Citizens Access Savings and CD Rates: How Do They Compare?

Photo to accompany a story about rates at Citizens Access
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Citizens Access bank is the online banking division of Citizens Bank, with no physical branches and a focus on savings.

The bank’s savings account and CD offerings have competitive interest rates and are easily accessible via online account or mobile app. While they don’t top the list of highest rates available, they do offer consistently growing rates that are on par with what the best high-yield savings accounts and CDs today offer. 

Read on to find out how their savings rates look right now, how they stack up to the competition, and other details you’ll want to know before you open an account.

Citizens Access Savings Rates

Citizens Access offers a single high-yield savings account that has no fees and a very small minimum deposit requirement. 

The chart below shows the main details of the Citizens Access Savings account.

Annual Percentage Yield (APY)Minimum DepositFees
Citizens Access Savings3.75% APY$0.01No monthly fees

Note: The above APYs are accurate as of publish date. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

How do Citizens Access savings rates compare to other banks?

The savings account rate you’ll earn with Citizens Access is competitive among other high-yield savings accounts today, and especially good when you compare it to the national average.

While some high-yield savings accounts today earn more than 4.00% APY, the national average savings account rate (which includes traditional savings accounts offered by big banks) is just 0.30% APY. So while Citizens Access may not have the absolute highest rate available, it’s still well over average and closer to the high-end of available rates right now. 

Citizens Access CD Rates

Citizens Access also offers certificates of deposit (CDs). The terms for these accounts last from one year to five years for traditional CDs, plus an 11-month liquid CD option (also called a no-penalty CD). Each CD has a $5,000 minimum deposit requirement.

The chart below provides an overview of the Citizens Access CD terms and other details.

TermAnnual Percentage Yield (APY)Minimum Deposit
11-month liquid CD0.05%$5,000
1-year3.25%$5,000
2-year3.30%$5,000
3-year3.35%$5,000
4-year3.40%$5,000
5-year3.45%$5,000

Note: The above APYs are accurate as of publish date. The NextAdvisor editorial team updates this information regularly, though it is possible rates have changed since they were last updated.

Citizens Access CD rates compared to other banks

Citizens Access certificates of deposit (CDs) are fairly competitive among high-yield CDs from other online banks. While there are definitely higher-earning CD options (including some well above 4.50% APY for various terms), Citizens Access CDs do earn more than the national average

Those averages (which, like savings accounts, include lower-earning traditional CDs from large banks) range from 1.07% for one-year terms to 1.09% for five-year terms, which is more than 2% APY less than you’ll get from Citizens. 

The biggest downside for the bank’s CDs is the $5,000 minimum deposit required to get started. If you already have a substantial amount saved, this might not be a deterrent but could be for savers who are just getting started.

The other thing to know before opening a Citizens Access CD is that you’ll find much better rates for no-penalty CDs elsewhere. While the 11-month liquid CD from Citizens earns a very low 0.05% APY, you can find no-penalty CDs from other banks with similar terms today earning closer to 3.50% or more.

Is Citizens Access a Good Choice for a Savings or CD Account?

Citizens Access can make a good choice for an online-only savings account or CD.

Its savings account in particular offers a great interest rate and very low minimum deposit, along with no fees, which makes it a solid choice among other high-yield savings options today.

If you’re looking for an online CD, Citizens also has several available terms. However, these CDs don’t earn as much as some other high-yield options right now. Plus, the minimum deposit requirement of $5,000 means they won’t work for everyone.

Before opening an account with Citizens Access, you should also consider more account details, including how you’ll access your account and other banking tools you may want options for. Citizens Access is online-only, but does have an app — so you can bank online or via mobile. To move money in and out of your account, you’ll need to either link an external bank account for electronic transfers or request a mailed check from the bank. 

Citizens Access doesn’t have any other accounts for saving or checking, but you can consider a mortgage with the bank or refinancing for both mortgages and student loans.

When you choose any new account don’t forget to compare different banks that may best suit your financial plan and savings goals. Here are a few resources from NextAdvisor to help you start saving: