Citizens Bank Savings Rates
Business Insider’s personal finance team compared Citizens Bank savings accounts to the best high-yield savings accounts and found them to be a standard offering. Most of the accounts don’t offer high rates, although they also tend to be low on fees.
Citizens Bank is a regional bank serving the Northeast and 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 Bank also boasts several tiers of savings accounts, including the One Deposit Savings from Citizens and the Citizens 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.
Current Citizens Bank Savings Rates
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 3.70% Annual Percentage Yield (APY). See below for the APYs offered for each of Citizens Bank 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 0.02% APY— much lower than the current national average for savings accounts. The upside is that this account has no monthly service fees. You do need to have a linked Citizens Bank Quest Checking Account to qualify, though.
Citizens Bank Private Client Savings Account Rates
The Citizens Bank Private Client Savings account offers the highest interest rate of any of the Citizens Bank traditional savings accounts at 0.03% APY. Its rate is still much lower than the average savings account rate, though.
You won’t need to pay monthly service fees on this account. However, you will need to open a Citizens Bank Private Client checking account and maintain at least $200,000 in combined Citizens Bank deposits and investments. If you don’t, your accounts will be automatically converted to Citizens Bank Quest accounts.
Citizens Access Savings Account Rates
Citizens Access Savings is the bank’s online high-yield savings account option. It currently offers up to a 3.70% 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, making it easier to avoid bank fees.
It’s important to note that this account is part of Citizens Access, the online bank 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.
Overview of Citizens Bank Savings Accounts
How Citizens Bank Savings Accounts Work
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, Citizens Quest Savings, or Citizens Private Client Savings account, 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 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.
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 Bank doesn’t require a high minimum opening deposit for any of its accounts. The Citizens Access Savings is the only Citizens Bank savings account with a minimum opening deposit, but it’s small; it’s only $0.01.
Citizens Bank Savings Account User Experience and Accessibility
Citizens Bank offers a mobile banking app to use for online banking. The app is well-rated, with 4.7 stars on the Apple App Store and 4.8 stars on the Google Play 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 doesn’t offer 24/7 customer service, but it does offer customer support for all seven days of the week. Exact hours will depend on whether you’re banking with Citizens Access or Citizens Bank, what you’re calling about, and whether you contact them via phone or live chat.
Citizens Bank Savings Security
Citizens Bank is a long-running bank with high ratings from Moody’s and Fitch. It’s also an FDIC-backed bank, meaning your money will be safe for up to $250,000 for a single owner and $500,000 for a joint bank account.
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)
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 3.51%, from the TD Signature Savings account, depending on their location, account balance, and relationship with TD Bank. 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 Bank.
If you meet those requirements and want to earn a high interest rate on account you can bank with in-person, you might prefer TD Bank. If you’re comfortable with online banking, you’ll probably prefer Citizens Bank.
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% with the Bank of America Advantage Savings Account, making them much lower than those offered by Citizens Bank. 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 One Deposit Savings from Citizens 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.
Citizens Bank Savings Tools
If you use the Citizens Bank mobile app, you’ll have access to the Citizens Savings Tracker. This lets you set and track savings goals and set up automatic transfers from your checking account to your savings account.
You’ll be able to set up round-ups, which means that whenever you make a purchase with your debit card, you can set it to round up to the nearest dollar and send the extra change to your savings or money market account.
The Citizens Savings Tracker can also identify money that it can safely move from your checking account to your savings or money market account and transfer it. Finally, you can use the pay-yourself-first method and have the app automatically earmark a portion of any recurring direct deposits it identifies to your savings goals.
Citizens Bank Savings Accounts vs. Other Citizens Bank Accounts
Citizens Bank Savings Accounts vs. Citizens Bank CDs
The biggest differences between Citizens Bank savings accounts and Citizens Bank CDs are the accounts’ liquidity and interest. The best CDs offer high, fixed interest rates, which means that you’re locked into the same interest rate for however long the CD’s term length is. In exchange, you can’t withdraw your money without penalty until the term length is up.
Citizens Bank CDs offer much better interest rates than Citizens Bank traditional savings accounts, but all of its high-rate CDs are online-only, whether you’re going for a Citizens Bank CD or a Citizens Access CD. If you prefer banking online and you don’t mind losing access to your funds for the near future, you can get a good rate from Citizens Bank CDs; otherwise, you’ll prefer one of Citizens Bank’s brick-and-mortar savings accounts.
Citizens Bank Savings Accounts vs. Citizens Bank IRA Savings Accounts
Despite the similar name, Citizens Bank regular savings accounts serve a different purpose from Citizens Bank IRA savings accounts. The Citizens Bank IRA savings account is a retirement account, which means you’ll be penalized by the IRS if you withdraw from it before you turn 59 1/2. Traditional savings accounts are a better fit for short-term savings goals or emergency funds since they have high liquidity.
The Citizens Bank IRA Savings Account is FDIC-insured, which is rare for retirement accounts since they’re generally investment accounts. It might be a good choice if you want an FDIC-insured retirement plan. That being said, Citizens Bank doesn’t post the IRA Savings account’s interest rate on its website, and it’s very likely you’ll earn a significantly lower interest rate with it compared to a more standard retirement account.
Citizens Bank Savings Accounts vs. Citizens Bank Money Market Accounts
Savings accounts and money market accounts are similar in that they are both federally insured bank accounts with variable interest rates. Money market accounts tend to offer more ways to withdraw money, such as a debit card or checks. They also tend to offer slightly higher rates, but those rates are a bit harder to earn.
The Citizens Bank Personal Money Market Account offers similar low rates to the One Deposit Savings from Citizens account, with a standard interest rate of 0.01% APY. If you can qualify for its Quest or Private Client money market accounts, you can earn a higher rate by depositing at least $25,000 in the account. If you want to bank in person while earning a good interest rate, these accounts might be a good option for you.
Are Citizens Bank Savings Accounts Right for You?
Citizens Bank 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 a few 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.
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% APY on its most basic account to 3.70% APY 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.
Yes, Citizens Bank is legit. It’s an FDIC-backed bank, so your money is insured by the federal government for up to $250,000 per depositor.
You can open a high-yield savings account with Citizens Bank by using its online-only branch, Citizens Access. Fill out an online application to open an account.
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