Citizens Access (New Online Bank) Offers Savings Account


Deal Summary: Online Savings Account, 2.00% APY, $5k min opening deposit. CDs – 12-month (2.50% APY), 36-month (3.00% APY), and 48-month CD (3.05% APY), $5k min deposit.

Availability: National (internet bank)

Citizens Access, a new internet division of Citizens Bank (RI), has debuted its new Online Savings Account and a variety of competitive Online CDs. Let’s talk about the Online Savings Account first.

Online Savings Account

The Online Savings Account earns 2.00% APY on balances of $5k and above; balances between $0.01 and $4,999.99 earn 0.25% APY. Citizens Access reserves the right to close an Online Savings Account if the balance remains “below $5,000 for an extended period of time.” The minimum opening deposit is $5k.

2.00*%$5k-Citizens AccessOnline Savings Account
OTHER TIERS: 0.25% Up to $5k
Rates as of September 15, 2018.

There are no fees associated with the Online Savings Acccount.

Unlike most banks, Citizens Access charges zero fees, no account
opening or maintenance fees, no ancillary service fees. No fees for anything.

When a new bank opens its doors, real or virtual, great rates and hot deals are de rigueur, but after a while the competitive edge dulls. Based on the number of times I saw the following sentiment expressed on Citizens Access’ website, perhaps this new online bank plans on being in the forefront for some time.

We offer market-leading rates, with no promotions or teasers.

Accessing Your Money

The Online Savings Account has no ATM/debit card and any withdrawal can be done by logging “in to your account, select Transfer Funds from the Move Money menu, and transfer the desired amount to your external bank.” You can also request a check be mailed to you. The limit for ACH transfers is $250k for each of the six monthly transactions allowed. In keeping with the Bank’s “no fees for anything,” there is no excess transaction fee beyond the monthly six withdrawals, but,

If you exceed these limits 3 or more times during any 12 consecutive monthly statement cycles on your savings account, we may close your account without prior notice. We may
do this sooner if you significantly exceed these limits in any one month.

Online CDs

Of the seven Online CDs initially being offered, the most competitive are the 12-month (2.50% APY), 3-year (3.00% APY), and 4-year (3.05% APY). Like the Online Savings Account, any of the Online CDs require a $5k minimum deposit.

3.10%$5k-Citizens AccessOnline 5 Year CD
3.05%$5k-Citizens AccessOnline 4 Year CD
3.00%$5k-Citizens AccessOnline 3 Year CD
2.75%$5k-Citizens AccessOnline 2 Year CD
2.60%$5k-Citizens AccessOnline 18 Month CD
2.50%$5k-Citizens AccessOnline 12 Month CD
2.05%$5k-Citizens AccessOnline 6 Month CD
Rates as of September 15, 2018.

There are no partial withdrawals allowed. As stated in the Deposit Accounts Agreement,

If we permit you to make an early withdrawal, your CD account will be closed and we may assess you an early withdrawal penalty if you close your CD account prior to its scheduled maturity date.

  • Short-term CD (one year or less) - 90 days interest on the CD balance.
  • Long-term CD (more than one year) - 180 days interest on the CD balance.

There is a 10 calendar-day grace period in which to access your matured funds. When opening a CD, the application process provides different maturity options, including naming an institution to receive the maturing funds. This can be a different account/bank than the funding account/bank. Citizens Access’ online banking portal allows you to manage all aspects of your CD, including changing the account/bank that will receive maturing funds.

Thanks to DA reader, mathewp, for his Forum post about this new internet bank.


In mid-May, Citizens Financial Group, Inc. announced its intention to “launch Citizens Access, a nationwide direct-to-consumer digital platform.” In other words, a new internet bank. One of the country’s oldest and largest financial institution, Citizens Financial Group, Inc. is also the parent company of Rhode Island-based Citizens Bank.

Opening an Online Savings Account can only be done online. There are two ways to fund a new Online Savings Account: either through an online funds transfer from a U.S. financial institution or by depositing a check (either electronically or via snail mail) drawn on a U.S. financial institution (no foreign checks are permitted).

Trust accounts are currently not available at Citizens Access, but account beneficiaries are permitted. According to CSR, Social Security numbers are required when naming a beneficiary.

Bank Overview

As an online division of Citizens Bank, Citizens Access operates under Citizens Bank’s FDIC Certificate and shares its financial history.

Citizens Access/Citizens Bank has an overall health grade of "A+" at, with a Texas Ratio of 4.16% (excellent) as of March 31, 2018. In the past year, Citizens Access/Citizens Bank has increased its total non-brokered deposits by $4.63 billion, an excellent annual growth rate of 5.76%. Please refer to our financial overview of Citizens Access/Citizens Bank (FDIC Certificate # 59757) for more details.

Note: According to Citizens Access’ Deposit Account Agreement,

Citizens Access is a division of Citizens Bank, N.A. Deposits of Citizens Access and
Citizens Bank, N.A. are combined and not separately insured for FDIC insurance purposes.

Citizens Bank traces its origins to High Street Bank, which was founded in 1828 in Providence, Rhode Island. In 1871, the Bank established its own savings bank, Citizens Savings Bank. Through more than 30 acquisitions and natural growth, Citizens Bank evolved from the fifth-largest bank in the smallest state in the U.S. into Rhode Island’s largest bank and the 21st largest bank in the country. The Bank’s expanded footprint, from New England into the Mid-Atlantic and the Midwest, encompasses more than 30 percent of the U.S. population.

How the Online Savings Compares

When compared to the Savings Accounts tracked by that are available nationwide, Citizens Access’ Online Savings APY currently shares ranks second.

To search for the best Savings Account, both nationwide and state specific, please refer to’s Savings Account Rates page.

How the Online CDs Compare

When compared to 210 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, Citizens Access’ 12-month Online CD APY currently shares the top spot with five 1-year CDs offered by three other internet banks and two easy membership credit unions.

When compared to 207 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, Citizens Access’ 3-year Online CD APY currently shares the top spot with seven CDs with terms around 36 months from three banks and four credit unions.

When compared to 175 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, Citizens Access’ 4-year Online CD APY currently ranks second.

The above rates are accurate as of 7/10/2018.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Anon   |     |   Comment #1
Any way to link this deposit account to Citizens Bank Platinum Checking (relationship) to waive the $25 checking account fee (if I have $25k in Citizens Access)? Currently, Access appears separate from their brick-n-mortar branches, and would Not?
mathewp   |     |   Comment #2
Citizensaccess is treated as a simple tell separate bank from citizens. So linkage is not possible.
Ann   |     |   Comment #5
"simple tell" = "completely"?
mathewp   |     |   Comment #13
Yes thanks for fixing the typo.
KJC   |     |   Comment #40
Could you please explain, "treated as a "simple" tell" separate bank from citizens?
KJC   |     |   Comment #41
Citizens Access is a Division of Citizens Bank and falls under the same FDIC Certificate correct? i.e. Citizens Access FDIC Certificate is one in the same.
Head Scratcher
Head Scratcher   |     |   Comment #4
I'm in exactly the same boat. It doesn't make sense to keep $25k at much lower rates at the "same" institution (they share an FDIC certificate). Will have to see...
Head Scratcher
Head Scratcher   |     |   Comment #21
Just spoke with Premier Citizens Banking CSR and he confirmed that Citizens Access is NOT connected to brick and mortar Citizens for relationship balance requirements. Though he admitted that he is fielding MANY calls from concerned customers and that this policy might change in the future...
Quick   |     |   Comment #3
Can you use the Citizens Bank mobile app to manage a Citizens Access account?
124   |     |   Comment #11
Nope, but mobile website has a deposit check by picture feature.
klink   |     |   Comment #6
Do I chase another savings acct.?
D1000   |     |   Comment #7
throttleplate   |     |   Comment #18
just 1 hour ago i set up online savings and cd which was super easy doing and using ach transfer. Just for the heck of it i called csr to change phone number and they answered on first ring. Bye bye also to ally for the most as i left them some crumbs.
tommy   |     |   Comment #8
I opened an online savings account. Very easy and no hard pull. Bye Ally.
Anon   |     |   Comment #9
Can people who have opened an account here comment on how fast ach transfers initated using the citizens site are?
tommy   |     |   Comment #10
It was initiated this afternoon. I will let you know when it posts.
mathewp   |     |   Comment #12
I opened the account online on Monday. My source bank told me funds were withdrawn day after. But citizensaccess website still shows funds not available. So it would be two calendar days before funds are available.
ACH   |     |   Comment #14
One day to send out via ACH, 2-3 days to ACH in, it is the same system at the main bank.
Bye Ally?
Bye Ally?   |     |   Comment #15
So great Hub bank re daily limits, but not so great re ACH in speed?
boston02116   |     |   Comment #16
How are Ally and Synchrony re ACH? That's who I've been using. I'd love to get rid of both. Citizens is more local to me if that makes any difference.
mathewp   |     |   Comment #22
Citizens being local makes no difference. Citizens access is a completlet different bank even though owned by same parent company. You can’t use citizens branches, atms etc. There is no linkage as this is an internet only bank.
ACH   |     |   Comment #19
#15, The ACH out is sent once a day around noon and if you miss it one extra day is added to the wait period.
Same applies for ACH in, if you request the transfer after noon time, one extra day is added to the transfer IN, that is why 2-3 days is estimated on all transfers IN, of course sat. sun. holidays do not count as transfer days.
Bye Ally?
Bye Ally?   |     |   Comment #20
boston02116   |     |   Comment #17
I emailed Feedback @ Citizens with a question and they responded within minutes. Let's hope it stays that way.
Pete   |     |   Comment #23
When I called to confirm the 2% liquid account rate, the CSR assured me that it was NOT a teaser but also said that CitizensAccess reserves the right to change the rate at any time. Compare this to brick-and-mortar TCF that offers a similar account at 1.75% with a 12-month guarantee.

Banks and credit unions conducting business in my community are employing my neighbors and paying taxes where I live. When all other factors are equal, I prefer supporting businesses with a physical presence near me.
RJM   |     |   Comment #24
I am surprised at all the interest in a 2% rate. I already have 3 accounts at 2% or more.
All American, Popular & Northern. The later two ended their deals to new customers after raising enough I guess. AA is limited to $50k but you can open 2 accounts. I just have one.
surprised??   |     |   Comment #25
Its because some have multiple 2% accounts ( not to single you out but...) and the incessant pumping by posters
gpagpa01   |     |   Comment #26
Opened account 7-11-18 around 8pm est, set up info for trial deposits, surprised to see those trial deposits @ Marcus this morning. Tried to transfer funds from Marcus to Citizens, but error message and need to call customer service. Looks like a lot of people calling on hold for 30 minutes.
gpagpa01   |     |   Comment #27
Update, looks like the reason unable to transfer in was because my opening deposit was not posted yet, $5k. I set up a transfer from Marcus to Citizens for $5001 and was submitted and posted to account as "current balance" so I'm told will earn interest, but not yet available, clearly. Its a good sign.
Zero sum game
Zero sum game   |     |   Comment #28
Just went to brick and mortar Citizens Bank to deposit cash for funding new Access account. Teller's didn't know about Access -- or wouldn't fess up to knowing about it. Perhaps it's going to cannibalize their deposits?!?!?
Rickny   |     |   Comment #29
Remember, no guarantee on the rate. They can drop or be like Dollar and just stay at the current rate while others pass them. I opened a Northern Direct and guaranteed 2.26% until June 2019. You can always move your money if Citizens is no longer competitive.
pwj7050   |     |   Comment #30
Do you know how many external accounts they allow?
klink   |     |   Comment #31
According to the alert here, the rate dropped to 0.25%. That didn't last long and what a dis-appointment. Glad I didn't make the jump.
RJM   |     |   Comment #32
Their website still shows 2% when I look.

online savings account

vs. 1.75% Barclays Bank
vs. 0.11% National Average
vs. 0.03% Bank of America
#33 - This comment has been removed for violating our comment policy.
Craig   |     |   Comment #34
It hasn't get 0.25% if you don't keep at least $5000 in the account...if you do keep more than $5000 you get 2% on the entire balance...
Craig   |     |   Comment #35
Very difficult right now to reach them by phone...was on hold for about 10 minutes, it rang once and no one picked it up...Last week i was bale to get them easily...they must be getting jammed up with calls...I sent a few secure e-mails in the online banking...anyone have any luck with secure e-mail responses? If so, how many days did it take for them to reply? I know these kind of things happen when an online bank is deluged with new customers...And on top of that, they are a NEW online bank, so i guess these things would be expected at the beginning, unfortunately...I wanted to ask them if i could send them my beneficiary list in the secure e-mail, instead of phoning it in as the rep told me last week...
tommy   |     |   Comment #36
I called twice today and waited around 5 minutes the first time and was answered immediately the second time.
Craig   |     |   Comment #37
Thanks Tommy...maybe i just called at a bad time...i will try again...they have weekend hours too...I did get an e-mail back from them that i had sent a few days before opening the account and she is an executive in the Online Division of Citizens bank and mentioned that the plan IS to keep a competitive i wouldn't worry to much about a lack of "guarantee"...
GoodDeal   |     |   Comment #38
Are CD's fully insured up to $250,000? You may have said so, but I find it hard to read your information on the computer. Do you cover Tennessee for CD's ?.
Tenn. USA?
Tenn. USA?   |     |   Comment #39
nationally available except for seceded states

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