Citizens Bank High Yield Savings

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Citizens has an online savings account with a competitive APY and no fees. But what's the catch? Continue reading to find out.

5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No monthly fees
  • No physical branches
  • No cash deposits

Bottom Line

Online savings account with an impressive rate and no fees

Citizens Bank offers a variety of banking products. That includes a high-yield savings account called Citizens Access® Savings through its online-only division, Citizens.

But, it has a catch—it's an online-only savings account. Access to your money may not be as convenient as you'd like.

Read on to learn more about Citizens' high-yield online savings account.

Does Citizens Bank Have High-Yield Savings?

Yes, Citizens Bank offers a high-yield savings account through Citizens—an online-only bank that allows you to earn a competitive rate with minimal fees.

What Is Citizens Access® Savings?

Citizens Access® Savings is an online high-yield savings account by Citizens[1]. It boasts an impressive 4.50% APY with no fees, hidden costs, or balance requirements.

With this APY, you can earn higher than the national average savings rate of 0.47% APY (as of April 2024), speeding up your savings journey. All you need is a minimum opening deposit of $0.01 to get you started.[2]

Would you switch to a new savings account for a higher rate?

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with Citizens Access® Savings.

Savings Calculator

Fees to Look Out For

With a Citizens Access® Savings account, you don't ever have to worry about any hidden costs. It has zero fees so you can expect:[3]

  • No account opening fees
  • No maintenance fees
  • No service fees

But it does have a very minimal minimum opening deposit of $0.01. No fees give you more control over your funds, allowing you to save easier and faster.

Pros and Cons


  • Competitive rate
  • Low opening deposit
  • No monthly charges
  • Top-rate mobile app
  • FDIC-insured


  • No physical branches
  • No ATM card
  • No cash deposits

What matters most to you in a high-yield savings account?

How Citizens High Yield Savings Compares

How to Open an Account

If you want to open an account, you can do so through the official website of Citizens. Here are the steps:

  1. Go to the Citizens Access® Savings page and select Open an Account.
  2. Answer the online application form.
  3. Submit and fund your account.

Who is eligible to open an account?
To open a Citizens Access Savings account, you must be a US citizen or a resident alien who is at least 18 years old.

How to Fund Your Account

There are several ways you can fund your account, you can do any of the following:

  • Online bank transfer by linking your external account to Citizens Access®
  • Mail a check to Citizens Access®, PO Box 6801, Carol Stream, IL 60197-6801
  • Mobile check deposit via Citizens Access® mobile app
  • Set up direct deposits

How do I access my money?
Since Citizens is purely online, there are only a few ways for you to access your funds:
  • Transfer money from your Citizens Access Savings account to a linked external account
  • Request a check via mail

Is Citizens Bank High Yield Savings Safe?

Yes because Citizens Savings Accounts are FDIC-insured. This means deposits are protected up to the maximum amount allowed by law. So, in the event of bank closure, you are guaranteed to get your money back.

Citizens Access® and Citizens Bank, N.A. are treated as the same entity under FDIC Certificate #57957. This means your FDIC insurance limit is shared between both entities.

Who Is It Best For?

Citizens Access® Savings is best for those who want to focus on building their wealth. You can make your money work harder through competitive rates and minimal fees.

But, if you prefer using ATMs or going to a physical bank, this might not be the best choice.

Ultimately, this savings account was designed to help you reach your savings goals, not to replace your everyday spending account.

Bottom Line

Citizens online high-yield savings account is a great choice for those who have financial goals they want to meet and don't mind a digital-only experience.

However, if you want your funds within physical reach, you can check out other savings accounts with ATM access or branches.

What's your main worry about online savings accounts?


  1. ^ Citizens. High-yield online savings account, Retrieved 12/27/2023
  2. ^ Citizens. FAQS: Is there a minimum deposit needed to open a Citizens Access® Savings account?, Retrieved 12/27/2023
  3. ^ Citizens. FAQS: No fees? Really?, Retrieved 12/27/2023
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Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at Follow us on Twitter and Facebook for our latest posts.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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