Review
Updated
Fact Checked
Nathan Alderman
The Citizens Access® Savings account offers a high savings account interest rate with no fees whatsoever. In fact, the APY (interest rate) on this account is 9X the national rate. In a world where high-yield savings accounts are becoming more popular, the Citizens Access® Savings account certainly stands out.
Note that this is a strictly online account -- the most convenient way to access your savings is by transferring funds to and from an account at another bank. But for many, the benefits of the fee-free jaw-dropping APY outweigh this small detail.
In this in-depth expert review, we'll cover the details of the Citizens Access® Savings account to help you decide if this high-yield savings account is the right choice for you.
Ratings Methodology
Rates as
of May 06, 2024
Citizens Access® Savings
Member FDIC.
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.
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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.
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= Best
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= Excellent
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APY
4.50%
Min. To Earn APY
$0.01
- Competitive APY
- No account fees
- Unlimited transfers and withdrawals
- FDIC insured
- No wire transfers (inbound or outbound)
- No checking account offered at same bank
- No ATM access
- No branch access; online only
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.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
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
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
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 |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
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 |
5.26%
Min. to earn: $1
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N/A
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Citizens Access® Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Citizens Access® Savings | 4.50% | $0.01 |
Data source: Citizens Bank.
Citizens Bank is offering a very competitive APY, and you can reap the rewards with any amount of money in your account. This one could be a great fit for beginning savers.
Full Citizens Access® Savings review
Citizens Access® Savings is a solid choice for many people looking to get more money out of their savings. Is it right for you? That's something only you can decide. Keep reading for a rundown of the top perks and potential drawbacks of this savings account from Citizens Bank to help you make a decision that fits your life.
Pros of Citizens Access® Savings
High APY: Citizens Access® Savings has one of the highest APYs of the high-yield savings accounts we cover. And unlike some competitors, there's no special condition -- such as setting up direct deposit -- required to get the top rate.
No fees at all: Most online banks don't charge the fees that are quite common among branch-based banks, such as account opening or maintenance fees. Citizens Bank is no exception -- there are no fees associated with the account.
No minimum deposit or balance: Technically, the minimum opening deposit is officially listed as $0.01 for Citizens Access® Savings.
User-friendly banking app: Citizens Bank offers an excellent online banking app that allows you to view your accounts and move money quickly and easily. The app has a 4.7 out of 5 star rating in the App Store and 4.8 out of 5 in the Google Play Store.
Strong customer support: Although Citizens Bank doesn't have any branches, it offers help by phone seven days a week, and its Mon-Fri hours of 6 a.m.-12 a.m. ET are among the best for live support in the online banking industry.
Easy account opening process: Opening a Citizens Access® Savings account is very user-friendly and easy, and can be done in about five minutes.
Cons of Citizens Access® Savings
No checking account offered: Unlike with some of the other online high-yield savings accounts we cover, Citizens Bank doesn't offer an online checking account product. We'll discuss the ways to access money later, but a paired checking account can make it much easier.
No branches: Although it's backed by branch-based Citizens Bank, Citizens Bank doesn't offer branch access to its customers. It's a fully online bank.
No ATM access: ATM access for savings account customers isn't a universal thing, but several of the top-rated online savings accounts offer the ability to access money through an affiliated ATM network. With Citizens Bank, there's no ATM availability.
How to access your money with a Citizens Access® Savings account
One of the key drawbacks of the Citizens Access® Savings account (and most other online-based bank accounts) is that there are relatively few options when it comes to depositing and withdrawing money.
How to deposit money into a Citizens Access® Savings account
There are two ways to add money to a Citizens Access® Savings account:
- Make an online transfer from a checking or savings account you have at another U.S. bank. Linking accounts is the primary way that Citizens Bank customers deposit and withdraw money to and from their accounts.
- Deposit a check. You can do this through the mail, or through the Citizens Bank mobile app. Some online savings accounts don't offer mobile check deposits through an app, so this can be a convenient differentiator.
How to withdraw money from a Citizens Access® Savings account
There are only two ways to withdraw money from a Citizens Access® Savings account:
- Link the account to another account you own at a different financial institution (such as a branch-based checking account) and set up a transfer.
- Ask Citizens Bank to mail you a check.
Notably, you cannot access your money through ATMs and there is no check-writing capability with a Citizens Access® Savings account.
The Citizens Access® Savings account might be for you if:
The Citizens Access® Savings account is best suited for customers who have checking accounts at other U.S. financial institutions, who want to maximize their savings yield. It is not likely to be the best choice for people who frequently need to deposit cash, want ATM access to their money, or want the convenience of bank branches.
Keep reading about Citizens Bank:
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Citizens Bank offers a high-yield savings account through its Citizens Bank online-only banking subsidiary. Citizens Access® Savings is the name of the account, and while interest rates fluctuate over time, it tends to offer APYs on par with some of the best online banks in the nation.
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Citizens Bank is a legitimate, FDIC-insured bank. It is the online-only subsidiary of Citizens Bank, one of the oldest and largest financial institutions in the United States.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
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.
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