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Citizens Review: Solid Savings and CDs Backed by Citizens Bank

Review Updated
Steven Porrello
Author: Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Cole Tretheway
Reviewer: Cole Tretheway
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Fact Checked: Nathan Alderman
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of Motley Fool Money. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Editor's note

Citizens is an online extension of Citizens Bank, a brick-and-mortar bank. We only cover Citizens in the following review. For the purposes of FDIC insurance, Citizens and Citizens Bank are considered the same entity.

Offer image for
Member FDIC.

Citizens

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Citizens is a convenient and cost-effective way to bank online and earn an above-average APY. It offers a savings account and CDs, but it does not offer checking accounts or money market accounts.

Pros
  • Great APY for savings accounts and CDs
  • No monthly fees
  • Low minimum deposit for savings account ($0.01)
  • Backed by Citizens Bank
Cons
  • High minimum deposit for CDs ($5,000)
  • No checking account

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Citizens right for you?

Citizens is a smart choice if:

  • You want competitive interest rates without paying monthly fees
  • You don't need a full-service bank or checking account
  • You want to do all of your saving online

Banking fees

Citizens Fee Charge
Monthly maintenance fee $0
Non-bank ATM fee N/A
Overdraft fee N/A
Outgoing wire transfer fee N/A
Date source: Citizens

Savings accounts

Citizens offers one savings account with a decent savings rate -- the Citizens Access® Savings. With an APY of 4.15%, the account can certainly compete with other free savings accounts. It has no monthly maintenance fees and a $0.01 minimum deposit.

Citizens lets you open joint accounts with up to two owners. The banking service does not distribute ATM cards, debit cards, or checks. But you can deposit checks into your account by snapping a photo with the Citizens mobile app.

Rates as of Dec 20, 2024

Citizens Access® Savings

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
4.15%
Min. To Earn APY
$0.01
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • No wire transfers (inbound or outbound)
  • No checking account offered at same bank
  • No ATM access
  • No branch access; online only

Citizens Access® Savings offers a highly competitive APY and most of the features you'd expect from a reputable online savings account. Beware that wire transfers are not permitted — which may be inconvenient if you plan to pay a mortgage down-payment or closing costs from this account. Otherwise, funds should be easy to access through online transfers.

Certificates of deposit

Citizens CDs come in five term lengths, ranging from one year to five years. Each term length earns a competitive APY, but you must make a minimum $5,000 deposit to open one.

Citizens also offers a range of CD laddering options, which could help you earn high rates while maintaining flexible funds. However, the high minimum deposit could make this a costly option.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Citizens CD
Citizens CD
Bottom Line

You'll have to lock your money up for at least a year to open a Citizens Online CD -- and it'll have to be at least $5,000 to satisfy the minimum deposit. That said, the APYs available are pretty competitive.

MINIMUM DEPOSIT $5,000
Read Review
1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
5.00% 4.00% 3.35% 3.40% 3.45%

Compare CD rates

Citizens offers competitive CD rates, but they aren't the only option. Check out our comparison below to see how Citizens stacks up against other top CD picks.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Customer experience

As an online-only service, Citizens doesn't have brick-and-mortar branches. As such, customer support will be available either online or over the phone.

Customer reviews

Citizens does not have stellar ratings on third-party sites. Most of the negative feedback revolves around poor customer service experiences, such as miscommunication and a lack of responsiveness to disputes. Other clients complain of getting charged surprise fees and the general lack of bank bonuses and promotions.

Citizens is often lumped in with Citizens Bank, which charges fees. Citizens does not charge fees. This confusion is worth mentioning because many complaints don't apply to Citizens. To be fair, Citizens Bank has done a poor job of distinguishing Citizens from its brick-and-mortar banking services.

  • Better Business Bureau rating: B
  • Trustpilot rating: 1.3 out of 5 stars

Customer service

Clients can get in touch with Citizens over chat or on the phone. The Savings and CD customer service team is available:

  • Monday through Friday 6 a.m. to 12 a.m. ET
  • Saturday 9 a.m. to 5 p.m. ET
  • Sunday 10 a.m. to 5 p.m. ET

Mobile app

The Citizens mobile app lets you:

  • Access your CD and Savings accounts 24/7
  • View account summary and statements
  • See transaction history
  • Transfer money in and out of your accounts

It scores well on both the App Store and the Google Play Store. Customers say it's easy to use, but it's a hassle when the app bugs out. Some customers frequently uninstall and reinstall the app to fix issues. The most persistent issue has been trouble logging in.

The app is easy to use. But the experience is probably not as smooth as with mobile-first banking apps. If you want a bug-free experience, consider other banking apps like Chime.

  • App Store star rating: 4.6/5
  • Google Play star rating: 4.7/5

Physical locations

Citizens does not have physical branches or ATMs. You can withdraw money by linking your Citizens accounts to other financial institutions. Or, you can ask Citizens to send you a check in the mail.

How does Citizens compare?

Citizens may not be the right bank for everyone. Here's a look at two other online banks that may be a better fit.

Citizens vs. CIT Bank

CIT Bank is a highly rated online bank with competitive APYs and no monthly maintenance fees on deposit accounts. The online bank offers a full suite of products. If you're interested in opening a different top-notch online savings account, check out our expert review of CIT Savings Connect.

Citizens vs. Ally Bank

Ally Bank also offers a wide array of online banking products for those who want to manage their money all in one place. Ally is known for competitive high-yield APYs and no monthly maintenance fees. Unlike Citizens, Ally has a checking account available, which also earns interest. Plus, Ally lets you organize your spending and savings into buckets.

FAQs

  • Yes, Citizens is legitimate. Citizens is backed by Citizens Bank. Citizens Bank has 200 years of banking experience and over $150 billion in assets.

  • No, Citizens does not currently offer a money market account. It only offers a savings account and certificates of deposit.

  • Yes, Citizens is safe. Citizens and Citizens Bank are treated the same for the purpose of FDIC insurance. The bank has FDIC insurance, which protects up to $250,000 per depositor, per ownership category.