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 Citizens Bank Clearly Better Business Checking Account, because it's free and allows 200 free transactions each month. It's one of the best business checking accounts out there.
Citizens Bank Business Accounts: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Business checking | 4.25 |
| Business savings | 3.25 |
| Business CD | 3.25 |
| Business money market account | 3.5 |
| Trustworthiness | 3.5 |
| Total | 3.75 |
Citizens Bank Business Accounts Pros and Cons
| Pros | Cons |
|
|
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 Clearly Better Business Checking Account is on Personal Finance Insider's list of the best free business checking accounts. There is no monthly service fee, and you can make up to 200 free transactions each month.
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
Citizens Bank has personal and business bank accounts. You can also get a business credit card or loan, and access business investing and employee benefits through the bank. Citizens Bank has over 1,000 branches in the following US states:
- Connecticut
- Delaware
- Florida
- Maryland
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- Ohio
- Pennsylvania
- Rhode Island
- Vermont
- Virginia
- Washington, DC
There are around 3,100 free ATMs.
To speak with a business banking representative, call Monday through Friday from 7 a.m. to 10 p.m. ET, or Saturday from 9 a.m. to 6 p.m. ET. Customer service isn't available on Sunday.
The Citizens Bank mobile app has 4.7 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
Your deposits are FDIC-insured for up to $250,000 per depositer, per account. This means that even if Citizens Bank shut down, your insured money would still be safe.
Is Citizens Bank Trustworthy?
The Better Business Bureau evaluates whether a company responds well to customer complaints, advertises honestly, and is transparent about business practices. The BBB gives Citizens Financial Group a B rating due to the amount of time the bank takes to respond to customer complaints, and because the government has taken action against the bank.
In May 2023, the Consumer Financial Protection Bureau required Citizens Bank to pay a $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
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.
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.
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 NBKC business banking is better for an online experience. (Unless you want a business loan — NBKC only offers these loans to businesses in the Kansas City area.)
NBKC could also be better if you use ATMs often. It's part of a larger ATM branch network — around 37,000 versus Citizens' 1,000 — and refunds up to $12 per month if out-of-network ATMs charge you a fee. Meanwhile, not only does Citizens not refund ATM machines' fees, but it also charges you $3 each time you use an out-of-network ATM.
Both have strong free business checking accounts, but NBKC could be the better fit if you make more than 200 transactions each month. It offers an unlimited number of free monthly transactions.
Citizens Bank Business Accounts vs. Axos Bank Business Accounts
Once again, Citizens Bank is better if you want a brick-and-mortar bank, and Axos Bank business banking is completely online.
If you're interested in online business banking, Axos is a great choice. Its checking account offers unlimited free monthly transactions, and it refunds all out-of-network ATM fees. You also might qualify for up to $400 bonus.
Why You Should Trust Us: How Did We Review Citizens Bank Business Accounts?
To review Citizens Bank business accounts, we used our bank account methodology for checking, savings, and money market accounts, and our certificate of deposit methodology for CDs. We rate each account on a scale from one to five stars. We use a weighted average to get our star rating.
We evaluate ethics, security, customer service, miscellaneous features and the mobile app for every type of account. Other factors we consider depend on which type of account we're reviewing. For example, we look at early withdrawal penalties for CDs, and whether you have easy access to money through a debit card or checks for money market accounts.
For business checking accounts, we consider many of the same factors we would for a personal checking account, such as minimum opening deposits and monthly fees. But we also look at things that are specific to business accounts, such as monthly transaction limits.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
