Citizens Bank VS Gateway First Bank

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
No Rate Information
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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: 4.5 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.5 Star Icon
No Rate Information
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Pros:

  • Competitive rates on all accounts
  • Low opening required amounts
  • Good variety of accounts
  • Can send and receive money with Zelle

Cons:

  • Tiered interest rates for most accounts
  • Cannot open all accounts online
  • Accounts not available to everyone
  • Monthly fees for some accounts
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.

Gateway First Bank Review

Gateway First offers competitive interest rates on most accounts. The interest rates are much higher than typical bank rates. The online savings account and 12-month CD offers the most competitive interest rates.

The opening required amounts for Gateway First accounts are low. The online savings account requires $10 to open. The CDs need $1,000 to open. The checking accounts require either $50 or $1,000 to open. The money market account does require $2,500 to open.

Gateway First offers a good variety of accounts. These include:

  • Three personal checking accounts
  • Online savings account
  • CD terms from six-months to five-years
  • One, two, and three-year IRA CDs
  • Home and consumer loans
  • Business checking account
  • Commercial and specialty lending options

Customers can send and receive money through Zelle. Gateway First Bank offers Zelle as a feature for each of their checking accounts. You can initiate Zelle payments through the mobile app or online.

Gateway First accounts have tiered rates. The CDs require $500 to open, but to earn interest requires a $25,000 balance. Each CD earns competitive rates if you have $25,000. You cannot add money to the CD after the opening amount. The money market account requires $100,000 to earn the most competitive rate. The checking account requires $50,000.

Not all Gateway First accounts can be opened online. The only accounts available online are the high yield savings account and CDs. The CD terms range from six-months to five-years.

Gateway First accounts are not currently available in all 50 states. If you live in the following states, you cannot open an account:

  • Alaska
  • California
  • Georgia
  • Hawaii
  • Illinois
  • Maine
  • Massachusetts
  • Montana
  • New Hampshire
  • New York
  • Rhode Island
  • Vermont

Some Gateway First Bank accounts have monthly fees. The fees for the checking accounts are between $7-8. There is a fee of $0.15 per debit item if you do not keep a set account balance. To waive the account fees, you must keep an account balance between $250 and $2,500.

Read the full Gateway First Bank review.

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