City National Bank Review: Full-Service Banking and a User-Friendly Website
Written by
Daria Uhlig
Edited by
Susan Kim
Commitment to Our Readers
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GOBankingRates Score
City National Bank
-
Checking Accounts
4.0
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Savings Accounts
4.0
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CD Accounts
4.0
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Money Market Accounts
4.0
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Banking Experience
4.5
Pros
- Highly transparent website that makes it easy to find account information, rates and fees
- Comprehensive range of banking and loan products
- Good customer service options
Cons
- High fees that are difficult to have waived
- Low rates
City National Bank Overview
City National Bank is a full-service, community-focused financial institution that provides personal banking products and services as well as private and business banking. Headquartered in Los Angeles, the bank manages $93 billion in assets and operates more than 70 branch locations. The financial institution is primarily a California bank, and most of its branches are located there. But Nevada and New York have several each — New York’s offices serve residents of New Jersey, Connecticut and Pennsylvania — and a handful of additional offices are located in select markets in Tennessee and along the Eastern Seaboard.
City National Bank earned a place among GOBankingRate’s Best Premium Checking Accounts of 2024.
City National Bank Review
City National Bank’s personal banking products include the usual suspects — checking, savings and money market accounts and certificates of deposit — plus credit cards and loans. However, you should know that most accounts can’t be opened online — you’ll have to fill out a request form and wait to be contacted by a banker.
Checking Accounts
City National Bank’s standard checking account is called Personal Checking. It’s a basic non-interest-bearing account geared toward those who maintain a relatively high balance. You’ll need a $1,000 minimum deposit to open the account and a $3,000 average daily balance to avoid the $20 monthly maintenance fee ($12 in Nevada).
A better choice for clients who maintain a minimum $250,000 balance across City National Bank deposit, wealth management and loan accounts is the Preferred Platinum Checking account, which made GOBankingRates’ list of the Best Premium Checking Accounts of 2024.
With the Preferred Platinum Checking account, you receive free withdrawals on non-City National ATMs and rebates for surcharges on those machines. In addition, account holders pay no maintenance fees on their interest-bearing City National money market account. Other benefits include discounts on wealth advisory programs, fee-free individual retirement accounts and unlimited commission-free online equity trades. And City National waives annual fees on Preferred Platinum Checking customers’ personal lines of credit.
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Not surprisingly, these benefits come at a cost. For example, you’ll pay a $50 monthly maintenance fee in any month that your combined average daily balance drops below $250,000. Also, while the account earns interest, the rate is negligible at .
Savings Accounts
City National has one non-money-market savings account. The Personal Savings account is a basic offering requiring just $50 to open and an average daily balance of $100 to waive the $5 monthly maintenance fee. Unlike some savings accounts, this one lets you make deposits, withdrawals and transfers from a City National Bank ATM. However, the interest rate is just , which is well below the national average rate of 0.46%.
CD Accounts
If you want a longer-term savings option that can pay better rates than a savings account, a certificate of deposit might be a good choice. City National CDs earn to annual percentage yield depending on the balance, with the three-month CD earning the highest rate and CDs with terms of seven to 31 days, one month or two months earning the lowest. You’ll find the best APYs on CDs with terms of three months to 12 months, all of which easily beat national averages.
City National requires a minimum deposit of $2,500 to $10,000 to open a CD. The $10,000 minimum applies to CDs with terms of up to 11 months.
Money Market Accounts
Although City National Bank offers two money market accounts, rates are the same for both accounts — to APY, depending on the balance. Higher balances earn more interest, and you’ll need at least $100,000 to earn more than 2%. While low compared to what you could earn from a high-yield savings account, even the lowest rate is more than double the national average for money market accounts.
The Ladder Money Market has a higher fee than the Personal Money Market — $25 vs. $20 — and its minimum opening deposit and balance required to waive the monthly fee are also higher, at $10,000 compared to $2,500 for the Personal Money Market.
Banking Experience
City National Bank provides a positive banking experience overall, especially for those who live near enough to a branch that they can take care of some banking needs in-branch.
Customer Service
You have several ways to reach out to City National Bank. Customer service is available by phone at 800-773-7100. Secure email is available through the bank’s website, and secure messaging is available via mobile banking.
Branch Availability
California residents have over 70 branches to choose from, and Nevada residents and folks who live in the New York metropolitan area have four and six branches, respectively. There’s just one branch in each of the other locations: Delaware, Florida, Georgia, Massachusetts, Tennessee, Virginia and Washington, D.C., which also serves Maryland residents.
Mobile and Digital Experience
While City National Online makes it easy to manage your accounts, review statements, pay bills and get customer service assistance, you can’t open an account online — a major disadvantage for many consumers. Mobile banking offers the same services as online banking, plus check deposits and Zelle money transfers. The mobile app is available from the App Store and Google Play, and both versions are rated 4.8 out of 5 stars.
Convenience
The concentration of offices in California makes visiting branches more convenient there than in the other locations where the bank operates. Online banking expands City National’s reach, but most accounts must be opened in-branch.
Comparable Banking Options
City National isn’t the only bank competing for your business. Take a look at this comparison between City National and a few similar banks.
East West Bank
East West Bank and City National Bank serve similar markets, but East West has a better selection of checking accounts, including student and senior checking with no monthly fees. But City National has a broader range of products overall, offering personal loans and lines of credit that aren’t available through East West.
Flagstar Bank
Flagstar Bank has far more deposit account options than City National, and it also offers loans and investing. However, as with City National, you’ll have to contact the bank to open an account.
M&T Bank
M&T Bank has a large selection of deposit accounts, most of which have fees that can be waived. But M&T has no branches in California, where City National has a strong presence.
Final Take
City National Bank is a good choice for customers who either live near one of the 70-plus branch locations or bank online and are comfortable with the limited account selection available that way. Detailed account information and easy-to-find data on rates and fees make the bank’s website very user-friendly — an important benefit, considering the large number of accounts available for prospective customers to review. However, you’ll need to maintain high balances to get the most from City National accounts.
City National Bank FAQ
Here are the answers to some commonly asked questions about City National Bank.- Is City National Bank FDIC-insured?
- Yes. Your deposit accounts are FDIC-insured up to the current $250,000 limit.
- How do I check my balance with City National Bank?
- You can check your account balance by logging in to City National Online using your computer or mobile device, or by calling 800-773-7100 and selecting the first menu option.
- Can I use the City National Bank app to deposit checks?
- Yes, mobile check deposit is available via the City National Bank app.
- Does City National Bank offer free money for signing up for an account?
- City National Bank doesn't have any current promotions offering cash for opening an account, but you can earn cash-back rewards with a City National Bank credit card.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 14, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Premium Checking Accounts, GOBankingRates looked at the following factors from the most premier/costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) APY on the checking account; and (5) associated and advertised benefits/perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (5) was weighted 3 times.
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