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Featured High Yield Savings Accounts
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Earn up to 3.80% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.2 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> FDIC Insured.3 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
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Western Alliance Bank offers a powerful 4.30% APY to help grow your money. FDIC insured, no fees,5 <p>No account activity or maintenance fees.</p> $500 minimum deposit, $0.01 minimum balance to earn APY.
What is Citizens Access?
Citizens Access is a fully online banking division of Citizens Bank, the 15th-largest commercial bank in the U.S. by asset size. Since Citizens Access does everything digitally, there are no physical branches, which often translates to more savings for customers.
Citizens Access offers mortgages, refinance loans, savings accounts, and certificates of deposit (CDs). Let’s look at why you might consider opening a savings account with Citizens Access.
Citizens Access Online Savings Account basics
| APY | 3.90% (as of 12/4/24)6 <p class="">The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.<br></p> |
| Minimum balance for APY | None |
| Minimum deposit to open account | $0.01 |
| Monthly maintenance fees | None |
| ATM access | None |
| Transactions per month | No limit |
| Fees | No excessive transaction fees |
| FDIC insured | Yes, through Citizens Bank (Certificate #14851) |
What we like about the Citizens Access Online Savings Account
Here’s a glimpse into some of the best benefits of this savings account.
High APY for all balance tiers
Many of the best online savings accounts are known for paying high APYs, and Citizens Access is no exception. The Online Savings yield is pretty competitive compared to the best rates you’ll find. Plus, unlike some high-yield savings accounts (HYSAs), it pays the top APY whether your balance is $0.01, $100, or $100,000. There’s no minimum or maximum balance for the stated rate, and though there are technically two balance tiers (balances below $5,000 and balances above), they both earn the same yield.
Considering many traditional banks pay pennies in interest on savings accounts — we’re talking 0.01% or 0.02%, even lower than the national average of 0.41% (as of 1/21/25) APY — the Citizens Access Online Savings Account looks pretty good. And although some accounts pay 5.00% APY or more, the difference between that and 3.90% (as of 12/4/24) APY probably wouldn’t be that noticeable unless you carried a very high balance.
No requirements to earn interest
Another factor that sets the Citizens Access online savings account apart is that you don’t need to jump through any hoops to get the 3.90% (as of 12/4/24) APY. Whenever I see a compelling rate on a savings account, I immediately check the criteria to earn that rate. Often, these are enough to keep me from opening an account.
Other savings APY requirements
Some HYSAs, including a few of the highest-earning ones, may require you to link a checking account and make a certain number of debit card purchases per month, receive direct deposits, or meet a balance minimum to qualify for the stated APY.Even though the rate on this account is slightly lower than some of its competitors, the bank has no cumbersome deposit or activity requirements. As someone who doesn’t work a traditional W-2 job, I appreciate this.
What the Citizens Access Online Savings Account could improve
As much as I like about this savings account, there are a few downsides that may make you look elsewhere.
No cash access
If you’re looking for a savings account that makes it easy for you to get your money out quickly, this probably isn’t for you. Citizens Access doesn’t offer debit or ATM cards, so you’ll have to transfer funds to another account to use them.
For me, this wouldn’t be a deal-breaker because I rarely need to cash out my savings directly. But if you were to use a savings account for an emergency fund, you may want to be able to make a hasty withdrawal. For this, check out online savings accounts with free ATM access.
No cash deposits or wire transfers
You’ll have to deposit a check or transfer money from another linked account to make deposits into your Citizens Access Online Savings account. It’s unusual for a savings account not to allow wire transfers. And some savings accounts — even digital-only ones, like LendingClub — do permit cash deposits.
Who is this account best for?
A Citizens Access Online Savings Account is best suited for people who want a no-frills savings account that pays them a decent APY no matter how much they deposit.
This account may also be a good fit for you if you want to make more frequent withdrawals since there isn’t a monthly transaction limit like you’ll find with many savings accounts. However, the APY assumes you’ll keep funds saved, so you wouldn’t earn quite as much if you were to dip into your savings regularly.
Finally, if you don’t want to worry about making direct deposits or meeting balance requirements, I’d recommend checking out this account.
Who shouldn’t open this account?
On the other hand, you may be looking for more from your savings account. You may prefer the convenience of cash access, in which case Citizens Access is a poor choice. The same goes for if you frequently like to deposit cash, which this account doesn’t support.
Citizens Access may not be the right fit for anyone who prefers to do all their banking in one place, either. It only offers savings accounts and CDs. This isn’t much of a downside if you already keep funds with several different financial institutions, but you might like a more centralized approach to your banking.
Alternatives to Citizens Access Online Savings
SoFi Checking and Savings
- Minimum opening deposit: None
- APY: Up to 3.80% with direct deposit; otherwise, 1.00% (as of 01/24/25) on savings balance2 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> 1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>
- Requirements to earn high APY: Regular direct deposit of any amount OR qualifying deposits totaling $5,000 in Checking and Savings during a 30-day evaluation period
If you’re looking for a place to grow your savings and do your everyday transactions, SoFi is a good option. With SoFi’s combined checking and savings account, your savings earn up to 3.80% APY as long as you meet direct deposit requirements. But the requirements won’t be easy for everyone to meet, so I wouldn’t recommend this if you don’t earn enough or don’t want to reroute your paycheck.
This is also an excellent account if you need convenient access to your funds. With SoFi, you get free ATM access at over 55,000 AllPoint locations.7 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> Plus, you can receive your paycheck up to two days early, you don’t need to worry about overdraft fees, and your checking balances can earn up to 0.50% (as of 01/24/25) APY.8 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> Consider SoFi over Citizens Access if you can meet direct deposit requirements and want more spending flexibility.
Learn more in our SoFi Checking and Savings Review.
CIT Bank Platinum Savings
- Minimum opening deposit: $100
- APY: 4.35% APY9 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of December 20, 2024: 0.25% APY on balances of $0.01 to $4,999.99; 4.35% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>
- Requirements to earn high APY: $5,000 balance or higher
The CIT Bank Platinum Savings account is an excellent option if you regularly save $5,000 or more. If you don’t need to access your money often, you could earn 4.35% APY.
Like Citizens Access, CIT Bank doesn’t charge a fee to open or maintain your account, but CIT Bank’s rates and balance requirements will make or break it for you. Your money will earn more with CIT Bank, but only if you can keep at least $5,000 saved. If you’ll keep less than that in the account, Citizens Access is a better choice.
Learn more in our CIT Bank Savings Review.
FAQs
Is the Citizens Access Online Savings Account safe?
Citizens Access has taken proactive measures to ensure the security of its website and your private information. It offers the same protections you’d see with a traditional bank account. For example, the Citizens Access website sends and receives information with Secure Sockets Layer (SSL) encryption and offers two-factor authentication to protect your passwords.
It also provides 24/7 fraud monitoring — it could freeze your account or alert you of suspicious activity if Citizens Access thinks there’s any irregular, illegal, or fraudulent activities going on. Your deposits are also FDIC insured (see below), so you don’t risk losing your money in case of a bank collapse.
Can I open a Citizens Bank savings account online?
Yes, Citizens Access is an online-only bank. The process of opening a savings account is quick and easy.
Is there a minimum balance?
You don’t have to keep a minimum balance in your Citizens Access Online Savings Account. However, there’s a minimum opening deposit of $0.01.
Is Citizens Access FDIC-insured?
Of course! Citizens Access accounts are FDIC-insured up to $250,000, as required by law. Something to keep in mind is that both Citizens Bank and Citizens Access count as the same entity when it comes to calculating FDIC insurance deposits and insurance. Therefore, if you’re already a Citizens Bank customer, you have to consider all deposits across all accounts at both banks in your total. If it goes above $250,000, you just need to shift some funds to a different banking institution to get further FDIC coverage.
Bottom line
The Citizens Access Online Savings Account offers great, though basic, perks — namely, no fees and a high APY. If you’re looking to boost your savings rate or need a low-fee online savings account, this isn’t a bad choice.
However, the lack of ATM access and cash deposits might be a dealbreaker for you. If that's the case, keep shopping around and check out the best savings accounts.
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Western Alliance Bank High-Yield Savings Premier Benefits
- Earn 4.30% APY4 <p>The annual percentage yield (APY) is accurate as of 01/24/2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.</p> from a top-rated U.S. bank with $70B+ in assets10 <p>Ranked among the top U.S. banks in 2022 and 2023 by American Banker and Bank Director.</p>
- Enjoy 24/7 online access to your account and funds
- Interest is compounded daily and posted to your account monthly
- No fees,5 <p>No account activity or maintenance fees.</p> $500 minimum deposit, $0.01 minimum balance to earn APY
- Enhanced security and FDIC insured
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