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
Fees
Citizens Bank CDs
APY Range
Minimum Deposit
Terms
Fees
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 |
