Citizens Bank Review

ByBestmoney StaffJan. 03, 2021

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In a Nutshell

Citizens Bank is a nearly 200-year-old bank with an online platform that facilitates refinancing of federal and private student loans, including parent PLUS loans. It offers holders of student debt the opportunity to consolidate multiple loans with a single payment and reduce their annual interest rate by up to 3.6%. With a completely online application process, Citizens Bank makes it easy to secure a student loan refinance.


  • Refinancing of student and parent loans
  • Option of adding co-signer
  • Access to other banking and lending products


  • Minimum $10,000 refinance amount
  • Rates not published

Citizens Bank ID Card

Loan types  Student loan refinancing for students and parents
Refinance amount  $10,000 - $500,000
Repayment Terms  5-20 years
Suitable for  Holders of multiple federal and/or private student loans

Citizens Bank Citizens Bank View Rates

Suitable For?

Citizens Bank offers student loan refinancing to anyone who attended school in the past and has student loan debt from private and/or federal loans, e.g. Citizens Bank student loans, private loans from other lenders, or federal loans such as Federal Direct PLUS or Stafford loans. 

Loan Features

Citizens Bank is one of the oldest financial institutions in the United States, having been founded in 1828. Based in Providence, Rhode Island, it offers a wide range of banking and lending products, including student loan refinancing. It targets a broad range of people with student debt, including holders of federal and private student loans and parent loans.

These are the highlights of Citizens Bank’s student loan refinance platform:

  • Combines all your federal and private loans and undergraduate and graduate loans into one loan with one monthly payment.
  • Average saving of $3,306 per year or $253 per month.
  • Completely online application.
  • Co-signer option. After making 36 consecutive on-time payments, a borrower may release the co-signer from their loan.
  • 0.25% automatic payment discount
  • Additional 0.25% loyalty discount for having a Citizens Bank checking or savings account (only available in the 11 states where Citizens Bank has physical branches: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT)
  • The Application Process

    It takes only 15 minutes and 3 simple steps to navigate Citizens Bank’s streamlined application process. First, complete the online application from your computer or mobile device, filling in information about yourself and your student loans. Then, choose a fixed or variable rate and a loan term from the options and nominate how and when you want to repay the funds. Finally, you and your co-signer (if you have one) must sign and accept the loan documents electronically.

    Applicants must meet the following eligibility requirements: at least $10,000 in student loans to refinance (across all types of loans); US citizen, permanent resident, or resident alien with a valid U.S. Social Security Number; applicants with an Associate’s degree or no degree must have made at least 12 qualifying payments since leaving school.

    Loan Terms, Amounts, and APR

    Citizens Bank is flexible when it comes to loan amounts, repayment terms, and interest rates. It calculates rates based on the applicant’s financial profile, namely credit score.

    Here are the key figures:

  • APR: As low as  2.49%
  • Loan amounts: $10,000 - $300,000 for bachelor’s degree or below; $10,000 - $500,000 for graduate degree
  • Terms: 5, 7, 10, 15, or 20 years
  • How Safe Is It? 

    Citizens Bank is a fairly large bank, with all the security measures in place that come with its position in society. It has a number of measures in place to protect its users’ financial information and Social Security numbers. Although geared more toward its banking customers than student loan refinance applicants, it’s also worth pointing out that Citizens Bank offers a free version of IBM Security Trusteer Rapport software on its website.

    Help & Support

    Although primarily an online platform, Citizens Bank offers each applicant the option of speaking with a student lending advisor. On the downside, Citizens Bank does have a worrying number of poor customer reviews, highlighted by a 1-star rating from the Consumer Affairs – although the vast majority of these reviews pertain to confusion over applications for non-student loan products such as savings accounts and credit cards.


    Well-known to banking customers in New England, Citizens Bank offers student loan refinancing to holders of student debt in all 50 states and DC. Citizens Bank has a broad offering that encompasses all types of student debt – federal and private loans, undergraduate and graduate, student and parent loans. As such, it is a solid option for anyone looking to simplify and save money by consolidating several student loans into one.

    Physical Address

    Citizens Financial Group, Inc

    One Citizens Plaza

    Providence, RI 02903

    Citizens Bank Citizens Bank View Rates

    Citizens Bank customer testimonials

    AverageReviews 15
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    • author
      Joseph Guido
      Apr 01, 2021
      Worst business credit card site imaginable.

      This is the worst bank for a small business. The online access for the biz credit card and checking are completely separate, and they just did a massive overhaul to their credit card site. I have to enter my citizens checking account info every time i make a payment to my biz cc. The biz cc site is impossible to link with Quickbooks. Even when I log into the biz cc, I have to "search" for my account and then click on three more buttons just to see my transactions. It is a truly horrible, horrible experience, and I can't wait to go to the branch tomorrow and cancel my credit card account. How possibly did they just spend all that money revamping their biz cc site and this is the product they came up with - it's mind blowing how bad it is.


    • author
      Pam Marosan
      Feb 25, 2021
      If I could leave a negative star I…

      If I could leave a negative star I would!!! I am DONE with this bank. Back in November my debit card was compromised and I had to order a new one. They said it would take 3-7 days...18 days later I had my card. 18 flipping days! This ruined my families Thanksgiving because I did not have access to a Zelle transaction, there fore had no money. Now fast forward 3 months...a fraudulent charge on my card; the card was cancelled and a new one was EXPRESS mailed to me. I let the representative know I need the card BEFORE my birthday since I was going out of town; that was 6 days before I was to leave. Now 5 days after my birthday I STILL HAVE NO DEBIT CARD. I have been given every excuse under the sun, mail, weather, Covid, Fed EX, none of which help me out. May I suggest you allow your bank locations to print up a dang debit card? Seems like just about every other financial institution is doing it these days. I have 2 direct deposits that I am currently waiting on, as soon as I have that money in my hand I am closing this account. Your incompetence is staggering!.


    • author
      Connie Davis
      Feb 23, 2021
      Long Time satisfied client

      WOW. All these terrible reviews. I have had accounts at Citizens Bank for over 25 years going back to when it was called Charter One. Once I also had a mortgage which I have since paid off. My local branch has been robbed twice in the last 6 months but they have not caved in and closed it like many other banks would have done. I rarely do in person banking their website and app are great for bill paying and the rare check deposit since almost every transaction is online. When I do go in to my branch all the customer service representatives are friendly and helpful.


    • author
      Kai Hsieh
      Feb 04, 2021
      Citizens, the bank who DOESNT CARE ABOUT YOU!

      I have been banking with them for 7 years now, and submitted a claim for an incomplete transaction back in December. Ive bene calling every other day since January to work with someone regarding this claim since they quickly sided with the vendor without reviewing my proof of documents to support my case. Its been two week of daily calls (me calling) and NO ONE is calling me back. The customer service department says they can only email the claims department and that’s it, so Im S.O.L. Pretty much. This is a HORRIBLE place to bank with and i would NEVER RECOMMEND THEM! If it weren't a pain to move my business accounts I would have left this subpar bank long time ago. Be wise, RUN! They ARE HORRIBLE TO DO BUSINESS WITH!!


    • author
      Jan 30, 2021

      Cancelled my account with them due to a paltry $ 500 credit line ( I have $ 4,000 with Citibank ) and them holding on to my check for a week as they said it was an out of state check and they wanted to ensure it would clear. What ??????? Bye-Bye !


    Citizens Bank