Citizens is the online division of Citizens Bank, an East Coast-based institution.
Citizens Bank; Insider
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The bottom line: Citizens is a great option for earning a high interest rate on a Citizens Online Access Savings Account or Citizens Online Certificate of Deposit. But it won’t be ideal if you don’t have a lot of money for an initial deposit, because a minimum of $5,000 is needed to open an account.
Overall bank rating
Feature
Insider rating (out of 5)
Savings
4
CD
3.5
Trustworthiness
4
Total
3.75
Pros and cons
Pros
Cons
Earn Citizens Online Access Savings Account on a high-yield savings account
High CD rates
No monthly service fees
Can add a joint bank account owner
No checking account or money market account
May not be able to quickly access savings (no checks, ATM card, or debit card)
Can’t deposit cash or wire transfers (you must transfer money using an external bank account or deposit a check)
Lackluster mobile app ratings
Citizens Online Access Savings Account
The Citizens Online Access Savings Account is a solid high-yield savings account if you have at least $5,000 for a minimum opening deposit. According to the FDIC, the average savings account earns FDIC National Deposit Savings Rates. However, you’ll earn Citizens Online Access Savings Account through Citizens’ online savings account.
If the minimum opening deposit is too steep, many other banks have lower initial deposit requirements — check out our best high-yield savings account guide for options.
Citizens Online Certificate of Deposit
Citizens Online Certificate of Deposit might be suitable if you’re exploring terms between one year and five years.
The minimum opening deposit to open a CD is high …read more
Source:: Business Insider
