Citizens Review: Savings and CDs
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Overall institution rating
4.5
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 and its CDs have a relatively high minimum opening deposit of $5,000.
Best for: Those who want a competitive savings rate 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
- No checking account.
- No cash deposits.
- Relatively high minimum opening deposits of $5,000 for CDs.
Full review

Savings
Member FDIC
4.5
/5 NerdWallet ratingat Citizens
With an annual percentage yield of 4.50%, Citizens offers a strong online savings account and there are no monthly fees. The minimum opening deposit is just $0.01.

CD
Member FDIC
3.5
/5 NerdWallet ratingCitizens offers certificates of deposit with various term lengths and strong rates. There's a fairly high $5,000 minimum to open. However, it has yields higher than what you’ll find at traditional banks. For more high yields, read our list of some of the best CDs rates.
Banking experience
4.0
NerdWallet ratingCitizens offers multiple channels of customer support, including live phone help seven days a week, chat support and some help through Twitter. The bank also offers mobile apps, though they get average ratings in the app stores. Its website is mobile optimized, though, and offers mobile check deposit.
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 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 depositing a check.
Looking for the traditional, brick-and-mortar division of Citizen Bank? Read NerdWallet’s Citizens Bank Review.
How does Citizens compare?
Current Product
![]() Citizens Online Savings Account Member FDIC | ![]() SoFi Checking and Savings Member FDIC | ![]() CIT Bank Platinum Savings Member FDIC |
---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 |
APY 4.50% With $0.01 min. balance for APY | APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY |
Bonus N/A | Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A |
Learn more at Citizens | Learn more at SoFi | Learn more at CIT Bank |
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.