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Citizens Bank and Trust Company Review

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Citizens Bank and Trust Company Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1873, Citizens Bank and Trust Company has assets totaling $374 million and $315 million in deposits, ranking the institution as a small bank. Citizens Bank and Trust Company, whose headquarters are in Blackstone, Virginia, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Citizens Bank and Trust Company a 3.4 stars out of 5, which means it is a satisfactory bank that might not serve all your needs. Citizens Bank and Trust Company offers a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Citizens Bank and Trust Company has a fair savings rate; other popular banks have higher rates. Using an institution with free checking as well as a high savings APY is your best option for getting the highest income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.20%, Citizens Bank and Trust Company ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.50%, respectively, while its highest-yielding money market account has a rate of 0.25%. Given Citizens Bank and Trust Company's below average savings rate, you should consider looking elsewhere to open savings accounts.

How Citizens Bank and Trust Company's Savings Rates Compare

Citizens Bank and Trust Company Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Citizens Bank and Trust Company's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.5
SmartAsset Average: 3.7

Citizens Bank and Trust Company is a brick-and-mortar bank, with 11 total branches in Virginia. With a mobile app, Citizens Bank and Trust Company provides straightforward account access, even from home or work. Citizens Bank and Trust Company gets an excellent consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

4.5
SmartAsset Average: 4.8

Citizens Bank and Trust Company ranks as a small bank with assets totaling $374 million as well as $315 million in deposits. Its Texas Ratio is 10.59%, suggesting that the bank is in good financial health and far from failure. Additionally, Citizens Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.59%
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 Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.50% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Citizens Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Citizens Bank and Trust Company does not have the best savings rate, which means you should think about looking elsewhere 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 Company's CD rates are fair in comparison to the national average.

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Find a Citizens Bank and Trust Company Near Me

Citizens Bank and Trust Company has 11 physical locations in the U.S.

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