Citizens Bank High Yield Savings
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Citizens has an online savings account with a competitive APY and no fees. But what's the catch? Continue reading to find out.
Overall Score | 4.4 | ||
Savings | 4.5 | ||
Fees | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- High APY
- No monthly fees
- No physical branches
- No cash deposits
Bottom Line
Online savings account with an impressive rate and no fees
Citizens Bank offers a variety of banking products. That includes a high-yield savings account called Citizens Access® Savings through its online-only division, Citizens.
But, it has a catch—it's an online-only savings account. Access to your money may not be as convenient as you'd like.
Read on to learn more about Citizens' high-yield online savings account.
Does Citizens Bank Have High-Yield Savings?
Yes, Citizens Bank offers a high-yield savings account through Citizens—an online-only bank that allows you to earn a competitive rate with minimal fees.
Citizens Bank High Yield Online Savings - 3.70% APY
- No opening fee
- No service fee
- $0.01 minimum opening deposit
What Is Citizens Access® Savings?
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Citizens Access® Savings is an online high-yield savings account by Citizens[1]. It boasts an impressive 3.70% APY with no fees, hidden costs, or balance requirements.
With this APY, you can earn higher than the national average savings rate of 0.41% APY (as of March 2025), speeding up your savings journey. All you need is a minimum opening deposit of $0.01 to get you started.[2]
Citizens Bank High Yield Online Savings - 3.70% APY
How Much Can You Earn?
Here's a calculator you can use to see how much your money can grow with Citizens Access® Savings.
Fees to Look Out For
With a Citizens Access® Savings account, you don't ever have to worry about any hidden costs. It has zero fees so you can expect:[3]
- No account opening fees
- No maintenance fees
- No service fees
But it does have a very minimal minimum opening deposit of $0.01. No fees give you more control over your funds, allowing you to save easier and faster.
Pros and Cons
Pros
- Competitive rate
- Low opening deposit
- No monthly charges
- Top-rate mobile app
- FDIC-insured
Cons
- No physical branches
- No ATM card
- No cash deposits
How Citizens High Yield Savings Compares
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Account - 4.30% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
How to Open an Account
If you want to open an account, you can do so through the official website of Citizens. Here are the steps:
- Go to the Citizens Access® Savings page and select Open an Account.
- Answer the online application form.
- Submit and fund your account.
To open a Citizens Access Savings account, you must be a US citizen or a resident alien who is at least 18 years old.
How to Fund Your Account
There are several ways you can fund your account, you can do any of the following:
- Online bank transfer by linking your external account to Citizens Access®
- Mail a check to Citizens Access®, PO Box 6801, Carol Stream, IL 60197-6801
- Mobile check deposit via Citizens Access® mobile app
- Set up direct deposits
Since Citizens is purely online, there are only a few ways for you to access your funds:
- Transfer money from your Citizens Access Savings account to a linked external account
- Request a check via mail
Is Citizens Bank High Yield Savings Safe?
Yes because Citizens Savings Accounts are FDIC-insured. This means deposits are protected up to the maximum amount allowed by law. So, in the event of bank closure, you are guaranteed to get your money back.
Who Is It Best For?
Citizens Access® Savings is best for those who want to focus on building their wealth. You can make your money work harder through competitive rates and minimal fees.
But, if you prefer using ATMs or going to a physical bank, this might not be the best choice.
Ultimately, this savings account was designed to help you reach your savings goals, not to replace your everyday spending account.
Bottom Line
Citizens online high-yield savings account is a great choice for those who have financial goals they want to meet and don't mind a digital-only experience.
However, if you want your funds within physical reach, you can check out other savings accounts with ATM access or branches.
References
- ^ Citizens. High-yield online savings account, Retrieved 12/27/2023
- ^ Citizens. FAQS: Is there a minimum deposit needed to open a Citizens Access® Savings account?, Retrieved 12/27/2023
- ^ Citizens. FAQS: No fees? Really?, Retrieved 12/27/2023
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
14-Month No Penalty CD - 4.25% APY
- Limited time offer for new customers: Earn $250 bonus when a total of $25,000 in deposits is made within 14 days of first funding with code GET250. Offer ends 3/31/2025
- No fees
- $1 minimum deposit
- FDIC insured
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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