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 Savings 3.00% APY - 10/19/2022

As of today 10/19, website is now advertising 3.00%APY for their savings account.

Citizens Access Is Now 2.35% APY - 9/20/2022

Citizens Access Savings Account increased to 2.35% APY.

Citizens Access Savings Up To 2.10% APY - 8/18/2022

It's about time. Citizens Access increased from 1.75% to 2.10% APY for their Savings Account.

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My #1 Hub Bank For 2022

I opened my Citizens Access online savings account many years ago, they were not very competitive in the past so I ultimately closed the account to seek greener pastures. Fast forward to the rate hikes of 2022 and Citizens started to be competitive again.

To my surprise, my online log in still worked with them and I promptly opened a new online Savings account in May 2022. Since then I have been pleasantly surprised at my experience with them and as another reviewer mentioned, they are the new Marcus or PurePoint, but with competitive rates.

The super high transfer limits, competitive rates, quick transfers, and 10 allowed linked ACH accounts (why doesn't every bank do this??) have made this my go to hub account. This bank is tied for #1 with my other new favorite online hub, CIBC Agility. If Citizens had just a tad bit of a higher rate, it would be my #1 since it beats CIBC in both daily & monthly transfer limits. I am so happy I re-kindled my relationship with Citizens.

Citizens Is The Marcus Account Replacement

Its tough to find online bank accounts at 2 percent or more interest that have A+ rating including high capitalization and at least 60 billion in assets. Citizens ranked very high on all. Marcus account was going stagnant at 1.7% and so dumped all the funds into a new Citizens account. The benefiary set up is okay here even though it is only a phone call submittal because they attach a PDF file to the account providing confirmation of beneficiary. The ACH transfers both to and from are as quick as possible as funds show the next day. Online account could use better descriptions on transfers

Please Improve!

Posted by: |

Been with this bank for 10+ years. Good rates and clean functional website were my reasons for parking funds here. Recently they changed their inner structure and raised rates simultaneously and could not handle either. Could not access my account online and it took me 3 hours to find someone who could actually locate my account. Was on hold for 1 hour each time to get to speak to someone. Finally I got a hold of one person who seemed to know something about their inner workings and he transferred me to customer service Nicole who is the only reason I am still with this bank! I am still not entirely happy as I no longer receive verification texts on my phone just my email. I have complained but to no avail. They have once again raised their rates but I am hesitant as surely my BP is not worth the effort!

Moving On To Better Yield

My core account at Fidelity Investments as of 11-21-22 (SPAXX) now has a 7-day yield of 3.30%. And the price is fixed at $1.00 so the risk is minimal. They use VIP Access from Symantec (a free pop-up tool that appears on the desktop) for the security code. This means you don't need a phone or emai to get into your account. The number updates every 30 seconds so all you need do is copy & paste the code.

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Health
A

Data as of Q2 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
Employees19142
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.83%
Return on Equity - YTD7.33%
Annual Interest Income$2.84B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$226.5B$185B
LoansQ2 2022vs Q2 2021$157.7B$124.3B
DepositsQ2 2022vs Q2 2021$181.7B$153.8B
Equity CapitalQ2 2022vs Q2 2021$24.14B$22.50B
Loan Loss AllowanceQ2 2022vs Q2 2021$1.96B$1.95B
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$899.1MM$786.9MM
Real Estate OwnedQ2 2022vs Q2 2021$12.7MM$19.5MM
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Citizens Access Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%--Online Savings Account

Citizens Access CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.45%$5k-5 Year Online CD
3.40%$5k-4 Year Online CD
3.35%$5k-3 Year Online CD
3.30%$5k-2 Year Online CD
3.25%$5k-1 Year Online CD
0.05%$5k-11 Month Liquid 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.