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Citizens Access Bank Review: Competitive Savings and CD Accounts

Review Updated Jan. 24, 2023
Kevin Payne
By: Kevin Payne

Our Banking Expert

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.

Citizens Access Bank is the online-only arm of Citizens Bank. Its banking products are limited to savings accounts and CDs. Learn more about this online bank in our full Citizens Access Bank review.

Offer image for

Citizens Access Bank

Rating image, 3.50 out of 5 stars.
Circle with letter I in it. 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.
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3.50/5
Bottom Line

This can be a convenient and cost-effective option for people living in one of the states within the bank's coverage map.

Pros
  • No monthly fees
  • Full-service bank
Cons
  • High minimum deposit
  • High balance threshold for high APY
  • No checking account

Citizens Access Bank savings accounts review

Citizens Access 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, Citizens Access' Online Savings Account may be a solid choice.

Online Savings Account

The main draw for Citizens Access Bank is its Online Savings Account. The account features high-yield interest and no monthly maintenance fees. You only need a $0.01 minimum deposit to open an account. All account balances earn interest, but only balances of $5,000 or higher earn the top interest tier.

Compare savings accounts

Check out our list of the best savings accounts to see how the Citizens Access Online Savings Account compares to other online banks. We've included some of our top picks below.

Rates as of Feb. 8, 2023
Offer
 
 
 
Account
Goldman Sachs Bank USA.
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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
4.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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
4.00/5
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. 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.
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5.00/5
APY 3.40% 4.05% 3.50%
Min. to earn APY $1 $100 $0
Next Steps

Citizens Access Bank CD accounts

Traditionally certificates of deposit (CDs) offer higher rates than savings accounts do in exchange for leaving your money untouched for a set time. Citizens Access is home to two high-yield CD options.

Online CD

Citizens Access Online CDs come in five term lengths ranging from one year to five years. Each term length earns a competitive APY. Like the savings account, these CDs require a $5,000 deposit. A CD ladder strategy could help you earn high rates while maintaining flexible funds. However, the high minimum deposit could make this a costly option.

Liquid CD

Another option for Citizens Access customers is to open a Liquid CD. This 11-month, no-penalty CD features a competitive rate and no fees. Unlike most CDs, Citizens Access's Liquid CD comes with no penalty for a one-time withdrawal of the entire CD balance. Traditional CDs charge penalties for pulling funds before maturity.

Compare CD rates

Citizens Access Bank offers competitive CD rates, but they aren't the only option. Check out our comparison below to see how Citizens Access stacks up against other top CD picks.

Rates as of Feb. 8, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member FDIC.
4.25%
4.30%
4.30%
4.30%
4.30%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes
Logo for CIT Bank CD
Member FDIC.
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes

Alternatives to Citizens Access Bank checking accounts

Citizens Access Bank doesn't currently offer a checking account. Check out our list of the best checking accounts to find the right choice for your everyday banking.

Citizens Access Bank customer service and experience

Citizens Access 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. Unlike most online banks, Citizens Access has no mobile app.

Citizens Access 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 Access 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 Access Bank

Citizens Access 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 Access Bank, Ally Bank has a checking account available, which also earns interest.

Is Citizens Access Bank right for you?

Citizens Access Bank is a smart choice if:

  • You want high-yield interest without paying monthly fees
  • You aren't looking for a full-service bank
  • You're OK doing all of your banking online

Our Banking Expert