Citizens Bank One Deposit Savings Account

Citizens Bank One Deposit Savings Account Review

Citizens Bank One Deposit Savings Account is offered by Citizens Bank, a bank founded in 1828 and based in Providence, RI. Citizens Bank One Deposit Savings Account are available in 11 states across the USA.

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
• $0 monthly account fees available. This account charges a monthly service fee of up to $4.99, but the fee is waived if you keep a minimum balance of $200.
• No minimum initial deposit. There is no minimum balance required to open an account online.
• No ATM fees. Citizens Bank One Deposit Savings Account does not charge fees on ATM transactions.

Citizens Bank savings account Pros & Cons

Pros	Cons
Interest-yielding account. Access to physical branches.	No signup bonus. Does not come with a debit card Only available in 11 states. Higher than average wire transfer fees. Monthly service charge.

Citizens Bank savings account FAQ

Are savings accounts from Citizens Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57957). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Citizens Bank offer a signup bonus?

Citizens Bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Citizens Bank savings account?

There is no minimum deposit to open a Citizens Bank savings account.

Citizens Bank One Deposit Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $200
Minimum Balance to Earn APY	$0.01
Minimum Opening Deposit	Starting at $0

What APY does Citizens Bank One Deposit Savings Account offer?

Citizens Bank savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Citizens Bank savings account charge?

Citizens Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $200.

• Outgoing domestic bank transfers come with a $30 fee.
• Incoming domestic bank transfers come with a $18 fee.
• Outgoing international bank transfers come with a $40 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $12 fee.
• Citizens Bank savings account charges $3 every time you request a paper statement.

What features and perks does Citizens Bank savings account offer?

This savings account includes the following features:

• Fraud monitoring - Citizens Bank savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Citizens Bank savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Citizens Bank savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.