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Citizens Bank is perfect for those who want to earn a hefty amount of interest and are OK with banking online. Below we'll delve deeper into this online bank and see if its savings accounts and CDs are right for you.
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.
Citizens Bank has one primary bank account option: an online savings account. If you're looking for a safe place online to build an emergency fund, a Citizens Access® Savings account may be a solid choice.
The Citizens Access® Savings account features high-yield interest with no monthly maintenance fees and a $0.01 minimum deposit to open an account.
Citizens Access® Savings
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.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Traditionally, certificates of deposit (CDs) offer higher rates than savings accounts in exchange for leaving your money untouched for a set time. Citizens Bank is home to one high-yield CD option.
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.
APY = Annual Percentage Yield
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.
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% |
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.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Citizens Bank doesn't currently offer a checking account. But if you're interested in opening one, check out our list of the best checking accounts.
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Citizens Bank offers customer support seven days a week via phone or secure message. Its website is optimized for mobile use and offers an option to deposit checks.
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.
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 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 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.
Citizens Bank is a smart choice if:
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.
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
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.