Citizens Savings Bank and Trust Review: Minority-owned Bank That Refunds up to $25 in ATM Fees per Month

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Pros and Cons

Citizens Savings Bank and Trust Company Heritage Savings Account - Product Name Only

The Citizens Savings Bank and Trust Company Personal Savings Account could be a good fit if you can maintain a Citizens Savings Bank and Trust Company Personal Savings Account 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.

Citizens Savings Bank and Trust Company Foundation Checking Account - Product Name Only

The Citizens Savings Bank and Trust Company Foundation Checking Account - Product Name Only may be worthwhile if you can waive the monthly service fee. It also notably reimburses up to $25 per month in out-of-network 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.

Citizens Savings Bank and Trust Company Certificate of Deposit - Product Name Only

Citizens Savings Bank and Trust CDs have a low minimum opening deposit. But you'll need to use another bank if you want a term shorter than three months or longer than five years.

Citizens Savings Bank and Trust Company Personal Premium Money Market Account - Product Name Only

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 if you can maintain a high account balance. Otherwise, the Citizens Savings Bank and Trust Company Heritage Savings Account - Product Name Only will likely be a better option because it has lower monthly service fees and minimum balance requirements.

How Citizens Savings Bank and Trust Works

Citzens Savings Bank and Trust is designated as a minority-led credit union (MDI) by the NCUA. The NCUA defines an MDI as a credit union in which "more than 50% of its current members are minority individuals, more than 50% of its current and eligible potential members are minority individuals, and more than 50% of its current board members are minority individuals."

Citizens Savings Bank and Trust has one branch in Memphis and one in Nashville. It has one ATM location in Nashville and it reimburses up to $25 per month in ATM fees if you use an out-of-network provider.

So far, the bank's mobile app has 4.0 out of 5 stars in the Apple store. It doesn't have mobile app ratings in the Google Play store, though.

Contact customer support by calling or visiting a branch Monday through Friday. The exact hours depend on the location.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

The Role of Black-led Financial Institutions

There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.

Citizens Savings Bank and Trust has a branch in Memphis, Tennessee. According to the US Census Bureau, over 64% of the city population is Black.

Many Black-led credit unions are also involved in their local communities. Through its Renaissance Experience initiative, Citizens Savings Bank and Trust focuses on partnering with corporate and private partners that are helping Black communities with programs in affordable housing development, disaster response and recovery, education, neighborhood revitalization, and non-profit lending.

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+ grade. 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.

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.

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.

Frequently Asked Questions

Where is Citizens Savings Bank and Trust located?

Citizens Savings Bank and Trust has one branch in Memphis and one in Nashville.

Is Citizens Savings Bank and Trust safe? 

Yes, Citizens Savings Bank and Trust is federally insured by the FDIC. Up to $250,000 is secure in a bank account per depositor.

Is Citizens Savings Bank and Trust a good bank? 

You might like Citizens Savings Bank and Trust if you live in Tennessee and value banking with a minority-led financial institution. However, you'll want to make sure you meet the requirements to waive monthly service fees on checking, savings, or money market accounts. 

Citizens Savings Bank and Trust might not be the best option if you're searching for a high interest rate on a savings account or CD. Online banks offer savings higher rates.