Citizens Access Review: Savings, CDs
cheatgame.info rating: 4.0/5.0
Where Citizens Access shines:
- Highly competitive savings account rate and CD rates
- No fees
Where Citizens Access falls short:
- High minimum opening deposits
- No checking account
- No mobile apps
Where Citizens Access shines:
- Highly competitive savings account rate and CD rates
- No fees
Where Citizens Access falls short:
- High minimum opening deposits
- No checking account
- No mobile apps
Where Citizens Access shines:
- Highly competitive savings account rate and CD rates
- No fees
Where Citizens Access falls short:
- High minimum opening deposits
- No checking account
- No mobile apps
The bottom line
Citizens Access, the new online offshoot of parent bank Citizens Bank, offers a savings account and certificates of deposit with no fees and some of the best interest rates across the board. There are some inconveniences — the bank doesn’t offer a checking account, has no mobile apps, and deposit accounts have a relatively high minimum opening deposit of $5,000.
Read on for details on Citizens Access’ savings, CDs and more.
Savings: 4.5/5.0
The upsides:
High interest rate: With an annual percentage yield of 2.00%, Citizens Access lands itself among the most competitive online savings accounts, so long as you keep at least $5,000 in the account. Balances under that will get an APY of 0.25%.
No fees: You won’t have to worry about monthly fees.
The downside:
High minimum opening deposit: You’ll need an initial deposit of $5,000, which is relatively high compared to other savings accounts.
How does Citizens Access compare?
Online Savings Account
cheatgame.info Rating
at Citizens Access,
Member, FDIC
APY
2.00%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Mobile-friendly
Online Savings
cheatgame.info Rating
at Goldman Sachs Bank USA,
Member, FDIC
APY
1.90%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
High Yield Savings Account
cheatgame.info Rating
at Synchrony Bank,
Member, FDIC
APY
1.85%
Monthly Fees
$0
Bonus features
No Monthly Fee
Competitive APY
Certificates of deposit: 4.5/5.0
The upside:
High rates: Citizen’s Access offers certificates of deposit with some of the best rates in the land. Their one-year CD, for example, has an APY of 2.50%, and their five-year CD has an APY of 3.10%.
The downside:
High minimum deposit requirement: You’ll need $5,000 to open a certificate of deposit.
» Want to see other high rates? Browse the best CD rates this month.
Bank experience: 3.0/5.0
The upside:
Multiple channels of customer support: Citizens Access offers live phone help, even on weekends, and plans to offer support via Twitter.
The downsides:
No branches, or checking account: If you like to keep all your accounts under one roof, Citizens Access won’t be for you — checking accounts aren’t available. Since it’s an online bank, in-person support won’t be possible, either.
No mobile apps: Citizens Access currently doesn’t have any mobile apps, which means you’ll have to access the bank through a browser.
» Ready to take the next step? With high rates and no fees, banking with Citizens Access should be lucrative and stress-free. If you can overlook the absence of key features like a checking account and mobile apps, Citizens Access is a good contender for a place to park your savings. If you’re looking for other highly competitive interest on savings, check out this month’s best savings rates.
