Thursday, 3 December 2020

Citizens Access Review of Savings and CD Rates

Citizens Access Review of Savings and CD Rates
30 Aug
4:50

Citizens Access’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Citizens Access Online Savings Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.50%

CD Rates

Citizens Access Online 12 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

3.00%

CD Rates

Citizens Access Online 3 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

3.10%

CD Rates

Citizens Access Online 5 Year CD

3.00%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

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How the Citizens Access savings account compares

You might find a savings account that offers higher interest rates, but they are few and far between. And due to the account’s simple structure, you’ll pay no fees at all.

The high minimum opening deposit, though, might exclude a lot of people who don’t have that kind of money saved from taking advantage of this great offer. That said, some banks and credit unions that are offering the same interest rate or higher have smaller minimum opening deposit requirements. If you can swing the opening deposit requirement, however, this account is definitely one worth opening due to its high interest rate and lack of fees.

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How Citizens Access CD rates compare

Citizens Access blew it out of the water with its online savings account, but its CDs? Meh. The CD rates aren’t bad; in fact, they’re quite good. But the rates on its CDs doesn’t put Citizens Access at the top of its pack of CD competitors like its savings account rate does.

The high minimum deposit amount that is required for CD accounts is a definite con. Too many people can’t come up with that much money so they won’t be able to afford one.

Furthermore, you can’t make a partial withdrawal on these CDs, which is unusual. Most banks will let you withdraw a portion of the money if you need it and still keep the remainder in the CD. But if life happens and you need your money from this CD, you’ll have to close the account and pay a hefty penalty on the entire thing, which means you’ll have even less money to deal with whatever emergency life threw your way.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/citizens-access/

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