Citizens Bank EverValue checking review: Zero overdraft fees and no account minimum

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Citizens Bank EverValue checking account at a glance

Physical locationsOperates 900 branches in 11 states in the New England, mid-Atlantic and Midwest regions
Getting startedMust live in a state where Citizens Bank operates
No minimum balance
Open an account online, in-person or over the phone
Monthly service fee$5
Overdraft feesNone
Other feesNo return item fees
No fees at Citizens ATMs
$2.50 fee when using a non-Citizens ATM (ATM owner may charge additional fees)
$35 stop payment fee
How to depositDirect deposit
Mobile check deposit
Cash deposits at ATM or branch
Physical checks deposited at ATM or branch
Zelle transfers
How to withdrawZelle transfers
Physical checks
Debit card
Mobile app  
Notable featureWith an EverValue account, you can use Citizens Paid Early and get paid up to two days early when you enroll in direct deposit.

While Citizens Bank offers a range of checking and savings accounts products, one of its newest is its EverValue account. Citizens Bank launched EverValue in 2022 to increase banking access for communities that are underserved. It’s a low-cost checking option that provides protection against overdrafts so that customers don’t have to worry about costly overdraft fees.

There’s no minimum balance required to open an EverValue account. And if you live in one of the 11 U.S. states where Citizens Bank operates, you can open an account online, over the phone or in-person at a local branch.

5 things to know about an EverValue Citizens Bank checking account

The Citizens Bank EverValue account is a basic checking account for your everyday needs. While deposits don’t earn interest, the bank offers customers a low-cost checking account with ATM access and no minimum balance requirement.

For those who may have put off opening a bank account because of concerns over high monthly fees or minimum balances, the EverValue account could be a useful choice.

1. There are no overdraft fees

Banks typically charge a fee if you spend more than you have in your checking account. According to the Federal Deposit Insurance Corp., this overdraft fee may average around $30.

But EverValue works differently. If you don’t have enough money in your account to cover a transaction, Citizens will simply decline the transaction and won’t charge you an overdraft fee.

2. You can get paid sooner

If you have an EverValue checking account, you’re eligible for the Citizens Paid Early program. With this option, you can receive your paycheck up to two days early when you have direct deposit. This feature is automatic and free.

3. Citizens Bank checking accounts aren’t available everywhere

To open a checking account with Citizens Bank, you must live in one of the states where it operates. Citizens Bank only has branches in 11 states — primarily in the mid-Atlantic, Midwest and New England regions. If you live outside of its service area, you aren’t eligible for an account.

4. Citizens EverValue is Bank On certified

EverValue is a Bank On-certified checking account. Led by the Cities for Financial Empowerment Fund, the Bank On initiative encourages banks to offer checking accounts to meet the needs of the underbanked.

To become Bank On-certified, an account must meet certain Bank On National Account Standards, including:

  • A minimum of $25 or less to open an account
  • A monthly maintenance fee of $5 or less ($10 or less if the fee is waivable)
  • No overdraft or nonsufficient fund fees

As a Bank On-certified account, EverValue is recognized as a low-cost option for consumers.

5. The monthly maintenance fee cannot be waived

Many checking accounts from leading banks charge monthly maintenance or service fees. In some cases, the fees can be waived if you meet certain minimum balance or linked-account requirements.

Citizens Bank’s EverValue account isn’t a free checking account. It has a monthly maintenance fee of $5 — and this fee can’t be waived.

How much does it cost to open an account at Citizens Bank?

Citizens Bank has multiple checking account options. For its EverValue account, there’s no minimum balance to open an account, so you can get started at no cost.

That being said, there is a monthly maintenance fee of $5 that you’ll have to pay each month to keep your account.

Is Citizens Bank a good bank?

Citizens Bank is one of the largest commercial banks in the country based on consolidated assets. And in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study, Citizens Bank was rated among the top 10 banks in terms of customer satisfaction in the New York/tri-state area and Pennsylvania.

The bank provides a variety of services, ranging from checking accounts to home loans to online investment help. If your needs match up with what Citizens Bank has to offer, it could be a good choice for you.

Not sure if Citizens Bank is right for you? Consider these alternatives.

  • Bank of America: With Bank of America’s Advantage Plus checking account, you can make use of its Keep the Change feature. With this option, your purchases are rounded up to the nearest dollar, and the difference can be immediately transferred to your savings account to help you build your emergency fund or save for other goals.
  • RoarMoney: With a monthly fee of $1, RoarMoney checking accounts include extra perks like early paycheck access and 0% APR cash advances.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.