Citizens Bank is a traditional bank with more than 1,100 branches located in 11 different states. It offers a wide variety of financial products, including checking and savings accounts, personal loans, student loans, refinancing, retirement planning and wealth planning. Like most traditional banks, Citizens Bank savings rates are very low, with the highest APY topping out at .05 percent.
Though Citizens Bank savings account rates are extremely low, it does offer some other savings terms that are advantageous, such as no minimum open balance.
Citizens Bank earned a 2.8 out of 5 in Bankrate’s overall rating.
Citizens Bank savings rates
Let’s take a closer look at the savings account interest rates offered by Citizens:
|Account name||APY||Minimum deposit|
|One Deposit Savings||0.01%||Any amount|
|Citizens Bank Platinum Savings||0.02%||Any amount|
|Citizens Bank Platinum Plus Savings||0.02%||Any amount|
|CollegeSaver||0.01%||$25 if child is under age 6
$500 if child is age 6-11
Note: The APYs (Annual Percentage Yield) shown are as of Sept. 3, 2020. The APYs may vary by region.
How Citizens Bank compares to top-yielding banks
The savings accounts offered by Citizens Bank have a much lower interest rate than many of the top-yielding banks.
For example, Vio Bank currently offers a savings account rate of 1.11 percent, though a $100 minimum balance is required to avoid fees. Citi offers a savings account with a competitive APY, and no minimum balance is required. Citizens Access, which is the online division of Citizens Bank, offers savings accounts with competitive rates.
The main reason to open a savings account at Citizens Bank is if you already use the bank for other financial purposes, such as checking. Its CollegeSaver accounts also offers a $1,000 bonus when the customer turns 18 when you make the minimum monthly contribution.
To find up-to-date information on the best savings rates offered, check out the savings rate comparison page.
Other savings options at Citizens Bank
Citizens Bank offers a number of other savings options that have marginally better interest rates. It has three certificates of deposit with terms between 11 and 24 months. They all require a minimum opening balance of $1,000. The APY varies depending on the CD and whether you have a checking account with Citizens Bank.
It also offers IRA CDs for those who are more focused on growing their retirement savings.
Featured image by simona pilolla 2 of Shutterstock.