City National Bank is a full-service financial institution primarily focused on customers in California, Nevada, and the Eastern United States. While the bank offers a range of standard banking products—checking, savings, CDs, and loans—it stands out for its emphasis on personalized service, especially for those who maintain substantial account balances. However, potential customers should be aware that fees can be high, and interest rates are often less competitive than those offered by other banks.
Checking Accounts: Tiered Service
City National Bank provides three checking account options, each requiring a $1,000 minimum deposit. The Personal Checking account is a basic, non-interest-bearing option for those with higher balances. Customers with at least $250,000 across City National deposits, wealth management, and loans qualify for the Preferred Platinum Checking account, which waives the $50 monthly maintenance fee and provides access to cash flow advice, wealth management, and retirement planning.
Maintenance fees can be avoided by meeting minimum balance requirements: $7,500 for Personal Checking and $250,000 across multiple accounts for Preferred Platinum.
Savings Accounts: Basic Offerings
City National Bank’s Personal Savings account is a standard offering requiring just $50 to open. To waive the $5 monthly maintenance fee, a minimum average daily balance of $100 must be maintained. The bank does not offer a high-yield savings account.
CDs: Competitive Rates, High Minimums
City National Bank’s certificate of deposit (CD) rates are generally favorable, with terms ranging from seven days to 60 months or more. However, the minimum deposit requirement for CDs is $2,500, increasing to $10,000 for terms up to 11 months. Automatic renewal applies unless the CD is cashed out before maturity.
Money Market Accounts: Higher Balance Focus
City National Bank offers two money market accounts, with minimum deposit requirements of $2,500 and $10,000, respectively. Both accounts allow unlimited transactions and offer tiered interest rates based on balance. Monthly fees of $20 or $25 may apply if balance requirements are not met.
Banking Experience: Branch Access Matters
City National Bank excels in providing personalized service, particularly for high-balance clients. The bank has a significant presence in California, with over 70 branches, and a smaller footprint in Nevada, New York, Delaware, Florida, Georgia, Massachusetts, Tennessee, Virginia, and Washington, D.C.
Despite robust online and mobile banking options (rated 3.3 out of 5 stars on the App Store and 4.2 out of 5 stars on Google Play), most accounts must be opened in-branch. Customer service is available by phone, email, and secure messaging through mobile banking.
The Bottom Line
City National Bank is a solid choice for high-net-worth individuals who prefer personalized banking services and don’t mind higher fees or lower interest rates on standard accounts. The bank’s limited branch network and in-person account opening requirements may be drawbacks for others.
