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Citizens Bank of Lafayette Review

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

Overview

Citizens Bank of Lafayette started in 1909 and is headquartered in Lafayette, Tennessee. Citizens Bank of Lafayette owns $910 million in assets as well as deposits totaling $697 million, ranking it as a medium-size bank. Citizens Bank of Lafayette lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 stars out of 5, Citizens Bank of Lafayette should be solidly in contention for your choice of bank. Citizens Bank of Lafayette has a choice of banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Citizens Bank of Lafayette's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

Citizens Bank of Lafayette features a savings rate of 0.25%, which is fair compared to the average U.S. bank. Citizens Bank of Lafayette's CDs feature a rate of 1.40% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.50%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Citizens Bank of Lafayette's Savings Rates Compare

Citizens Bank of Lafayette Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Citizens Bank of Lafayette charges customers extremely low fees compared to the national average. With no monthly fee, Citizens Bank of Lafayette's checking account is perfect for those who need a hassle-free checking account. For those who will need cash in a pinch, Citizens Bank of Lafayette is solid because it charges an out-of-network ATM fee of $1.00, which is solid in comparison to other U.S. banks. Additionally, Citizens Bank of Lafayette has an overdraft fee of $26.00, which is markedly lower than the average overdraft fee charged by U.S. banks. Citizens Bank of Lafayette does not reimburse out-of-network ATM charges, meaning you'll be required to find a Citizens Bank of Lafayette ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $26.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Citizens Bank of Lafayette is a brick-and-mortar bank, with 19 total bank locations in Tennessee. It also offers access to mobile and web apps for easy access and banking on the go. Citizens Bank of Lafayette gets relatively satisfactory feedback from customers for its mobile platform. The Citizens Bank of Lafayette mobile app scored a 4.3 out of 5 (out of 35 ratings on iOS and Android) compared to the national average of 3.8. Citizens Bank of Lafayette's mobile app allows you to control your funds by looking at current statements, transferring money as well as accessing support representatives. Citizens Bank of Lafayette gets a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Citizens Bank of Lafayette is currently a medium-size bank owning assets totaling $910 million as well as deposits totaling $697 million. Its Texas Ratio is 6.01%, signifying a small opportunity of failure. Additionally, Citizens Bank of Lafayette is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.01%
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 of Lafayette to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $10
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.40% APY
  • 24 Month: 1.65% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.50% APY
$2500 for all terms
Money Market Account 0.2% APY $2500

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

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Find a Citizens Bank of Lafayette Near Me

Citizens Bank of Lafayette has 19 physical branches across the U.S.

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