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Citizens Bank Minnesota Review

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Citizens Bank Minnesota Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Citizens Bank Minnesota was founded in 1875 with headquarters in New Ulm, Minnesota. It has $383 million in assets as well as deposits totaling $314 million, classifying it as a small bank. Citizens Bank Minnesota lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Citizens Bank Minnesota is a good bank that deserves your consideration, with a rating of 4.0 stars out of 5 from the SmartAsset team. Citizens Bank Minnesota offers a mixture of banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Citizens Bank Minnesota has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Citizens Bank Minnesota offers an option without a maintenance or monthly fee. Using an institution with free checking as well as a high interest rate savings account is the best bet for returning the highest income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.25%, Citizens Bank Minnesota ranks poorly in comparison to the national average. Its one-year CD has a rate of 0.95% and the five-year CD earns at a rate of 2.37%, while its highest-yielding money market account has a rate of 0.25%. Given Citizens Bank Minnesota's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Citizens Bank Minnesota's Savings Rates Compare

Citizens Bank Minnesota Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Citizens Bank Minnesota generally has extremely low fees compared to other U.S. banks. Citizens Bank Minnesota's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Citizens Bank Minnesota doesn't reimburse out-of-network ATM charges, meaning you'll have to find a Citizens Bank Minnesota ATM or accept the withdrawal fee.

Monthly Fee $0 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 Minnesota is a brick-and-mortar bank, with four total bank locations in Minnesota. It also offers access to mobile and web apps for simple access and banking on the go. Citizens Bank Minnesota's mobile app allows you to control your finances by monitoring monthly statements, transferring funds and accessing customer service. Citizens Bank Minnesota gets a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

Citizens Bank Minnesota is currently a small bank and owns assets totaling $383 million and deposits totaling $314 million. Its Texas Ratio is 0.11%, denoting a low chance of failure. Additionally, Citizens Bank Minnesota is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Minnesota to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 0.95% APY
  • 24 Month: 1.36% APY
  • 36 Month: 1.66% APY
  • 48 Month: 1.81% APY
  • 60 Month: 2.37% APY
$500 for all terms
Money Market Account 0.25% APY $15000

Citizens Bank Minnesota offers several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Citizens Bank Minnesota does not have the best savings rate, which means you should consider taking a look 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 Minnesota's CD rates are fair compared to the national average.

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Find a Citizens Bank Minnesota Near Me

Citizens Bank Minnesota has four branches in the U.S.

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