You’ve likely heard of Citizens Bank, the 15th largest bank in the U.S. by asset size, but you may not know of Citizens Access, its online-only division.
Citizens Access was just launched in 2018 and comes with a separate suite of consumer deposit products than that of its parent company, and the rates are far more competitive (see Citizens Bank CD rates here).
Although Citizens Access offers a number of products including mortgages and refinancing, student loan refinancing, and CDs and savings, for the purpose of this review, we just focus on their five CD (certificate of deposit) accounts.
All of these accounts can be opened online in minutes.
Citizens Access CD Rates + Account Details
Citizens Access offers online CDs with terms ranging from 1 to 5 years with a higher than average minimum deposit requirement of $5,000.
CD Rates
| CD Term | APY |
| 11 month liquid | 0.05% |
| 1 year | 4.25% |
| 2 year | 3.30% |
| 3 year | 3.35% |
| 4 year | 3.40% |
| 5 year | 3.45% |
To give these offers more context, the national average for a 12 month CD and a 5 year CD sit at just 1.07% APY and 1.09% APY, respectively, according to FDIC data.
That said, the top CD rates from online banks and nationally available credit unions are now topping 4.50% and 4.75% APY for the same respective terms.
The 11 month liquid CD allows for funds to be withdrawn at any time without penalty, but the yield is not competitive at this time.
Early Withdrawal Penalties and Grace Period
When your CD matures, you’ll have a 10 calendar-day grace period in which you may close out the account, change its term and/or deposit size. If nothing is done during this period, the CD will automatically renew into the same term at the going rate.
If you need access to the funds in your CD prior to its maturity date, you will incur an early withdrawal fee. This fee is based on your CD’s term. See fee structure below:
| CD Term | Early Withdrawal Fee |
| 12 months or less | 90 days’ interest |
| more than 12 months | 120 days’ interest |
Compounding and Paying Interest
Interest on all Citizens Access CDs are compounded daily and credited back to your account monthly. Interest defaults to being deposited back into the certificate, but you can opt instead to have it transferred to an external bank account or your Citizens access online savings account (if applicable).
Citizens Access Banking Experience & Consumer Reviews
Citizens Bank has banks and ATMs across the country, but you will not be able to use these if you are a Citizens Access account holder. You have to handle ALL of your banking online.
Along with using their mobile friendly website, you can download their IOS app or Android app for further convenience on the go. Their IOS app has a 2.4 star rating out of 5, while their Android app has a 3.3 star rating out of 5. Both were launched last year.
To contact customer service, call (888) 201-6505 between the hours of 8AM and 10PM Monday through Friday, 9AM to 3PM on Saturday, and 10AM to 3PM on Sunday. Alternatively, you can send a secure message directly through the Citizens Access online portal. You should receive an answer to your inquiry within 24 business hours.