The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Citizens Bank is a traditional bank with nearly 1,100 branches across 16 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 annual percentage yield (APY) topping out at 0.07 percent.
Though Citizens Bank savings rates are extremely low, there’s no minimum balance required to open an account.
Citizens Bank earned a 3.6 out of 5 in Bankrate’s overall rating and a 2.7 out of 5 score for savings accounts.
Citizens Bank savings account 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 Quest Savings||0.07%||Any amount|
Note: The APYs shown are as of Sept. 25, 2023. 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 and also come in well below the national average.
Other savings options at Citizens Bank
Citizens Bank offers two different CDs on its website. You can choose from a 6-month or 14-month term. This might vary depending on location.
Citizens Bank also has IRA CDs and IRA savings accounts for those more focused on growing their retirement savings.