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Bank7 VS Citizens Trust Bank

Which bank is better for you?

  • Financial Rates: 3.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 2.0 Star Icon
No Rate Information
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Pros:

  • Personal and business accounts offered
  • Online personal deposit accounts
  • Competitive rates for online accounts
  • Some accounts have low opening amount

Cons:

  • Accounts have monthly fees
  • CDs and checking have high opening amount
  • Interest rates not listed on the website
  • Online accounts only for new customers
  • Financial Rates: 1.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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
  • Cannot open all accounts online
  • Personal accounts have low rates
  • Jumbo and regular CDs earn same rates
Bank7 Review

Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.

Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.

The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.

Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.

All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.

Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.

Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.

The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.

Read the full Bank7 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. 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.

Read the full Citizens Trust Bank review.

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