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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

Founded in 1875, Citizens Bank Minnesota has $383 million in assets and deposits totaling $314 million, making the institution a small bank. Citizens Bank Minnesota, whose headquarters are in New Ulm, Minnesota, lacks premium access to customer service, with no live chat or all-day service options available. 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. On the whole, Citizens Bank Minnesota is a respectable bank that gets the job done, with a rating of 4.0 stars out of 5 from the SmartAsset experts. Citizens Bank Minnesota provides customers with numerous banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Citizens Bank Minnesota's standard checking account does not carry a monthly maintenance charge. Finding a bank with no-fee checking as well as a high interest rate savings account is the best bet for getting the most income from your deposits alongside convenient access to your funds.

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

Citizens Bank Minnesota features a savings rate of 0.25%, which is fair compared to other U.S. banks. Its CD rates are 1.00% and 2.37% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.30%. Given Citizens Bank Minnesota's below average savings rate, you should think about looking at the competition to open savings accounts.

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 has generally extremely low fees as compared against the national average. With no monthly fee, Citizens Bank Minnesota's checking account is perfect for people who need a hassle-free checking account. Citizens Bank Minnesota does not reimburse out-of-network ATM fees, meaning you will be required to locate a Citizens Bank Minnesota ATM or eat the 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. With mobile and web apps, Citizens Bank Minnesota makes mobile banking straightforward, even on the go. Citizens Bank Minnesota's mobile app lets you control your accounts by reviewing account balances, transferring money as well as accessing customer service. Citizens Bank Minnesota receives an outstanding consumer satisfaction rating based on 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

5.0
SmartAsset Average: 4.8

Citizens Bank Minnesota ranks as a small bank owning $383 million in assets and $314 million in deposits. Citizens Bank Minnesota's Texas Ratio is 0.11%, signifying that Citizens Bank Minnesota is in excellent financial shape and unlikely to fail. 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: 1.00% 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 Accounts 0.25% APY 0.3% APY $10000 $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 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 Minnesota's CD rates are fair in comparison to the average U.S. bank.

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Find a Citizens Bank Minnesota Near Me

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

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