Citizens Bank Business Savings Account 2024 Review
Almost every bank that offers business accounts has at least one business savings account option. Finding the best fit can feel overwhelming.
Unfortunately, many business savings accounts offer interest rates close to zero and charge a long list of fees for normal activities. Thankfully, some business savings accounts stand out above the rest.
We’ve reviewed the Citizens Bank Business Savings account so you can decide if it’s a good fit for your company.
The Citizens Bank Business Savings account won’t be a good fit for most potential customers. The only businesses that should consider it are those with an established checking account relationship that want to simplify their finances by keeping all of their accounts at one bank.
The bank’s Business Money Market account could be a good fit if you can bring enough new money to qualify for a higher rate. Otherwise, you should consider the top tier of online-based business savings accounts.
Citizens Bank Business Savings Account Pros & Cons
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Find the best business accounts to manage your business funds better and improve your bottom line:
Compared to Other Business Savings Accounts
Citizens Bank Business Money Market Account
Citizens Bank Business Money Market Account may be an option worth considering if you’re bringing new money to Citizens Bank. The account pays an attractive interest rate for bringing in a specific amount or more of new money to the bank. This interest rate could be competitive with many of the better online-based business savings accounts. The account charges a $9.99 monthly maintenance fee unless you maintain a $2,500 minimum daily balance.
TD Business Savings Account
The TD Business Savings account charges a $5 monthly maintenance fee, waived with a $500 minimum daily balance. It allows up to $5,000 in free monthly cash deposits, with a fee for exceeding that limit, but pays a very low interest rate.
Read the full review of the TD Business Savings Account.
Live Oak Bank Business Savings Account
The Live Oak Bank Business Savings account offers one of the highest interest rates in the market with no minimum balance requirement to earn interest and no monthly fees. Funds can be deposited via ACH, wire transfers, mobile check deposits, or transfers from linked accounts, but cash deposits are not accepted.
Read our full review of the Live Oak Bank Business Savings Account.
Capital One Business Savings Account
The Capital One Business Savings account charges a $3 monthly fee that can be waived with a $300 minimum balance. It offers unlimited monthly deposits and cash deposits but pays a low promotional interest rate for the first year and an even lower ongoing rate.
Read the full review of the Capital One Business Savings Account.
Monthly Maintenance Fee
The Citizens Bank Business Savings account charges a $4.99 monthly maintenance fee, but you get a fee waiver for your first four months.
After the first four months, you’ll need to maintain a $500 minimum daily balance to avoid the maintenance fee.
Monthly Deposit Limits
This account doesn’t have any limits on the number of free deposits you can make each month.
Cash Deposits Limits
This account doesn’t have any cash deposit limits or excess cash deposit fees, which is very common of business savings accounts
Interest Rates
This business savings account pays a rate in line with most other brick-and-mortar banks. Unfortunately, the rate is so close to zero that you might as well not earn any interest at all.
Competitive online-based business savings accounts pay a much more respectable interest rate.
Other Account Fees
Citizens Bank charges fees for their bank accounts as most other banks do. Here are some of the fees associated with their business savings account that you should be aware of.
Other Service Fees - Citizens Bank Business Savings Account
| Type | Fee |
|---|---|
| Out-of-network ATM fee | $3 per transaction, inquiry, or mini-statement |
| Transfers to outside institutions | $3 each |
| Domestic incoming wire transfer | $18 each |
| International incoming wire transfer (USD) | $12 each |
| Domestic outgoing wire transfers | $30 each |
| International outgoing wire transfers (USD) | $40 each |
| Dormant account fee | $10 after two years of inactivity, then $5 per month thereafter |
Account Access and Management
Citizens Bank is an FDIC member. This means their business savings account comes with FDIC insurance coverage. Your business deposits are protected up to the maximum limit allowed under the program. Personal and business accounts are counted separately under FDIC insurance unless you have a sole proprietorship business.
The account also comes with online banking and access to the bank’s mobile app. This includes mobile check deposit, online bill pay, and account management tools.
If you have a business checking account with Citizens Bank, you can link your business savings account as an overdraft protection account.
How to Open
Citizens Bank requires you to open an account in person at one of their branches. They do not list what information is needed to open an account. You may want to call the branch you plan to visit before heading in to schedule an appointment and verify what paperwork you need.
That said, banks usually require the following information to open a business savings account:
- Name
- Date of birth
- Social Security number
- Contact information
- Business name
- Business establishment date
- Tax identification number
- Business formation documents
- Doing business as certificate
- Personal information about all business owners and account signers
How to Choose the Right Business Savings Account
Your company's best business savings account will likely differ from the best account for another. You must focus on the needs and priorities of your business, which are likely a unique combination.
To help you find the best account, you may want to consider the following qualities and features.
Interest rate
A business savings account’s interest rate is often a top priority as it determines how much money you make in the account. Accounts at the top online banks tend to offer better interest rates.
FDIC or NCUA insurance coverage
You should always choose a business savings account that comes with FDIC or NCUA insurance.
This insurance covers your deposits up to the limits provided by the program should the bank fail.
If your company plans to deposit more money than is covered by insurance, consider the stability of the bank or splitting your deposits between multiple insured institutions.
Monthly maintenance fees
Many business savings accounts charge monthly maintenance fees, but you shouldn’t have to pay this fee. Instead, look for an account that doesn’t charge this fee or offers an easy way for your company to get this fee waived.
Minimum balance requirements
A bank may waive its monthly maintenance fee if you meet a minimum balance requirement. The minimum amount and method of calculation depend on your bank.
Transaction limits and excess transaction fees
Almost every business savings account has withdrawal limits. Many come with free deposit limits, too. If you exceed the free deposit limit, you must pay a fee for each extra deposit transaction in a statement period.
Cash deposit limits and excess cash deposit fees
You normally get a monthly free cash deposit limit. You likely have to pay a fee for each $100 you deposit over that limit.
Physical bank locations and hours
A major feature of traditional banks is their branch network. Look for branches near your business or home that have convenient operating hours.
Other products
A business may be looking for a new bank to move all of its accounts to. In these cases, the features and fees of checking accounts or loan interest rates may be more important. Once you pick the most important account, you can evaluate if opening a savings account at the same bank is worth it.
