Citizens Bank savings account review

Do you want to learn about all the features of the Citizens Bank savings account? Responsible Economy thoroughly analyzes the fees, requirements, yields, and all the conditions that Citizens offers in its savings account. Additionally, we provide a comparison with the best savings accounts that you can open in the United States, along with an explanatory video to guide you through the process.

Explicative video

We’ve created a video that presents a concise and easy-to-understand summary of all the features of the Citizens Bank savings account. If you find our content helpful and informative, we’d greatly appreciate your support through a subscription. By subscribing, you’ll receive daily videos covering a wide range of topics related to responsible finance and economy.

Citizens savings account

Features

In this section, we will present and showcase all the features of the Citizens Bank savings account. You will find detailed information about the account’s fees, requirements, yields, and other essential conditions that Citizens Bank offers for its savings account

Interest rate

citizens savings account rates

The interest rate offered by the Citizens Bank savings account is indeed quite low, at 0.01% APY. This means that the potential growth of your savings through interest earnings will be limited.

Fees

Citizens savings account fees

Regarding fees, the Citizens savings account has a monthly fee of $4.95, but you can avoid this fee by making a direct deposit each month.

Minimum deposit

On the positive side, there is no minimum initial deposit required to open the savings account, making it accessible to individuals without a large sum of money to start saving.

ATMs

When it comes to withdrawals, you can use any Citizens ATM to withdraw money without incurring any commissions.

Deposit funds

You can conveniently deposit funds into the Citizens savings account by making bank transfers or mailing a check.

Withdrawls

To withdraw money you have to make bank transfers from the Citizens account to the one you want.

Best savings accounts 2023

We have conducted a comparison of the Citizens savings account with the best savings accounts that you can open in the United States. In this comparison, we present the main characteristics of each savings account.

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Savings accounts calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Citizens savings account calculator

Citizens savings account calculator

Your earnings:
Total Result:

Video with the best savings accounts

We also have made a video with the best savings accounts:

Video with the 7 best savings accounts

Pros and cons

Here’s a table summarizing the advantages and disadvantages of the Citizens Bank savings account, along with the main characteristics of the best savings accounts:

ProsCons
Minimum deposit $0Fees up to $4.99 per month
Low interest rates
Pros and cons Citizens savings account

Requirements

Opening the Citizens Bank savings account is a straightforward process, and you only need to meet the following requirements:

  • Age: You must be over 18 years old.
  • Residency: You need to live in the United States.
  • Contact Information: You must have an American phone number.

By meeting these requirements, you can easily start the account-opening process. Citizens Bank aims to make the process convenient and accessible for potential customers.

Documentation

In addition to meeting the requirements mentioned earlier, Citizens Bank may also request the following documentation from each applicant:

  • Certified Copy of Identity Document: In most cases, this will be your current, valid passport. However, other types of acceptable identification may be allowed as well. It’s essential to provide a certified copy to verify your identity accurately.
  • Certified Copy or Original Proof of Address: To verify your address, you will typically need to submit a certified copy or original of a bank or building society statement or a utility bill. This document should show your name and residential address.
  • Signed Client Agreement: As part of the account-opening process, you will be required to sign a Client Agreement. This agreement outlines the terms and conditions of the savings account and your responsibilities as an account holder.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After conducting a thorough review, our opinion is that Citizens Bank does not offer a competitive savings account. The interest rate of 0.01% APY is significantly lower compared to other savings accounts available in the market. Additionally, the presence of monthly fees, unless you meet the requirement of making a monthly direct deposit, can impact the overall returns on your savings.

While Citizens Bank may provide convenient accessibility through its network of ATMs and branches, the low interest rate and monthly fees are crucial factors to consider when evaluating the overall benefits of the savings account.

As responsible consumers, it’s important to explore other alternatives that offer higher interest rates and fewer fees to maximize the potential growth of our savings. If you have any further questions or need assistance in finding a suitable savings account, feel free to reach out. We are here to help you make informed financial decisions.

More information about Citizens

Here you have interest information about Citizens:

InformationDescription
Websitehttps://www.citizensbank.com/
Twitterhttps://twitter.com/citizensbank
Facebookhttps://www.facebook.com/citizensbank
YouTubehttps://www.youtube.com/citizensbank
information about Citizens Bank

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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