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Citizens Access Savings -
Citizens Access Online CD
Citizens Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| CD | 3.5 |
| Trustworthiness | 4 |
| Total | 3.75 |
Citizens Review: Pros and Cons
| Pros | Cons |
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Citizens Access Savings Review
Citizens Access Savings is a solid high-yield savings account with a low minimum opening deposit.
According to the FDIC, the average savings account earns 0.43% APY. However, you'll earn 4.50% APY through Citizens' online savings account.
Compare Today's Savings Rates
Citizens Access Online CD Review
Citizens CDs might be suitable if you're exploring terms between one and five years.
The minimum opening deposit to open a CD is high compared to other financial institutions. Most banks require around $1,000 to get a CD, but Citizens CDs call for at least $5,000.
Citizens also has an 11-month liquid CD, which is a CD that lets you withdraw money before the end of a term. However, the Citizens 11-month liquid CD isn't available for new customers to open right now.
About Citizens
Citizens is the online-only division of Citizens Bank. It was also previously known as Citzens Access. The online institution has a high-yield savings account and CDs. It also offers mortgages and student loan refinancing. Anyone in the US who is age 18 or older can open a Citizens savings account or CD. If you live near a Citizens Bank, you're still eligible for accounts with Citizens.
Customer service is available by phone or live chat. If you have questions about the savings account or CDs, you may call from 6 a.m. to 12 a.m. ET on weekdays, 9 a.m. to 5 p.m. ET on Saturdays, or 10 a.m. to 5 p.m. ET on Sundays.
The online institution's mobile app is rated 2.3 out of 5 stars in the Apple store and 2.8 out of 5 stars in the Google Play store.
Citizens is FDIC insured, which means up to $250,000 is secure in an individual bank account, and $500,000 is protected in joint bank accounts.
Is Citizens Trustworthy?
The Better Business Bureau rates banks based on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices. BBB ratings do not necessarily guarantee your relationship with a particular company will be strong, though. Consider reading online customer reviews or talking to customers of Citizens Bank to see if it might be a good match.
Citizens Bank received a B+ rating from the BBB because government action has been taken against the bank.
The bank has been involved in one recent public controversy. In 2023, the Consumer Financial Protection Bureau required Citizens Bank to pay $9 million in a settlement that claimed the bank violated the Truth in Lending Act because it didn't effectively address customer issues regarding credit cards.
Citizens FAQs
Yes, Citizens is the online-only division of Citizens Bank. It was previously known as Citizens Access.
You won't be able to open a high-yield savings account at a Citizens Bank branch, but its online-only division has a high-yield savings account called Citizens Access Savings.
Citizens may be worthwhile if you are searching for savings accounts or CDs with competitive interest rates. Its accounts pay higher rates than most traditional banks. At Citizens, you'll need at least $5,000 to open a CD, though.
Methodology: How We Reviewed Citizens
At Personal Finance Insider, we rate all bank accounts on a scale from zero to five stars. For our Citizens review, we used a bank account methodology that reviewed different features for the savings account and CDs. For the savings account, we took into account the minimum opening deposit, monthly service fees, interest rate, customer support availability, mobile app ratings, and ethics of the company. For the CD, we looked at the interest rate, minimum opening deposit, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, and ethics of the company to determine the rating.
How Citizens Compares
Citizens vs. Bask Bank
Bask Bank is an online-only bank featured in our best high-yield savings account guide.
Your decision between these two institutions may depend on the accounts you'd like to open.
You'll earn a higher interest rate on the Bask Bank Interest Savings Account than with the Citizen Access Savings Account. However, in terms of CDs, it may largely depend on the term you want. Bask Bank offers a solid interest rate on 6-month and 1-year CDs, while Citizens has a good interest rate on a 1-year CD.
Both banks only offer savings accounts and CDs. If you would like to open a money market account or a CD, you'll want to consider other financial institutions.
Citizens vs. Bread Savings
Bread Savings is another online-only institution with a high-yield savings account and CDs.
If you're strictly searching for the highest interest rates, Bread Savings will probably be more appealing than Citizens. The Bread Savings High-Yield Savings Account and most of its CDs pay higher interest rates than what many traditional and online banks pay right now — including Citizens.
You'll also want to pay attention to the minimum opening deposit needed to get a particular account. At Bread Savings, you'll need $100 to open the bank's savings account or $1,500 to open a CD. At Citizens, you'll need $0.01 to open a savings account and $5,000 to open a CD.
Citizens might be worthwhile if you would prioritize customer service availability. Bread Savings has customer support that's only available on weekdays.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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