Review: Citizens State Bank Personal Interest Savings Account

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Updated on Tuesday, December 8, 2015

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You want to earn interest on your savings, but unfortunately the dismal interest rates on savings accounts these days make it hard to earn much of anything. Luckily, there are still a few banks willing to pay you more than 0.01% APY and Citizens State Bank is one of them.

The Personal Interest Savings account at Citizens State Bank offers many features for account holders, including up to 1.06% APY, a low minimum opening deposit of $100.00 and no monthly service fee if you maintain a balance of $100.00. Another attractive benefit is that you don’t have to open or maintain a checking account at Citizens State Bank in order to take advantage of its high yield savings account.

Opening an Account

Opening a Personal Interest Savings account with Citizens State Bank is easy. There is an online application process that you can fill out at any time. You must be a U.S. Citizen or Permanent Resident to open an account with Citizens State Bank. You also cannot apply for business, trust, power of attorney, or individual retirement accounts or account for minors.

When you apply for an account online, you will need to have access to the following information:

  • Social Security number for applicant and co-applicant, if any
  • Valid US Driver’s License, US Passport, US Military ID or US State ID for applicant and co-applicant, if any
  • Materials for funding your new account

To fund your new account, you need to have a check from your current financial institution.

Benefits

The Personal Interest Savings account offers a graduated earnings program that allows you to earn more interest on your savings as your balance grows. As long as you maintain a balance of over $100.00, you will earn at least 0.50% interest on your account. Then, once your account reaches $2,500 you’ll step into the next interest bracket and earn 0.75% interest on your account balance. The most interest you can earn with this account is 1.06% on balances of $10,000 or more.

The following table shows all of the interest rates and balance requirements for the Personal Interest Savings account at Citizens State Bank.

 

APY

Rate

Balance

Minimum
Opening Deposit

Savings

0.50%

0.50%

$100 - $2,499.99

$100.00

0.75%

0.75%

$2,500 - $9,999.99

1.06%

1.05%

$10,000 - $249,999.99

1.06%

1.05%

$250,000 or more

As mentioned, another benefit of the Personal Interest Savings account is that there is no monthly service fee on balances over $100.00. Citizens State Bank also offers free Visa debit cards and check writing to its customers, along with no ATM fees at CSB locations nationwide. It also has fee virtual banking and bill pay, and offers the option to deposit checks remotely via a mobile application.

Potential Drawbacks

Although you don’t have to open or maintain a checking account at Citizens State Bank in order to take advantage of the high yield savings account, you will be restricted to six external transactions per month per Regulation D.

Additionally, if your balance drops below $100.00 you will cease to earn interest on your balance, and you will be charged a $2.00 service fee each month that your account is below the threshold. There may also be other fees for additional services, such as a fee for having a dormant account (no customer initiated transactions within one year), or loss of your ATM card. You can find a total list of fees here.

Personal Interest Savings from Citizens State Bank (FL)

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on Citizens State Bank (FL)’s secure website

How it Stacks Up

Although the Personal Interest Savings account at Citizens State Bank offers a decent interest rate for your savings, there might be other alternatives to suit your needs as well.

You can easily earn more than 1.00% APY with an online savings account. To find the highest rates, visit our best savings account page, which is updated regularly.

A Solid All-Around Savings Option

When it comes down to it, the Personal Interest Savings account with Citizens State Bank is a good choice for an all-around savings account. It offers a graduated interest rate plan depending on your balance, and has a low minimum balance of only $100.00. If earning more interest on your savings is a priority for you, then it’s worth it to check out the Personal Interest Savings account with Citizens Sate Bank.

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