Citizens Access Review 2024: CDs and Savings Accounts With Low Fees

Vault’s Viewpoint on Citizens Access

Citizens Access is great for people who prefer to bank online and are looking for a high-yield savings account or certificate of deposit (CD). Because Citizens Access has no fees, customers can save money and take advantage of higher rates than what some other banks offer. Still, it’s worth shopping around to see if you can find a better annual percentage yield (APY) elsewhere.

Based on our Citizens Access review, it stands out for its high-yield CDs, but the minimum deposit is $5,000, which might not be attainable for everyone. Many other financial institutions have smaller deposit requirements, like Marcus by Goldman Sachs. If you don’t have $5,000 available for a deposit, there are plenty of other reputable banks that offer CDs with less money upfront.  

Citizens Access isn’t the best bank for folks who want to open a checking account or money market account. Citizens Access has limited account types, and there are no credit cards, checks, ATM cards or debit cards available. If you’re hoping to work with one bank for all of your financial needs, Citizens Access probably isn’t the right choice.

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Citizens Access Certificates of Deposit

Citizens Access offers high-yield CDs with competitive rates and no fees. You can also get CD ladders and liquid CDs. Citizens Access high-yield CDs are available in term lengths of one to five years, with APYs ranging from 3.45% to 5%. There is a $5,000 minimum deposit to open an account.

Citizens Access Savings Account

Citizens Access offers online savings accounts that are FDIC-insured up to the maximum allowable limit and have no fees or hidden costs. You can take advantage of a competitive 4.5% APY and open an account in a few minutes with a minimum deposit of one cent.

Citizens Access Checking Accounts

Currently, there are no Citizens Access checking accounts. If you’re interested in opening a checking account, you can get one through the bank’s parent company, Citizens Bank. You can also check out our list of the best online checking accounts to find one that meets your needs. 

About Citizens Access

Citizens Access is an online-only bank that is backed by Citizens Bank, one of the largest financial institutions in the U.S. There are no physical bank locations, which translates into lower fees and higher interest rates for customers. Citizens Access also has robust online security features to keep your money safe, like 24/7 fraud monitoring, firewalls and SSL encryption.

Citizens Access offers a few financial products, including savings accounts, mortgages, high-yield CDs and student loan refinancing. It does not offer checking accounts, investment products or credit cards. You can manage your Citizens Access account online or through the mobile app, but the bank also has live agents available seven days a week during business hours if you need to speak with someone. 

Citizens Access Fees

Citizens Access doesn’t charge any fees for its savings accounts or high-yield CDs. There are no account fees, maintenance fees, service fees or other hidden fees. 

For its student loan and refinance loans, there are no application fees, origination fees, prepayment fees or disbursement fees. Citizens Access also advertises no hidden fees for its mortgages and mortgage refinancing loans, as well as no prepayment penalties. 

Like most banks, Citizens Access does charge a penalty fee if you withdraw money from an online CD before the age of maturity. The bank charges 90 days interest on the amount withdrawn for CDs of one year or less. For CDs with a term of one year or longer, the bank charges 180 days interest on the amount withdrawn. 

If you choose a Liquid CD from Citizens Access, you can withdraw all the money in the account with no penalty starting seven days after funding. 

Who Is Citizens Access Best For?

Citizens Access is best for people who prefer to bank online and manage their accounts on their own. It can also be a good option for consumers who are looking for a savings product, like a high-yield savings account or high-yield CD. Citizens Access offers these accounts with competitive APYs and no fees. 

Who Should Consider an Alternative to Citizens Access?

Citizens Access isn’t the best bank for everyone. First, the bank offers limited account types. There are no checking accounts, credit cards or money market accounts available, so Citizens Access probably won’t meet all of your banking needs. 

Additionally, Citizens Access has no physical locations, so you can’t meet with a financial advisor in person. This also makes it slightly more difficult to get your money. Because of that, Citizens Access is not ideal for people who need to access their funds on a regular basis. 

How Does Citizens Access Stack Up to Its Competitors?

If you’re in the market for a savings account or CD, it’s a good idea to compare Citizens Access to a few other financial institutions. See how Citizens Access stacks up against some of its biggest competitors.  

Citizens Access vs. SoFi

SoFi is an online bank that offers a wide variety of financial products, including checking and savings accounts, student loans, personal loans, loan refinancing accounts, credit cards, investment accounts and more. Unlike Citizens Access, SoFi can be a good option if you prefer to work with one bank for all of your financial needs.

While SoFi offers a much bigger selection of accounts than Citizens Access, it doesn’t offer CDs. Instead, SoFi has “vaults” that allow you to save money for specific things, like travel or an emergency fund. The APY for SoFi’s online savings account is currently 4.60%, which is slightly better than Citizens Access’ rate of 4.50%, and there are no fees.

Because SoFi operates entirely online, there are no physical branches. However, you can get in touch with a support agent over the phone or through the live chat feature on the bank’s website. There is also a mobile app where you can manage your account, move money, invest money, apply for loans and redeem rewards.

Citizens Access vs. Ally

Ally Bank is another online financial institution. The bank has lots of financial offerings, such as bank accounts, retirement accounts, investment accounts, auto loans and others. With digital capabilities like a mobile app, live chat and an online portal, there are plenty of ways to safely manage your money and accounts 24/7.

If you’re looking to open a high-yield CD, Ally might be a better option than Citizens Access. For a one-year term, Ally’s APY is 4.50%, which is lower than Citizens Access’ APY of 5%. But for a five-year term, Ally’s APY is 3.90%, which is better than Citizens Access’ APY of 3.45%. Ally also offers more CD term lengths, with options of 3-, 6-, 9-, 12- and 18-months, plus three- and five-year terms. There is no minimum deposit to open an Ally CD, which is a big advantage over Citizens Access’ $5,000 minimum. 

Compared to Ally, Citizens Access is a better pick for high-yield savings accounts. Ally offers an APY of 4.20%, which isn’t quite as good as Citizens Access’ APY of 4.5%. Additionally, Ally only allows 10 withdrawals per month, whereas Citizens Access has no withdrawal or transfer limitations.

Citizens Access vs. Marcus by Goldman Sachs

Like Citizens Access, Marcus by Goldman Sachs is an online bank that is backed by one of the most reputable financial institutions, The Goldman Sachs Group. Marcus offers a good selection of accounts, including high-yield savings accounts and CDs, as well as several credit cards. The company recently closed its investment division, called Marcus Invest, and is no longer offering investment products.

Marcus’ high-yield savings account has an APY of 4.40%. Like Citizens Access, Marcus’ high-yield savings account has no fees or hidden costs, and there is no minimum deposit. You can open an account in a few minutes and manage your money online or through the Marcus mobile app. The bank also offers 24/7 phone support and live chat for customers.

Marcus offers a few CD options. You can choose between a high-yield CD, no-penalty CD and rate bump CD. Its high-yield CD is offered in term lengths of 3-, 6-, 9-, 12- and 18-months, plus two-, three-, four-, five- and six-year terms. For its one-year CD, Marcus’ APY is the same as Citizens Access’ APY (5%), but the five-year APY is 4%, which is better than what Citizens Access offers. The minimum deposit to open a high-yield CD with Marcus is only $500, whereas Citizens Access requires $5,000 down.