Reimbursement of overdraft fees on checking accounts

Overall bank rating

Advantages and disadvantages

Savings

Annual Percentage Yield (APY)

0.01% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • Ability to waive monthly service fees
    The inconvenients
    • Low interest rate
    • $4.99 monthly service fee
    • Over 1,000 locations in 12 US states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT and VA
    • To waive the $4.99 monthly service fee, you must make at least one deposit of any amount each month OR you must be under 25 or over 65.
    • Interest compounded and deposited monthly
    • FDIC insured

    The Citizens Bank One Deposit Savings Account does not require an opening deposit and waives monthly service fees if you are a minor, young adult or senior.

    If you want to earn higher interest, our guide to the best savings accounts will provide more interesting options for you to consider.

    Verification

    Annual Percentage Yield (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • Ability to waive monthly service fees
    • Overdraft protection plans available
    • Ability to get refunds on overdraft fees through Citizens Peace of Mind
    The inconvenients
    • $9.99 monthly service fee
    • $37 overdraft fee
    • $12 overdraft protection fee if you transfer money from a savings account
    • $3 paper statement fee
    • Over 1,000 locations in 12 US states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT and VA
    • More than 3,100 free ATMs
    • To waive the $9.99 monthly service fee, make at least one deposit of any amount each month
    • Overdraft protection lets you link to a savings account or open a line of credit
    • If you don’t have overdraft protection, Citizens Peace of Mind refunds overdraft fees if you restore your account balance by 10 p.m. ET the next day.
    • FDIC insured

    The Citizens Bank One deposit checking account is a solid checking account with no minimum opening deposit. It removes monthly service fees if you deposit money into your account at least once a month.

    Although the bank still charges a $37 overdraft fee for overdrafts, it has a unique program to reimburse this fee. Through Citizens Peace of Mind, the bank reimburses overdraft fees on any check 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 from other traditional banks.

    CD

    Annual Percentage Yield (APY)

    0.03% to 0.05% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Higher interest rate than Citizens Bank One Deposit Savings Account
    The inconvenients
    • Low interest rate under all conditions
    • Minimum opening deposit of $1,000
    • Limited Time Options
    • The 14 month CD is online only
    • High early withdrawal penalties
    • Over 1,000 locations in 12 US states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT and VA
    • Earn 0.03% on a 10 month, 14 month or 25 month CD
    • Earn 0.05% on a 25 month CD if you have Citizens Question Checking or Citizens Wealth Checking
    • For terms less than 1 year, the early withdrawal penalty is $50 AND 90 days interest on the amount withdrawn or half of the interest remaining to be earned on the amount withdrawn (whichever is greater)
    • For terms greater than 1 year, the early withdrawal penalty is $50 AND 180 days interest on the amount withdrawn or half of the interest remaining to be earned on the amount withdrawn (whichever is greater)
    • Interest compounded and deposited monthly
    • FDIC insured

    Citizens Bank offers limited CD options and pays a fairly low interest rate no matter which term you choose. If you need to withdraw money from your CD before it matures, you will also have to pay a hefty early withdrawal penalty.

    If you want to get a competitive interest rate on a CD, check out our guide to the best CD rates for the top competitors.

    Money market account

    Annual Percentage Yield (APY)

    0.01% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • Debit card included
    • Written check included
    • Ability to waive monthly service fees
    • Ability to get refunds on overdraft fees through Citizens Peace of Mind
    The inconvenients
    • Low interest rate
    • $10 monthly service fee
    • $3 out-of-network ATM fee
    • Over 1,000 locations in 12 US states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT and VA
    • To waive the $9.99 monthly service fee, keep at least $2,500 in your account each day
    • Interest compounded and deposited monthly
    • FDIC insured

    The Citizens Bank Personal Money Market Account can be useful if you plan to keep at least $2,500 in your account daily, so you don’t have to pay monthly bank fees.

    Otherwise, the bank’s current account is probably a more efficient option if you want easy access to your bank account, and online banks pay higher rates if you’d rather focus on growing your money.

    How Citizens Bank works

    Citizens Bank has over 1,000 branches and 3,100 ATMs along the East Coast. You might want to consider physical banking if you live in the following states:

    • Connecticut
    • Delaware
    • Massachusetts
    • Michigan
    • New Hampshire
    • New Jersey
    • New York
    • Ohio
    • Pennsylvania
    • Rhode Island
    • Vermont
    • Virginia

    For questions about your bank account, call Customer Service from 7:00 a.m. to 10:00 p.m. ET on weekdays or 9:00 a.m. to 6:00 p.m. ET on weekends.

    The bank’s mobile app is rated 4.7 stars out of 5 in the Apple Store and 4.2 stars out of 5 in the Google Play Store.

    Citizens Bank is FDIC insured, which means up to $250,000 is safe in an individual bank account.

    Is Citizens Bank trustworthy?

    The Better Business Bureau rates banks on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices.

    Citizens Bank received an A+ rating from the BBB. A good BBB rating does not necessarily guarantee that your relationship will be the same as that of other customers. Consider reading customer reviews online or talking to Citizens Bank customers to see if this might be a good match.

    The bank has been embroiled in a recent public controversy. In 2020, the Consumer Financial Protection Bureau filed a lawsuit against Citizens Bank, claiming the bank violated the Truth in Lending Act because it failed to effectively resolve customer issues regarding credit cards. credit.

    How Citizens Bank Compares

    We compared Citizens Bank to two other financial institutions along the East Coast: TD Bank and Santander Bank.

    The choice between these three banks could probably depend on the state in which you live.

    TD Bank is the only bank to have branches in Florida, Maine, Maryland, North Carolina and South Carolina. Citizens Bank is available in Michigan and Ohio, unlike TD Bank.

    If you are looking for specific bank accounts, your preferences may also vary greatly.

    TD Bank and citizens offer more attractive offers


    check accounts

    than Santander. TD Bank’s Beyond Checking Account charges no out-of-network ATM fees and pays two overdraft fees per year. With the Citizens Bank One deposit checking account, there is no minimum opening deposit and you are entitled to a refund of overdraft fees if you restore your account balance quickly.

    You’ll probably prefer Santander if you want to open a traditional savings account or a CD. The Santander® Bank, NA Savings Account pays the highest interest rate of the three banks and lets you waive the $1 monthly service fee if you have $100 in your account. CDs also have a low minimum opening deposit.

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