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Citizens Bank and Trust Review

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Citizens Bank and Trust Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Citizens Bank and Trust first started operating in 1920 and is headquartered in Frostproof, Florida. It handles $573 million in assets and deposits totaling $511 million, making it a medium-size bank. Citizens Bank and Trust lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Citizens Bank and Trust is a fair bank that might not serve all your needs, with a score of 3.3 stars out of 5 from the SmartAsset experts. Citizens Bank and Trust provides customers with a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Citizens Bank and Trust has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a $5.95 monthly fee, making it a rather expensive bank for checking. Banks that offer free checking, in addition to a high interest rate savings account are the best option for accruing the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

Citizens Bank and Trust has a savings rate of 0.03%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 0.80%, while its highest-yielding money market account earns at an APY of 0.05%. Given Citizens Bank and Trust's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Citizens Bank and Trust's Savings Rates Compare

Citizens Bank and Trust Savings 0.03 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Citizens Bank and Trust has generally high fees compared to other U.S. banks. At $5.95 per month, Citizens Bank and Trust's checking account is not the best option for people who need an easy checking account. Citizens Bank and Trust doesn't reimburse out-of-network ATM fees, meaning you'll have to locate a Citizens Bank and Trust ATM or accept the fee.

Monthly Fee $5.95 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Citizens Bank and Trust is a brick-and-mortar bank, with 14 total bank locations in Florida. It also offers access to mobile and web apps for easy access and banking on the go. Citizens Bank and Trust's online and mobile banking platforms receive fairly positive feedback from users. Out of 110 ratings across Apple and Android platforms, the Citizens Bank and Trust mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). Citizens Bank and Trust's mobile app allows you to manage your bank accounts by checking monthly statements, sending and receiving money and accessing customer service. Citizens Bank and Trust gets a superb consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Citizens Bank and Trust is a medium-size bank owning assets totaling $573 million and $511 million in deposits. Its Texas Ratio is 13.43%, indicating a small possibility of failure. Additionally, Citizens Bank and Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.43%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Citizens Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $100
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.60% APY
  • 60 Month: 0.80% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Citizens Bank and Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Citizens Bank and Trust does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Citizens Bank and Trust's CD rates are fair in comparison to the national average.

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Find a Citizens Bank and Trust Near Me

Citizens Bank and Trust has 14 physical locations in the U.S.

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