City National Bank Review

City National Bank Personal Savings Account

0.01% APY

As its name suggests, City National Bank is a national bank. Its headquarters are in Southern California, and most of its branches are located in the Los Angeles metro or the Bay Area. The bank also has locations in Washington, D.C. and cities in five other states, including New York City and Minneapolis.

In short, though City National has locations across the country, it doesn’t quite have the footprint of some of the larger national financial institutions, like Chase or Bank of America. There are no City National branches or ATMs in Texas or Illinois, for example.

So the institution doesn’t have quite a large physical presence nationwide, but does it offer better rates than the big banks? Slightly. Rates on its savings accounts and interest checking accounts are fairly low, though there are some decent deals on certificates of deposit. However, compared to some of the best available options, City National Bank’s offerings simply aren’t that great.

Products Offered

City National Bank Interest Rate Comparison

City National Bank Overview

Founded in Beverly Hills about 75 years ago, City National Bank has had a strong connection to Southern California and the entertainment industry throughout its history. Today it serves clients in Hollywood and elsewhere, with more than $92.25 billion in assets and 71 offices spread through six states and Washington, D.C.

City National Bank Account Features

With any account at City National Bank, you’ll encounter a handful of similar requirements and features. For starters, most accounts have a minimum opening deposit, ranging from $50 to more than $1,000, as well as a minimum balance requirement. If the balance requirement is not met, you’ll have to pay a monthly fee, which can eat away from your savings.

All accounts come with an ATM or debit card, with free access to City National Bank ATMs. For most accounts there is a fee for other ATMs, though some accounts are exempt from those fees. Free online and mobile access is also standard with deposit accounts. Below, we’ll dig into some of the particulars of the different accounts offered by City National Bank.

City National Bank Savings Account

City National Bank offers two basic savings account options a standard Personal Savings and an online-only City National Green Savings account. The Personal Savings Account has lower balance requirements, but a lower interest rate. To open one, you effectively need at least $100 — any less than that and you will be paying the monthly fee of $5.

The interest rate on that account is close to zero. At 0.01% APY, your account will not be earning much interest.

The online-only option offers a substantially higher rate, at 0.15% APY. That's still not tremendous, but it is a nice perk. The catch is that you need at least $1,000 to open this account without facing monthly fees. 

The City National Green Savings account also offers surcharge-free use of all ATMs, whereas the regular account can only access City National Bank ATMs without any fees. Note, however, fees charged by the owners of the actual ATMs (Not City National Bank) will still apply to the owner of the City National Bank Green savings account. 

City National Bank Certificates of Deposit

Another savings vehicle offered by City National Bank is the certificate of deposit. These allow you to earn higher rates by agreeing to leave your money untouched for a set period of time. Longer terms generally yield higher rates.

The minimum to open a CD with City National Bank is $2,500. This limit applies to all accounts opened online, as well as any opened at a branch with terms of one year or longer. CDs opened at a branch with terms of less than one year have a minimum deposit of $10,000.

Rates on City National Bank CDs range from 0.05% on the shortest terms, up to 1.31% on the longest terms. These rates are fairly low as compared with other options nationally.

City National Bank Money Market Account

A third savings account option with City National Bank is a money market account. The money market account offers higher rates than a standard savings account, though rates are roughly equivalent to those available on the online-only savings account.

The money market account also comes with a bit more flexibility than a savings account. You can make up to six debit transactions per month with a money market account, after which you may be charged a fee.

Note that the minimum deposit on the money market account is higher than on a standard savings account. The minimum to open an account is $2,500. You also need to maintain this balance in order to avoid the $20 monthly fee. 

City National Bank Personal Checking and Personal Checking Plus Accounts

If you want easy access to your money and aren’t concerned about earning interest, a checking account is the way to go. There are basic two checking account options at City National Bank: Personal Checking and Personal Checking Plus.

Both accounts come with standard features like free online and mobile banking and surcharge-free access to City National Bank ATMs. Personal Checking Plus also has surcharge-free access to other ATMs, as well as three rebates up to $15 on fees charged by ATM owners.

The price for that extra feature is a higher minimum account balance to avoid a monthly service fee. On a Personal Checking account, the minimum is $3,000. With Personal Checking Plus, the minimum is $7,500.

City National Bank Premium Checking Account

City National Bank’s interest checking account is called Premium Checking and with good reason. To qualify for this account fee-free, you need combined deposits at the bank of at least $50,000. If you don’t meet that threshold, you will be paying $35 per month in service fees.

If you do meet that threshold, however, there are some nice features that come with this account. In addition to the interest rate (which is fairly low, though better than the rate on the bank’s most basic savings account), there are no surcharges on any ATMs. City National Bank will also rebate any ATM-owner fees (within reason), so you can essentially use any ATM for free.

Where Can I Find City National Bank?

City National Bank’s home state is California, and it has a significant presence in Southern California and the Bay Area. It also does business Washington, D.C., and limited areas in five other states: Nevada, New York City, Nashville, Minneapolis, and Atlanta. There are 71 City National Bank offices.

What Can You Do Online With City National Bank?

City National Bank offers a full array of services through its website and mobile app. You can schedule bill payments, check your balances and transaction history, transfer money between accounts, and set up alerts for your accounts. With the mobile app, you can also deposit checks, though the free app scores just 1.9 stars out of 5 on the Apple app store.

How Do I Access My Money?

If you need cash, a City National Bank ATM is your best option. ATMs are generally located at bank branches. You can use the bank’s ATM locator on their website and mobile app to find an ATM close to you. Some accounts, including Premium Checking, also qualify for surcharge-free use of outside ATMs, with owner-fee rebates.

How Can I Save More Money With City National Bank?

City National Bank does not offer especially high rates on any of its deposit accounts. So if you do your banking with them, you probably won’t be able to rely on interest to grow your wealth. 

That being said, the best deals are the bank’s certificates of deposits, where interest rates reach up to 1.31%. Note, however, that’s on the longest possible term, so you will be locked into that rate for five years. If other rates go up in the meantime, that could cost you.

What’s the Process for Opening an Account With City National Bank?

You can apply for an account online with City National Bank. Their website will walk you through the process, which should only take about 10 minutes. To complete it, you will need your home address, some form of state ID, and your Social Security number. You will also need your initial deposit information.

What’s the Catch?

City National Bank’s interest rates are not particularly high, and the minimum balance and fee requirements on some of their accounts can be onerous. For example, the minimum balance required to maintain a checking account without a monthly fee is $3,000, far higher than what’s offered at many other banks throughout the country.

Bottom Line

City National Bank began in Southern California and today has branches in six states, including New York and Minnesota, along with Washington, D.C. In short, it is a national bank. Like many other national banks, it has fairly low interest rates, but it does not quite compensate for that shortcoming with the extensive footprint and ATM network offered by banks like Chase and Bank of America.