Logo by Citizens Financial Group; Illustration by Hunter Newton/Bankrate
Citizens Bank is a traditional bank with nearly 1,100 branches across 14 states. It offers a wide variety of financial products, including checking and savings accounts, personal loans, student loans, refinancing, retirement planning and wealth planning. Like most traditional banks, Citizens Bank savings rates are very low, with the highest annual percentage yield (APY) topping out at 0.07 percent.
Though Citizens Bank savings interest rates are not very competitive with the best savings accounts, there’s no minimum balance required to open an account.
Citizens Bank earned a 3.7 out of 5 in Bankrate’s overall rating and a 2.5 out of 5 score for savings accounts.
Citizens Bank savings account interest rates
Let’s take a closer look at the savings account interest rates offered by Citizens:
| Account name | APY | Minimum deposit |
|---|---|---|
| One Deposit Savings | 0.01% | Any amount |
| Citizens Quest Savings | 0.07% | Any amount |
Note: The APYs shown are as of March 22, 2024. The APYs may vary by region.
How Citizens Bank compares to top-yielding banks
The savings accounts offered by Citizens Bank have a much lower interest rate than many of the top-yielding banks and also come in well below the national average.
Many banks offer savings yields much higher than Citizens Bank. Citizens Access, the online division of Citizens Bank, is one of those online banks with competitive yields.
Other savings options at Citizens Bank
Citizens Bank offers two different CDs on its website. You can choose from an eight-month or 14-month term. This may vary depending on location.
Citizens Bank also has IRA CDs and IRA savings accounts for those more focused on growing their retirement savings.
Read the full article here
