Banking » Reviews » Citizens Bank CD Rates, March 2023
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Citizens Bank CD Rates, April 2023

While Citizens bank CDs include only one term and average rate, Citizen Access, its online division, offer much better CD rate and terms
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

2.75%

Minimum Deposit

$1,000

Terms

14 months

Fees

$0

Citizens Bank CDs

APY Range

2.75%

Minimum Deposit

$1,000

Terms

14 months

Fees

$0

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, with no other term options. It has a minimum opening balance requirement of $1,000 and the current rate is 2.75%. However, if you need to withdraw some or all of your funds before maturity, an early withdrawal fee will apply.

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.

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. For those aged 50 and under, the contribution rate is currently $6,000 per year, but this increases to $7,000 for the over 50s.

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.

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

Consider Citizens Access CD Rates

Citizens Access is Citizen online bank, 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. Citizen access terms are limited, only between 1 year to 5 years. However, the rates are quite competitive.

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.

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
4.75%
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% – 4.75%
$500
Axos Bank
0.20%
$1,000
Barclays Bank
4.30% – 5.00%
$0
PNC Bank
0.01% – 2.00%
$1
Quontic Bank
3.75% – 4.40%
$500
PenFed Credit Union
2.00% – 4.35%
$1,000
Alliant Credit Union
5.05%
$1,000
Sallie Mae
3.75% – 4.95%
$2,500
Bread Financial
4.25% – 4.75%
$1,500
Capital One
3.30% – 4.30%
$0
Chase Bank
0.02% – 4.00%
$1,000
Discover Bank
2.00% – 4.75%
$2,500
CIT Bank
0.30% – 4.65%
$1,000
Ally Bank
2.00% – 5.00%
$0
Citi Bank
0.05% – 4.30%
$500
Connexus Credit Union
3.51% – 4.85%
$5,000
Merrick Bank
2.96% – 4.75%
$25,000
Fidelity
4.75% – 5.35%
$1,000
Charles Schwab
4.73% – 5.05%
$1,000
Vanguard
4.95% – 5.30%
$1,000
BMO Harris
0.05% – 4.50%
$1,000
Wells Fargo
0.50% – 4.26%
$2,500
Synchrony Bank
2.25% – 5.00%
$0
Citizen Bank
2.75%
$1,000
TD Bank
1.00% – 4.35%
$250
Navy Federal
0.40% – 4.85%
$1,000
LendingClub
3.25% – 4.10%
$2,500

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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