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City National Bank Savings Account Review

Learn all about the savings accounts offered by City National Bank and compare the interest rates and fees to online savings accounts.
(3 out of 5) MyBankTracker Editor's Rating

You know you're turning down free money when you don't put your savings to good use.

So, a high yield savings account makes sense.

As you're comparing savings rates, you might also consider City National Bank, which offers the Green Savings account.

Now:

This account can only be opened online.

And, when savings accounts are available only online, the interest rates tend to be very competitive.

With this savings account, you get the familiarity of a major U.S. bank with the high savings rate of an online bank.

City National Bank serves customers in California, Georgia, Minnesota, Nevada, New York, Tennessee, and Washington D.C.

In this City National Bank savings account review, find out if it is the best account for your savings goals.

City National Green Savings Account Pros & Cons

Pros Cons
  • No out-of-network ATM fee and $20 in monthly ATM fee refunds
  • Slightly higher savings rate than other big banks
  • Mobile apps available
  • Has a monthly fee (can be waived)

Interest Rates Review

When you decide to open a savings account, you typically have to goals in mind:

  • keeping your extra money safe
  • growing your account’s balance

The City National Green Savings Account is a great place to keep your money safe.

Like most banks in the United States, City National Bank is insured by the Federal Deposit Insurance Corporation. FDIC insurance makes a bank as safe as a bank can be.

The FDIC insurance covers up to $250,000 per depositor, per account type, at insured banks.

If you deposit money to your City National Green Savings Account and City National Bank later closes, the FDIC will reimburse you for the amount that you lost, up to $250,000.

Stellar rates

Another benefit of savings accounts is the interest that they pay on the money that you deposit.

This helps your account’s balance grow over time.

The good news:

The rate that City National Bank offers on the Green Savings account is better than the rates offered by most other brick and mortar banks.

But, it falls short of the rates offered by online banks.

You should keep in mind the fact that the interest that your money earns also plays a role in keeping your money safe.

Over time, inflation causes money to become less valuable.

If you’ve noticed products increasing in price, or the price staying the same but packages getting smaller, you’ve seen the effects of inflation in your own life.

Ideally, you want the interest rate you earn to be greater than or equal to the rate of inflation. In that scenario, your savings account will maintain or increase in value over time.

If the interest rate paid on the account is lower than the inflation rate, your savings are actually losing value as time goes on.

Monthly Fee

Many big banks charge monthly fees even on their savings accounts.

The City National Green Savings Account charges a $4 monthly fee.

You can avoid this fee by meeting either of two requirements:

  • Maintain an average daily balance of $1,000
  • Receive at least $50 in automatic savings transfers in a statement period

Now, this is the biggest downside of this account.

You have to maintain a rather large balance in order to waive the monthly fee.

A typical online savings account has no monthly fee so you don't have to jump over any hurdles to avoid it.

After all, you don't want to be losing money on something that was designed to make you money.

Other Fees

Monthly fees are the most common type of savings account fee, but they aren’t the only fees that you might face.

Though most of these fees are uncommon, it’s good to be familiar with the fees that you might be charged.

City National Green Savings Account Fees

Type of Fee Fee
Monthly Maintenance $4
Non-City National ATM Fee $0
Excess Withdrawal $15
Overdraft Fee $37
Stop Payment Fee $30
Deposit Item Returned Fee $12
Domestic Incoming Wire Transfers $15
Domestic Outgoing Wire Transfer $35

ATM Fee Reimbursements

Savings accounts are intended to be used for long-term storage of your extra money. They make a great vehicle for saving towards a specific goal. They’re also a great place to store an emergency fund that you don’t expect to need often.

The danger of using a savings account to store an emergency fund is that it can be more difficult to access money that you have in a savings account.

With a checking account, you can swipe your debit card to make a purchase or use an ATM to withdraw cash. Savings accounts often require that you visit a bank to make withdrawals.

City National Bank makes it easy to get money out of your City National Green Savings Account.

You can visit any ATM in the United States and use your debit card to withdraw money.

You don’t have to worry about finding a City National Bank ATM. Any ATM you can find will do.

To sweeten the deal:

City National Bank won’t charge you any fees if you do use another bank’s ATM.

If the ATM’s owner does charge a fee, City National Bank will reimburse up to $20 in ATM fees per statement period.

That means that you’re free to use any ATM you’d like without having to worry about fees.

In an emergency situation, you don’t want to waste time finding a specific ATM that you can use without fees.

The City National Bank Green Savings Account lets you avoid that hassle entirely.

How It Compares

When you’re in the market to open a new savings account, it can be easy to get overwhelmed by the number of options available to you.

Still, you should take the time to find the right savings account.

If you find a good account, it’ll be much easier for you to save money and avoid fees.

In fact, the first thing that you should look at when comparing two savings accounts is their fee structures.

You never want to pay a bank fee if you can avoid it. Try to choose a savings account that doesn’t charge any monthly fees. Many online banks are good for this. If you do have to choose a bank with a monthly fee, make sure you can easily meet the fee waiver requirements.

Once you’ve found some good, fee-free savings accounts compare their interest rates.

The higher the rate, the better it will be for you.

Settling for a lower interest rate is like giving up free money and the inflation-fighting effects of interest make the rate doubly important.

Finally, consider the special features that each account offers. Some savings accounts, like the City National Green Savings Account offer perks like ATM fee reimbursement.

Others might give you discounts, rewards of meeting savings goals, or financial management software.

Regardless of the specific features, you need to think about the value of those features to you. Some people will find overdraft protection very valuable. People who never overdraft their checking account probably don’t care about whether that feature is available or not.

Account features are the most subjective thing to compare, but they can make what seems like an average account into the perfect account for you.

The Final Verdict

The City National Green Savings Account has a high minimum balance but makes it easy to access your money when you need it.

If you can meet the minimum and need easy access to your savings account, it isn’t a bad choice.

Most people would probably be better off with an online savings account.

Many also offer ATM fee reimbursements but have lower minimums and fees.