Citizens Access Review 2024

Citizens Access Bank offers two different types of accounts: savings and certificates of deposit (CDs). Each account is FDIC-insured up to $250,000, so you can rest easy knowing your money is safe with them. Here’s a closer look at how they work.

All account details are accurate as of Feb. 8, 2023.

Savings

If you’re looking for a high-yield savings account, look no further than the Citizens Access® Savings account. All you need is one penny to open an account and earn a whopping 4.50% APY—all with no monthly fees or restrictions.

However, as with most online savings accounts, it doesn’t come with an ATM card. The only way to withdraw your money is by transferring it to an external bank account first. You could also ask Citizens Access to mail you a check for the amount you’d like to withdraw, but that’s fairly inconvenient for most.

If you don’t plan on touching your savings, these withdrawal limitations might not be a big deal. But if you plan on withdrawing funds from your account regularly, this extra step could be a nuisance.

CDs

For those who want to earn a higher rate of return, Citizens Access offers online CDs. These accounts are perfect for those who don’t need immediate access to their money but still want to earn higher yields.

However, you’ll need at least $5,000 to open an account. If you don’t have $5,000 but still want to earn a decent rate, many banks offering the best CD rates have lower minimum deposit requirements.

Citizens Access CD rates are on par with other online banks. While terms range from one to five years, you’ll earn the highest APY on a one-year CD.

The bank also has the Citizens Bank 11-Month liquid CDthat doesn’t have any early withdrawal penalties—but the rate is minimal. In this case, you’re better off just leaving your money in a high-yield savings account.

Here’s a closer look at Citizens Access Bank Certificates of Deposit rates:

In addition to a savings account and CDs, Citizens Access has a few lending services: mortgages, mortgage refinancing and student loan refinancing.

Mortgages

For those looking to buy a home, Citizens Access offers mortgages that come with competitive interest rates and a range of features, including:

• Online application process
• Rate discounts
• No prepayment penalties

Mortgage Refinancing

Citizens Access also offers traditional and cash-out refinancing. Traditional refinancing lets you lower your mortgage’s interest rate and monthly payment, while cash-out refinancing lets you get a lump sum of money from the equity in your home.

Student Loan Refinancing

With Citizens Access, you can refinance your existing student loans to potentially save money and get a lower interest rate. You’ll find competitive rates and flexible repayment options, as well as the ability to consolidate multiple loans into one. Variable rates and fixed rates start at 5.39% APR.

Although Citizen’s Access is well-loved among customers, its mobile app is relatively basic and hasn’t received the best ratings. The biggest complaint among customers is that the app can be glitchy at times and lacks some of the features found on the website.

The app’s features currently let you:

• View account balances
• Access statements
• Transfer money
• Deposit checks

If you ever need help managing your accounts, Citizens Access customer service is available via chat and phone. Its hours are weekdays from 7 a.m. to 10 p.m. Eastern Time and weekends from 9 a.m. to 6 p.m. Eastern Time.

Compared to other online banks, Citizens Access Bank ranks somewhere in the middle of the pack. While it has competitive rates and low fees, its lack of features and services means it’s not the best option for everyone.

Citizens Access Bank Vs. Bank of America

When comparing Citizens Access Bank to traditional brick-and-mortar banks like Bank of America, the differences become even more apparent. While Bank of America offers a variety of products and services, including checking accounts, savings accounts, CDs and more, Citizens Access Bank is limited to savings accounts and CDs.

Plus, Bank of America has more than 3,900 branches and 16,000 ATMs across the country, while Citizens Access Bank only has an online presence.

However, many of Bank of America’s accounts have appallingly low interest rates and exorbitant monthly fees that can eat into your savings. Citizens Access Bank, on the other hand, doesn’t have any monthly fees or minimum balance requirements and offers competitive interest rates.

Citizens Access Bank vs. Ally

When it comes to online banks, Ally Bank is considered one of the best online banks. It has low fees, high interest rates and plenty of features, including a checking account with no overdraft fees and a savings account with “buckets” for individual goals.

Citizens Access Bank might offer slightly better rates on its savings account, but Ally has the edge when it comes to convenience and features. Plus, Ally Bank also has an extensive network of ATMs across the country, so you can get cash when you need it.

Ally Bank is the better choice if you’re looking for an online bank with lots of features and a wide network of ATMs. However, if you just want the highest rate and don’t care about much else, Citizens Access may be the right choice for you.

Citizens Access Bank vs. Chase

Chase Bank is a full-service bank and the largest financial institution in the U.S. It offers checking accounts with numerous features and access to its extensive network of ATMs. It also has a strong presence in the credit card market, with rewards programs and competitive interest rates on balance transfers.

However, Citizens Access Bank outshines Chase when it comes to higher rates and lower fees. Chase’s accounts earn almost no interest and charge monthly maintenance fees. However, Chase offers more features, including a robust mobile banking app and access to a vast ATM network and nationwide branch locations.