Citizens Access Bank Review 2022: Competitive Rates if You Have $5,000 to Save

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Good for Seasoned Savers
Citizens Access Bank Review
Citizens Access
Good for Seasoned Savers
Citizens Access Bank Review
  • refinance rates icon inactive
    No monthly fees
  • how to get a personal loan icon inactive
    $5,000 minimum deposit

Citizens Access offers a high-yield savings account and certificates of deposit (CDs) with various terms. Both accounts have competitive interest rates, but $5,000 minimum deposit requirements that may be a hurdle for some.

NextAdvisor’s Take

  • Competitive interest rates
  • No monthly fees
  • Many varied communication channels
  • Mobile check deposit
  • $5,000 minimum deposit requirement for savings and CD accounts
  • No debit cards, ATM cards, or checks
  • Few account options
  • No cash deposits

Additional Details

  • Citizens Access is an online-only digital bank affiliated with Citizens Bank
  • All savings products require a minimum deposit of $5,000
  • Citizens Access also offers mortgage loans, mortgage refinancing and student loan refinancing
  • CD terms range from 1 year to 5 years
  • Mobile app lets you bank and deposit checks on the go
  • No limit to savings account withdrawals and transfers
  • Citizens Access deposits are FDIC-insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Citizens Access Bank Full Review

Citizens Access is an online-only bank affiliated with and backed by Citizens Bank, which has locations in a few different states and is based in Rhode Island. As a digital bank, Citizens Access doesn’t restrict customers by region. It offers two main savings products, a high-yield savings account and traditional certificates of deposit (CDs).

Savings Accounts

Citizens Access bank’s high-yield savings account comes with a competitive interest rate and no monthly fees. However, there is a minimum deposit requirement of $5,000, which can be a big burden if you don’t already have a significant savings balance. 

Once you open a high-yield savings account with Citizens, you can fund it with an online transfer or mobile check deposit. If you don’t want to withdraw your money via electronic transfer to another account, you can also request a mailed check. Unlike some other savings accounts, there’s no way to make a cash deposit and no option for debit card or check writing abilities.  

Certificates of Deposit

Certificates of deposit (CDs) from Citizens Access require a minimum deposit requirement of $5,000. Like savings, you can transfer money to your CD account via electronic funds transfer from another bank account or by mobile or mailed check. You’ll have 10 days from account opening to fund your CD.

Citizens Access bank’s high-yield CDs terms are: 1 year, 2 years, 3 years, 4 years, and 5 years. In addition to these traditional CDs with competitive rates, the bank also offers an 11-month liquid CD, though it earns a very low interest rate by comparison. Citizens makes it easy to open CD ladders with its annual term fixed CDs but remember, you’ll need a $5,000 minimum opening deposit for each different CD term.

Upon your CD’s maturity, you’ll have 10 calendar days to withdraw the funds without any penalty or add to your balance. After the grace period, CDs are automatically renewed for another term of the same duration. 

Partial early withdrawals are not permitted on Citizens Access CDs, and you’ll pay a penalty for withdrawing your balance early. On shorter-term CDs of one year or less, the penalty is 90 days of interest. For CD terms longer than one year, the penalty is 180 days of interest.

Other Products

Citizens Access offers a handful of other financial products beyond savings accounts and CDs. You can apply for a mortgage with the bank, including 15- and 30-year fixed-rate loans and a 7 yr/6mo fully amortizing ARM, or refinance an existing mortgage. There are also student loan refinancing options with no application fees, no monthly maintenance fees, and no prepayment penalties. 

Customer Experience

Citizens Access doesn’t rank as highly as some other banks we’ve reviewed when it comes to customer reviews. Its mobile app has a middling average star rating of 2.8 out of 5 stars in the App Store and 3.3 out of 5 stars on Google Play. Among negative reviews, a common complaint is difficulty logging into the app.

However, the bank does have plenty of options for connecting with a representative or troubleshooting an issue. You can access Citizens by phone seven days a week, via online chat, and even through the bank’s Twitter account, where a representative may ask you to send specific account information via direct message. There’s also a frequently asked questions page on the site, which may be useful for any issues with your account.


Citizens Access Bank has made more effort in terms of accessibility than many of its competitors, although some of its accessibility efforts apply to in-person banking only. For example, brick-and-mortar locations of the parent bank Citizens Bank feature Braille and large-print statements for customers upon request.

For online banking specifically, Citizens Access says its accessibility efforts are based on Web Accessibility Initiative (WAI) and World Wide Web Consortium (W3C). The bank’s call center also supports Telecommunication Devices for the Deaf (TDD) with representatives seven days a week. You can also send a secure message with questions or concerns through your online account.

Is Citizens Access Bank Right for You?

If you’re looking for a way to grow your savings and you have more than $5,000 saved already, Citizens Access Bank could be a good option. The minimum deposit requirement for both savings accounts and certificates of deposit (CDs) is very high, but no monthly fees can be beneficial, and you can earn solid interest rates. Citizens’ online banking platform also offers online chat and phone customer service seven days per week, so you can get help when you need it.

However, remember to compare options before opening. There are plenty of high-yield savings and CD accounts with competitive rates that don’t require high minimum deposits and may have features that better suit your needs. For example, Citizens Access doesn’t have a variety of account types and does not offer a debit card or check-writing access. In general, this online bank offers a way to stash your savings for the long haul (if you already have a significant sum), but it’s not the best option if you need frequent access to your money. 

Frequently Asked Questions about Citizens Access Bank

Is Citizens Access a real bank?

Citizens Access is an FDIC-insured online-only bank that is affiliated with Citizens Bank.

Does Citizens Access offer high-yield savings?

Citizens Access offers high-yield savings accounts and certificates of deposit (CDs) with terms between one and five years.

What is the minimum deposit for Citizens Access?

Citizens Access requires a minimum deposit of $5,000 for savings accounts and CDs.