Citizens Business Checking Review 2022

What makes Citizens Bank so great for businesses? Not only can you open a business checking account for free, but you can do so with very low minimum deposits. With Citizens Bank’s Clearly Better Business Checking Account, you can even make up to 200 free transactions every month. There’s also a high interest rate on 12-month business CDs, making it easy for you to earn more on the money you’re saving. Read on to learn more about Citizens Bank’s business account program and why it could be the best option for your company.

What is a Citizens Business Bank Account?

A Citizens business banking account includes a full range of features that help make banking easier. You have your pick of three business checking accounts: the Clearly Better Business Checking account, the Business Advisor Checking account, and the Analysis Business Checking account. Each account offers specific pros and cons. The Clearly Better Business Checking account is the best option for small businesses, while high-volume businesses should opt for the Analysis Business Checking account.

Citizens Business Bank Account Pros and Cons

Is Citizens Bank the best option for your business bank account? Check out these pros and cons to help you determine whether Citizens Bank’s business account options could be right for you.

Pros of a Citizens Business Bank Account

Multiple account options. With three tiers of business accounts—Clearly Better Business Checking, Business Advisor Checking, and Analysis Business Checking—business owners can choose the option that provides the most flexibility and perks. Analysis checking even gives you access to payroll and merchant services, which makes running your business that much easier.

Reasonable fees. Business checking accounts at Citizens Bank don’t come with outrageously high service fees. That means you won’t be slapped with hidden fees when you least expect them or expensive monthly maintenance charges.

Specialty accounts. Citizens Bank offers two specialty checking accounts for businesses: a trust for law firms and Association Checking with Interest I. The latter is designed for non-profits as an interest-bearing account.

Free transactions. With Citizens Banks’ Clearly Better Business Checking Account, you’re able to conduct up to 200 check transactions per month free of charge. You should consider how many transactions you’ll make each month before you enroll, since exceeding this limit results in additional fees. Luckily, there’s no limit to the number of electronic transactions you can conduct in one month completely free of charge.

Cons of a Citizens Business Bank Account

Lack of access in some areas. Citizens Bank customers can only access 3,300 Citizens Bank ATMs in select markets—namely the East Coast and portions of the Midwest. That’s just a fraction of what other banks offer, especially banks that are members of the AllPoint ATM or MoneyPass networks. If you’re a Citizens Bank account holder and you use an out-of-network ATM, you’ll have to pay a $3 fee.

Overdraft fees. With Citizens Bank, you’ll need to keep a close eye on your balance. If you draw your account into negative territory, you’ll be slapped with a $39 fee for each item. Citizens may also hit you with a sustained overdraft fee of $30, assessed at days four, seven, and 10 as your account remains in the negative.

Who is a Citizens Business Bank Account Best For?

If you’re a small business owner who lives within Citizens Bank’s service area, or you live or work near a branch, a Citizens Bank business account may be right for you. Whether you’re a brand-new business or a larger, established one, Citizens has a business checking account that meets your needs. Here’s how Citizens’ business accounts can benefit specific subsets of business owners:

• Clearly Better Business Checking: This option is best for small business owners who only anticipate making a few transactions each month. There are no monthly service fees associated with this account.
• Business Advisor Checking: You get more flexibility with a Business Advisor Checking account. This option is best for business owners who anticipate making more monthly transactions (over 200), as well as accounts with higher balances.
• Analysis Business Checking: Citizens’ top-tier business account, Analysis Business Checking, provides plenty of benefits for businesses with high activity levels. If your business needs cash management help, choose Analysis Business Checking to take advantage of cash management services like ACH payments, information reporting, and collection services.

Who Should Consider Using a Citizens Business Bank Account?

Citizens Bank may not be the best option for every business, thanks in part to the low interest rates they pay on most accounts, plus the fact that they only compound interest monthly. Also, you’ll have to pay monthly fees on money market and savings accounts, unless you meet certain qualifications to waive them.

Since you need to physically visit a branch to open a business checking account, you should only open an account with Citizens Bank if you have easy access to a branch location in one of the 14 states they currently serve: Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as the District of Columbia.

How a Citizens Business Bank Account Works

A Citizens Bank account works in a variety of ways, depending on the type of account you choose for your business. While the Clearly Better Business Checking account features basic services small businesses need, the Analysis Business Checking account features a full suite of cash management and other services that help make running your business easier.

Opening an account is simple: just complete an online request and a representative will contact you. You can also begin the process by calling Citizens Bank at 1-800-4BUSINESS, or visit any physical branch location to get started.

Key Citizens Business Bank Account Features

As explained above, Citizens Bank offers a variety of business banking accounts, each with their own perks and features. Some of the features described below are unique to specific accounts, while others apply to Citizens’ full range of business accounts.

No minimum opening balance

One of the best features of Citizens Bank business accounts is that there’s no minimum balance to open. Whether you’re a small business interested in Citizens’ simple Clearly Better Business Checking account or you’re an established high-volume business interested in an Analysis Business Checking account, you won’t have to come up with a lot of cash up front to open your account.

Overdraft line of credit

Citizens Bank is generous when it comes to offering an overdraft line of credit to their business account holders. For both Clearly Better Business Checking and Analysis Business Checking accounts, you have access to an overdraft line of credit, while Business Advisor Checking account holders enjoy an overdraft line of credit with annual fees waived.

Perks for small business owners

Analysis Business Checking accounts feature plenty of perks that make running your business easier. You get access to all the cash management services you need, as well as ACH, transfers, sweeps, wires, and much more.

Check options

With Citizens Bank, getting checks for your small business is quick and easy. They’ve partnered with Deluxe to offer a full range of convenient and safe options for ordering a variety of checks, including personal checks, personal line of credit checks, home equity line of credit checks, and much more. You can order by phone, online, or in-person at a physical location.

Overdraft protection

Citizens Bank helps businesses save money by providing overdraft protection. With specialized Business Overdraft Plans, including an overdraft line of credit and savings overdraft, you can finally take control of overdrafts on your business accounts.

Online banking services

While Citizens Bank is well known for maintaining physical locations in 14 states currently, they also offer a full suite of online and mobile banking solutions. That means you can save yourself—and your business—time and money by eliminating those time-consuming trips to the bank. You can start using online banking right away after you sign up for your business account.

Conclusion

Wondering whether a Citizens Bank business banking account is right for you? With options available at three different tiers, it’s easy to choose the account type that works best for the long-term goals and needs of your business. Reach out to Citizens Bank by phone or online or stop by a physical location today to learn more about specific products and services geared toward business owners.