Citizens Access Review: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Citizens Access is the online-only division of Citizens Bank. It offers an FDIC-insured savings account and certificates of deposit with no fees and solid interest rates across the board. But there are some inconveniences: The bank doesn’t offer a checking account, there are limited withdrawal options and its CDs have a relatively high minimum opening deposit of $5,000.
No monthly fees on savings accounts.
Competitive rate on some CDs.
Low minimum opening deposit on some accounts.
Extended phone customer service hours.
High minimum opening deposits for CDs.
No checking account offered.
High minimum balance to earn strong CD rate.
Product reviews
Savings
With an annual percentage yield of 2.80%, Citizens Access offers a solid online savings account and there are no monthly fees. The minimum opening deposit is just $0.01.
But Citizens only offers two ways to get your money out of this account: by transferring to another account at another bank or by calling and requesting a check. There are online savings accounts with more withdrawal options if you need quicker or more versatile access to your funds.
» Want to comparison shop? Check out rates from the best high-yield online savings accounts
Citizens Access Savings
Certificates of deposit
Citizens Access offers CDs with terms up to five years, and some have strong rates. Much higher than what you’ll find at some traditional banks. But there's a high $5,000 minimum to open.
You can find higher rates with lower minimum deposit requirements on our list of the best CD rates.
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 8 months | 4.00% | $5,000 |
| 1 year | 3.25% | $5,000 |
| 2 years | 3.00% | $5,000 |
| 3 years | 2.75% | $5,000 |
| 4 years | 2.75% | $5,000 |
| 5 years | 2.75% | $5,000 |
Citizens Access Online CD
Customer experience & overdraft fees
Customer experience
Citizens Access only has one customer support channel: live phone help seven days a week. The bank also offers highly rated mobile apps.
Bear in mind that it does not offer checking accounts, so if you like to keep all your accounts under one roof, Citizens Access won’t be for you. Nor are wire transfers available; you can move money out of Citizens Access via account-to-account transfers or have a check mailed to you. You also can’t fund the account with cash — you can only deposit money into your accounts through an online transfer from a different bank account or by mobile check deposit.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.