Table of Contents
Table of Contents

Citizens Bank CD Rates

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

By
Jessica Ullrich
Jessica Ullrich
Full Bio
Jessica is an Associate Finance Editor on the Performance Marketing team at Investopedia and The Balance. She's been editing financial and business content for over a decade.
Learn about our editorial policies
Updated May 24, 2023
Fact checked by
Brendan Harkness
Brendan Harkness
Fact checked by Brendan Harkness
Full Bio

Brendan Harkness is a senior finance editor at Investopedia and The Balance. He has spent 8-plus years researching, writing, and editing content for financial and business publications about credit, banking, and credit cards.

Learn about our editorial policies
Financial Advisor speaks with Clients about CD Rates

alvaro gonzalez / Getty Images

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

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 only offers one CD option at the time of publication—a 14-month online CD account.

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.

14-Month CD Overview

 CD Term  APY  Minimum Balance
14 months 2.75%  $1,000

Citizens Bank CD: Key Features

APY Range 2.75%
Minimum Balance  $1,000 
Term Range  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Early Withdrawal Penalty  180 days’ interest on amount withdrawn or half of future interest, whichever is greater; plus a $50 penalty 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 14-month CD has a modest APY compared to some competitors, which may offer APYs as high as 5.00%. 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 14-month CD for the entire term to avoid penalties.

Compare Savings Rates

Is Citizens Bank’s CD Rate a Good Deal?

The Citizens Bank 14-month CD has an APY higher than many savings accounts, but it’s 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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Citizens Bank. "Online CD."

  2. Citizens Bank. "Personal Deposit Account Fees and Features Guide." 

  3. Citizens Bank. "Citizens Savings Accounts." 

  4. Citizens Bank. "Personal Deposit Account Agreement."