Citizens
Headquarters
1 Citizens Plz
Providence, RI 02903
See all branch locations →
ACH 241070417
Phone 800 922 9999
2024 Overview
General Bank Information
Citizens is an FDIC insured institution located in Providence, RI. It was founded in 2005 and has approximately $221.75 billion in assets. Customers can open an account at one of its 863 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 57957 |
| Date Established | 2005 |
| Assets | $ 221.75 billion |
| Loans | $ 144.90 billion |
| Deposits | $ 180.83 billion |
| Capital | $ 23.29 billion |
For a more detailed analysis of Citizens's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - April 26, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Citizens Quest Savings
|
0.07% | $0 | - |
Learn More
|
|
Money Market
|
2.75% | $25,000 | - |
Learn More
|
|
Money Market
|
3.00% | $250,000 | $499,999 |
Learn More
|
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 8 Month CD Special
|
5.00% | $25,000 | - |
Learn More
|
| 14 Month Online-only CD
|
2.75% | $1,000 | - |
Learn More
|
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
|
|
0.05% | $0 | - | Learn More |
Online Only Savings Rates of Citizens
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Citizens Access Online Savings Account
|
4.50% | $1 | - |
Learn More
|
Online Only CD Rates of Citizens
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 12 Month CD ONLINE
|
5.00% | $5,000 | - |
Learn More
|
| 5 Year CD ONLINE
|
3.45% | $5,000 | - |
Learn More
|
| Checking Rates | APY | MIN | FEE | |
|---|---|---|---|---|
| One Deposit Checking from Citizens Bank | 0.00% | $0 | $9.99 | Learn More |
| Citizens Bank Platinum CheckingTM | 0.02% | $25,000 | $25.00 | Learn More |
| Citizens Bank Platinum Plus CheckingTM | 0.01% | $25,000 | $25.00 | Learn More |
Bank Online Offers
Citizens Access Raises Online Savings Rate to 2.25%
Oct 29, 2018
Citizens Access has raised its online savings rate to 2.25%. Citizens Access has also raised all of its CD rates today. BestCashCow has rated Citizens Access's online savings account as a Best Bet for 2019 (read more here).
Citizens Access Raises Savings Rate to 2.35%
Jan 14, 2019
Citizens Access has raised it savings rate to 2.35%.
It has also increased its one-year CD rate to 2.85%.
Both rates are among the most competitive listed on BestCashCow.
Citizens Access Drops CD rates
May 3, 2019
CitizensAccess has dropped its 6-month and 1-year CD rates. The new rates are 2.20% and 2.70%, respectively. The 1-year rate has gone from being the best CD rate available nationally to being not competitive. See the best 1-year CD rates here.
Citizens Access Drops Savings Rate to 2.20%; Also Drops CD rates
Jul 3, 2019
Citizens Access has dropped its savings rate by 15 basis points to 2.20%. It has also lowered all of its CD rates. See all of Citizens Access's current rates here.
Citizens Access Drops All Of Its CD Rates Again
Aug 27, 2019
Citizens Access has slashed its CD rates again for the third time in less than two months. This time all rates have been cut by 25 basis points. The bank has gone from offering the most attractive CD rates across virtually all maturities to no longer being competitive. If you are interested in seeing their rates, click here.
Citizens Access Cuts Savings Rate to 2.00%
Sep 10, 2019
Citizens Access has cut its savings rate to 2.00%, effective 9/11.
Citizens Access Cuts Savings Rate to 1.85% APY
Oct 31, 2019
Citizens Access has cut its savings rate to 1.85% APY, effective November 1. The rate had peaked earlier this year at 2.35%.
It has also lowered all of its CD rates by 15 to 20 basis points. The Citizens Access one-year CD, for example, now stands at 2.10% APY. Earlier in 2019, Citizens Access had offered 2.85% on this product.
Citizens Access lowers its Online Savings Rate to 1.70%
Feb 27, 2020
The bank has also lowered all of its CD rates by 15 basis points.
Citizens Access lowers its Online Savings Rate to 1.50%
Apr 15, 2020
Citizens Access has lowered its online savings rate from 1.70% to 1.50%. The account continues to require a $5,000 minimum balance to earn this rate.
CitizensAccess Lowers All Savings and CD Rates by 20 Basis Points
May 14, 2020
CitizensAccess's online savings rate was lowered from 1.50% to 1.30% APY this morning. It CD rates were also lowered by 20 basis points. Its 1-year CD rate now stands at 1.30% APY while its 11-month No Penalty CD now stands at 1.15% APY.
CitizensAccess Lowers Its Online Savings Rate to 1.15% APY
Jun 15, 2020
The rate had been at 1.30% APY immediately prior to this move.
Citizens Access Lowers Online Savings Rate to 1.00% APY
Jun 30, 2020
Citizens Access is lowering its online savings rate to 1.00% APY, effective tomorrow.
CitizensAccess is Lowering Online Savings Rate to 0.60% APY
Sep 24, 2020
CitizensAccess is lowering its online savings rate to 0.60% APY on September 25th.
Citizens Access Lowers Online Savings Rate to 0.50% APY
Nov 13, 2020
Citizens Access is lowering its online savings rate to 0.50% APY this weekend. The rate had previously stood at 0.60% APY.
Citizens Access to Lower Online Savings Rate to 0.40% APY
Jan 6, 2021
Citizens Access is lowering its online savings rate tomorrow to 0.40% from 0.50% APY.
Citizens Access Finally Raises Its Savings Rate - Going from 0.40% to 0.50% APY
Mar 30, 2022
Citizens Access has finally done what the other major online banks have done - to recognize that interest rates are moving up - and begun to move its online savings rate higher.
Citizens Access Raises Its Savings Rate - Going from 0.50% to 0.75% APY
May 6, 2022
The increase follows an earlier increase from 0.40% to 0.50% APY.
Citizens Is Offering 1-Year CD at 1.75% APY
Jun 1, 2022
Citizens Raises 1-Year Online CD rate to 1.90% APY
Jul 1, 2022
Citizens Raises Online Savings Rate to 1.75% APY
Jul 18, 2022
Citizens Access Savings Is Now at 2.35% APY
Sep 20, 2022
Citizens has raised its online savings rate to 2.35% APY this morning (was 2.10%).
Citizens Raises Access Savings Rate to 3.00% APY
Oct 19, 2022
Citizens has raised its online savings rate to 3.00%.
Its CD products now also offer higher yields, with the 1-year offering 3.25% and th 5-year offering 3.45% APY.
Citizens Online Savings Raised to 3.75% APY
Dec 6, 2022
Citizens has raised its online savings rate by 75 basis points to 3.75% APY.
Citizens' minimum deposit amount is now $1.
Citizens Raises Online Savings Rate to 4.25% APY
Mar 14, 2023
Citizens has raised its online savings rate by 25 basis points. It has also raised its 1-year online CD rate to 4.75% APY.
Citizens Raises Online Savings to 4.50% and 1-Year CDs to 5.00%
May 2, 2023
Among the handful of most recognized online banks, Citizens now leads in both online savings and one-year CDs.
Compare online savings rates here.
Compare one-year CD rates here.
Citizens' Online 1-Year CD Rate is Now 5.00% APY and Online Savings is 4.50%
Jan 19, 2024
Citizens has lowered its online 1-year CD rate from 5.50% to 5.00% APY.
Its online savings rate remains at 4.50% APY.
Loan Rates - April 26, 2024
Your Current Location: Ohio, OH 43085
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
6.11% | 6.00% | $2,700.34 | |
| 30 Year Fixed Conforming See Amortization Table |
6.82% | 6.75% | $2,075.51 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
6.11% | 6.00% | $2,700.34 | |
| 30 Year Fixed Conforming See Amortization Table |
6.82% | 6.75% | $2,075.51 | |
Compare with 6.836% APR and 6.750% 30-Year Fixed RATE from Northpointe Bank
See All Mortgage Rates |
||||
Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Citizens branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
Citizens Bank has outlined an extensive plan for its financing of sustainable energy projects. Additionally, Citizens has put in place a power purchase agreement to source all of its own operations from wind. It began working with Ørsted's Sunflower wind project in 2022 and is believed to have provided funding to several Ørsted projects, including its offshore wind projects in Massachusetts and New York. It is not known to be a major financier of oil and gas projects.
Citizens acquired an oil and gas lending team in 2015 but it unclear whether it still exists and whether the bank is currently providing any financing to the oil and gas industry.
Updated April 3, 2024
Citizens has made real strides in renewable energy lending.
BestCashCow has labeled Citizens Bank, National Association a sustainable bank based on the bank's
focus on financing projects in the wind,
water, solar and energy storage areas that
lessen our dependence on fossil fuels.
Add Your Review
or use your BestCashCow account
or
Financial Details
Citizens Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Citizens. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Citizens | U.S. Bank Average |
|---|---|
| 7.81% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, Citizens had $1,971,235,000 in non-current loans and $10,369,000 in owned real estate. To cover these potential losses it had $23,288,619,000 in equity and $2,097,987,000 in loans loss reserves. That gives it a Texas Ratio of 7.81%.
Return on Equity
| Citizens | U.S. Bank Average |
|---|---|
| 7.4% | 12.20% |
Citizens has a Return on Equity of 7.4% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Citizens | U.S. Bank Average |
|---|---|
| 10.5% | 10.76% |
Citizens has a Capitalization of 10.5% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Citizens Balance Sheet Analysis
As of December 31, 2023, Citizens had assets of $221,750,244,000, loans of $144,895,738,000, and deposits of $180,831,726,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 12.16 billion |
| Interest-bearing balances | $ 9.99 billion |
| Total securities | $ 39.08 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 144.90 billion |
| Loan loss allowance | $ 2.10 billion |
| Trading account assets | $ 478.82 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 10.37 million |
| Goodwill and other intangibles | $ 9.72 billion |
| All other assets | $ 14.13 billion |
| Total Assets | $ 198.46 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 180.83 billion |
| Interest-bearing deposits | $ 139.73 billion |
| Deposits held in domestic offices | $ 180.78 billion |
| % insured (estimated) | 61.83% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | $ 1,557.77 million |
| Other borrowed funds | $ 14.77 billion |
| Subordinated debt | $ 1,125.00 million |
| All other liabilities | $ 3.80 billion |
| Total Liabilities | $ 198.46 billion |
| Shareholders’ Equity | $ 23.29 billion |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 10.20 billion |
| Total Interest Expense | $ 3.88 billion |
| Net interest income | $ 6.33 billion |
| Provision for loan and lease losses | $ 687.17 million |
| Total non interest income | $ 1,779.35 million |
| Total non interest expense | $ 5.29 billion |
| Pre-tax Net Operating Income | $ 1,077.19 million |
Bank Loan Profile?
The top three loan types in Citizens’s loan portfolio are Commercial and Industrial Loans, 1-4 Family Residential Loans, and Commercial Real Estate.
Compared to other banks in Rhode Island, Citizens Bank, National Association has a significantly higher percent of Credit Card Loans, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 29.49 | ✓ | ||
| Multifamily Mortgages |
5.87 | ✓ | ||
| Credit Card Loans | 1.26 | ✓ | ||
| Consumer Auto Loans | 8.71 | ✓ | ||
| Small Business Loans | 0.45 | ✓ | ||
| Construction and Development Loans | 3.59 | ✓ | ||
| Commercial Real Estate | 13.14 | ✓ | ||
| Commercial and Industrial Loans | 32.46 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
*Should any logos, images or public notes appear on this page,they do so courtesy of Citizens Bank, National Association and are not subject to approval of BestCashCow. BestCashCow expressly disclaims all responsibility for this content.
Customer Reviews for Citizens
Dana E.
March 20, 2016 |
Good solid bank.
Is this review helpful? Yes:1 / No: 0
Add Your Review
or use your BestCashCow account