Citizens Bank CDs
Depositing your money in a certificate of deposit (CD) account can be a great way to earn a higher APY than you’d get with a traditional savings account. While many banks offer CDs with multiple terms and APYs, Citizens Bank doesn't offer many CD options at the time of publication.
Here’s a look at Citizens Bank CD rates, account features, and how Citizens’ CD compares to competitor offerings.
The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.
Online CD Overview
|?CD Term||?APY||?Minimum Balance|
Citizens Bank CD: Key Features
|Term Range?||6–14 months|
|Early Withdrawal Penalty?||180 days’ interest on amount withdrawn or half of future interest, whichever is greater; plus a $50 penalty?|
The Citizens Bank's online CD has a strong APY, but some competitors do even better, and may offer APYs of 5.00% or greater. Its minimum balance requirement of $1,000 is fairly standard. But its early withdrawal penalties are relatively steep, so ensure you can afford to leave the money deposited in the CD until it matures.?
If you’d like to receive monthly interest disbursements by check or transfer, you’ll need to make a minimum opening deposit of $5,000.
In the past, Citizens offered a breakable CD that allowed account holders to make a partial withdrawal before their CD matured. However, it doesn’t offer this account type any longer. You must keep your funds in the CD for the entire term to avoid penalties.
Compare Savings Rates
Is Citizens Bank’s CD Rate a Good Deal?
Is It Better to Get a Citizens Bank CD or a Savings Account?
Whether a Citizens Bank CD or savings account is right for you depends on your unique situation. If you have some extra money to deposit and are comfortable leaving it in an account for a while, a Citizens CD may be a smart choice. You’ll get a higher APY than you would with a Citizens savings account.?
But with a Citizens savings account, you can access your money anytime without penalty. While you’ll get a lower APY than you would with a CD, this accessibility can be useful if you need money to cover day-to-day costs or if an unexpected expense arises. Learn more about Citizens Bank and its various offerings.
Is Citizens Bank’s CD FDIC Insured?
Yes, Citizens Bank deposit accounts, including its CDs, are FDIC-insured for up to $250,000.