthly maintenance fee is waived if you have combined monthly balances in your deposit and investment accounts of $25,000 or more and either make a monthly deposit of at least $5,000 into your primary checking account or maintain an average daily checking balance of $10,000 or more.

Citizens Bank Platinum Plus Savings: Once again, there's no minimum balance requirement. And it pays interest on all balance amounts. There's no monthly maintenance fee if you also maintain a Platinum Plus Checking Account.

Student accounts

  • Student Checking: Available for applicants under the age of 25, the account comes with no minimum balance requirement, no monthly fees, and no fees for the use of out-of-network ATMs (though the ATM owner may charge a fee).
  • College Saver: You can use this account to save for your child's education. This account comes with a $1,000 bonus when your child turns 18.

It has a minimum balance requirement. It's $25 if your child is under age six and $500 if your child is between the ages of 6 and 11. (Open the account before your child's 12th birthday to qualify for this account and the bonus.) There's no monthly maintenance fee. And the account pays interest on all balance levels.

There is no required minimum monthly deposit to maintain the account. But you get the $1,000 bonus for college only when you make a minimum monthly contribution of $25 or more. If you do not continue the $25 monthly deposits to obtain the bonus, though, the account may be converted to a standard savings account.

Citizens Bank money market accounts

Citizens Bank offers three different money market accounts (MMAs)with various annual percentage yields. The annual percentage yield (APY) can vary, so double-check the rate with Citizens Bank.

  • Personal Money Market: There's no minimum balance requirement. And the account pays 0.01% APY (as of July 1, 2020) on all balances. The $10 monthly maintenance fee is waived if you maintain a minimum daily balance of $2,500. You can access your account using up to three checks per month.
  • Citizens Bank Platinum Money Market: There's no minimum balance requirement and no monthly maintenance fee if you also have a Platinum Checking Account. The standard interest rate is 0.03% APY (as of July 1, 2020) on all balance levels, but it rises to 0.15% if you open the account with new funds (not transferred from another Citizens Bank account) of at least $25,000. You can access the account using up to three checks per month.
  • Citizens Bank Platinum Plus Money Market: Once again, there's no minimum balance requirement with this account and no monthly maintenance fee if you also have a Platinum Plus Checking Account. Standard interest is 0.08% APY (as of July 1, 2020), on old account balances, but rises to 0.40% with a minimum opening balance of $25,000, which must be new funds deposited into Citizens Bank.

Citizens Bank certificates of deposit

Citizens Bank currently offers three different certificates of deposit (CDs). Each has a minimum balance requirement of $1,000.

  • 11-Month CD: Pays 0.05% APY as of July 1, 2020. However, the rate rises to 0.15% if you have a Platinum Checking Account, and 0.40% with a Platinum Plus Checking Account.
  • 14-Month CD: Pays a 0.50% APY as of July 1, 2020, on all balance tiers, and is available only through the online banking platform.
  • 24-Month CD: Pays 0.05% APY as of July 1, 2020. However, the rate rises to 0.20% if you have a Platinum Checking Account, and 0.45% with a Platinum Plus Checking Account.

Citizens Bank wealth and investing

Citizens Bank offers wealth management, education planning, retirement, investing, and wealth protection. And it helps business owners with their financial planning. It also offers its Clarfeld Citizens Private Wealth, management service for high-net-worth clients.

Investing is offered through Citizens Investment Services, which optimizes your strategy based on your timeframe and risk tolerance. It provides guidance to help you create a diversified portfolio to meet your goals. Financial advisors are available by phone. And the service comes with a low advisory fee.

Your account can be invested in stocks, bonds, exchange-traded funds (ETFs)mutual funds, and managed accounts.

Citizens Bank business and commercial banking

Citizens Bank offers business bank accounts, business loans, and credit cards, Small Business Administration (SBA) loans, and Paycheck Protection Program loans. It also provides merchant services, cash management, and payroll services, as well as employee benefits solutions, insurance protection, and investment management.

Commercial services include access to capital markets, card and payment services, commercial financing, treasury management, and access to global markets and international solutions, among other services.

Citizens Bank loans and credit cards

Citizens Bank provides home mortgages and home equity lines of credit. Mortgages are available for purchasing or building a home, as well as for refinancing an existing loan.

It also offers unsecured personal loans, available in terms of 36, 48, and 60 months. Loan amounts range between $5,000 and $15,000.

The bank offers two credit cards, the Cash Back Plus World MasterCard and the Clear Value MasterCard.

Citizens Bank student loans

Student loans are what Citizens Bank is best known for. It offers student loans for current students, as well as refinancing options for previous loans. Loans are available for both undergraduate and graduate studies, as well as for parents of students. Citizens Bank student loans have no application, disbursement, or origination fees.

Citizens Bank alternatives

Highlights Wealthfront Lending Club Betterment
Rating 3.8/5 3.5/5 4/5
Accounts Savings, Checking Savings, Checking, Money Market, CDs Savings
Online deposits 𝒙
Physical branches 𝒙 𝒙 𝒙
FDIC insurance
ATM reimbursement 𝒙 𝒙
More Info Open account Lending Club review Betterment review

More: Read our Wealthfront review.

Final thoughts on Citizens Bank

Citizens Bank is a good choice if you live in its 11-state service area and can take advantage of its extensive branch and ATM networks. And it can be an excellent choice if you already have a student loan with the bank. Citizens Bank is, after all, one of the largest providers of private student loans in the country.

The main advantage of its checking, savings, and money market accounts is that they have no monthly fees, or at least not if you have two accounts at the bank. However, the interest rates on all three account types are below national averages, even for brick-and-mortar banks.

We recommend using Citizens Bank primarily if you are interested in its very extensive banking services, which includes loan services and credit cards.

Kevin Mercadante Freelance Contributor

Kevin Mercadante is professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.