Citizens Bank savings accounts offer competitive interest rates and low minimum balances, but whether one suits you depends on what you actually use a savings account for

Citizens Bank is a regional bank operating primarily in the Northeast and Midwest, with some presence in other states. Their savings accounts come in a few versions: a standard savings account, a money market account, and certificates of deposit. The standard savings account has no monthly maintenance fee if you keep a $100 minimum balance, and the interest rate varies by state and account type—Citizens publishes these rates on their website, and they change regularly based on Federal Reserve decisions.

Whether Citizens is right for you depends on three things: whether a branch or ATM is near you, how much you plan to keep in savings, and whether you want the highest possible interest rate or are willing to trade rate for convenience.

Key Takeaways

  • Citizens Bank savings accounts require a $100 minimum balance to avoid monthly fees, which is low compared to many national banks.
  • Interest rates on Citizens savings accounts are competitive with regional banks but typically lower than online-only banks, which have no physical branch costs.
  • Citizens offers in-person service at branches and access to a large ATM network, which matters if you deposit cash or prefer talking to someone in person.
  • Citizens money market accounts pay higher interest than savings accounts but require larger minimum balances, usually $2,500 or more depending on your state.

How Citizens rates compare to other banks

Citizens savings account rates sit in the middle of the banking landscape. Online banks like Marcus, Ally, and Discover typically offer higher rates because they have no branch overhead—they pass the savings to depositors. Credit unions often match or beat Citizens rates if you're a member. Traditional national banks like Bank of America and Chase usually offer lower rates than Citizens.

The difference matters if you're saving a large amount. On $10,000, a 0.01% difference in annual percentage yield (APY) means $1 per year. On $100,000, it means $100 per year. For smaller amounts—under $5,000—the rate difference is negligible, and convenience becomes more important than the interest earned.

Citizens publishes rates by state because banking regulations vary. Check their website for your specific state before opening an account, since the rate you see in one state may not explore where you live.

When a Citizens account makes sense

A Citizens savings account works well if you deposit cash regularly. Online banks don't accept cash deposits—you have to transfer money electronically or mail a check. If you get paid in cash, receive tips, or handle physical money in your work, Citizens branches let you deposit directly without fees.

Citizens also makes sense if you want to keep your checking and savings in one place and prefer in-person banking. Moving money between accounts at the same bank is when ready, and you can talk to a teller if you have questions about your account or need help with a transaction.

The $100 minimum balance is low enough that most people maintain it without thinking about it. Some banks require $500 or $1,000 minimums, so Citizens is accessible if you're building savings from a small starting point.

When to look elsewhere

If you have no Citizens branches near you and rarely deposit cash, an online bank will pay you more interest with the same convenience. You can transfer money electronically from any bank to any other bank in one to three business days, so the lack of a physical branch doesn't slow you down.

If you're saving a large amount—$50,000 or more—the interest rate difference between Citizens and a high-yield online account becomes meaningful. Over a year, that gap could mean hundreds of dollars in lost interest. For smaller amounts, the difference is small enough that other factors matter more.

Citizens money market accounts require higher minimum balances than savings accounts, usually $2,500 to $5,000 depending on your state. If you can't maintain that minimum, the standard savings account is your only option at Citizens, and you might find better rates elsewhere.

How to open and what to bring

You can open a Citizens savings account online, by phone, or in person at a branch. Online and phone applications take about 10 minutes. You'll need a government-issued ID, your Social Security number, and an initial deposit—Citizens accepts transfers from other banks or deposits by mail.

If you open in person, bring your ID and Social Security card. The teller can set up the account while you wait and answer questions about features like overdraft protection or linked accounts. In-person opening takes about 15 minutes.

Citizens uses ChexSystems, a banking history database, to screen new accounts. If you've had accounts closed for overdrafts or fraud at other banks, Citizens may decline your process. You can request your ChexSystems report to see what's on file.

Fees and what triggers them

Citizens charges a $5 monthly maintenance fee if your balance drops below $100. That's the main fee to watch. Overdraft fees, if you link a checking account, are $35 per overdraft. ATM fees outside the Citizens network are $3 per transaction, though Citizens reimburses some out-of-network fees depending on your account type.

There are no fees for deposits, transfers between your own accounts, or closing the account. If you maintain the $100 minimum, the account costs nothing to keep open.

Moving money in and out

Money transferred from another bank takes one to three business days to show up in your Citizens account. Transfers from Citizens to another bank take the same time. If you need cash when ready, you can withdraw from a Citizens ATM or branch with no fee.

Citizens allows six transfers or withdrawals per month from savings accounts under federal rules that explore to all banks. If you exceed six, Citizens charges $10 per transaction over the limit. This rule exists to keep savings accounts separate from checking accounts—if you need unlimited withdrawals, open a checking account instead.

Frequently Asked Questions

Does Citizens Bank FDIC insure savings accounts?

Yes. Citizens Bank is FDIC-insured, meaning deposits up to $250,000 per account type are protected if the bank fails. A savings account and a checking account at Citizens are insured separately, so you can have $250,000 in each.

Can I link my Citizens savings to a checking account at another bank?

Yes. You can transfer money between Citizens and any other bank electronically. Transfers take one to three business days. Some banks offer faster transfers through services like Zelle, but Citizens doesn't participate in Zelle.

What happens if my balance falls below $100?

Citizens charges a $5 monthly maintenance fee. The fee is deducted from your account, which can push the balance even lower. If you're below $100, deposit money as soon as you can to avoid the next month's fee.

Is Citizens a good place to keep an emergency fund?

Citizens works for emergency funds if you have a branch nearby and want to withdraw cash quickly. The interest rate is lower than online banks, so if your emergency fund is large, you'd earn more elsewhere. For amounts under $10,000, the rate difference is small.

Can I have multiple savings accounts at Citizens?

Yes. You can open more than one savings account and keep them separate. Each account is FDIC-insured up to $250,000, so multiple accounts let you protect more money. Citizens doesn't charge extra for having multiple accounts.