Overall bank rating
| 3.75 |
| 4 |
| 3.75 |
| 3.75 |
| 5 |
| 4.05 |
Pros and cons
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Savings
0.15% APY $100 None 0.15% APY $100 None- Pros & Cons
- Details
- Easy to waive $5 monthly service fee
- $100 minimum opening deposit
- Low APY
- $5 monthly service fee
- Minority-owned bank in Memphis and Nashville
- Waive $5 monthly service fee by maintaining a $100 daily balance
- Interest compounded daily, paid monthly
- Member FDIC
- Pros & Cons
- Details
- Refunds all domestic and international ATM fees
- Easy to waive $7 monthly service fee
- Link to savings for free overdraft protection
- $100 minimum opening deposit
- $7 monthly service fee
- $1 monthly debit card fee
- $35 overdraft fee
- Minority-owned bank in Memphis and Nashville
- Waive $7 monthly service fee b maintaining a $250 average balance
- Member FDIC
- Pros & Cons
- Details
- Competitive APY
- $500 minimum opening deposit
- Standard-to-high early withdrawal penalties
- Minority-owned bank in Memphis and Nashville
- Terms range from 3 months to 5 years
- Early withdrawal penalty is $25
- Interest compounded daily, paid monthly
- Member FDIC
- Pros & Cons
- Details
- Includes a debit card and paper checks
- Refunds all domestic and international ATM fees
- $25,000 minimum opening deposit
- Low APY
- $15 monthly service fee
- $1 monthly fee for a debit card
- Minority-owned bank in Memphis and Nashville
- To waive $15 monthly service fee, maintain a $25,000 balance
- Earn a higher APY when your balance reaches $50,000
- Interest compounded daily, paid monthly
- Member FDIC
Pros
Cons
The Citizens Savings Bank and Trust Company Personal Savings Account 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, you'll need to look elsewhere .
Checking
None $100 None None $100 NonePros
Cons
The Citizens Savings Bank and Trust Company Personal Checking Account is a good choice if you travel frequently, because the bank refunds all domestic and international ATM fees.
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.
CD
0.10% to 0.60% APY $500 None 0.10% to 0.60% APY $500 NonePros
Cons
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.
Money market account
0.13% to 0.18% APY $25,000 None 0.13% to 0.18% APY $25,000 NonePros
Cons
The Citizens Savings Bank and Trust Company Personal Premium Money Market Account 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 Personal Savings Account , and you'll pay a $15 monthly fee if your balance falls under $25,000.
How Citizens Savings Bank and Trust works
Citizens Savings Bank and Trust Company is a minority-owned bank with one branch in Memphis and one in Nashville. The bank reimburses all ATM fees, both domestically and internationally.
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.
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Contact customer support by calling or visiting a branch Monday through Friday. Exact hours depend on the location.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Citizens Savings Bank and Trust trustworthy?
Citizens Savings Bank and Trust Company does not have any public controversies.
The Better Business Bureau gives Citizens Savings Bank and Trust an A+ in trustworthiness . A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
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.
How Citizens Savings Bank and Trust compares to similar institutions
We've compared Citizens Savings Bank and Trust to two other minority-owned institutions in Tennessee: Hope Credit Union and Tri-State Bank of Memphis.
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TN locations 4 (Memphis) |
TN locations 1 (Memphis) |
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Standout feature Higher rates |
Standout feature Online tools |
Citizens Savings Bank and Trust vs. Hope Credit Union
Hope Credit Union doesn't have any Tennessee branches outside of Memphis, so Citizens Savings Bank and Trust is the clear choice if you live in Nashville.
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.
Citizens Savings Bank and Trust vs. Tri-State Bank of Memphis
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.
Unlike Citizens Savings Bank and Trust, Tri-State Bank doesn't reimburse ATM fees — but 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.
About the author
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.
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