Citizens Bank has around 1,000 branches in 14 states and Washington, D.C. Even though it operates in a limited area, it is still a significant financial institution. The bank based in Rhode Island is one of the oldest and largest in the United States. It has over $220 billion in assets as of March 31. The integrated experience includes a wide range of banking products. In addition, Citizens Bank provides mobile and online banking services to a wide range of clients, including individuals and large corporations.
Citizens Bank offers certificates of deposit as one of its many products. Take a look at the chart below to see the CD rates available at Citizens. Then, carefully consider if this bank has the best CD option for you.
Current CD Rates at Citizens Bank
The CD rates offered by Citizens Bank are lower compared to rates offered by traditional brick-and-mortar banks and online banks. Make sure to compare rates as you shop around. If you want to open your account online, you only have two choices. If you want to open a CD that is not for eight or 14 months, you will need to go to your local branch or call Citizens Bank. Here is a simple overview of the rates you can expect with these CD options:
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| TERM | MINIMUM DEPOSIT | RATE |
|---|---|---|
| 8 months | $25,000 | 5.25% APY |
| 14 months | $1,000 | 2.75% APY |
How Do Citizens Bank CD Rates Compare?
Here is a comparison of the interest rates for Citizens Bank’s eight- and 14-month CDs compared to other options you might be interested in.
| BANK | 8-MONTH CD APY | 14-MONTH CD APY |
|---|---|---|
| Citizens Bank | 5.25% | 2.75% |
| Financial Partners Credit Union | 6.00% | 12-23 months: 3.50% |
| Synchrony Bank | 6 months: 4.80% | 5.00% |
Who Are Citizens Bank CDs Best For?
Citizens Bank CDs are a good choice for people who already have an account with Citizens Bank because they are easy to use. To open the online-only eight- or 14-month CD, you must have a Citizens Quest or Citizens Private Client checking account. If you don’t have one, you can upgrade to either of these accounts.
These are the advantages and disadvantages of Citizens Bank CDs.
Pros
- FDIC insured
- Brick-and-mortar locations
- Online and mobile banking
Cons
- Scant information on website; branch visit or phone call required for more details
- Branches limited to 14 states and Washington, D.C.
- $25,000 minimum deposit for eight-month CD
- Early withdrawal penalties
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Who Might Want To Open a Citizens Bank CD?
The online-only eight- and 14-month CDs are a good choice if you want to earn interest and have easy access to your money. They are especially useful if you want to spread your CDs across different banks and already have an account with Citizens. If you live in an area served by Citizens Bank and prefer face-to-face interactions, a Citizens Bank CD could be a good option for you. These CDs are also suitable if you are nearing retirement or already retired and want to avoid market risks. Additionally, you may prefer to support and work with a regional bank. With Citizens, you can visit a branch and personally interact with the people handling your money.
How To Open a Citizens Bank CD?
If you want to open a CD for either eight or 14 months, you can visit the Citizens Bank website. If you want to open a Citizens Bank CD with a different term length, you can go to a branch. Here is a list of what you will need to apply:
- Your Social Security number
- A government-issued ID
- Current contact information
- A debit card or an existing account to fund your opening deposit
To apply for an account, you need to be at least 18 years old. In order to proceed online, you need to have a Citizens Quest or Citizens Private Client checking account. If you don’t have one already, you will need to open or upgrade to one of these accounts.
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