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  Citizens Bank Platinum Plus Savings Account

Citizens Bank Platinum Plus Savings Account

in Savings Accounts from Citizens Bank · fdic

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Citizens Bank Platinum Plus Savings Account

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in Savings Accounts from Citizens Bank · Member FDIC

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Highlights
Monthly Fee Starting at $0
APY (Annual Percentage Yield) 0.03%
APY Minimum Balance N/A

Citizens Bank Platinum Plus Savings Account Review

Citizens Bank Platinum Plus Savings Account is offered by Citizens Bank, a bank founded in 1828 and based in Providence, RI. Citizens Bank Platinum Plus Savings Account is available in 11 states across the USA.

Key Takeaways
  • Low APY. The maximum annual percentage yield for this account is only 0.03%.
  • No minimum initial deposit. There is no minimum balance required to open an account.
  • No ATM fees. Citizens Bank Platinum Plus Savings Account does not charge fees on ATM transactions.
  • Bill pay. Pay your bills to practically anyone in the United States through Citizens Bank.
Citizens Bank savings account Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • No signup bonus.
  • Does not provide access to a nationwide ATM network.
  • Does not come with a debit card
  • Only available in 11 states.
  • Higher than average wire transfer fees.
Citizens Bank savings account FAQ

Are savings accounts from Citizens Bank federally insured?

Yes, your Citizens Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57957). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Citizens Bank offer a signup bonus?

Citizens Bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Citizens Bank savings account?

There is no minimum deposit to open a Citizens Bank savings account.
Citizens Bank Platinum Plus Savings Account Minimums
Description
Minimum Opening Deposit Starting at $0

What APY does Citizens Bank offer?

Citizens Bank savings account offers an APY of 0.03% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Citizens Bank savings account charge?

Citizens Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $30 fee.
  • Incoming domestic bank transfers come with a $12 fee.
  • Outgoing international bank transfers come with a $100 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $12 fee.
  • Citizens Bank savings account charges $2 every time you request a paper statement.

What features and perks does Citizens Bank savings account offer?

This savings account includes the following features:

  • Fraud monitoring - Citizens Bank savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Citizens Bank savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to Citizens Bank savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 11 states
  • Connecticut
  • Delaware
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont

Feature Breakdown

Monthly Fee Starting at $0
Paper Statement Fee $2
Returned Deposit Fee (Domestic) $20
Wire Transfer Fee - Domestic (Incoming) $12
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $12
Wire Transfer Fee - International (Outgoing) $100
Account Features
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
  • Fraud Monitoring
  • Free Bill Pay
  • Interest Bearing Account
  • Mobile Banking
  • Mobile Check Deposit
  • No ATM Fees
  • No Monthly Maintenance Fee
APY (Annual Percentage Yield) 0.03%

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