Citizens Bank CD Rates: April 2024

Get an overview of Citizens Bank’s CD and see if it’s right for you

Fact checked by Michael Rosenston

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.

Important

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

See the best CD rates today before choosing the CD that is best for you.

Citizens Bank CD: Key Features

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 CD Account Rates

Is Citizens Bank’s CD Rate a Good Deal?

Citizens Bank’s CDs may have APYs higher than many savings accounts, but they tend to be fairly low compared to some competitors’ CD offerings. As with any new bank account, it’s smart to compare rates before applying. Start by checking out the best savings account rates and best CD rates today.

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.

Your Guide to CDs

• What Is a Certificate of Deposit (CD)?
• What Is a Brokered CD?
• What Is a CD Ladder?
• Pros and Cons of CDs
• How to Invest With CDs
• How to Open a CD
• How to Close a CD
• CDs vs. Annuities
• CDs vs. Stocks
• CDs vs. Mutual Funds
• CDs vs. ETFs
• CDs vs. Savings Accounts
• Short-Term vs. Long-Term CDs
• CD Rates News
• Best 1-Year CD Rates
• Best 18-Month CDs
• Best Jumbo CD Rates
• Best 6-Month CD Rates
• Best 3-Month CD Rates
• Best Bank CD Rates

Read the original article on Investopedia.