Do you want to learn about all the features of the Citizens Bank savings account? Responsible Economy thoroughly analyzes the fees, requirements, yields, and all the conditions that Citizens offers in its savings account. Additionally, we provide a comparison with the best savings accounts that you can open in the United States, along with an explanatory video to guide you through the process.
Explicative video
We’ve created a video that presents a concise and easy-to-understand summary of all the features of the Citizens Bank savings account. If you find our content helpful and informative, we’d greatly appreciate your support through a subscription. By subscribing, you’ll receive daily videos covering a wide range of topics related to responsible finance and economy.
Features
In this section, we will present and showcase all the features of the Citizens Bank savings account. You will find detailed information about the account’s fees, requirements, yields, and other essential conditions that Citizens Bank offers for its savings account
Interest rate

The interest rate offered by the Citizens Bank savings account is indeed quite low, at 0.01% APY. This means that the potential growth of your savings through interest earnings will be limited.
Fees

Regarding fees, the Citizens savings account has a monthly fee of $4.95, but you can avoid this fee by making a direct deposit each month.
Minimum deposit
On the positive side, there is no minimum initial deposit required to open the savings account, making it accessible to individuals without a large sum of money to start saving.
ATMs
When it comes to withdrawals, you can use any Citizens ATM to withdraw money without incurring any commissions.
Deposit funds
You can conveniently deposit funds into the Citizens savings account by making bank transfers or mailing a check.
Withdrawls
To withdraw money you have to make bank transfers from the Citizens account to the one you want.
Best savings accounts 2023
We have conducted a comparison of the Citizens savings account with the best savings accounts that you can open in the United States. In this comparison, we present the main characteristics of each savings account.

- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC

- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC

- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC

- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC

- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus

- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Savings accounts calculator
We have developed a deposit calculator so that you can easily see how much money you can earn:
Citizens savings account calculator
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Here’s a table summarizing the advantages and disadvantages of the Citizens Bank savings account, along with the main characteristics of the best savings accounts:
Pros | Cons |
---|---|
Minimum deposit $0 | Fees up to $4.99 per month |
Low interest rates | |
Requirements
Opening the Citizens Bank savings account is a straightforward process, and you only need to meet the following requirements:
- Age: You must be over 18 years old.
- Residency: You need to live in the United States.
- Contact Information: You must have an American phone number.
By meeting these requirements, you can easily start the account-opening process. Citizens Bank aims to make the process convenient and accessible for potential customers.
Documentation
In addition to meeting the requirements mentioned earlier, Citizens Bank may also request the following documentation from each applicant:
- Certified Copy of Identity Document: In most cases, this will be your current, valid passport. However, other types of acceptable identification may be allowed as well. It’s essential to provide a certified copy to verify your identity accurately.
- Certified Copy or Original Proof of Address: To verify your address, you will typically need to submit a certified copy or original of a bank or building society statement or a utility bill. This document should show your name and residential address.
- Signed Client Agreement: As part of the account-opening process, you will be required to sign a Client Agreement. This agreement outlines the terms and conditions of the savings account and your responsibilities as an account holder.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
After conducting a thorough review, our opinion is that Citizens Bank does not offer a competitive savings account. The interest rate of 0.01% APY is significantly lower compared to other savings accounts available in the market. Additionally, the presence of monthly fees, unless you meet the requirement of making a monthly direct deposit, can impact the overall returns on your savings.
While Citizens Bank may provide convenient accessibility through its network of ATMs and branches, the low interest rate and monthly fees are crucial factors to consider when evaluating the overall benefits of the savings account.
As responsible consumers, it’s important to explore other alternatives that offer higher interest rates and fewer fees to maximize the potential growth of our savings. If you have any further questions or need assistance in finding a suitable savings account, feel free to reach out. We are here to help you make informed financial decisions.
More information about Citizens
Here you have interest information about Citizens:
Information | Description |
---|---|
Website | https://www.citizensbank.com/ |
https://twitter.com/citizensbank | |
https://www.facebook.com/citizensbank | |
YouTube | https://www.youtube.com/citizensbank |
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Updated the day 1 September, 2023 by Alfredo Barandiarán

Alfredo Barandiarán is not only passionate about finance and the economy, but also has more than 10 years of experience helping people find the best possible financial product. He has worked for 5 years at Iahorro and 2 years at Atrapacrédito. He has currently been running the financial comparator Responsible Economy for 3 years. I graduated in business from Complutense University of Madrid and has studied at ESIC and CEF. You can see all the professional experience of Alfredo Barandiarán on his LinkedIn profile