Citizens Access Review 2022: Online Savings and CDs

– Citizens Access – 

Citizens Access is ideal purposefully for customers comfortable with banking entirely online. If you want to visit branches from time to time or you’re in need of a new checking account, you’re better off banking elsewhere.

Citizens Access bank accounts do not have any fees. There are no monthly maintenance fees or fees to open the account.

The savings account is completely free. The only fee with the CDs comes if you withdraw money before the maturity date.

The online savings account and each of the CD terms earn competitive interest rates. Their rates are much higher than your typical brick-and-mortar bank rates.

They are competitive with other online accounts. Earning the most competitive rate requires a balance of $5,000 in each account.

Citizens Access Overview

Backed by Citizens Bank, N.A., Citizens Access bills itself as “100% committed to providing the best savings experience.” Unlike its parent company, Citizens Access is entirely online.

This means that you can only access your Citizens Access accounts online, not at a Citizens Bank branch.

They seek to provide just that, access to more customers who can better benefit from the lack of physical branches. This difference allows the bank to offer its high rates for great savings across the board.

Pros and Cons of Citizen Access 

Pros:

• No monthly maintenance fees
• Competitive interest rates
• Any account balance earns interest
• Good variety of CD terms

Cons:

• High opening required amounts
• Must link accounts to external bank
• No ATM or debit cards or checks
• Limited accounts offered

Citizens Access Account Features

Online Savings Account

Key Features	Details
Minimum Deposit	$5,000
Access to Your Savings Account	Online, mobile, and over the phone
Security	FDIC insurance up to the maximum amount allowed by law.
Fees	No monthly fee
Current Terms and Rates	Account balances below $5,000: 0.25% APY Account balances of $5,000 and over: 1.85% APY

Citizens Access accounts’ best features are their high-interest rates. The savings account and the certificates of deposit (CDs) don’t charge a monthly fee, either, so your savings get to grow uninterrupted. The bank compounds interest daily and pays it out monthly.

The Online Savings account earns interest according to two balance tiers. Since you’ll need at least $5,000 to open the account, you can earn at the higher savings rate of 1.85% APY if you can maintain that balance. Should your balance fall below that amount, due to withdrawals or transfers, your balance will earn at the much lower rate of 0.25% APY.

Again, this account requires a large deposit to open at $5,000. You’ll want to make sure you can safely stash this amount away before opening the account. Luckily, there is no monthly fee to worry about.

Online CD

Key Features	Details
Minimum Deposit	$5,000
Access to Your CD Account	Online, mobile, and over the phone
Security	FDIC insurance up to the maximum amount allowed by law.
Fees	No monthly fee, but early withdrawal penalties may apply.
Current Terms and Rates	12 Month: 2.00% APY 2 Year: 2.00% APY 3 Year: 2.05% APY 4 Year: 2.10% APY 5 Year: 2.15% APY

CDs, or certificates of deposit, offer a much stricter approach to savings than savings accounts.

Once you open a CD account and make your deposit, which has to be at least $5,000 at Citizens Access, the account is closed to any more deposits or withdrawals.

You’ll have to wait for the account’s term to end to make those transactions or any changes to the account. This also means that the account’s rate remains the same throughout its term and can only change when you renew the account.

With its variety of available terms, It also offers an easy way to create a CD ladder with its CD accounts. This allows you to open multiple CD accounts at the same time without having to open each one individually.

To build a Citizens Access CD ladder, you’ll distribute your initial total investment across multiple CDs, each with a different maturity term.

Then you’ll be able to receive a payout at the end of each CD, providing a semi-steady stream of income to help with your liquidity needs and also give you robust growth on the longer-term CDs.

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How Can I Save More Money With a Citizens Access Account?

For starters, you’ll want to make sure you can safely deposit at least $5,000 into a new Citizens Access account. This is the amount required to even open an account.

This is also the amount that will earn you the highest interest rate on the Online Savings account so you’ll save more by maintaining that balance.

With CDs, you can save more money in the long run by creating a CD ladder. That will ensure payouts for years to come.

Again, just make sure you can afford the minimum deposits and that you’re not stretching your funds just to meet these minimums.

Frequently AQs

1. Is Citizens Access FDIC insured?

Yes. Citizens Access is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

2. How do I access my money?

Electronic transfer between your accounts and an external bank account. You can also request a check be mailed to you to withdraw money.

3. Does Citizens Access offer mobile banking?

Not at this time. Their website design offers easy access from your phone. You can deposit checks through the Citizens Access online banking.

4. Is Citizens Access free?

Yes. The online savings account does not have a monthly fee. The only fee with CDs is if money is withdrawn before the maturity date.

5. Is Citizens Access a good bank?

The interest rates are competitive with other online bank accounts. There are no branch locations. To open each of the accounts requires $5,000. Any balance earns interest. To earn the most competitive rate require a balance of $5,000 in each of the accounts.

Citizens Access stands out for its high interest rates. Both its Online Savings and Online CD accounts can really boost your savings big time no matter whether you’re saving for the long or short term.

Again, just be careful of the high minimum deposits. If you can meet and maintain those balances, you’ll be set, especially since there are no monthly fees to worry about.

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