Business Insider's personal finance team compared Citizens Access to the best banks and found it a solid choice for specific banking needs, but not as well-rounded as the top banks.
The online bank is a great option for getting a high interest rate on an online savings account or CD. But it might not be the best choice if you don't have a lot of money for an initial deposit on a CD, because you'll need a minimum of $5,000. Some of the best CD rates out there require much lower minimum deposits.
Citizens Access Overview
Citizens Access is the online-only division of Citizens Bank (Member FDIC). It offers high-yield savings account and high-yield CDs. The online bank also offers mortgages and student loan refinancing.
Anyone in the U.S. who is age 18 or older can open a Citizens Access savings account or CD. Some banks limit their online accounts to customers who live in areas without branches — but if you live near a Citizens Bank branch, you're still eligible for accounts.
Customer service is available by phone or live chat. If you have questions about the savings account or CDs, you may call from 7 a.m. to 12 a.m. ET on weekdays, 9 a.m. to 6 p.m. ET on weekends.
The online institution's mobile app is rated 4.8 out of 5 stars in the Apple store and Google Play store.
Deposits are FDIC-insured, which means up to $250,000 is secure in an individual bank account and $500,000 in a joint account.
Citizens Access Pros and Cons
Citizens Access Pros
- Earn 3.70% APY (Annual Percentage Yield) on a high-yield savings account
- High CD rates
- No monthly service fees on accounts
- Joint accounts are available
Citizens Access Cons
- No checking account or money market account
- May not be able to quickly access savings (no checks, ATM card, or debit card)
- Can't deposit cash (must transfer money using an external bank account or deposit a check)
Banking Options With Citizens Access
Citizens Access Savings
no monthly service fee
3.70%
$0.01
Pros
Cons
- Online-only division of Citizens Bank
- Interest compounded daily, deposited monthly
- FDIC insured
Citizens Access Savings is a solid high-yield savings account with a low minimum opening deposit.
According to the FDIC, the average savings account earns 0.42% APY. However, you'll earn 3.70% APY through this online savings account.
Compare Today's Rates
Citizens Access Online CD
2.75% to 3.50%
$5,000
Pros
Cons
- Terms range from 1 year to 5 years for regular CD
- Early withdrawal penalties: 90 days interest for 1-year terms; 180 days interest for terms over 1 year
- Interest compounded daily
- FDIC insured
Citizens Access CDs might be suitable if you're exploring terms between one and five years. Citizens CD rates are fairly competitive.
The minimum opening deposit to open a CD is high compared to other financial institutions. Most banks require around $1,000 to get a CD, but these CDs call for at least $5,000.
Is Citizens Access Trustworthy?
Citizens Bank received an A rating from the Better Business Bureau because government action has been taken against the bank.
In 2023, the Consumer Financial Protection Bureau required the bank to pay $9 million in a settlement that claimed the bank violated the Truth in Lending Act because it didn't effectively address customer issues regarding credit cards.
The BBB rates banks based on whether they respond effectively to customer complaints, advertise honestly, and have transparent business practices. A good or bad score won't necessarily reflect your experience with a bank, though. Consider reading online customer reviews or talking to Citizens customers to see if it might be a good match.
Citizens Access Alternatives
Citizens Access vs. Bask Bank
Bask Bank is an online-only bank. Your decision between these two institutions may depend on the accounts you'd like to open.
Citizens savings rates aren't quite as high as what you'll earn with the Bask Bank Interest Savings Account which pays 4.20% APY. But with CDs, it may largely depend on the term you want. Bask Bank has better rates for the CDs it offers, paying 4.00% to 4.35% APY. But it offers more short-term CDs — the longest term length it offers is 2 years. Citizens Access CD term lengths start at 1 year and can be as long as 5 years.
Both banks only offer savings accounts and CDs. If you would like to open a checking or money market account, you'll want to consider other financial institutions.
Citizens Access vs. Bread Savings
Bread Savings is another online-only institution with a high-yield savings account and CDs.
If you're strictly searching for the highest interest rates, Bread Savings will probably be more appealing than Citizens Access. The Bread Savings High-Yield Savings Account and most of its CDs pay higher interest rates than what many traditional and online banks pay right now. The savings account pays 4.20% APY and its CDs offer 3.80% to 4.35% APY.
You'll also want to pay attention to the minimum opening deposit needed to get a particular account. At Bread Savings, you'll need $100 to open the bank's savings account or $1,500 to open a CD. At Citizens, you'll need $0.01 to open a savings account and $5,000 to open a CD.
Citizens Access might be worthwhile if you would prioritize customer service availability, because it has longer hours than Bread Savings.
Why You Should Trust Us: How We Reviewed Citizens Access
At Personal Finance Insider, we rate all bank accounts on a scale from one to five stars. For our Citizens Access review, we used a bank account methodology that reviewed different features for the savings account and CDs.
For the savings account, we took into account the minimum opening deposit, monthly service fees, interest rate, customer support availability, mobile app ratings, miscellaneous features, security and ethics of the company. For the CD, we looked at the interest rate, minimum opening deposit, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, and ethics of the company to determine the rating.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Citizens Access Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 4.5 |
| CD | 3.5 |
| Trustworthiness | 4 |
| Total | 4 |
Citizens Access FAQs
Is Citizens Access online bank legitimate?
Yes, Citizens Access is a legitimate online bank. It's the online division of Citizens Bank, which is a Member FDIC bank.
Is Citizens Access a real bank?
Yes,Citizens Access is a real bank. It's the online division of Citizens Bank.
Is Citizens Access a good online bank?
Citizens Access is a good online bank if you're looking for high savings and CD rates. It doesn't have a checking account, though.
Is Citizens Access secure?
Citizens Access is secure. It's the online division of Citizens Bank, which is a Member FDIC bank. Your deposits are federally insured for up to $250,000 per owner, per category. This means that even if Citizens Bank shuts down, your insured deposits are safe.
Does Citizens Bank offer a high-yield savings account?
You won't be able to open a high-yield savings account at a Citizens Bank branch, but its online-only division has a high-yield savings account called Citizens Access Savings.
