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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 its headquarters are located in Lafayette, Tennessee. Citizens Bank of Lafayette handles assets of $910 million and deposits totaling $697 million, which makes it a medium-size bank. Citizens Bank of Lafayette 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 in-person service, in addition to its online and mobile apps. 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 provides customers with an array banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Citizens Bank of Lafayette has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Citizens Bank of Lafayette offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking as well as a high savings APY are your best option for gaining the highest income on your deposits while having easy access to your money.

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

With a savings rate of 0.25%, Citizens Bank of Lafayette ranks poorly in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.40% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account has an APY of 0.50%. Given Citizens Bank of Lafayette's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

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 generally has extremely low fees in comparison to the national average. Citizens Bank of Lafayette's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free 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 compared to other U.S. banks. Also, at $26.00, it has a considerably lower overdraft fee compared to that of other U.S. banks. Citizens Bank of Lafayette unfortunately does not refund out-of-network ATM fees, meaning you will need to find a Citizens Bank of Lafayette ATM or accept 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 an easy mobile-banking experience. Citizens Bank of Lafayette's online and mobile banking platforms receive relatively high ratings from customers. The Citizens Bank of Lafayette mobile app has an overall rating of 4.3 out of 5 (out of 35 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Citizens Bank of Lafayette's app to manage your funds by looking at account balances, transferring money as well as reaching customer service. Citizens Bank of Lafayette gets a superb consumer satisfaction score due to comparatively few consumer complaints brought to 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 with assets totaling $910 million as well as deposits totaling $697 million. Citizens Bank of Lafayette's Texas Ratio is 6.01%, indicating a small likelihood 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 Accounts 0.2% APY 0.5% APY $10000 $15000

Citizens Bank of Lafayette has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Citizens Bank of Lafayette does not have the best savings rate, which means you should think about 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 of Lafayette's CD rates are fair compared to other U.S. banks.

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Find a Citizens Bank of Lafayette Near Me

Citizens Bank of Lafayette has 19 locations across the U.S.

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