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Citizens Savings Bank and Trust review: Minority-owned bank that refunds all ATM fees

Published by Business Insider on Sat, 05 Jun 2021


<p><img src="https://static6.businessinsider.com/image/60b799c7bee0fc0019d5ad65-1668/Citizens%20Bank%20bankcbn%20Logo%20on%20Personal%20Finance%20pattern%20background%202x1.png" border="0" alt="Citizens Bank (bankcbn) Logo on Personal Finance pattern background" data-mce-source="Bankcbn; Insider"></p><p></p><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><aside class="quick-tip headline-regular"><p><strong>The bottom line:</strong> <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Citizens Savings Bank and Trust" data-shouldlink="true" data-pid="60b914b9b496a4001162a1cf">Citizens Savings Bank and Trust Company Personal Checking Account</bi-inline-shortcode> is a good bank if you live in Tennessee and travel regularly. It has branches in Memphis and Nashville, and it refunds domestic and international ATM fees.</p></aside><h2>Overall bank rating</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Feature</td><td style="width: 50%;">Insider rating (out of 5)</td></tr><tr><td style="width: 50%;">Savings</td><td style="width: 50%; text-align: center;">3.75</td></tr><tr><td style="width: 50%;">Checking</td><td style="width: 50%; text-align: center;">4</td></tr><tr><td style="width: 50%;">CD</td><td style="width: 50%; text-align: center;">3.75</td></tr><tr><td style="width: 50%;">Money market account</td><td style="width: 50%; text-align: center;">3.75</td></tr><tr><td style="width: 50%;">Trustworthiness</td><td style="width: 50%; text-align: center;">5</td></tr><tr><td style="width: 50%;">Total</td><td style="width: 50%; text-align: center;">4.05</td></tr></tbody></table><h2>Pros and cons</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Pros</td><td style="width: 50%;">Cons</td></tr><tr><td style="width: 50%;"><ul><li>Minority-owned bank</li><li>Refunds all domestic and international ATM fees</li><li>Competitive CD rates</li></ul></td><td style="width: 50%;"><ul><li>Only available if you live in Memphis or Nashville</li><li>Low savings and money market rates</li><li>Monthly service fees (unless you qualify to waive them)</li></ul></td></tr></tbody></table><h2>Savings</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b8f78eb496a4001162a1b1" data-type="undefined">Citizens Savings Bank and Trust Company Personal Savings Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b8f78eb496a4001162a1b1">Citizens Savings Bank and Trust Company Personal Savings Account</bi-inline-shortcode> could be a good fit if you can maintain a $100 balance, because then you'll waive the $5 monthly service fee. But if you want to earn a high interest rate, <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">you'll need to look elsewhere</a>.</p><h2>Checking</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b914b9b496a4001162a1cf" data-type="undefined">Citizens Savings Bank and Trust Company Personal Checking Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b914b9b496a4001162a1cf">Citizens Savings Bank and Trust Company Personal Checking Account</bi-inline-shortcode> is a good choice if you travel frequently, because the bank refunds all domestic and international ATM fees.</p><p>Citizens Savings Bank and Trust has a few other checking accounts to choose from, too, including one for minors and one for people age 55 and older.</p><h2>CD</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b924e0d2b5b800115b6ddb" data-type="undefined">Citizens Savings Bank and Trust Company Certificate of Deposit</bi-shortcode><p>Citizens Savings Bank and Trust pays competitive rates on CDs, especially longer terms. But you'll need to use another bank if you want a term shorter than three months or longer than five years.</p><h2>Money market account</h2><bi-shortcode id="commerce-link" class="mceNonEditable" data-cardtype="credit-card" data-pid="60b9163fb496a4001162a1d6" data-type="undefined">Citizens Savings Bank and Trust Company Personal Premium Money Market Account</bi-shortcode><p>The <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="name" data-customtext="" data-shouldlink="true" data-pid="60b9163fb496a4001162a1d6">Citizens Savings Bank and Trust Company Personal Premium Money Market Account</bi-inline-shortcode> is probably only a good deal if you want a savings account that also includes paper checks and a debit card. You have potential to earn more in interest with the <bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Personal Savings Account" data-shouldlink="true" data-pid="60b8f78eb496a4001162a1b1">Citizens Savings Bank and Trust Company Personal Savings Account</bi-inline-shortcode>, and you'll pay a $15 monthly fee if your balance falls under $25,000.</p><h2>How Citizens Savings Bank and Trust works</h2><p><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Citizens Savings Bank and Trust Company" data-shouldlink="true" data-pid="60b914b9b496a4001162a1cf">Citizens Savings Bank and Trust Company Personal Checking Account</bi-inline-shortcode> is a <a href="https://www.businessinsider.com/personal-finance/black-owned-banks-credit-unions" target="_blank" rel="noopener">minority-owned bank</a> with one branch in Memphis and one in Nashville. The bank reimburses all ATM fees, both domestically and internationally.</p><p>The bank's mobile app doesn't have many online reviews yet. So far, it has 4.9 out of 5 stars in the Apple store and 4.2 out of 5 stars in the Google Play store.</p><p>Contact customer support by calling or visiting a branch Monday through Friday. Exact hours depend on the location.</p><p>Your deposits are <a href="https://www.businessinsider.com/personal-finance/what-is-fdic-insurance" target="_blank" rel="noopener">FDIC insured</a> for up to $250,000, or up to $500,000 for joint accounts.</p><h2>Is Citizens Savings Bank and Trust trustworthy'</h2><p>Citizens Savings Bank and Trust Company does not have any public controversies.</p><p>The Better Business Bureau gives Citizens Savings Bank and Trust an <a href="https://www.bbb.org/us/tn/nashville/profile/bank/citizens-savings-bank-trust-company-0573-10283" target="_blank" rel="noopener">A+ in trustworthiness</a>. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.</p><p>A good BBB grade doesn't guarantee you'll have a smooth relationship with a bank, though. You still may want to read online customer reviews or ask family and friends about their experiences with Citizens Savings Bank and Trust.</p><div><style> #div-gpt-ad-1579713650634-0 > div > iframe { width: 100% !important; min-width: 300px; max-width: 595px; } </style><script async src="https://securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script> window.googletag = window.googletag || { cmd: [] }; googletag.cmd.push(function () { googletag.defineSlot('/1035677/Business_Insider_', [[1, 1], [300, 139], [595, 139], [300, 250], [595, 250], [300, 360], [595, 360], [300, 475], [595, 475]], 'div-gpt-ad-1579713650634-0') .addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().setTargeting('category', ["Banking"]).setTargeting('subcat', ["Savings Accounts"]).setTargeting('post_id', []) .setTargeting('post_url', []) .setTargeting('keyword', []) .setTargeting('company-product', []) .setTargeting('post_title', []); googletag.enableServices(); }); </script><!-- /1035677/Business_Insider_ --><div id="div-gpt-ad-1579713650634-0"> <script> googletag.cmd.push(function () { googletag.display('div-gpt-ad-1579713650634-0'); }); </script></div></div><h2>How Citizens Savings Bank and Trust compares to similar institutions</h2><p>We've compared Citizens Savings Bank and Trust to two other minority-owned institutions in Tennessee: <a href="https://www.businessinsider.com/personal-finance/hope-credit-union-review" target="_blank" rel="noopener">Hope Credit Union</a> and Tri-State Bank of Memphis.</p><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 33.3333%;"><img src="https://static2.businessinsider.com/image/60ba2dd3e459cb0018a2c2e7-1200/Citizens%20Bank%20logo.jpg" border="0" alt="Citizens Bank logo" data-mce-source="Citizens Bank"></td><td style="width: 33.3333%;"><img src="https://static1.businessinsider.com/image/6070bd9f4943790018bb1c0a-1200/Hope%20Credit%20Union%20-%20Federally%20Insured%20by%20the%20NCUA.jpg" border="0" alt="Hope Credit Union Federally Insured by the NCUA" data-mce-source="Hope Credit Union"></td><td style="width: 33.3333%;"><img src="https://static1.businessinsider.com/image/60ba2e3593c6fa00195e5229-1200/Tri-State%20Bank%20of%20Memphis%20logo.jpg" border="0" alt="Tri State Bank of Memphis logo" data-mce-source="Tri-State Bank of Memphis"></td></tr><tr><td style="width: 33.3333%;"><p><strong>TN locations</strong></p><p>2 (Memphis, Nashville)</p></td><td style="width: 33.3333%;"><p><strong>TN locations</strong></p><p>4 (Memphis)</p></td><td style="width: 33.3333%;"><p><strong>TN locations</strong></p><p>1 (Memphis)</p></td></tr><tr><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>ATM refunds</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Higher rates</p></td><td style="width: 33.3333%;"><p><strong>Standout feature</strong></p><p>Online tools</p></td></tr><tr><td style="width: 33.3333%;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="60b914b9b496a4001162a1cf">Citizens Savings Bank and Trust Company Personal Checking Account</bi-inline-shortcode></td><td style="width: 33.3333%;"><bi-inline-shortcode id="commerce-link" contenteditable="false" data-fields="brand,name" data-customtext="Open an account" data-shouldlink="true" data-pid="606f6f96c3c9840018e7e9ca">Hope Credit Union Savings Account</bi-inline-shortcode></td><td style="width: 33.3333%;"><a href="https://www.tristatebank.com/personal/checking/" target="_blank" rel="noopener">Open an account</a></td></tr></tbody></table><h3>Citizens Savings Bank and Trust vs. Hope Credit Union</h3><p><a href="https://www.businessinsider.com/personal-finance/hope-credit-union-review" target="_blank" rel="noopener">Hope Credit Union</a> doesn't have any Tennessee branches outside of Memphis, so Citizens Savings Bank and Trust is the clear choice if you live in Nashville.</p><p>You may prefer Citizens Savings Bank and Trust if you travel, because the bank refunds ATM fees within the US and overseas. But Hope Credit Union has a high-yield checking account and pays higher savings rates. So if interest rates are your priority, Hope is a good choice.</p><h3>Citizens Savings Bank and Trust vs. Tri-State Bank of Memphis</h3><p>You'll want to go with Citizens Savings Bank and Trust if you live in Nashville, because the Tri-State Bank of Memphis is only in Memphis.</p><p>Unlike Citizens Savings Bank and Trust, Tri-State Bank doesn't reimburse ATM feesbut it is part of the Money Tower Network, which has over 300 free ATMs around Tennessee. Tri-State Bank also has convenient online tools such as a test to figure out what CD term is right for you, a home budget plan, and a test for learning how much car you can afford.</p><h3>About the author</h3><p><em>Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-savings-coverage" data-sheetname="More Savings Coverage">Related Content Module: More Savings Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/citizens-savings-bank-and-trust-review#comments">Join the conversation about this story &#187;</a></p>
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