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Citizens Bank (TN) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Citizens Bank (TN) Savings
0.30% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Established in 1934, Citizens Bank has $825 million in assets and $667 million in deposits, classifying the institution as a medium-size bank. Citizens Bank, whose headquarters are in Elizabethton, Tennessee, 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 apps. SmartAsset experts rated Citizens Bank 4.3 out of 5 stars, which means it is a great bank that you should seriously consider. 

Citizens Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It offers a moderate savings account APY, appropriate if you need a place to store your money. If you're looking for a checking account for everyday use, Citizens Bank offers an option without a monthly fee. Why use checking and savings accounts with the same bank? Fast transferring between both accounts translates to higher interest rates in your savings account with the versatility of spending from your checking.

Service Quality

Citizens Bank is a brick-and-mortar bank, with 14 total branches in Tennessee. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Citizens Bank's online and mobile banking services get moderate feedback from users: with 42 customer reviews across iOS and Android platforms, the Citizens Bank mobile app rates a 3.5 out of 5 (compared to the national average of 3.8). You can access Citizens Bank's app to manage your accounts by reviewing account balances, transferring money and accessing support representatives. Citizens Bank receives an outstanding consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.30% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.85% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.30% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.30% APY $10,000 Compare Offers

Citizens Bank offers several deposit products which include savings accounts, checking accounts and CDs, providing you with many options to manage your money. Citizens Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer 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's CD rates are competitive in comparison to the national average.

Rates

With a savings rate of 0.30%, Citizens Bank ranks around the mean compared to the average U.S. bank. Citizens Bank's one-year CD earns at a rate of 1.25% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.30%. Taking into account that Citizens Bank boasts a mediocre savings rate, Citizens Bank's savings account is ideal if you want to work toward a significant occasion like paying off loans.

Compare Citizens Bank (TN) to Other Competitive Offers

Fees

On average, Citizens Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Citizens Bank's checking account is perfect for people who need a hassle-free checking account. Also, at $32, its overdraft fee is considerably lower than that of other U.S. banks, making it perfect for those who don't check their balance often. Citizens Bank refunds their ATM charges (with conditions), which means convenient access to cash at any time.

Financial Health

Citizens Bank is a medium-size bank with assets totaling $825 million as well as $667 million in deposits. Citizens Bank's Texas Ratio is 4.66%, indicating an exceedingly low probability of failure. Additionally, Citizens Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Citizens Bank Near Me

Citizens Bank has 14 physical branches across the U.S.

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