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.
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.
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.
Citizens Bank
Rating image, 3.50 out of 5 stars.
3.50/5
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
Citizens Bank savings accounts review
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.
Citizens Access® Savings
The Citizens Access® Savings account features high-yield interest with no monthly maintenance fees and a $0.01 minimum deposit to open an account.
4.00/5
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
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
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.
High-yield savings account comparison
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.
4.75/5
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
up to 4.60%
Rate info
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!
4.75/5
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
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
4.00/5
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
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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 CD
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 April 25, 2024
APY = Annual Percentage Yield
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.
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.
Checking account comparison
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.
4.00/5
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
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
4.75/5
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
0.50%
Rate info
You can earn the maximum savings 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
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
4.25/5
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
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
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.
Citizens Bank 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.
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 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 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.
Share This Page
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 does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.