Located in 16 states, Citizens Bank is a conventional bank with almost 1,100 branches. It provides a broad range of financial products, such as wealth management, personal and student loans, student loans, refinancing, retirement planning, and checking and savings accounts. Savings rates at Citizens Bank are extremely low, similar to those of most traditional banks, with the highest annual percentage yield (APY) peaking at 0.07 percent.
Despite the lackluster savings rates offered by Citizens Bank, opening an account doesn’t require a minimum balance.
Concerning savings accounts, Citizens Bank received a score of 2.5 out of 5 and an overall rating of 3.7 out of 5.
Citizens Bank savings account rates
Let’s take a closer look at the savings account interest rates offered by Citizens:
|One Deposit Savings
|Citizens Quest Savings
Note: The APYs shown are as of Jan. 16, 2024. The APYs may vary by region.
How Citizens Bank compares to top-yielding banks
In addition to being significantly below the national average, Citizens Bank’s savings accounts offer interest rates significantly lower than those of many of the highest-yielding banks.
Savings yields at many banks are significantly higher than Citizens Bank’s. One of those online banks with competitive yields is Citizens Bank’s online subsidiary, Citizens Access.
Other savings options at Citizens Bank
On its website, Citizens Bank offers two distinct CDs. A 10-month or 14-month term is an option. This might change based on where you live.
In addition, Citizens Bank offers IRA savings accounts and CDs for individuals more concerned with increasing their retirement funds.