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Citizens Access Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
3.5

Bankrate Score

bank-logo
TOP OFFER
1.30 % APY
Certificate of deposit
1yr
Term
$ 5,000
Min. deposit
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No monthly fees

Citizens Access is ideal for customers who prefer to bank entirely online.

  • Savings
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    4.8
  • CDs
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    2.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
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    Sallie Mae

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    MMA

    0.75 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Overall

    3.5

    Bankrate Score

    Citizens Access is an online bank with no branches that offers savings products. It is a division of Citizens Bank.

    What we like

    • Citizens Access offers a competitive savings APY.

    • Customer service is available by phone seven days a week or by using the chat function on the bank’s website.

    • The Citizen Access savings account doesn’t have a monthly service fee.

    What we don't

    • Citizens Access doesn’t offer a mobile banking app.

    • It has no physical branches or ATM access.

    • The bank offers a limited selection of products.

    Savings accounts

    4.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    Citizens Access offers a competitive APY on its savings account. However, the account has a higher minimum balance than some of its competitors ($5,000), and accounts that fall below the minimum earn a much lower APY. The bank may close an account if the balance falls below $5,000 for 90 days or more.

    What we like

    • Citizens Access consistently offers a competitive rate.

    • The bank does not charge any fees.

    What we don't

    • Other online savings accounts have lower minimum balance requirements.

    • Citizens Access doesn’t provide an ATM card available for withdrawals.

    CD rates

    2.9

    Bankrate Score

    TODAY'S CD RATES
    Citizens Access

    Member FDIC

    CD

    1.30 % APY

    1yr

    Term

    $ 5,000

    Min. deposit

    Citizens Access offers five different CD terms and an 11-month no-penalty CD. APYs on the bank's CD yields are below average, and they require a relatively steep $5,000 deposit to open.

    What we like

    • Interest can be paid and transferred to another linked account.

    • Customers can open a no-penalty CD and avoid early withdrawal fees.

    What we don't

    • The minimum deposit is higher than what’s offered by most other online banks.

    • Higher yields are available elsewhere on both shorter and longer terms.

    • There are limited CD terms to choose from.

    Bank experience

    Citizens Access customer service representatives are available to answer questions about CDs and savings accounts seven days a week: 8 a.m. to 10 p.m. Eastern time, weekdays; 9 a.m. to 3 p.m., Saturday; and 10 a.m. to 3 p.m., Sunday. Secure messages can also be sent via the Citizens Access website. Replies are sent within 24 to 48 business hours.

    Though Citizens Access has no mobile app, a smartphone can be used to access its website to deposit checks, check account balances and more.

    About Citizens Access

    Citizens Access is an online-only bank that offers a competitive yield on its savings account and charges no monthly fee. Its products, which also include CDs, are available nationwide.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth