Current Citizens Bank Savings Rates — Earn up to 4.50%

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Citizens Bank is a regional bank serving largely the Northeast, plus Florida. The bank has 1,077 branches and wealth centers and offers a variety of financial products, including checking accounts, credit cards, home loans, investing services, and more. 

Citizens also boasts several tiers of savings accounts, including the One Deposit Savings Account and the Quest Savings Account — which are offered online and through the bank’s physical locations. Or, if you’re comfortable with online-only banking, there’s also a high-yield savings account option offered through Citizens Access, the bank’s online banking platform.

Citizens Bank Savings Rates

The rate you’ll earn on a Citizens Bank savings account depends on which type of account you open. Currently, the bank’s savings rates range from just 0.01% to 4.50% APY (Annual Percentage Yield). See below for the APYs offered for each of Citizens Bank’s savings account options.

Citizens Bank One Deposit Savings Account Rates

One Deposit Savings from Citizens is the bank’s most basic savings option. It offers 0.01% APY, regardless of your account balance. 

If you fail to make at least one deposit each month, there is also a $4.99 monthly service fee. The account has no minimum deposit and also includes the Citizens Paid Early program, which lets qualifying account holders access their paychecks up to two days early (as long as they have direct deposit set up). 

Citizens Quest Savings Account Rates

The Citizens Quest Savings has a 0.07% APY— much lower than the current national average for savings accounts. The upside is that this account has no fees and comes with access to a debit card. You do need to have a linked Citizens Quest Checking Account to qualify, though.

Citizens Access Savings Account Rates

Citizens Access Savings is the bank’s online high-yield savings account option. It currently offers up to a 4.50% APY, much higher than the national savings average. The minimum deposit on this account is only $0.01, and there are no monthly maintenance fees, either. 

It’s important to note that this account is part of Citizens Access — the online-only branch of Citizens Bank, so there are no physical locations or branches. All banking is done via the bank’s mobile app and online dashboard.

Citizens Bank Savings Rates Pros and Cons

Citizens Bank Savings Rates FAQs

How Citizens Bank Savings Rates Compare

Citizens Bank Savings Accounts vs. TD Bank Savings Accounts 

TD Bank’s savings rates vary by location, but they tend to be on par with those offered by Citizens Bank. For example, a consumer could get a rate of 0.01% to 4.00%, depending on their location, account balance, and relationship with TD. The bank’s highest rates go to those with $100,000 balances or higher and who have an existing mortgage, credit card, home equity loan, or checking account with TD.

TD Bank Review

Citizens Bank Savings Accounts vs. Bank of America Savings Accounts

Bank of America’s savings account rates start off at 0.01% to 0.04%, making them much lower than those offered by Citizens Bank. In order to earn Bank of America’s highest APY, you must be a member of its “Platinum Honors Tier,” which requires an average three-month daily balance of $100,000 to $1 million. Bank of America does not have a high-yield savings account option.

Bank of America Review

Why You Should Trust Us: How We Reviewed Citizens Bank Savings Account

To review Citizens Bank’s savings accounts, we used Personal Finance Insider’s bank account methodology to rate each one on a 0 to 5 scale. In general, we look at ethics, customer support, and mobile apps when rating an institution. Interest rates, monthly fees, and minimum deposits also play a role in our ratings for savings accounts.