Citizens Access

Deposits held and insured by Citizens Bank (RI)

Overview / Commentary
888-201-6505
One Citizens Plaza
Providence, RI 02903
Deposits held and insured by Citizens Bank (RI)

Citizens Access is an online-only banking platform which debuted in May of 2018. It provides individuals with an opportunity to take advantage of high-yield savings products.


The new online banking platform is the latest venture of Rhode Island-based Citizens Financial Group, Inc., the 13th-largest retail bank in the country by assets. The parent bank serves nearly every market sector including individuals, small businesses and corporations.


Savings and CD offerings from Citizens Access


Citizens Access offers two products: Savings accounts and certificates of deposit (CDs).


The APY offered on the savings accounts is one of the highest you’ll find on the market, whether you’re looking at brick-and-mortar or online-only financial institutions. However, you have to have a substantial, $5,000 initial deposit to open an account. If you can meet that minimum, though, you’ll be rewarded with some of the best rates around. Just make sure you keep at least $5,000 in your account as time wears on; if you don’t, your APY will go down dramatically.


The CDs offered by Citizens Access have some of the best rates around. While there are financial institutions offering the same rates with a lower minimum deposit, many others are offering identical or lower rates but with a higher minimum deposit. Depending on how much you are looking to put into your CD, Citizens Access could be a very good option.


CD rules


Bear in mind that when you open a CD, you’re committing to keeping your money in there for the full length of the CD term. If you make any withdrawals prior to the CD’s maturation date, you will be charged a penalty and the account will be closed. When this penalty is applied, it will be 90 days’ worth of interest for CDs with terms of one year or less. For CDs with terms of more than one year, the early withdrawal penalty will be 180 days’ worth of interest. The bottom line is that you cannot make partial withdrawals and let the remaining balance continue to earn interest.


That CD withdrawal penalty aside, Citizens Access is attractive because it charges almost zero fees. That means no maintenance fees and no account opening fees (or anything like them). There’s also no ATM fees, but that is because the savings account is not accessible via an ATM. You also won’t have access to check writing capabilities. Instead, you need to make an electronic transfer from your Citizens Access savings account into one of your accounts at another financial institution. Alternatively, you can request a written check to you by phone. Such accessibility restrictions are not unusual for online-only financial institutions.


Also, be aware that, per Federal Reserve regulation, you will only be able to make six withdrawals per month from your savings account. Should you make more than six withdrawals in three months of any 12-month period, Citizens Access will shut down your savings account.


Setting up an account with Citizens Access


Setting up an account with Citizens Access is incredibly quick and simple thanks to its easily navigable website. You will need to provide a funding source for your new account — such as an existing checking or savings account — along with personal information like your name, address, birth date, phone number, Social Security number and email address.


You can also fund your account by depositing checks directly via the remote deposit capture feature on Citizens Access’ mobile-responsive website. (That is, the website automatically changes to fit the device you're reading it on, such as your phone or tablet.) If you’re not comfortable using remote deposit capture, you can also mail in your check for deposit via snail mail. At the current time, there is no app which can be used with these accounts.


Regulatory Events


While Citizens Access products offer high rates, it should be noted that Citizens Financial Group has had a spotted history at points. Operating under the Royal Bank of Scotland since 1988, it was one of many financial organizations which received government bailouts following the financial crisis of 2008 after participating in some of the practices that led to said crisis.


This did not sit well with the British public, as it was their tax dollars which funded the bailout, and popular opinion led the Royal Bank of Scotland to take Citizens Financial Group public by selling off its shares in the company in 2014. It used the $3 billion in profit from the initial public offering to pay down a part of its £45 billion (then about $73 billion) debt to the British government.


In 2015, the U.S. Consumer Financial Protection Bureau (CFPB) came down on Citizens for errors on consumer deposits. The agency found that for five years, if there was an error on a deposit slip, Citizens would not correct it unless the discrepancy was greater than $50. That resulted in some consumers being rewarded with more money than they had actually deposited, but more worryingly, it meant that many consumers did not see their full funds deposited into their accounts. Citizens kept the money for itself to the tune of $11 million. The CFPB mandated that they return the money to consumers, and socked Citizens with a $7.5 million fine.


All of these controversies occurred before the creation of Citizens Access, and applied to either the parent or sister companies of the new online platform.

Related Posts

Citizens Access Increased To 1.75% - 7/19/2022

Citizens Access has raised their interest rate from 1.25% to 1.75% APY

Citizens Access CD Rates Increase (5 Year Now 3%) - 7/1/2022

1-year 1.75% -> 1.90% 2-year 2.10% -> 2.25% 3-year 2.25% -> 2.40% 4-year 2.35% -> 2.55% 5-year 2.65% -> 3.00% $5,000 minimum balance

Citizens Access Online Savings Increase From 0.75% To 1.25% - 6/17/2022

"Annual percentage yield (APY) and interest rates are accurate as of 06/17/2022. Online Savings: Rates subject to change without notice. 1.25% APY for balances of $0.01 - $4,999.99; 1.25% APY for balances of $5,000.00 or more."

View all posts from:


Great Experience

Posted by: |

I've been with many online banks and I did my homework on these guys. They checked out and so far so good. Easy to set up, easy transfers, good customer service, good website, great interest rate, no fees. They credit transfer balances right away. The transfers do take around a week, but I haven't found that to be unusual, though some banks are quicker. I moved my money from Purepoint, also a very good bank, and I would say they are comparable experiences. Only issue I've had is the slight inconvenience of having to call customer service to add a beneficiary since there is no self-service option for that on their website yet, but at least they acknowledged that issue during my call. Hopefully they keep up with rates over time. For now, as a new customer, I'd recommend them without hesitation.

Just Raised To Competitive Rates

Posted by: |

Opened a High Yield Savings account for future use. Citizens Access is fast to open and has recently raised rates to 1.75%. I do not need ATM, nor checking account. Therefore, 1.75% or maybe higher is suitable for us savers.
Consider NYCB also as they raised to 2.0%.

Adding A Beneficiary Is Not Self-Service. Why?

Posted by: |

Its a hassle to have to call customer service to add beneficiaries. Online banks are supposed to be efficient. Why not Citizens Access??

Incompetent & Unacceptable

The basic level CSR doesn't know anything and when you ask for a supervisor, they're never available and have to wait for a call back. When I deposit a significant amount of money in an institution and a significant amount of money is missing from my screen and you are unable to see any pending transfers, this is unacceptable. $100K is missing from my balance, yet they claim it is showing on theirs. It was there last week on my screen so why not now. Also, I initiated an ACH transfer out of the bank on a Friday, with an actual transfer date of Monday so I would not lose interest over the weekend. They took the money out of my account on Friday. I call the bank, even they cannot see the transfer specifics and they said on their screen the 100K is there but on hold. This is UNACCEPTABLE for a bank in 2022. I am taking all of my money out of this bank and I suggest people to STAY AWAY from this bank. ***THEY DO NOT DO WIRE TRANSFERS. Really another unacceptable practice. If you have a significant amount of money in a bank, there are times when you need money to those funds asap. A hack bank for sure. Can't wait till all my money is out of there.

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Health
A+

Data as of Q1 2022

Data displayed below is for insuring bank: Citizens Bank (RI)
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #57957
Year Established2005
Employees17477
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD8.12%
Annual Interest Income$1.21B
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$191.9B$187.2B
LoansQ1 2022vs Q1 2021$131.3B$125.4B
DepositsQ1 2022vs Q1 2021$161.3B$154.4B
Equity CapitalQ1 2022vs Q1 2021$21.60B$22.12B
Loan Loss AllowanceQ1 2022vs Q1 2021$1.72B$2.19B
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$802.9MM$1.00B
Real Estate OwnedQ1 2022vs Q1 2021$11.8MM$14.4MM
Rates
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Citizens Access Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.75%$5k-Online Savings Account

Citizens Access CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%$5k-5 Year Online CD
3.00%$5k-4 Year Online CD
2.90%$5k-3 Year Online CD
2.80%$5k-2 Year Online CD
2.25%$5k-1 Year Online CD
Locations

Citizens Access is an Internet only bank and does not have branch locations. Its headquarters is located at One Citizens Plaza - Providence, RI 02903

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.