Citizens Access Online Savings Account review
This online account comes with a competitive APY, but a high minimum deposit.
finder.com’s rating: 3.7 / 5.0
A minimum deposit of $5,000 earns a competitive annual percentage yield of 1.85% with this account. However, with no branches or ATMs, there are a few more steps to deposit and withdraw money.
Minimum deposit to open
What are the benefits of a savings account with Citizens Access?
With digital security and insured by FDIC, Citizen Access account is a safe online option. You’ll find other benefits including:
- No fees. Citizen Access charges zero fees.
- Competitive APY. Make the most of your savings with up to a 1.85% APY.
- Easy sign up. Citizen Bank touts an easy five-minute sign up for this account.
What should I look out for?
While this account has its beneficial features, there are a few things to watch out for:
- $5,000 minimum deposit. If your account falls below $5,000, you’ll earn a lower interest rate. And if your balance remains below $5,000, Citizens Access can close your account.
- No cash withdrawals. There are no branches or ATMs. To access your funds, you must transfer money to an external account — and that can take two to three days.
- Limited products. Citizens Access only offers a savings account and CDs. If you want a checking account or business account, you’ll have to look elsewhere.
- No chat or email feature. The only way to contact Citizens Access is by calling during business hours. If you already have an account, you can sign in online and send a message, but you won’t get a response for 24 to 48 hours.
Compare with other savings accounts
How do I open an account?
- It takes about five minutes and a few steps to open an account.
- Enter your full name, Social Security number, phone number, email address and employment status. Click Continue.
- From Citizens Access’ homepage, click Open account.
- Select Online savings and your deposit amount of at least $5,000. Click Continue.
- Provide your personal information, then click Continue. You’ll be taken to another page to review and confirm that the information you provided is accurate. After reviewing, click Continue.
- Review and agree to the account terms. If you agree, check the boxes and click Submit.
- If approved, you can then enroll online and fund your account.
To open an online savings account with Citizens Access, you must meet these eligibility requirements:
- US citizen or resident alien
- 18 or older
- Social Security number
- US residential address
- $5,000 deposit
- No backup withholding payments for back taxes owed to the IRS
You’ll be asked to provide the following information:
- Name, address, email and phone number
- Social Security number
- Date of birth
- The account number that will be funding your savings account
How do I deposit or withdraw my money?
You can deposit money into your savings account in two ways:
- Online funds transfer. Link your checking or savings account at another financial institution to your Citizens Access Online Savings account and transfer the money online.
- Deposit a check. You can deposit a check on your phone when you sign in to your Citizens Access account. Make the check out to yourself, sign the back and include your account number, along with the words “For deposit only to Citizens Access.” The check must be from a US financial institution other than Citizens Access. Or you can mail the check to:
PO Box 6801
Carol Stream, IL 60197- 6801
You also have two options for withdrawing money:
1. Once you’ve linked an external checking or savings account to your Citizens Access account, transfer funds by logging in and selecting Transfer Funds from the Move Money menu. It can take two to three business days for the funds to post to your external account.
2. Request that a check be mailed to you by calling 888-201-6505.
What other savings options does Citizens Access offer?
In addition to its online savings account, Citizens Access also offers CDs and CD ladders:
- CD. A one-year CD with a minimum deposit of $5,000 and a 2.85% APY. Your CD automatically renews on its maturity date at the available rate for another year.
- CD ladder. A CD ladder allows you to invest in both short-term and long-term CDs. Your savings are invested in multiple CDs with different maturity dates. When each term ends, the money is reinvested in the CD in your ladder with the longest term.
The Citizen Access Savings Account is best for those looking for a savings account with no fees. The account offers a competitive APY and no fees.
But you’ll have to deposit and maintain a balance of at least $5,000 and there are no physical branches.
If you’re looking for an account with online and in-person banking options, you’ll want to keep looking. As always, compare your options when choosing a savings account.
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