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The Citizens Bank Review

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The Citizens Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Citizens Bank first started operating in 1953 with headquarters located in Batesville, Arkansas. It manages assets of $774 million and deposits totaling $659 million, ranking it as a medium-size bank. The Citizens Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.2 stars out of 5, The Citizens Bank is a great choice and should warrant serious consideration. The Citizens Bank has numerous banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. The Citizens Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, The Citizens Bank's standard checking does not have a monthly charge. Banks that offer no-fee checking and a high savings APY are the best bet for accruing the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

The Citizens Bank features a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Its CDs feature a rate of 0.25% and 1.10% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given The Citizens Bank's below average savings rate, you should consider other options to earn more on your deposits.

How The Citizens Bank's Savings Rates Compare

The Citizens Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Citizens Bank charges its customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. The Citizens Bank reimburses their out-of-network ATM fees, which means easy access to cash at any time.

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

4.1
SmartAsset Average: 3.7

The Citizens Bank is a brick-and-mortar bank, with 19 total bank locations in Arkansas. It also offers access to mobile and web apps for simple access and banking on the go. The Citizens Bank receives relatively high marks from users for its online presence. The The Citizens Bank mobile app is rated at 4.2 out of 5 (out of 45 reviews on iOS and Android) compared to the national average of 3.8. The Citizens Bank's mobile app allows you to control your accounts by reviewing monthly statements, sending and receiving funds as well as accessing customer service. The Citizens Bank receives an excellent consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Citizens Bank is a medium-size bank with assets totaling $774 million as well as $659 million in deposits. The Citizens Bank's Texas Ratio is 3.80%, denoting a low probability of failure. Additionally, The Citizens Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.8%
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 The Citizens Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.10% APY
$500 for all terms
Money Market Account 0.15% APY $1000

The Citizens Bank offers several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. The Citizens Bank 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. The Citizens Bank's CD rates are fair as compared against the national average.

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Find a The Citizens Bank Near Me

The Citizens Bank has 19 branches in the U.S.

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