Advertiser Disclosure

Reviews

Citizens Bank Review: CDs, Checking, Savings, Money Market, and IRA Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established2005
Total Assets$126.9B
LEARN MORE Citizens Bank (RI)’s secure websiteMember FDIC
Although Citizens Bank is one of the largest banks in the nation, it only got its start relatively recently, in 2005. Since then, it has become the largest bank in Rhode Island (where it’s headquartered) and opened over 1,200 local branches along the East Coast and in the Midwest.

We wanted to know: How do the deposit accounts at Citizens Bank stack up with the competition? What are the hidden “gotchas” and what do you need to know before opening an account?

The interest rates that Citizens Bank offers on its deposit accounts vary according to where you live. So, to make things simple, we’ll compare their rates across accounts in the 02903 zip code (Providence, R.I.) where its headquarters is located. To find out the rates in your area, click on the link “Specify Your Location” on their homepage.
Citizens Bank (RI)’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.02%

Savings

Citizens Bank (RI) Platinum Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

*All rates are current as of 11/2/2018

Citizens Bank CD Rates

Citizens Bank offers limited options for CDs and very low rates unless you also have an existing premium account with them.
 

Online-Only 13-Month CD

12-Month CD

36-Month CD

Standard APY

1.00%

0.10%

0.03%

APY with Platinum Checking

1.00%

1.70%

0.04%

APY with Platinum Plus Checking

1.00%

2.00%

0.05%

  • Minimum opening deposit: $1,000
  • How interest is compounded: Interest is calculated based off of your daily balance, then tallied up and deposited into your account monthly.
  • Early withdrawal penalty:
    • $50 plus whichever of the following two options is less:
        1. 180 days’ worth of interest on the withdrawn amount
        2. Half of the remaining interest you would have earned
  • Grace period: Your CD will automatically roll over to another CD with the same term. However, you have a 10-day grace period to withdraw or add funds without paying an early withdrawal penalty.

13-Month CD – Online Only

This CD can only be opened online. It has a fairly small minimum deposit amount requirement, but the APY isn’t as high as the current leading CD rates.

14-Month CD

This CD is much more accessible for people with smaller amounts of cash. The rates for this CD, however, are very low.

36-Month CD

This CD is interesting. It’s also fairly accessible for people with smaller opening deposits. However, unless you have one of the Platinum checking accounts, there’s no real incentive to open a 36-month CD over a 14-month CD because the rates are exactly the same.

In fact, if these two CDs pay the same interest rate for non-Platinum checking account members, it’s probably better to stick with the 14-month CD because you’ll earn exactly the same interest rate and you’ll get more frequent access to your money if you need it.

How to get a Citizens Bank CD

If you decide a Citizens Bank CD is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.

You can fund it with a check, or a credit or debit card, but heads up: If you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.

magnifying glass

How Citizens Bank CD rates compare

Citizens Bank clearly wants you to be a Platinum Checking Account member, and these CDs only make sense if you are one. The rates offered for Platinum Checking Account holders on their 14-month and 36-month CDs are actually slightly better than national averages.

Otherwise, if you’re just walking into this bank off the street (or logging in), pass this one up. You can earn much better CD rates elsewhere without the checking account requirements.

Citizens Bank Checking Account Options

The checking accounts at Citizens Bank offer few benefits in exchange for high fees and requirements — however, they may be useful if earning higher rates on another product is your endgame.

One Deposit Checking from Citizens Bank®

  • Minimum opening deposit: Any amount
  • Interest rate: None
  • Monthly maintenance fee: $9.99
  • How to waive monthly maintenance fee: Citizens Bank will waive the fee if you’re a minor, or if you have at least one deposit into your account each statement period.
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: None
  • Overdraft fee: $35 per item (up to seven per day)

Even though this is Citizens Bank’s most basic-level checking account, it isn’t one you can walk away from and leave on autopilot. You’ll need to make at least one deposit into the account each statement period in order to avoid the exorbitant $9.99 monthly fee.

Not only that, but it will cost you to use this account anyway — at least indirectly. Checks do not come free with this account. You’ll need to pay at least $9.99 for an order of checks if you want to, you know, write checks from your checking account.

Citizens Bank Platinum Checking™

  • Minimum opening deposit: Any amount
  • Interest rate: 0.02% APY for any amount in your account
  • Monthly maintenance fee: $25
  • How to waive monthly maintenance fee: Keep at least $25,000 across all of your Citizens Bank investment and deposit accounts.
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge)
  • Overdraft fee: No fee for overdraft transfers or overdraft lines of credit

This is Citizens Bank’s lowest premium-level checking account. If you have this account, you can qualify for higher rates on CDs, savings accounts, and money market accounts, a 0.125% discount on a mortgage, and waived fees for things like paper statements or stop check orders. Plus, you’ll get free checks. You can also earn interest with this account, albeit at a very low level.

In return, Citizens Bank wants you to keep a fairly high amount of cash with them in deposit and investment accounts. Make sure you can commit to this so you don’t have to face the high $25 monthly fee.

Citizens Bank Platinum Plus Checking™

Amount

$0-$24,999

$25,000-$249,999

$250,000+

APY

0.03%

0.05%

0.07%

  • Minimum opening deposit: Any amount
  • Monthly maintenance fee: $25
  • How to waive monthly maintenance fee: You’ll need to keep at least $25,000 in linked deposit or investment accounts, plus one of the following two requirements: either deposit at least $5,000 per month into your account, or keep at least $10,000 in your account.
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge)
  • Overdraft fee: No fee for overdraft transfers or overdraft lines of credit

This is basically the same account as the lower-level Citizens Bank Platinum Checking account with one extra bonus: a slightly higher, but still overall lackluster, interest rate.

In return for this higher interest rate you’ll need to jump through a few extra hoops (in addition to having at least $25,000 in linked deposit or investment accounts): keep an average of at least $10,000 in your checking account, or deposit at least $5,000 into your checking account each statement period.

How to get a Citizens Bank checking account

If you decide a Citizens Bank Checking Account is right for you, good news: it only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.

You can fund it with a check or a credit or debit card, but again, if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.

magnifying glass

How Citizens Bank checking accounts compare

Most checking accounts at large national banks set the bar fairly high to waive their outrageous monthly fees in return for low interest rates. Citizens Bank is no exception. Rather than using this account for its low interest rate, however, think outside the box: You actually can earn some decent rates on CDs if you hold one of the Platinum checking accounts.

If you can meet the requirements on these Platinum checking accounts, want to earn higher rates on CDs, and if Citizens Bank is convenient for you to work with, then this bank might make sense for you.

However, it’s still possible to find higher interest rates with fewer pesky requirements by opening a checking account with one of these online banks.

Citizens Bank Savings Account Options

Citizens Bank does offer savings accounts with some neat features, but they’re still plagued with low interest rates and potentially high fees.

GoalTrack Savings®

GoalTrack Savings is a savings reward program that you can enroll in with any savings account, except for the CollegeSaver and Citizens Bank HomeBuyer Savings accounts. If you enroll in this program, you have to make a pledge: I will save X dollars each month for X months.

If you reach your goal, Citizens Bank will reward you with a gift card to certain merchants such as Best Buy, Lowe’s, Hyatt, or Pizza Hut. The amount of the gift card may be as follows:

Months

$25-$49

$50-$99

$100-$199

$200-$399

$400+

8-11

Discount at a merchant

$5

$5

$10

$20

12-17

$5

$5

$10

$20

$40

18-23

$5

$10

$20

$40

$75

24-35

$10

$20

$40

$75

$100

36+

$20

$40

$75

$100

$250

Green Savings®

  • Minimum opening deposit: Any amount
  • Interest rate: 0.01% APY for any amount in your account
  • Monthly maintenance fee: $4.99
  • How to waive the monthly maintenance fee: Fee is waived for the first four months of account opening. After that, the fee is waived if you keep an average of at least $200 in your account every day.
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: None
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

Citizens Bank’s Green Savings account is their most basic savings account. It’s also their only savings account to charge a fee, which you can avoid as long as you keep a small amount of cash ($200) in this account.

That means that this account isn’t meant to ever be drained completely lest you face the pesky monthly fee. Make sure you take that into account — i.e., if you’re saving for a specific goal, you’ll need to bump up your savings target by $200 to leave enough in this account after you withdraw the cash.

Citizens Bank Platinum Savings™

  • Minimum opening deposit: Any amount
  • Interest rate: 0.02% APY for any amount in your account
  • Monthly maintenance fee: None
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: None
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

This account comes standard with Citizens Bank’s Platinum Checking account. Although this account doesn’t have a monthly maintenance fee, the checking account does: $25, unless you qualify to have the fee waived.

The benefits of this savings account aren’t much greater than Green Savings, which you can open without a demanding checking account. Thus, we only recommend this account if you’re interested in the Platinum Checking account anyway.

Citizens Bank Platinum Plus Savings Account

Amount

$0-$24,999

$25,000-$249,000

$250,000+

APY

0.03%

0.05%

0.07%

  • Minimum opening deposit: Any amount
  • Monthly maintenance fee: None
  • ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refund: None
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

This is Citizens Bank’s most premium-level savings account. It also comes standard with a Platinum Checking account, meaning that you’ll have to pay a $25 monthly fee for that account as well unless you qualify to have the fee waived.

In return, you get slightly higher savings account rates, as well as higher rates on things like CDs and money market accounts.

CollegeSaver®

  • Minimum opening deposit: $25 if your child is under 6 years old. $500 if your child is 6-12 years old.
  • Interest rate: 0.05% for any amount in your account
  • Monthly maintenance fee: None
  • Minimum monthly deposit: If your child is under 6 years old, you’ll need to deposit $25 per month until his or her 18th birthday. If your child is between 6 to 12 years old, you’ll need to deposit $50 per month until his or her 18th birthday.
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

If you’re looking to save up some extra cash for your kid’s college bill, the CollegeSaver account might be able to help. Be warned, though: it does have some steep requirements. You’ll have to commit to depositing at least $25 into the account ($50 if your child is between ages 6-12) every single month until their 18th birthday. If you can do this, you’ll get a nice bonus: When your child turns 18, Citizens Bank will throw an extra $1,000 into your savings account.

This is a nice idea, but unfortunately this account still doesn’t earn much interest — just 0.05% APY. If saving for your kid’s college is a priority, you may be better off investing that money in a tax-advantaged savings account such as a 529 plan or a Coverdell account.

Citizens Bank HomeBuyer Savings®

  • Minimum opening deposit: $100
  • Interest rate: 0.05% for any amount in your account
  • Monthly maintenance fee: None
  • Minimum monthly deposit: $100
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

If you’re saving for a house, you might want to consider the Citizens Bank HomeBuyer program. If you can commit to saving $100 per month for 36 months straight, you can get a $1,000 credit toward the closing costs on a Citizens Bank mortgage (assuming you qualify). You also get a free pass to skip one monthly deposit per year without losing eligibility for the $1,000 credit.

If you do earn the credit, be prepared to use it fairly soon: You have another 36 months after you earn the credit to complete the purchase of a home, or lose it.

This sounds like a good plan (and it very well may be), but remember: Just because you get a $1,000 credit at the start of your mortgage doesn’t mean it’ll be cheaper in the long run.

Who knows what mortgage interest rates Citizens Bank will be charging three years from now and whether they’ll be competitive or not. You might end up saving $1,000 now only to shell out thousands more later.

How to get a Citizens Bank Savings account

If you decide a Citizens Bank savings account is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.

You can fund it with a check or a credit or debit card, but once again, if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.

magnifying glass

How Citizens Bank savings accounts compare

While we do like some of the unique savings accounts that Citizens Bank offers (specifically the savings accounts for college and home down payments), we think that the interest rates offered are still very low.

Furthermore, their savings accounts either come with unnecessarily high fees, or are linked to checking accounts that do have high fees.

Unless there’s something really tying you to Citizens Bank, we think that you can earn a lot more and pay a lot less with other online savings accounts.

Citizens Bank Money Market Account Options

The rates you can earn on these money market accounts are generally rock-bottom, unless you can qualify for the promotional rates offered on the premium-level accounts.

Personal Money Market

  • Minimum opening deposit: Any amount
  • Interest rate: 0.01% APY for any amount in your account
  • Monthly maintenance fee: $10
  • How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
  • ATM fees: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refunds?: None
  • Excessive transaction fee: You’re allowed six certain transactions per month as per Federal Regulation D. After that, you’ll be charged $15 per transaction.

This account also comes with checks, however watch out: You can only use the checks up to three times per month without incurring an excessive transaction fee. Like savings accounts, you’ll also be limited to just six certain transactions per month according to Federal Regulation D rules. If you go over, you’ll have to pay a $15 transaction fee.

If you end up paying this fee more than three times in a year (or “significantly exceed these transaction limits in any one statement cycle,” as stated in Citizens Bank’s Fees and Features Guide), your account may be automatically downgraded into a non-interest-bearing checking account.

Citizens Bank Platinum Money Market™

Promotional offer: If you deposit at least $25,000 of new-to-Citizens-Bank money in a new Citizens Bank Platinum Money Market account, you’ll earn the following interest rates until November 30, 2018:

Amount

$0-$24,999

$25,000-$2,999,999

$3,000,000+

APY

0.03%

1.00%

0.03%

  • Minimum opening deposit: Any amount
  • Interest rate: 0.03% APY for any amount in your account (unless you qualify for the promotional rates above)
  • Monthly account maintenance fee: None
  • How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
  • ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refund: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge, however).
  • Excessive transaction fee: You’re allowed six certain transactions per month (including three checks) as per Federal Regulation D. After that, you’ll be charged $15 per transaction or check.

You are eligible to open this account if you have a Platinum Checking account. Like the other premium-level savings accounts, this account has no monthly maintenance fee of its own, but its linked Platinum Checking account does.

Citizens Bank Platinum Plus Money Market™

Promotional offer: If you deposit at least $25,000 of new-to-Citizens-Bank money in a new Citizens Bank Platinum Plus Money Market account, you’ll earn the following interest rates until November 30, 2018:

Amount

$0-$24,999

$25,000-$2,999,999

$3,000,000+

APY

0.05%

1.35%

0.25%

  • Minimum opening deposit: Any amount
  • Interest rate: 0.05% APY for any amount in your account (unless you qualify for the promotional rates above)
  • Monthly account maintenance fee: None
  • How to waive the monthly maintenance fee: Keep a minimum of $2,500 in your account
  • ATM fee: None for Citizens Bank ATMs. $3 for using non-Citizens Bank ATMs, plus whatever surcharge fees the ATM’s owner charges.
  • ATM fee refund: Your first four non-Citizens Bank ATM charges will be waived each statement period (but not the ATM surcharge, however).
  • Excessive transaction fee: You’re allowed six certain transactions per month (including three checks) as per Federal Regulation D. After that, you’ll be charged $15 per transaction or check.

If you have a Citizens Bank Platinum Plus checking account, you’re eligible to open this corresponding money market account as well. Normally, the rates are very low (0.05% APY), however, if you have enough cash to take advantage of the promotional offer (meaning you have $25,000 stashed somewhere outside of Citizens Bank that you bring in to open a new account), you can earn much more interest.

How to get a Citizens Bank Money Market account

If you decide a Citizens Bank money market account is right for you, good news: It only takes about 10 minutes to apply for an account, and you can apply online or in a local branch. All you’ll need is basic personal information (including your social security number), a government-issued photo ID, and some way to fund your account.

You can fund it with a check or a credit or debit card, but if you go the card route, you can only make the minimum opening deposit of $1,000 — you can’t deposit anything more than that.

magnifying glass

How Citizens Bank’s Money Market accounts compare

If you can qualify for the promotional rates offered on the Platinum or Platinum Plus Money Market accounts, you can actually earn pretty decent rates. Unfortunately, most people may have a difficult time earning them because you need to deposit at least $25,000 from another non-Citizens Bank account, and the rates only last until November 30th.

If you’re looking to maximize the interest rates you receive on a money market account, you can find better rates with money market accounts from other institutions.

Citizens Bank IRA Options

These retirement savings vessels are light on information—make sure you do your research before choosing to open an account.

IRA CDs

Citizens Bank offers some less-touted IRA CD options, including terms ranging from one to 120 months. You can get started with one of their IRA CDs with a deposit as small as $250. There is no monthly account maintenance fee.

The interest rates on these IRA CDs are not advertised on their website, however, so you’ll need to contact the bank directly if you’d like to open an IRA CD.

How to get a Citizens Bank IRA CD

If you’re interested in getting a Citizens Bank IRA CD, make sure you do your homework first by calling the bank or visiting them in person to verify the rates and term options for their different CDs.

If you’re looking for a good benchmark to compare the rates, check out other IRA CD options.

IRA Savings

Citizens Bank also offers an IRA Savings account, however they offer just about as much information on it as with their IRA CDs (that is to say, very little).

You can open an IRA Savings account with any amount you wish. Your first four months with this account are free, but after that you’ll need to pay a $4.99 monthly maintenance fee if you don’t keep at least $200 in your account.

How to get a Citizens Bank IRA savings account

Again, if you’re interested in this account you’ll need to either call Citizens Bank or visit a branch to get the information you need to make an informed decision. Specifically, you’ll need to inquire about the interest rate being offered and whether there are any fees associated with the account.

Overall review of Citizens Bank

Citizens Bank does offer some niceties with their accounts. In particular, we like the monetary bonuses they throw in for the CollegeSaver and HomeBuyer Savings accounts, in addition to their GoalTrack gift card bonuses. These rewards may provide just enough incentive if you’re looking to stick to your savings goals.

However, we are not excited about the rates that they offer and the amount of fee baggage that these accounts come with. In this day and age, it’s very easy to find a bank that doesn’t hang you high and dry with fees.

The only reason we can see recommending Citizens Bank is if you want to use an in-person branch exclusively and if Citizens Bank is the closest bank to you. Otherwise, we’d skip past this one in favor of something better.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

TAGS:

Advertiser Disclosure

Reviews

Rising Bank Review: Savings and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1906
Total Assets$1.9B
LEARN MORE Rising Bank’s secure websiteMember FDIC

Rising Bank is a brand-new, online-only bank that got started in 2018. However, it traces its roots all the way back to 1906, when a charter was issued to its parent bank Midwest BankCentre, known at the time as Lemay Ferry Bank. Midwest BankCentre is a community banking leader in its home of St. Louis and Rising Bank was designed to expand the reach of its parent bank.

Although Rising Bank is a division of a long-established bank, as a new entity itself, it offers a limited roster of accounts. For example, you still can’t open a checking account at Rising Bank as of February, 2019. Your savings and investment options are limited to three types of CDs and one type of savings account.

As an online-only bank, you can only open Rising Bank accounts online. The process involves providing basic personal and financial information, confirming your identity, funding the account, and submitting the completed application. Information you’ll be required to provide includes your name, email address, phone number and Social Security number, along with information about the bank you’ll be using to fund the account.

Here’s a look at the limited roster of Rising Bank account offerings, including information such as minimum balance requirements, monthly fees, and other features and benefits.

Rising Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.45%

Savings

Rising Bank High Yield Savings Account

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.85%

CD Rates

Rising Bank 1 Year Term CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.95%

CD Rates

Rising Bank 2 Year Term CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Rising Bank 3 Year Term CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Rising Bank’s savings account options

High-Yield Savings Account

This account is the only savings account option in the Rising Bank lineup.
APYMinimum Balance to Earn APY
2.45%$1,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Rising Bank’s High-Yield Savings account is the bank’s only savings account option, but it makes up for this limitation by offering a quality product. There’s no monthly maintenance fee with the High-Yield Savings account, and the minimum opening deposit requirement is quite low for a high-yield product. The high rate offered by the account is paid on all amounts above the $1,000 minimum deposit requirement, with no tiers paying additional interest on larger deposits. While not affecting most customers, there is an account maximum of $500,000.

The High-Yield Savings account is strictly a savings-only product. There is no ATM access with this account, and the account cannot be overdrawn. Interest is paid monthly, and deposits are FDIC-insured up to the insurance limit.

As with all Rising Bank accounts, you can sign up for online banking for free and access your High-Yield Savings account online 24/7.

How to get Rising Bank’s savings accounts

As an online-only account, the High-Yield Savings account can only be opened online. The process involves providing basic personal and financial information, confirming your identity, funding the account, and submitting the completed application. Information you’ll be required to provide includes your name, email address, phone number, and Social Security number, along with information about the bank you’ll be using to fund the account.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

magnifying glass

How Rising Bank’s savings accounts compare

Rising Bank only has a single savings account option, but it is exceptional. With no fees, a low minimum opening balance requirement, and an extremely high yield, Rising Bank’s High-Yield Savings account is tough to beat. In fact, the rate paid is not only well above the national average, it’s higher than some of those offered by the nation’s best available savings accounts.

Rising Bank’s CD account options

Term CDs

Rising Bank’s Term CDs are for customers saving for a goal at least one year away.
APYMinimum Balance to Earn APYTerm
2.85%$1,0001 year
2.95%$1,0002 years
3.00%$1,0003 years
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest for terms of one year; 180 days’ interest for terms of two years; 180 days’ interest for terms of three years

Rising Bank’s Term CDs are straightforward, with limited options. You can only open a regular Rising Bank CD for one year, two years, or three years. Each maturity has the same $1,000 minimum to open and to earn interest. However, all CDs also have a $500,000 maximum.

Early withdrawal penalties are either 90 days or 180 days on these Term CDs, depending on the maturity selected. For each maturity, interest is credited every three months. All CDs are FDIC-insured up to the insurance limit and renew automatically upon maturity. Upon notice of maturity, funds can be withdrawn within a 10 calendar-day grace period.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

Jumbo CDs

Rising Bank’s Jumbo CDs are for larger deposits only.
APYMinimum Balance to Earn APYTerm
2.95%$100,0002 years
  • Minimum balance to open account: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: 180 days’ interest

These Jumbo CDs are even more limited in scope than the bank’s Term CDs, with just a single, two-year maturity available. As a jumbo CD, you’ll have to deposit at least $100,000 to open the account and earn interest. Early withdrawal penalties amount to 180 days’ interest.

As with the bank’s regular Term CDs, interest is credited every three months, all CDs are FDIC-insured up to the insurance limit and there’s a $500,000 account maximum. Jumbo CDs automatically renew unless funds are withdrawn within 10 calendar days after maturity date.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

Rising CDs

Rising CDs is the name that Rising Bank dubs its bump-up CDs.
APYMinimum Balance to Earn APYTerm
2.85%$25,00018 months
3.00%$25,00036 months
  • Minimum balance to open account: $25,000
  • Minimum balance to earn APY: $25,000
  • Early withdrawal penalty: 180 days’ interest for 18-month maturity; 180 days’ interest for 36-month maturity

Rising Bank’s Rising CDs come in two maturities — 18 months and 36 months. The CDs require $25,000 to open the account and earn interest, which is compounded every three months. The twist with these CDs is that you can bump up your CD rate once per term if rates rise. Additionally, you can deposit additional funds into a Rising CD one additional time during your original term; this additional deposit must be at least $5,000.

As with other Rising Bank CDs, Rising CDs automatically renew unless you withdraw your funds within 10 calendar days after maturity. Rising CDs are also FDIC-insured.

How to get Rising Bank’s CD accounts

As mentioned above, you can only open a CD account online. You’ll need to provide personal and financial information, including a funding source, along with your Social Security number and identifying documents.

LEARN MORE Secured

on Rising Bank’s secure website

Member FDIC

magnifying glass

How Rising Bank’s CD accounts compare

All of Rising Bank’s CDs pay rates well above the national averages. Currently, there’s no advantage in ponying up the $100,000 required to open one of Rising Bank’s Jumbo CDs, as those 2-year CDs pay the same rate as the bank’s ordinary 2-year Term CDs. However, regardless of which Rising Bank CD you select, you’ll be earning an excellent rate. The bank’s 1-year CD is one of the best CD rates in the country, and the 2- and 3-year Term CD rates are not far behind.

Overall review of Rising Bank’s products

Rising Bank is not the institution you want to bank with if you need comprehensive financial planning and products. However, if you have selective needs and only want the best available accounts, Rising Bank might have some valuable offerings for you.

Money market accounts, IRAs and checking accounts are not available at Rising Bank, at least as of February 2019. But the high yields offered by the bank’s High-Yield Savings account and its three types of CDs are enough for even the most dedicated yield chasers. Carrying no monthly account fees and reasonable minimum deposit requirements, these products offer the complete package, with yields right at the top of their class, across the board.

Rising Bank’s bump-up CD, dubbed the Rising CD, starts customers at a top-tier interest rate right off the bat while still allowing them to raise the rate one time during the CD’s term. In fact, customers with at least $25,000 to invest are better served in the bank’s Rising CDs than its Term CDs, since both types of account pay the same initial rate but the Rising CDs offer the potential to raise that rate even further. Terms apply.

The bottom line is that Rising Bank may not be a one-stop shop that can cater to your every financial need. But if you’re just looking for low-cost products with some of the best rates in the nation, Rising Bank has a lot to offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

TAGS:

Advertiser Disclosure

Reviews

Review of Netspend Prepaid Card

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you cannot get a traditional bank account, you may have few options but to manage your money via a prepaid card. That’s where companies like Netspend come in. Netspend issues prepaid cards which allow you to receive your paycheck, government benefits and tax refunds via direct deposit. You can also use Netspend to pay bills, conduct financial transactions online, track your spending automatically via Netspend’s app and complete most other tasks you would be able to with a traditional checking account. In this review, we’ll explain what Netspend has to offer, fees and fine print and how it compares to other prepaid options out there.

Netspend Prepaid Card features

Your name is embossed on your card. If a cashier ever asks you for an ID to match to your card, but your card says “Valued Customer” or something of the like on it in lieu of your name, you could be denied the purchase. It would also prevent you from receiving funds via MoneyPak, and could cause other disruptions in your financial life. The fact that the Netspend Prepaid Card has your name printed on it alleviates a lot of friction.

Free direct deposit. If you want to receive your paycheck, government benefits or tax refund on your Netspend card, you can do so at no cost.

You will also be able to use the app to send money to anyone with Netspend FlashPay. While the app does offer mobile check deposit, there may be fees charged by the service provider Netspend partners with in order to enable this feature. That being said, Netspend does not charge any fees for this service directly.

Cashback rewards. Netspend issues these rewards when your spending lines up with sponsored offers, which are preselected for you based on your spending habits.

NetSpend also has a refer-a-friend feature which rewards you both with a $20 when your friend uses your referral link to open a new card and loads at least $40 onto it.

High-yield savings account. As long as you’re not currently subject to IRS backup withholding, another perk Netspend offers is access to a savings account with an APY of 5.00% for balances under $1,000. This can be a huge perk for those who are having trouble opening a bank account as it could potentially establish a more positive banking history. Beyond that, the APY is phenomenal.

Netspend Prepaid Card fees and fine print

Monthly fees range from $5 to $9.95 per month. Although the Netspend Prepaid Card comes with a lot of benefits, it comes with a lot of fees, too. Different plans will incur different monthly fees. For example, the FeeAdvantage Plan, which allows you to circumvent a $1 charge for every purchase requiring a signature and a $2 fee for every purchase requiring a PIN, will run you $9.95/month. If you have a regular direct deposit of at least $500/month set up, you qualify for the Netspend Premier FeeAdvantage Plan, which does the same thing at a much lower price point of $5/month.

Reload fees can sting. While there are no activation fees or check deposit fees charged by Netspend, you will have to contend with reload fees everytime you want to put cash on your card.

Lots of miscellaneous fees. There are fees if your purchase is declined, fees if you want to stop a pre-authorized payment, ATM fees, foreign transaction fees and account inactivity fees should you let your account sit for 90+ days without any transactions, withdrawals or deposits.

Checking your balance via text, email or your online account center is free. However, checking via ATM or a customer service agent will incur a $0.50 fee. You will also be charged this fee if you make a balance inquiry via the automated telephone service, though the $0.50 fee is waived in this instance if you have a Netspend Premier FeeAdvantage Plan.

Overdraft protection plan is limited. While you can opt into overdraft protection to protect yourself from declined purchase fees, you will have to go through the steps of enrollment in the program first. You will only be allowed three overdrafts per calendar month, and each one will cost you $15. Unless you’re getting your purchases declined 15 times or more per month, this service may not be worth it.

Try not to lose your card. If you lose your card, there is a $9.95 fee to replace it. If you need your replacement card within less than seven business days, you will have to pay $20 to $25 in shipping costs depending on how quickly you need it.

NetSpend Prepaid Card Fees
Activation feeNone
Monthly Plan FeePay-As-You-Go Plan: None; FeeAdvantage Plan: $9.95/month; Netspend Premier FeeAdvantage Plan: $5/month
Reload feeVaries depending on location and deposit type.
Check deposit feeNone
ATM fees$2.50 at domestic ATMs; $4.95 at foreign ATMS
ATM decline fee$1.00
Foreign transaction fee3.5% of withdrawal or purchase in USD, in addition to the $4.95 foreign ATM fee
Account-to-account transfer fee$4.95 when initiated by customer service representative
Bill payment feeVaries
Stop payment fee for ACH debit/preauthorized payment transactions$10
ACH debit/Preauthorized payment transaction decline fee$1
Card replacement fee$9.95
Balance inquiry fee$0.00 to $0.50 depending on plan and modality of deposit.
Account inactivity fee$5.95/month after your account has been inactive for 90 days

Using the Netspend Prepaid Card mobile app

Netspend’s mobile app allows you to deposit checks via mobile, send or receive money from anyone with Netspend’s FlashPay and find the lowest-cost reload locations near you.

If you’re looking for the more advanced budgeting features some financial institutions offer to their mobile users, you’re out of luck. But you will still be able to monitor your account balance and transaction history.

Opening a Netspend Prepaid Card Account

Ordering a card is easy and can be done online You simply provide your name, address and email and your card will be shipped to you in 7-10 days.

However, in order to activate your card, you’ll have to meet some eligibility requirements. First, you must be 18 years of age and not live in Vermont. You will also be required to verify your identification by supplying your name, address, date of birth and government-issued ID number. In some cases, Netspend will require you to provide your actual ID in order to verify your identity.

Your credit history and checking history will not be run as a part of the application process.

Overall review of Netspend Prepaid Card Account

There is no way around it: Netspend Prepaid Cards are loaded with fees that will eat into your paycheck or any other source of income. If you can get a traditional checking account, you should as it is extremely likely that it will be leagues cheaper to manage your money.

However, Netspend isn’t built for those who can easily get a bank account. It is built for those who have been shut out of the traditional financial system. If you need a way to get your money into digital form to conduct financial transactions, cards like Netspend’s can be one of the few ways to take care of business, despite the dramatic fees. A better option would be to find a prepaid card option with lower fees, like Walmart’s Bluebird by American Express Prepaid Debit Card or the Chase Liquid Prepaid Card.

Do note that if your employer offers to pay you via a prepaid card, you do not have to accept. Specific laws vary by state, but regardless of where you live, your employer must give you the option of either a paper check or direct deposit. If you have access to a bank account, it’s likely not to your advantage to accept your paycheck via prepaid card. If you don’t, you may still choose to use cash checking services if they end up being cheaper than the fees on a card like Netspend’s Prepaid Card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

TAGS: