Citizens Bank VS Connexus Credit Union

Which bank is better for you?

  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.5 Star Icon
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Pros:

  • No set amount to open most accounts
  • Good variety of accounts available
  • Overdraft Pass
  • Can open most accounts online

Cons:

  • Products not available everywhere
  • Accounts have monthly fees
  • Limited CD terms offered
  • Low interest rates for accounts
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon
0.25%APY
Savings/MMA
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Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • Free ATMs and fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member of credit union
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates
Citizens Bank Review

Checking, savings, and money market accounts do not have required opening amounts. However, to earn the best rates, you must be a Platinum member. A Platinum member has at least $25,000 in Citizen Bank accounts. The basic checking and savings accounts do not require you to be a Platinum member.

Citizens Bank offers a variety of accounts. These accounts include:

  • Four personal checking accounts
  • Three personal money market accounts
  • Four personal savings accounts
  • CD terms of 11, 14, and 24-month CDs
  • IRA accounts
  • Personal credit cards, lending, retirement, and investment options
  • Business savings, checking, and money market accounts
  • Business CDs
  • Credit cards, lending, and investment options for businesses

Checking and money market accounts include $5 Overdraft Pass. If you overdraw your account for $5 or less, there will not be a fee. To avoid other overdraft fees, deposit money into your account as soon as possible. There is no limit to how many overdrafts qualify for the pass.

If you live where Citizens Bank account are available, you can open most personal accounts online. The application is entirely online. To open the College Saver savings account, you need to visit a branch location. Business and IRA account must also be opened in a branch.

Accounts are not available everywhere. Citizens Bank currently operates in 11 states. If you do not live in one of these states, you cannot open an account. Those states are:

  • Connecticut
  • Delaware
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont

Citizen Bank accounts have fees. The fees range from $3.99 to $25 each month. There are ways to waive the fees. Those included making deposits and having set account balances. The balances range from $2,500 to $25,000, depending on the account. You can waive some money market and savings account fees by opening a Platinum checking account.

There are only three standard CD terms offered through Citizens Bank. They offer 11, 14, and 24-month CDs. The 14-month CD is an online-only account. Each term requires $1,000 to open. Business and IRA CDs are also available.

Most Citizens Bank accounts have low rates. The interest rates compare to typical brick-and-mortar bank rates. The CDs offer slightly higher rates if you also open a Citizens Bank checking account. Even those higher rates are not competitive with other online accounts.

Read the full Citizens Bank review.

Connexus Credit Union Review

The interest rates for most Connexus accounts are competitive. The CDs and checking accounts offer rates competitive with other online accounts. The HSA and money market account also offer competitive rates. These rates are higher than typical brick-and-mortar bank rates. The Connexus regular saving account does not offer rates competitive with other online accounts.

The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HSA account has a fee and the business checking account does as well, if your balance falls below $200.

The Connexus Xtraordinary checking account offers ATM fee reimbursements. ATM transactions are free at any Connexus, CO-OP, and MoneyPass ATMs. The Xtraordinary checking allows up to $25 in ATM fee refunds. You must meet the account requirements to earn the ATM refund.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer:

  • Xtraordinary checking account
  • Teen checking account
  • Money market account
  • Savings account
  • CD terms of 12, 24, 36, 48, and 60-months
  • Holiday savings account
  • Health savings accounts

To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members also qualify. You can become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you receive approval.

The CDs through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. The interest rates are competitive for each term length.

The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below $100,000 still earn interest, just not the most competitive rate.

The Connexus checking accounts have requirements you must meet to earn competitive rates. Those include eStatements, one direct deposit, and one online bill payment each month. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, but you do not earn the best rates.

Read the full Connexus Credit Union review.

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