Citizens Bank CD rates April 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 4:28 p.m. UTC April 24, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
DisobeyArt, Getty Images
Citizens Bank offers online-only CDs with term lengths on the shorter side, ranging between six months and five years. That makes sense given the Federal Reserve’s spate of interest rate hikes to moderate inflation, but still means savers need to consider alternatives if you’re looking for a long-term savings product.
Annual percentage yields (APYs) and account details are accurate as of April 24, 2024 and represent the zip code 33301.
Overview of Citizens Bank Online certificates of deposit
Citizens Bank focuses on online CDs with short to medium term lengths. Here are some of the choices currently available:
- The High-Yield CD lasts one year and offers a promotional rate of 5.00% APY. It comes with a $5,000 minimum deposit and you can choose between cashing out your monthly interest or reinvesting it to boost your account earnings.
- The 8-Month Online CD from Citizens Bank requires a $25,000 minimum opening deposit that must be new money deposited into the bank. Balances earn 5.00% APY, which is about one percentage point lower than the best CD rates available right now.
- The 14-Month Online CD offers a lower rate of just 2.75% APY. Some of the best one-year CD rates go as high as 5.50% APY. On the plus side, the minimum deposit to open this account is just $1,000.
You can also open CDs in one-year increments up to five years. The five-year Online CD currently has a 3.45% APY. If you have enough savings to meet the minimum deposit requirements, you could open one of each to create a CD ladder. This gives you a bit more flexibility because you’ll have one CD maturing each year so you can choose whether to cash it out or reinvest to continue the CD ladder.
| OVERVIEW | |
|---|---|
Minimum deposit
| $1,000, $5,000 or $25,000 depending on the term
|
Term lengths
| 10 months, 11 months (liquid CD), 1 year, 14 months, 2 years, 3 years, 4 years and 5 years
|
Compounding schedule
| Daily
|
Early withdrawal penalty
| CDs with terms of 1 year or less will be charged 90 days’ interest. Terms over 1 year will be charged 180 days’ interest
|
Grace period for penalty-free withdrawals after maturity
| 10 calendar days
|
How much can you earn with a Citizen Bank CD
Here’s how much you can earn on a $10,000 CD given the APY and term length.
| TERM | APY | EARNINGS ON A $10,000 CD |
|---|---|---|
8 month
| 5.00%
| $330.66
|
11 month (liquid CD)
| 0.05%
| $4.58
|
1 year
| 5.00%
| $500.07
|
14 month
| 2.75%
| $321.56
|
2 year
| 4.00%
| $815.51
|
3 year
| 3.35%
| $1,039.04
|
4 year
| 3.40%
| $1,430.95
|
5 year
| 3.45%
| $1,848.20
|
How Citizens Bank CD rates compare
Citizens Bank CD rates are higher than most banks when looking at the national average. However, there are better options available at other banks and credit unions, especially if you want to lock in your funds for a longer period of time. Many financial institutions offer APYs above 5.00% for terms of a year or longer. You may also find competitive rates with lower opening deposit requirements. See rates below for Synchrony Bank certificates of deposit, Sallie Mae certificates of deposit and Capital One 360 certificates of deposit rates.
One drawback is that Citizens Bank doesn’t offer any jumbo CD options, so you won’t get a higher rate for depositing a larger sum of cash. The available CDs also come with early withdrawal penalties. Check out the best no-penalty CDs if you need some more flexibility as to when you take the cash out of your account.
The other disadvantage is that Citizens Bank only offers CD terms up to five years. That makes it difficult to lock in higher rates for a longer period of time, which you may want to do if you think rates will decline in the months to come. To find a CD with longer terms, check out the best 10-year CD rates.
| TERM | CITIZENS BANK CD RATES | SYNCHRONY BANK CD RATES | SALLIE MAE CD RATES | CAPITAL ONE 360 CD RATES |
|---|---|---|---|---|
6 months
| 5.00% APY (8 months)
| 4.80% APY
| 4.80% APY
| 4.25% APY
|
12 months
| 5.00% APY
| 4.80% APY
| 4.95% APY
| 4.80% APY
|
24 months
| 4.00% APY
| 4.20% APY
| 4.50% APY
| 4.00% APY
|
How to open a Citizens Bank CD
The application process is entirely online. In order to apply, you must be at least 18 years old and will need to provide a Social Security Number and your driver’s licence. Also be ready to fund your CD with an opening deposit, either through a bank transfer or a debit card.
Alternatives to CDs at Citizens Bank
Another option for storing your money at Citizens Bank is through a money market account (MMA). There are three MMAs available. The first is the Citizens Bank Personal Money Market Account, which doesn’t come with a minimum deposit amount, but does charge a $10 monthly maintenance fee (waived with a minimum daily balance of $2,500). The current APY is just 0.01%.
The Citizens Quest® Money Market Account is available to those who have a Citizens Quest Checking Account. There’s no minimum deposit amount and no monthly fee. Standard rates range from 0.07% to 1.20% APY, depending on your balance. You may also qualify for a promotional preferred rate that goes as high as 2.75% APY with a minimum balance of $25,000.
The final option is the Citizens Private Client™ Money Market. This is available to those with a Private Client Checking Account, which requires at least $200,000 in combined deposits and investments with the bank to qualify. For those who meet that requirement, the maximum money market promotional preferred rate is 3.00% APY and you’ll need a minimum balance of $25,000 to access that rate.
In addition to the money market accounts, you can also open an online-only high-yield savings account. The Citizens Access® Savings account comes with no fees and earns 4.50% APY.
Frequently asked questions (FAQs)
Citizens Bank CD rates range from 0.05% to 5.00% APY, depending on the term length you choose.
The highest paying CD at Citizens Bank is the high-yield CD with a 1-year term. You’ll lock in at a rate of 5.00% APY for that period of time. Then you can either close the account and withdraw the funds or renew the CD for the current rate at that time.
Citizens Bank has branch locations in 14 states, plus the District of Columbia. However, you can access their online-only accounts from anywhere in the U.S., which includes their CD options.
Yes, Citizens Bank offers online-only CDs as well as an online-only high-yield savings account. Use a CD calculator to estimate how much your balance could earn in different types of savings accounts.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
