Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not influenced by compensation. We do not include all companies or all offers available in the marketplace.
    |    Accessibility Options

Citizens Bank Review: Competitive Savings and CD Accounts

Review Updated
Kevin Payne
Steven Porrello
By: Kevin Payne and Steven Porrello

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for

Citizens Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

This can be a convenient and cost-effective option for people who want an online banking experience and want to earn at an above-average APY.

Pros
  • Great APY for both savings accounts and CDs
  • No monthly fees
  • Low minimum deposit for savings account ($0.01)
  • Online banking experience
Cons
  • High minimum deposit for CDs ($5,000)
  • No checking account

The Ascent's Star Rating

Citizens Bank Accounts The Ascent's Star Rating (out of 5)
Citizens Bank 3.50
Citizens Access® Savings 4.00

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

The Citizens Access® Savings account features high-yield interest with no monthly maintenance fees and a $0.01 minimum deposit to open an account.

Ratings Methodology
Rates as of Jun 02, 2024

Citizens Access® Savings

Open Account for Citizens Access® Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Citizens Access® Savings
APY
4.50%
Min. To Earn APY
$0.01
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • No wire transfers (inbound or outbound)
  • No checking account offered at same bank
  • No ATM access
  • No branch access; online only

Citizens Access® Savings offers a highly competitive APY and most of the features you'd expect from a reputable online savings account. Beware that wire transfers are not permitted — which may be inconvenient if you plan to pay a mortgage down-payment or closing costs from this account. Otherwise, funds should be easy to access through online transfers.

Read Full Review

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.50%
Min. to earn: $0.01
N/A
5.00% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A

Certificates of deposit

Citizens Bank Online CDs come in five term lengths ranging from one year to five years. Each term length earns a competitive APY, but you must make a minimum $5,000 deposit to open one.

Citizens Bank can also help you set up a CD ladder, which could help you earn high rates while maintaining flexible funds. However, the high minimum deposit could make this a costly option.

Rates as of May 14, 2024

APY = Annual Percentage Yield

Offer image for Citizens Bank Online CD
Citizens Bank Online CD
Bottom Line

You'll have to lock your money up for at least a year to open a Citizens Bank CD -- and it'll have to be at least $5,000 to satisfy the minimum deposit. That said, the APYs available aren't bad.

MINIMUM DEPOSIT $5,000
1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
5.00% 3.30% 3.35% 3.40% 3.45%

Compare CD rates

Citizens Bank offers competitive CD rates, but they aren't the only option. Check out our comparison below to see how Citizens Bank stacks up against other top CD picks.

Rates as of May 14, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.05% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.15% Term: 9 Months Min. Deposit:  $1
Open Account for
Member FDIC.
APY: 4.75% Term: 1 Year Min. Deposit:  $500
Open Account for Nationwide CD

Customer experience

Customer support

Citizens Bank offers customer support seven days a week via phone or secure message. Their website offers different phone numbers depending on the subject of your question: online banking, mobile banking, savings accounts, etc.

Mobile app

Citizens Bank's mobile app allows you to manage transactions, deposit checks, pay your bills, and more. It has a fairly high score on both the App Store and the Google Play Store.

  • App Store star rating: 4.7/5
  • Google Play star rating: 4.7/5

Relationship benefits

Some banks use relationship benefits as a way to draw in new customers. These are more common with brick-and-mortar banks and include perks like higher rates or waived monthly fees. Citizens Bank, like many other online banks, already provides high-yield APYs on deposit accounts with no fees. As a result, it doesn't offer any relationship benefits.

Alternatives to Citizens Bank

Citizens Bank may not be the right bank for everyone. Here's a look at two other online banks that may be a better fit.

CIT Bank

CIT Bank is a highly rated online bank with competitive APYs and no monthly maintenance fees on deposit accounts. The online bank offers a full suite of products. If you're interested in a top-notch online savings account, check out our expert review of the CIT Savings Connect account.

Ally Bank

Ally Bank also offers a wide array of online banking products for those who want to manage their money all in one place. Ally is known for competitive high-yield APYs and no monthly maintenance fees. Unlike Citizens Bank, Ally has a checking account available, which also earns interest.

Is Citizens Bank right for you?

Citizens Bank is a smart choice if:

  • You want high-yield interest without paying monthly fees
  • You aren't looking for a full-service bank or checking account
  • You're OK doing all of your banking online

FAQs

  • Yes, Citizens Bank is a legitimate bank. Citizens Bank has 200 years of banking experience and over $150 billion in assets.

  • Citizens Bank owns and operates Citizens Access. That said, Citizens Bank is more of a brick-and-mortar full-service bank, while Citizens Access caters to those who want an online banking experience.

Our Banking Experts

Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

Nathan Alderman
Check IconFact Checked Nathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.