The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Citizens Bank has physical bank locations across the Mid-Atlantic, Northeast and Midwest regions. The online division of Citizens Bank, referred to as Citizens Access, handles all accounts outside the footprint.
Citizens Bank only offers two options for a CD on its website. The annual percentage yields (APY) are fairly competitive, but you’ll find much higher yields at the top online banks with lower deposit requirements.
Citizens Bank scored 3.6 out of 5 for its overall score in Bankrate’s bank review and a 3 out of 5 for its CD.
Citizens Bank CD rates
The CD interest rates are guaranteed throughout the length of the time period you select.
For those who want an online-only option, Citizens Bank offers a 14-month CD account.
|Account name||Term||APY||Minimum deposit|
|Online-only 10-month CD||10 months||5.50%||$25,000|
|Online-only 14-month CD||14 months||2.75%||$1,000|
Note: The APYs shown are current as of Nov. 15, 2023. The APYs may vary by region. Money from outside of Citizens Bank is required for this offer.
How Citizens Bank compares to top-yielding banks
The 14-month online-only option offering isn’t as competitive as one-year CDs at online banks such as Ally Bank or Marcus by Goldman Sachs. But the 10-month CD option does provide a very competitive yield, outperforming those Ally and Marcus CDs mentioned above. However, the major drawback is that you need $25,000 to open the Citizens Bank 10-month CD.
The current CD rate at Citizens Bank is less competitive than the Citizens Access CD rates. The Citizens Access one-year CD is offering a robust 5.50 percent APY with a $5,000 minimum deposit.
Other savings options at Citizens Bank
Citizens Bank’s One Deposit Savings account earns 0.01 percent APY on all balances. Although the APY isn’t competitive compared to top rates, you can easily waive the monthly service fee by making a deposit — the amount doesn’t matter — once per statement cycle.
For those interested in money market accounts, Citizens Bank offers three different types of money market accounts: a Personal Money Market, the Citizens Quest Money Market and the Citizens Private Client Money Market.