The bottom line: You may like Citizens Bank for your business if you live in the Northeast. Citizens Bank's strongest business account is probably the Citizens Bank Clearly Better Business Checking Account Review
no monthly service fee
None
$0
- No minimum opening deposit
- No monthly service fees
- 200 transactions per month
- Overdraft savings transfer and overdraft line of credit
- $0.50 fee per transaction after monthly 200 limit
- $3 out-of-network ATM fee
- No free incoming or outgoing wire transfer fees
- Over 1,000 branches in Connecticut, Delaware, Florida, Massachusetts, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC
- Over 3,100 ATMs
- 200 free monthly deposits and withdrawals; after that, $0.50 per transaction
- FDIC insured
The bank has a few business checking options, and the Citizens Bank Business Savings Account Review
$4.99 monthly service fee
0.01%
$0
- No minimum opening deposit
- Possible to waive $4.99 monthly service fee
- No monthly service fee for the first 4 statement cycles
- $4.99 monthly service fee
- Low APY
- Over 1,000 branches in Connecticut, Delaware, Florida, Massachusetts, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC
- Waive $4.99 monthly service fee by maintaining average $500 daily balance; no monthly fee for the first 4 statement cycles
- Interest compounded monthly, paid monthly
- FDIC insured
You may like the Citizens Bank Business Savings Account if you can maintain an average daily balance of $500, because then you'll waive the $4.99 monthly service fee. Citizens Bank pays a low interest rate, though.
Citizens Bank Business CD Review
0.03% to 0.10%
$1,000
- $1,000 minimum opening deposit
- Competitive APY on some terms
- High early withdrawal penalties
- Interest compounds monthly, not daily
- Terms only go up to 18 months
- Over 1,000 branches in Connecticut, Delaware, Florida, Massachusetts, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC
- Terms range from 3 to 18 months
- Early withdrawal penalties: For terms of less than 1 year, $50 AND 90 days interest or half the interest left to be earned on withdrawn amount (whichever is greater); for terms of 1 year or more, $50 AND 180 days interest or half the interest left to be earned on withdrawn amount (whichever is greater)
- Interest compounded daily, paid daily (unless you choose a different day for interest be paid when you open the CD)
- Member FDIC
Citizens Bank only has business CD terms up to 18 months, and the bank pays low rates on all CDs. You're better off looking elsewhere if you want to earn a high APY.
Citizens Bank Business Money Market Account Review
0.02% APY
None
- No minimum opening deposit
- Possible to waive $9.99 monthly service fee
- Request paper checks
- Request a debit card
- $9.99 monthly service fee
- Low APY
- Interest compounds monthly, not daily
- $3 out-of-network ATM fee
- Over 1,000 branches in Connecticut, Delaware, Florida, Massachusetts, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, DC
- Over 3,100 ATMs
- To waive $9.99 monthly service fee, maintain a minimum daily balance of $2,500
- Interest compounded daily, paid daily
- Member FDIC
You might like the Citizens Bank Business Money Market Account if can keep $2,500 in your account to waive the $4.99 monthly service fee. You can also request a debit card or paper checks, which makes it a little easier to access your money than with a regular business savings account. The account pays a low rate, though.
About Citizens Bank Business Accounts
$9 million penalty in a settlement that accused the bank of violating the Truth in Lending Act and not resolving customer issues regarding credit cards.
Citizens Bank Business Accounts FAQs
Is Citizens Bank the same as Citizens Business Bank?
No, these are two separate banks. Citizens Bank is a bank primarily in the Northeast US with business banking products. Citizens Business Bank is a different bank headquartered in Ontario, California, and CVB Financial Corporation is its holding company.
Is Citizens Bank a good business bank?
Citizens Bank is a good option if you live in the Northeast, want to use an in-person bank, and are looking for a strong business checking account. Citizens' business savings, CDs, and money market account are fine, but the Citizens Bank Clearly Better Business Checking Account is its standout product.
What is the minimum balance for a Citizens Bank Business Savings Account?
There is a $0 minimum opening deposit for the Citizens Bank Business Savings Account. However, you'll need to maintain a $500 average daily balance to waive the $4.99 monthly service fee. (This fee is waived for the first four statement cycles, though.)
How Citizens Bank Business Accounts Compare
Citizens Bank Business Accounts vs. NBKC Business Banking
Citizens Bank will be the better fit if you want in-person business banking, while
