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The Citizens Access® Savings account might be right for you if: You want to earn a high APY on a free online savings account. The APY on this account is more than 18x the national rate; however, since the account is strictly online, your deposit and withdrawal options will be limited.
Citizens Access® Savings
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.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
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up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
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4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
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Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
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Open Account for CIT Platinum Savings
On CIT's Secure Website. |
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Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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.
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3.70%
Rate info
3.70% annual percentage yield as of April 16, 2025. Terms apply.
Min. to earn: $0
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N/A
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Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Citizens Access® Savings is a solid choice for many people looking to get more money out of their savings. Is it right for you? That's something only you can decide. Keep reading for a rundown of the top perks and potential drawbacks of this savings account from Citizens to help you make a decision that fits your life.
Account | APY | Minimum Deposit |
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Citizens Access® Savings | 3.70% | $0.01 |
Citizens is offering a very competitive APY, and you can reap the rewards with any amount of money in your account. This one could be a great fit for beginning savers.
Most online banks don't charge fees that are common among brick-and-mortar banks, such as account opening or maintenance fees. Citizens is no exception -- there are no fees associated with the account.
A minimum deposit of $0.01 is required to open the account. After that, your money will earn the full APY regardless of your balance.
There is no withdrawal limit on your Citizens Access® Savings account. However, since this is an online bank without physical branches or ATMs, you are limited in terms of how you can access your money.
Citizens offers a stellar banking app with all the functions you need to meet basic banking needs. You can view your accounts, deposit checks directly to your account, and transfer money in and out of your account.
That said, it lacks some of the more robust features of other banking apps, such as the ability to monitor all your financial accounts, including those not with Citizens, in one dashboard.
Although it's backed by branch-based Citizens, Citizens Access® Savings doesn't offer branch or ATM access to its customers. It also doesn't support a paired checking account.
There are two ways to add money to a Citizens Access® Savings account:
You have two options to withdraw money from your Citizens Access® Savings account:
While Citizens has an overall rating of just 1.2 out of 5 stars on Trustpilot and 1.07 out of 5 stars on BBB, among users of its app it scores much higher -- with a 4.7 out of 5 star rating in the App Store and 4.7 out of 5 in the Google Play Store.
High APY: At 3.70% as of June 2024, Citizens Access® Savings has one of the highest APYs of the high-yield savings accounts we cover. And unlike some competitors, there's no special condition -- such as setting up direct deposit -- required to get the top rate.
Easy account opening process: Opening a Citizens Access® Savings account is user-friendly and easy, and can be done in about five minutes.
No fees: Citizens doesn't charge fees for its savings products, including no account opening or maintenance fees.
Strong customer support: Although Citizens doesn't have any branches, it offers help by phone seven days a week, and its Mon-Fri hours of 6 a.m. to 12 a.m. EDT are among the best for live support in the online banking industry.
No checking account offered: Unlike with some of the other online high-yield savings accounts we cover, Citizens doesn't offer an online checking account product, which limits the ways you can access your money and means you can't write checks.
No branches: Citizens Access® Savings is a fully online account.
No ATM access: ATM access for savings account customers isn't universal, but several of the top-rated online savings accounts offer the ability to access money through an affiliated ATM network. With Citizens, there's no ATM availability.
Yes, Citizens Access® Savings is FDIC insured. Depositors will enjoy up to $250,000 of FDIC insurance per account type.
The Citizens Access® Savings account is best suited for customers who have checking accounts at other U.S. financial institutions, who want to maximize their savings yield. It is not likely to be the best choice for people who frequently need to deposit cash, want ATM access to their money, or want the convenience of bank branches.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
Citizens offers a high-yield savings account through its Citizens online-only banking subsidiary. Citizens Access® Savings is the name of the account, and while interest rates fluctuate over time, it tends to offer APYs on par with some of the best online banks in the nation.
Citizens is a legitimate, FDIC-insured bank. It is one of the oldest and largest financial institutions in the United States.
Interest is compounded daily and credited to your account monthly.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.