Citizens Bank Savings Account Interest Rates: June 2024 (2024)

Vault’s Viewpoint on Citizens Bank

• Citizen Bank savings interest rates range from 0.01% to 0.07% APY
• Citizens Bank interest rates are lower than the national average of 0.46%
• Consider a high-yield savings account to earn a higher rate on your money

Overview of Citizens Bank Savings Account(s)

Citizens Bank offers three different savings accounts: One Deposit Savings from Citizens™, Citizens Quest® Savings and Citizens Private Client™ Savings. One Deposit Savings has a $4.99 monthly maintenance fee that can be waived by making one deposit per monthly fee period or maintaining a $200 minimum daily balance. Citizens Quest® Savings and Citizens Private Client™ Savings accounts have no monthly maintenance fees.

One Deposit Savings earns a low 0.01% APY regardless of your balance—whether you deposit $1 or $1 million, the rate is the same. You can find higher savings rates at many other traditional and online banks. You can fund your Citizens savings account in a few different ways, including electronic transfers from another bank account or a debit card.

Citizens Bank’s interest rate on its Quest® Savings is slightly higher than on its One Deposit Savings, with a rate of 0.07% APY on all balance tiers. Citizens Private Client™ Savings, its highest tier, also offers a 0.07% APY. To open a private client savings account, you must have at least $200,000 in combined deposits and investments at Citizens Bank. Citizens Quest and One Deposit savings accounts don’t have a minimum deposit or balance requirement.

Citizens Bank customers have access to more than 1,000 branches and more than 3,000 ATMs. Citizens does not impose a transaction or withdrawal limit on its savings accounts. All Citizens Bank savings accounts come with Citizens Paid Early™, which allows you to receive your paycheck up to two days early when you enroll in direct deposit. Citizens Quest® Savings must be linked to a Citizens Quest® Checking account.

Compare the savings accounts offered by Citizens Bank below.

Pros of a Citizens Bank Savings Account

Benefits of Citizens Bank’s savings accounts include:

• No minimum deposits for One Deposit Savings and Quest Savings accounts
• No monthly maintenance fees for Quest or Private Client savings accounts
• Ability to get your paycheck sooner with Citizens Paid Early™

Cons of a Citizens Bank Savings Account

Disadvantages of Citizens Bank’s savings accounts include:

• Below-average interest rates
• $4.99 monthly fee on One Deposit Savings account if specific requirements aren’t met
• High combined balance requirement to qualify for Citizens Private Client™ Savings

How Much Can You Earn With a Citizens Bank Savings Account?

Your earning potential with Citizens Bank savings accounts depends on your account type and the amount you deposit. Interest on Citizens Bank savings accounts is calculated on the daily collected balance and compounded and paid monthly.

Citizens Savings Tracker™ (only available on the Citizens’ mobile app) allows you to set and monitor your savings goals, whether you’re saving for a rainy day or your dream vacation. It includes features to help you grow your savings faster, such as automatic transfers and debit card transaction round-ups.

Here’s how much the Citizens Bank savings interest rate on each account could earn you over a five-year period, assuming a deposit of $10,000.

How to Open a Savings Account With Citizens Bank

It’s relatively easy to open a savings account with Citizens Bank as long as you’re a U.S. citizen or resident alien over 18 years of age. Eligibility requirements may vary by state.

1. Choose the account you want to open. The first step is to pick the Citizens savings account you want to open. One Deposit Savings may be the right fit for you if you’re interested in a simple, everyday savings account. If you’re looking for more personalized guidance and support, Quest or Private Client Savings may be right for you.
2. Gather the necessary information and documents. The next step is to collect the specific documents you may need to provide the bank during the application process. Citizens Bank may require the following information: driver’s license, state ID, Social Security number, email address and phone number.
3. Submit your application. You can typically complete your Citizens savings account application in one of three ways: online, over the phone or in person at a Citizens branch.
4. Deposit money. Once you’ve opened your Citizens savings account, it’s time to deposit funds. One Deposit and Quest Savings don’t require a minimum opening deposit, so you can choose the amount that works for you. Once you make an initial deposit, it’s important to keep up the momentum by setting up automatic monthly transfers.

Only U.S. citizens and resident aliens age 18 or older can apply for a Citizens Bank savings account online. People under the age of 18 must apply at a Citizens Bank branch.

Alternatives to a Savings Account With Citizens Bank

Savings accounts may not be the best fit for you, depending on your specific situation and needs. Here are a few alternatives to consider.

Certificate of Deposit (CD)

CDs are similar to savings accounts in that they are both designed to help you grow your money. One major difference is liquidity. The money you deposit into a CD must remain in the CD for a specific period of time, known as the term. Another difference between savings accounts and CDs is that CD rates are generally fixed for the duration of the term, while savings account interest rates are typically variable.

Citizens Bank offers two CDs: A 14-month CD that earns 2.75% APY and requires a minimum opening deposit of $1,000 and an 8-month CD that earns 5.25% APY and requires a $25,000 minimum deposit. As you can see, Citizens’ CDs earn a significantly higher rate than Citizens’ savings accounts but require a larger upfront deposit. It’s important to only deposit money into a CD you can afford to lose access to for a time. Citizens Bank charges penalties and fees if you need to withdraw funds from your CD before the term ends.

Money Market Accounts

Citizens Bank offers three different money market accounts: Personal Money Market, Citizens Quest® Money Market and Citizens Private Client™ Money Market. You must have the corresponding checking account to open the Citizens Quest or Citizens Private Client money market accounts. You don’t need an existing Citizens checking account to open the Personal Money Market account.

Citizens’ money market interest rates start at 0.01% APY and reach 1.20% APY for Quest customers. Quest and Private Client money market customers may qualify for higher “preferred” rates with larger deposits. Citizens’ money market accounts don’t have minimum opening deposits. The Personal Money Market account has a $10 monthly maintenance fee, which can be waived if you maintain a daily balance of $2,500 or more.

High-Yield Savings Accounts

High-yield savings accounts are practically identical to traditional savings accounts except for one key difference: they generally offer significantly higher interest rates. High-yield savings accounts are offered by traditional and online banks. However, the best high-yield savings accounts are typically offered by online banks.

For example, Citizens Bank’s savings accounts only earn up to 0.10% APY. However, its online banking division, Citizens Access®, offers a high-yield savings account that earns 4.50% APY. Citizens Bank high-yield savings accounts have no monthly fees and can be opened with as little as $0.01. Just like traditional Citizens Bank savings accounts, Citizens Access online savings accounts are FDIC-insured.