Citizens Bank is not available across America, as it only operates in 15 states including Connecticut, Michigan, New Hampshire, New York, New Jersey, Ohio, Vermont, Pennsylvania, Virginia, Maryland, Delaware, Washington DC, Delaware, Florida and Massachusetts.
However, despite this limited presence, Citizens Bank has a variety of personal and business banking products, including various savings accounts but currently, it currently has limited CD options.
The standard CD has a fixed term, but the IRA CDs offer various term options. But, how do the Citizens Bank CD rates compare? Here we’ll explore the products in more detail.
Citizens Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
Citizens Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
How Citizens Bank CDs Work
Citizens Bank has two CD options. The first is a standard, fixed-term CD. This product is an online only 14-month CD and 6-month CD, with no other term options. It has a minimum opening balance requirement of $1,000 and the current rate is 2.75% – 5.25%. If you're looking for short-term CDs, you may find something relevant with Citizens bank.
CD Term | APY |
|---|---|
6 Months | |
14 Months | 2.75% |
However, if you need to withdraw some or all of your funds before maturity, an early withdrawal fee will apply.
The other online Citizens Bank CD option is the IRA CD. This has term options of one to 120 months, with an opening balance requirement of $250. Contribution limits apply to this product, which depend on your age.
These penalties apply across all Citizens Bank CDs and the penalty amount is calculated according to your CD term.
- If the term is less than one year, the penalty is either 90 days of interest or half the remaining interest to be earned, whichever is greater.
- This increases to 180 days for CD terms of over one year. Additionally, all early withdrawals incur an additional $50 transaction fee.
CD Term | Early Withdrawal Penalty |
|---|---|
3 Months | 3 months of interest
|
6 Months | 3 months of interest
|
12 Months | 6 months of interest
|
18 Months | 6 months of interest
|
24 Months | 9 months of interest |
36 Months | 12 months of interest |
48 Months | 18 months of interest
|
60 Months (Step Rate CD) | 24 months of interest |
Citizens Bank also has its Breakable CD, which is not featured on its website. This has a minimum deposit of $10,000, but it allows you to make a one time full or partial withdrawal without risk of an early withdrawal penalty.
However, you must maintain the minimum balance and any further withdrawals will incur the early withdrawal penalty. Since this CD is unavailable online, the rates can vary according to your branch location.
Overall, if you looking to maximize your CD rates, Citizens bank is not a good place for you.
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Consider Citizens Access CD Rates
Citizens Access is Citizen online bank, that offers CD products. It is a division of Citizens Bank. This implies that you must access your Citizens Access accounts online rather than in a Citizens Bank location in order to do so. One of the main drawbacks of Citizen bank is the low rates on deposit products.
Being an online bank, Citizens Access benefits from not having to pay the overhead expenses related to physical premises. This suggests that by passing those savings forward to its customers, the bank will be able to offer them some of the best interest rates on the market.
Citizen access terms are limited, only between 1 year to 5 years. However, the rates are quite competitive. The high interest rates offered by Citizens Access accounts are their finest features. Your money can keep growing. At the bank, interest builds up every day and is paid out every month.
CD Term | APY |
|---|---|
12 Months | 4.50% |
24 Months | N/A |
36 Months | N/A |
48 Months | N/A |
60 Months | 3.45% |
How Citizens Bank Compared to Other Banks?
Citizen bank is not particularly competitive given compared to other traditional banks and credit unions. However, Citizen access CD rates are competitive compared to other online banks.
If you want to get the best rates, you may need to look into other options because online bank CDs might provide rates that are almost up to twice what Citizens is offering.
CD APY Range | Minimum Deposit | |
|---|---|---|
Marcus | 3.90% – 4.80% | $500 |
First Internet Bank | 4.14% – 4.94% | $1,000 |
Barclays Bank | 0.10% – 5.10% | $0 |
PNC Bank | 4.75% | $1 |
Quontic Bank | 3.50% – 5.10% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 4.80 % – 4.70 % | $1,000 |
Sallie Mae | 4.75% – 4.90% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 3.90% – 4.50% | $0 |
Chase Bank | 3.25% – 4.75% | $1,000 |
Discover Bank | 2.00% – 5.10% | $2,500 |
CIT Bank | 0.30% – 3.50% | $1,000 |
Ally Bank | 3.75% – 4.90% | $0 |
Citi Bank | 0.05% – 4.51% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 3.90% – 5.04% | $25,000 |
Fidelity | 3.85% – 4.95% | $1,000 |
Charles Schwab | 5.04% – 4.15% | $1,000 |
Vanguard | 3.70% – 5.00% | $1,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Wells Fargo | 4.25%- 4.50% | $2,500 |
Synchrony Bank | UP TO 4.85 % | $0 |
Citizen Bank | 2.75% – 5.25% | $1,000 |
TD Bank | 1.00% – 5.00% | $250 |
Navy Federal | 4.85% | $1,000 |
LendingClub | 4.00% – 5.20% | $2,500 |
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
-
CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
-
Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
-
Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
