Updated
Citizens Bank Online CD rates are well above average, making it a popular choice for those who want a safe way to grow their savings. The high deposit requirements may prohibit some from opening one of these CDs, but those who can afford it will earn a competitive rate with any term they choose. Here's a closer look at Citizens Bank Online CD rates and how they stack up to other banks.
Citizens Bank Online CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Citizens Bank Online CD
Bottom Line
You'll have to lock your money up for at least a year to open a Citizens Bank CD -- and it'll have to be at least $5,000 to satisfy the minimum deposit. That said, the APYs available aren't bad.
MINIMUM DEPOSIT $5,000
| 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|
| 5.00% | 3.30% | 3.35% | 3.40% | 3.45% |
Compare Citizens Bank Online CD rates
Few online banks can match the certificate of deposit (CD) rates Citizens Bank offers. Its APYs are competitive for all terms, making it a great choice for those looking to build a CD ladder.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Citizens Bank Online CD review
Citizens Bank currently offers two types of CDs: online CDs and a liquid CD.
Online CDs
Pros
- Competitive rates
- Offers all common terms
- Option to cash out monthly interest payments or reinvest them
Cons
- High minimum deposit requirement
Citizens Bank Online CDs offer nearly all the term lengths common among certificate of deposit (CD) providers. It doesn't offer any short- or long-term CDs with terms of less than one year or longer than five years, but this shouldn't be a problem for most people. The only popular CD term it's missing is a six-month CD.
The $5,000 minimum deposit requirement is a little steep, but those who can afford it can stand to earn quite a bit in interest, especially if they choose to build a CD ladder. Those looking to maximize their profits should consider reinvesting their interest payments over time.
Liquid CDs
Pros
- Option to withdraw your cash penalty-free
Cons
- Low APY
- Only one term
- High minimum deposit requirement
Citizens Bank offers a liquid CD with an 11-month term and a $5,000 minimum deposit requirement. This is a no-penalty CD, which means that you can withdraw your funds penalty-free at any point after the first seven days of account funding. However, if you choose to do this, you must withdraw all your money at once.
This account offers a much lower APY than the Citizens Bank Online CDs, so it's not the best choice for most people. If you're worried about having to withdraw your money early, consider putting your money in a high-yield savings account instead. Otherwise, go with an Online CD with a one-year term.
Who is a Citizens Bank Online CD right for?
A Citizens Bank Online CD is right for anyone who has at least $5,000 to spare and is comfortable leaving that money untouched for at least one year.
Bottom line: Citizens Bank Online CD rates
Keep reading about Citizens Bank:
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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A Citizens Bank Online CD offers a high rate of interest on your savings. You can earn much more with one of these than you can with a brick-and-mortar bank account or even many online savings accounts.
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A Citizens Bank Online CD could be worth it if you don't think you'll need to access your funds during the CD term. But you also need to consider the rate environment at the time. When APYs are climbing, locking your money away in any CD generally isn't wise.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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