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Financial Rates:
1.0
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Customer Service:
3.0
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Website Experience:
3.5
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Bank Fees:
3.0
Pros:
- Variety of personal deposit accounts
- Most accounts have low opening amounts
- Business accounts available
- Other products offered
Cons:
- Most accounts have a monthly fee
- Cannot open all accounts online
- Personal accounts have low rates
- Jumbo and regular CDs earn same rates
What You Need to Know
Citizens Trust Bank has a variety of personal deposit accounts. There is a checking account for students and those over 50 years old. Citizens Trust Bank offers regular savings, holiday savings accounts, and youth accounts. The different accounts require different balances, allowing you to find the best account for your finances.
The opening required amounts for most Citizens Trust Bank accounts are low. The amounts needed to open accounts range from $25 to $100. Most checking accounts require $50 to open. The basic savings account requires $100 to open. CDs require $500 to open. The money market account and Silver Investor savings account have higher opening amounts. They require between $1,000 to $5,000.
Citizens Trust Bank offers business accounts. Checking and savings accounts are available. There are merchant services and cash management options available to businesses. They also offer loans, credit cards, and investment accounts for businesses.
There are a variety of products offered through Citizens Trust Bank. They offer personal and business credit cards and loans. They offer investment accounts, life insurance, disability insurance, and final expense insurance.
Most Citizens Trust Bank accounts have a monthly fee. The fees range from $0.30 per check or debit card transaction to $15 a month. Waive the fees by keeping a minimum balance in the account. The required balances range from $5 to $7,500, depending on the account. Some accounts require enrolling in online banking and receiving eStatements.
Not all Citizens Trust Bank accounts can be opened online. Some accounts require visiting one of the financial centers. The youth savings account and the Christmas Club account must be opened in a branch location.
The interest rates for Citizens Trust Bank are low. The rates are similar to your typical brick and mortar bank rates. Their rates are not competitive with online bank rates.
Citizens Trust Bank offers regular and jumbo CDs. The regular CDs require $500 to open. The jumbo CDs require $100,000 to open. The interest rates are the same for regular CDs and jumbo CDs. Both rates are not competitive with other online CDs. The CD terms range from seven-days to five-years.
Digital or Mobile Banking
Citizens Trust Bank offers online banking, along with a mobile app. Through these tools, you can:
- View account balances
- Make mobile deposits
- Pay bills
- Set up account alerts
- Transfer money to other Citizen Trust Bank accounts
- Pay others through Popmoney
- Find branch or ATM locations
- See account statements
Cool Things
Citizens Trust Bank Blog
On the website is a link to the Citizens Trust Bank blog. The blog features a variety of financial topics to help their customers. The topics cover filing for bankruptcy and building credit. Paying down debt and learning how to stop living paycheck to paycheck are other topics. Their Facebook page has financial articles, as well.
History
Heman E. Perry founded Citizens Trust Bank in 1921. The bank opened as one that primarily served African American's in Georgia. In the next few years, the bank built 200 homes with bathrooms and water. They built homes with terms their customers could meet.
In 1947, Citizens Trust Bank was asked to become a member of the Federal Bank Reserve Bank. This was the first African American owned bank in the U.S. to become a member.
By 1971, Citizens Trust Bank had $34 million in assets. It was one of the largest African American owned banks in the country. By 2000, they had 13 branch locations. The branches are African American owned and operated, but they serve all citizens of the community.
Awards and Recognition
- Credit cards awarded by Kiplinger, MONEY Magazine, and Clark Howard for low rate and no fees
Giving Back
Citizens Trust Bank sponsors "A Night Under the Stars." They have sponsored the event for the past ten years. It is a candlelight concert. They partner with Atlanta's Historic West End to bring the concert to the community they serve.
Citizens Trust Bank participated in the Black Enterprise Entrepreneurs Summit. The conference took place in North Carolina. The conference supports small business owners.
List of Common Bank Fees
- ATM Fees in the United States: $0-2
- ATM fees international: Not listed
- Bill Pay: Not listed
- CD Early Withdrawal Fees: Not listed
- Excessive Withdrawal Fees: Not listed
- Monthly Service Fees: $5-15
- Overdraft Service Fees: $35
- Paper Bank Statements: $0-5
- Wire Transfers (Domestic): Not listed
- Wire Transfers (International): Not listed
Frequently Asked Questions
- Are all the accounts FDIC insured?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
Yes. Citizens Trust Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
With ATM or debit cards, checks, and online bill pay. You can also access your money with electronic transfers or by visiting a local branch.
Yes, at local branch locations. Some ATMs may accept cash deposits.
Deposits are typically available the next business day. This includes mobile deposits.
Yes. Money can be directly deposited into Citizens Trust Bank checking or savings accounts.
Transactions made at Citizen Trust Bank ATMs are free. Other ATM transactions may have a fee of $2.
No. ATM transactions are not reimbursed.
Yes. With the Citizens Trust Bank app, you can make deposits, check balances, and set up alerts. You can transfer money, pay bills, and pay others with Popmoney.
Yes. Citizens Trust Bank offers bill pay for their checking accounts.
No. The interest rates are not competitive with other online-only accounts. Their rates are similar to your typical brick and mortar bank rates.
Some Citizens Trust Bank checking accounts earn interest. The rates are low, but they do earn interest.
The Citizens Trust Bank money market account is popular.
Most Citizens Trust Bank accounts have a monthly fee. The fees range from $5-15, depending on the account. Waive the fees by having a set balance in the account. The account balances change depending on the account.
Citizens Trust Bank offers a variety of personal deposit accounts. The interest rates are low. Not all accounts can be opened online and most have a monthly fee. Business accounts are available through Citizens Trust Bank.
Citizens Trust Bank provides your accounts with the latest security software. Accounts are password protected.
Yes. Citizens Trust Bank offers a variety of business accounts. Checking, savings, and investment accounts are available. Also offered are loans, credit cards, and merchant processing services.
Citizen Trust Banks are similar to typical banks. The interest rates are the same. Not all accounts can be opened online.
Through email, phone, or by visiting a local branch location. Customer service is open Monday through Friday from 8:30 a.m. to 6:00 p.m. ET. You can follow Citizens Trust Bank on Facebook, LinkedIn, and Twitter.
Bank Contact Information
Citizens Trust Bank888-214-3099
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
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All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.