Citizens Bank is a regional bank serving largely the Northeast, plus Florida. The bank has over 1,000 branches and wealth centers and offers a variety of financial products, including checking accounts, credit cards, home loans, investing services, and more.
Citizens also boasts several tiers of savings accounts, including the One Deposit Savings Account and the Quest Savings Account — which are offered online and through the bank's physical locations. Or, if you're comfortable with online-only banking, there's also a high-yield savings account option offered through Citizens Access, the bank's online banking platform.
Citizens Bank Savings Accounts
The rate you'll earn on a Citizens Bank savings account depends on which type of account you open. Currently, the bank's savings rates range from just 0.01% to 4.50% APY (Annual Percentage Yield). See below for the APYs offered for each of Citizens Bank's savings account options.
Citizens Bank One Deposit Savings Account Rates
One Deposit Savings from Citizens is the bank's most basic savings option. It offers 0.01% APY, regardless of your account balance.
If you fail to make at least one deposit each month, there is also a $4.99 monthly service fee. The account has no minimum deposit and also includes the Citizens Paid Early program, which lets qualifying account holders access their paychecks up to two days early (as long as they have direct deposit set up).
Citizens Quest Savings Account Rates
The Citizens Quest Savings has a 0.07% APY— much lower than the current national average for savings accounts. The upside is that this account has no fees and comes with access to a debit card. You do need to have a linked Citizens Quest Checking Account to qualify, though.
Citizens Access Savings Account Rates
Citizens Access Savings is the bank's online high-yield savings account option. It currently offers up to a 4.50% APY, much higher than the national savings average. The minimum deposit on this account is only $0.01, and there are no monthly maintenance fees, either.
It's important to note that this account is part of Citizens Access — the online-only branch of Citizens Bank, so there are no physical locations or branches. All banking is done via the bank's mobile app and online dashboard.
How Citizens Bank Savings Accounts Work
Account Opening Process
You have a few options when it comes to opening a savings account with Citizens Bank. If you're opening a One Deposit Savings from Citizens or Citizens Quest Savings, you can open an account online, over the phone, or in a Citizens Bank branch. If you're interested in a Citizens Access Savings, you'll be using Citizens Bank's online-only branch, so you won't be able to open an account in a physical branch. You'll still be able to open an account online or over the phone, though.
In order to fill out the application to open an account, you'll need some personal information, such as a driver's license or state ID, a Social Security number, an email address, and a phone number.
Minimum Deposits and Balance Requirements
None of Citizen Bank's accounts come with balance requirements. The One Deposit Savings from Citizens does have monthly service fees, but waiving them isn't dependent on keeping a certain amount of money in your account; instead, you need to make at least one deposit into your account per month to waive the fee.
Like many of the best banks, Citizens doesn't require a high minimum opening deposit for any of its accounts. The Citizens Access Savings is the only Citizens savings account with a minimum opening deposit, but it's small; it's only $0.01.
Interest Rates and APY
Because Citizens Access works as an online bank, the interest rate its savings account offers is multiple percentage points higher than what the other two savings accounts offer. The Citizens Access Savings gives a 4.50% APY, or annual percentage yield, which is high for brick-and-mortar bank but lower than what many of the best online banks offer. The other savings accounts offer rates much lower than the national average.
Monthly Fees and Maintenance Charges
Luckily, there are fairly few Citizens Bank savings account fees. Only one savings account, the One Deposit Savings from Citizens, charges a $4.99 monthly service fee, and it can be waived by putting one deposit in your account per month. If you'd like to avoid bank fees entirely, you'll probably want to go with one of the other two accounts.
Citizens Bank Online and Mobile Banking
Citizens Bank offers a mobile banking app to use for online banking. The app is well-rated, with 4.7 stars on both the Google Play store and the Apple App Store. The app lets you do things like deposit checks using your phone, pay bills, manage your accounts, and use Zelle, among other uses.
Citizens Bank Customer Service and Support
Citizens Bank doesn't offer 24/7 customer service, but it does offer customer support for all seven days of the week.
For customers who need help with their existing savings accounts, customer service hours by phone are 7:00 a.m. ET to 10:00 p.m. ET on Monday through Friday, and 9:00 a.m. ET to 6:00 p.m. ET on Saturday and Sunday.
If you aren't already a customer, customer service hours by phone are available from 8:00 a.m. ET to 9:00 p.m. ET on Monday through Friday, and 9 a.m. ET to 5:30 p.m. ET on Saturday and Sunday.
Citizens Bank Savings Pros and Cons
Citizens Bank Savings Pros
- High-yield savings rate is above the national average (though below the highest rates currently being offered)
- Accounts have no fees or have fees that can be easily waived
- Several account options
- No or low minimum deposits
Citizens Bank Savings Cons
- Rates on in-branch accounts are much lower than the national average
- Limited physical locations (primarily East Coast and Florida)
Are Citizens Bank Savings Accounts Right for You?
Citizens Banks' savings accounts all offer low to no minimum opening deposit, which is great for people who want to open a savings account but who don't necessarily have a lot of money to open it with. And for people wondering how many bank accounts they should have, being able to keep more than one savings account at the same bank might be appealing.
While the bank accounts that offer in-person support don't come with a very high APY, some might want a savings account with physical branches nationwide, even if it offers a lower interest rate. The best savings accounts with physical branches offer a higher APY on their accounts, though.
The biggest drawback to Citizens Bank's savings account is the APY they offer. While their online-only savings account comes with a decently high APY, there are several 5% interest savings accounts you can get if you're willing to bank online. And Citizens' other savings accounts offer a lower APY than the average savings account.
Having to pay a monthly fee for the One Deposit Savings from Citizens also isn't ideal. Even though it's a relatively low fee that's fairly easy to waive, you probably won't be earning enough interest to cover the cost if you aren't able to waive it. If you're interested in seeing how your monthly interest would shake out, you can use a compound interest calculator to see how much you'll earn each month.
Citizens Bank Savings Account Alternatives
Citizens Bank Savings Accounts vs. TD Bank Savings Accounts
TD Bank's savings rates vary by location, but they tend to be on par with those offered by Citizens Bank. For example, a consumer could get a rate of 0.01% to 3.70%, depending on their location, account balance, and relationship with TD. The bank's highest rates go to those with $100,000 balances or higher and who have an existing mortgage, credit card, home equity loan, or checking account with TD.
Citizens Bank Savings Accounts vs. Bank of America Savings Accounts
Bank of America's savings account rates start off at 0.01% to 0.04%, making them much lower than those offered by Citizens Bank. In order to earn Bank of America's highest APY, you must be a member of its "Platinum Honors Tier," which requires an average three-month daily balance of $100,000 to $1 million. When comparing Citizens Bank One Deposit Savings vs Platinum Savings from Bank of America, you'll have to choose whether you're interested in a higher APY or a lower minimum balance. Bank of America does not have a high-yield savings account option.
Why You Should Trust Us: How We Reviewed Citizens Bank Savings Account
To review Citizens Bank's savings accounts, we used Business Insider's bank account methodology to rate each one from one to five stars. In general, we look at ethics, security, customer support, and mobile apps when rating an institution. Interest rates, monthly fees, miscellaneous features, and minimum deposits also play a role in our ratings for savings accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Citizens Bank Savings Rates FAQs
Citizens Bank's savings rates range from 0.01% on its most basic account to 4.50% on its high-yield savings account. Its highest APYs are available through Citizens Access, the online-only branch of the bank.
Yes, your money is safe in a Citizens Bank savings account. Citizens Bank is FDIC-insured, so your money is insured up to $250,000 per depositor, per account type.
Only one of Citizens Bank's savings accounts have monthly service fees: the One Deposit Savings from Citizens, which comes with a $4.99 monthly service fee that can be waived by putting one deposit into your account per month.
