Citizens Review: Savings and CDs
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Overall bank rating
4.0
The bottom line:
Citizens, formerly 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, has no mobile apps (though the site is mobile-first), and deposit accounts have a relatively high minimum opening deposit of $5,000.
Best for: Those who want a competitive savings rate, can meet a high minimum opening deposit requirement and don’t need a checking account or in-person assistance.
Pros
- Highly competitive savings account rate.
- No monthly fees for savings or CDs.
Cons
- Relatively high minimum opening deposits of $5,000 for savings and CDs.
- No checking account.
- No mobile app, but offers a mobile-optimized website with a check deposit feature.
Full review

Savings
Member FDIC
4.0
/5 NerdWallet ratingat Citizens
With an annual percentage yield of 1.75%, Citizens offers a strong online savings account in the current rate environment, and there are no monthly fees. However, the $5,000 minimum opening deposit is relatively high compared with other savings accounts, and you must maintain a $5,000 balance to get the higher APY. Balances below that earn 0.10%.

CD
Member FDIC
4.5
/5 NerdWallet ratingCitizens offers certificates of deposit with various term lengths. But, as with the savings account, there's a fairly high $5,000 minimum to open. The CD rates are higher than what you’ll find at traditional banks, but lower than rates you can find at other online banks.
Banking experience
4.0
NerdWallet ratingCitizens offers multiple channels of customer support, including live phone help seven days a week, messaging support and some help through Twitter. Although Citizens currently doesn’t have any apps, its mobile-optimized website offers a check deposit feature as well as an excellent user interface.
Bear in mind that it does not offer checking accounts, so if you like to keep all your accounts under one roof, Citizens won’t be for you. Nor are wire transfers available; you can move money out of Citizens via account-to-account transfers or having a check mailed to you, but you won't be able to receive a wire transfer or fund the account with one.

Savings
Member FDIC
4.0
/5 NerdWallet ratingat Citizens
With an annual percentage yield of 1.75%, Citizens offers a strong online savings account in the current rate environment, and there are no monthly fees. However, the $5,000 minimum opening deposit is relatively high compared with other savings accounts, and you must maintain a $5,000 balance to get the higher APY. Balances below that earn 0.10%.

CD
Member FDIC
4.5
/5 NerdWallet ratingCitizens offers certificates of deposit with various term lengths. But, as with the savings account, there's a fairly high $5,000 minimum to open. The CD rates are higher than what you’ll find at traditional banks, but lower than rates you can find at other online banks.
4.0
NerdWallet ratingCitizens offers multiple channels of customer support, including live phone help seven days a week, messaging support and some help through Twitter. Although Citizens currently doesn’t have any apps, its mobile-optimized website offers a check deposit feature as well as an excellent user interface.
Bear in mind that it does not offer checking accounts, so if you like to keep all your accounts under one roof, Citizens won’t be for you. Nor are wire transfers available; you can move money out of Citizens via account-to-account transfers or having a check mailed to you, but you won't be able to receive a wire transfer or fund the account with one.
How does Citizens compare?
Current Product
![]() Citizens Online Savings Account Member FDIC | ![]() Discover Bank Online Savings Member FDIC |
---|---|
NerdWallet rating 4.0 /5 | NerdWallet rating 5.0 /5 |
APY 1.75% With $5,000 min. balance for APY | APY 1.50% With $0 min. balance for APY |
Bonus N/A | Bonus $200 Requirements to qualify |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.