FAQs

Checking Accounts

What is a Checking Account?

A checking account is an account, where funds are easily available through different channels (checks, ATM, online bill pay). Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

How Do I Open an Account?

For your convenience, you can apply for many Citizens Bank personal and business products right online. Just select the appropriate link from the top of this page and find the product you're looking for. You'll find information about applying online on the individual product page. If you prefer, you can also open an account by calling the Citizens Bank PhoneBank at 1-888-910-4100, or by visiting any Citizens Bank branch.

Where Can I Get a Summary of the Fees, Services and Policies Associated with a Checking Account?

At Citizens Bank, we want to make banking as clear as possible for our customers. Our Account Guide outlines our standard pricing and reviews how the account works in language that's easy to understand.

How Do I Transfer Funds?

It's easy to transfer funds yourself by phone: merely call 1-888-910-4100. You can also transfer funds at ATMs or online using Online Banking.

What Kinds of Transactions can I Perform Using Online Banking?

You can review account history and current transactions, transfer funds between accounts, place stop payments, request copies of statements, send customer service requests via secured Email, pay bills, view images of cleared checks, access your checking and savings account statements online, and much more.

How Safe is Online Banking? What Systems Are In Place To Ensure Security?

All account information entered and displayed online is maintained on a secured database encrypted using Secure Socket Layer (SSL) technology. We also protect information stored in our database by hardened connections called Firewalls. Only those devices authorized to communicate with the database can make a connection to the database. Additionally we offer Safe With Citizens® to ensure security.

Is Bill Pay available with Mobile Banking?

Yes. Bill Pay is currently available within our Mobile Banking Apps. You may also access Bill Pay by logging on to online banking and selecting "Pay Bills" for devices that don't currently support bill pay. Be on the lookout for Bill Pay on additional devices with upcoming mobile enhancements.

Savings Accounts

What is a Checking Account?

A checking account is an account, where funds are easily available through different channels (checks, ATM, online bill pay). Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

What is a Savings Account?

Savings accounts are variable APY accounts that pay interest and are often used in conjunction with a checking account to manage and grow your money. These accounts let customers set aside a portion of their money to grow safely over time.

What is a Money Market Account?

A money market account is a variable APY account similar to a savings account which typically earns a higher interest rate compared to savings for customers who do not need frequent access to their funds. Typically checks can be written; however check and ATM access varies by account.

What is a Certificate of Deposit?

CDs are similar to savings accounts but they are set to a fixed term (usually ranging from three months to five years), and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.

What is a debit card?

A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.

What is APY?

Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.

What is compound interest?

Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

What is interest rate?

Interest rate is the rate at which a financial institution agrees to pay you back for holding your money.

Money Markets

What is a Checking Account?

A checking account is an account, where funds are easily available through different channels (checks, ATM, online bill pay). Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

What is a Savings Account?

Savings accounts are variable APY accounts that pay interest and are often used in conjunction with a checking account to manage and grow your money. These accounts let customers set aside a portion of their money to grow safely over time.

What is a Money Market Account?

A money market account is a variable APY account similar to a savings account which typically earns a higher interest rate compared to savings for customers who do not need frequent access to their funds. Typically checks can be written; however check and ATM access varies by account.

What is a Certificate of Deposit?

CDs are similar to savings accounts but they are set to a fixed term (usually ranging from three months to five years), and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.

What is a debit card?

A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.

What is APY?

Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.

What is compound interest?

Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

What is interest rate?

Interest rate is the rate at which a financial institution agrees to pay you back for holding your money.

Certificates of Deposit (CDs)

What is a Checking Account?

A checking account is an account, where funds are easily available through different channels (checks, ATM, online bill pay). Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

What is a Savings Account?

Savings accounts are variable APY accounts that pay interest and are often used in conjunction with a checking account to manage and grow your money. These accounts let customers set aside a portion of their money to grow safely over time.

What is a Money Market Account?

A money market account is a variable APY account similar to a savings account which typically earns a higher interest rate compared to savings for customers who do not need frequent access to their funds. Typically checks can be written; however check and ATM access varies by account.

What is a Certificate of Deposit?

CDs are similar to savings accounts but they are set to a fixed term (usually ranging from three months to five years), and a fixed interest rate. It is expected that a CD be held to the end of the term, at which time the money may be withdrawn with the accrued interest. Early withdrawals may result in a fee, so ensure you will not need access to these funds for the term of the account before opening your CD.

What is a debit card?

A debit card (also known as a bank card or check card) is an alternative payment method to cash when making purchases. Similar to using cash, funds are immediately withdrawn from your account.

What is APY?

Annual Percentage Yield (APY) expresses an annual rate of return taking into account the effect of compounding.

What is compound interest?

Compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

What is interest rate?

Interest rate is the rate at which a financial institution agrees to pay you back for holding your money.

IRA's

What is the deadline for making a contribution?

The date your income taxes are due for that tax year, generally April 15 of the following calendar year.

When can I make withdrawals from my IRA account?

At any time, but the taxable portion of your withdrawal will become part of your income for the year. In most cases, if funds are withdrawn before age 59 ½, a 10% IRS tax penalty is being applied on the taxable portion of your withdrawal. Certain exemptions may apply, such as the purchase of a first home (up to $10,000), higher education expenses, or disability. Roth IRA accounts must remain open for at least 5 years and meet one of the exemptions in order to avoid tax penalties.

What are distribution requirements for my Traditional IRA account?

Once you reach age 70 ½, you are responsible for a required minimum distribution (RMD) each year. We will not make a withdrawal from your account unless you make a specific request. We offer services to schedule your payment automatically. Consult with a Citizens Banker to obtain more information.

Can I make an IRA contribution for my spouse?

Yes, if you are married and filing a joint tax return and your modified adjusted gross income (MAGI) equals or exceeds the combined contribution amount for you and your spouse.

What options are there for self-employed individuals or business owners?

A Citizens SEP (Simplified Employee Pension) plan may be the best option. To obtain detailed information, call our Retirement Services department at 1-800-948-7200 (phone number only available in English).

What are the current IRA CD terms and yields?

The terms and yields are the same as Citizens other CD products. Click here to view the chart page of the current CD rates.

All accounts and services are subject to individual approval. See a banker for details and deposit insurance coverage limitations.

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