5 Star Bank VS Citizens Trust Bank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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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
  • Not all accounts can be opened online
  • Personal accounts have low-interest rates
  • Jumbo and regular CDs earn same rates
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

Citizens Trust Bank Review

Citizens Trust Bank has a variety of personal deposit accounts. There is a checking account for students and those over 50 years old. Different checking accounts require different daily balances. Citizens Trust Bank offers holiday saving accounts and youth accounts. Their saving accounts require different balances. This allows you to find the account best for your finances.

Low opening required amounts for most Citizens Trust Bank accounts. 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 different 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 different products offered through Citizens Trust Bank. They offer personal and business credit cards and loans. They offer Investment accounts and different types of insurance, including 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 Citizens Trust Bank 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 the regular CDs and the jumbo CDs. Both rates are not competitive with other online accounts. The CDs range from seven-days to five-year terms.

Read the full Citizens Trust Bank review.

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