Citizens Financial Group dates back to 1828 and serves as one of the oldest and largest financial service firms in the country. The Citizens Bank headquarters are located in Providence, Rhode Island. The bank offers retail and commercial banking features and services to individuals and businesses and corporations. There are over 3,200 Citizen Bank ATMs located in 11 different states. In terms of borrowing, Citizens Bank provides the following loans such as: mortgages, auto, student, and commercial business loans.
- Lending solutions
- Checking account options
- Savings accounts
Citizens Bank offers banking and lending solutions to personal consumers, small business, and other commercial chains in select areas across the United States. Additionally, they provide ways for individuals plan for the future with investment and retirement services. Citizens Bank has tailored a number of their account types and services to benefit individuals in certain financial situations.
Checking Account Options
For those looking to open a checking account, Citizens Bank has four different options to choose from. Each checking account is compatible with the Citizens Bank online, mobile and phone banking. With over 1,100 physical branches and over 3,100 ATMs, Citizens Bank has made accessing funds and assistance simple for their customers. All checking accounts also come with a $5 overdraft pass. The checking accounts are broken down as follows:
- One Deposit: this is the basic checking account that is both clear and straightforward. There is a monthly maintenance fee of $9.99, but it can be avoided.
- Citizens Bank Platinum Checking: this checking account includes interest which provides consumers with access to personalized advice, fewer fees, Platinum rates, and preferred service. There is a $25/month maintenance fee, but it can also be avoided.
- Citizens Bank Platinum Plus Checking: this checking account includes interest offers at the same preferred benefits and services as Platinum Checking, but with our higher Platinum Plus rates. A $25 monthly maintenance fee will be charges if certain restrictions are not met.
- Premier Banking: this account is an exclusive, comprehensive program entitling clients to a dedicated relationship manager.
While banks typically offer a number of checking accounts to benefit varying financial circumstances, it is rare to find a bank with a large variety of savings account options. There are five different types of savings accounts that come with their own benefits and features. These accounts are broken down as follows:
- Green Savings: a smart & easy way to save. Set specific savings goals and earn rewards when you enroll in our GoalTrack Savings program. There is no minimum deposit requirement, but there is a $4.99 monthly maintenance fee (can be avoided).
- Citizens Bank Platinum Savings: this relationship savings account comes with Platinum Checking. It provides access to Platinum rates and no monthly maintenance fee. There is no minimum deposit requirement, nor is there a monthly maintenance fee.
- Citizens Bank Platinum Plus: a savings account that offers better Platinum Plus rates plus the same preferred benefits and services as Platinum Savings. No minimum to open and no monthly charge.
- College Saver: designed for parents looking ahead to the future. Parents can save for their child's education, and get a $1,000 bonus once the child turns 18 and program requirements are met. The minimum deposit is $25 if the child is under the age of 6 and $500 if the child is over the age of 6. Monthly contribution requirements vary based on the child's age.
- Citizens Bank Home Buyer Savings: consumers can start saving for a down payment, closing costs and other home-buying fees. Plus receive a $1,000 credit toward closing costs on a Citizens Bank mortgage once program requirements are met.
Each Citizens Bank savings account will come with varying requirements that need to be met in order to satisfy or void the monthly maintenance fee. Prospective consumers will need to check with each account to see exactly what these requirements include.
- Investment options
- Maintenance fee
While Citizens Bank does offer investing solutions for consumers, they are not focused on wealth management. Those looking for investing solutions or wealth management will need to look at a different bank to satisfy those financial needs. There are general investing solutions, but they are relatively basic. Citizens bank typically focuses on the following investing endeavors:
- Planning for retirement
- Planning for education
There is a monthly service charge on almost every account provided by Citizens Bank. Whether it is a checking or savings account, consumers will likely have to face paying the monthly maintenance fee, or they will need to meet varying requirements. Each account requires different deposit amounts and activity in order to waive this monthly charge.
The Bottom Line
While Citizens Bank is not found in a number of states, they do provide a quality service in the states they do exist in. Customers can take advantage of borrowing and banking solutions as well as some investment opportunities. Those that decide to bank with Citizens can expect the following from the service:
- Variety of savings and checking account to choose from
- Services and features designed to benefit specific financial situations
- Overdraft protection options
- Monthly maintenance fees sometimes charged
- Limited investing options
- Limited availability