Citizens is the online division of Citizens Bank, an East Coast-based institution.

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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

      

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