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Citizens Bank (Member FDIC) offers two online CD terms: 10 months and 14 months. To get these CDs, you must have a Citizens Private Client Checking or Citizens Quest Checking Account. Customers must also live in select states to open one of these two CDs.
Residents of any state can open a CD with Citizens, the online-only division of the bank. Citizens (previously known as Citizens Access) has five CD terms ranging from one to five years.
Here's what you need to know about Citizens Bank CD rates.
Citizens Bank Online CD Rates Today
The Citizens Bank 10 Month Online CD pays a high rate. The Citizens Bank 14 Month Online CD pays a much lower rate, however, the minimum deposit requirement is also lower.
The following rates are for Boston, Massachusetts.
| CD Term | APY | Minimum Deposit |
| 10 months | 4.00% | $25,000 |
| 14 months | 2.75% | $1,000 |
Citizens Access Online CD Rates
Regardless of where you live in the United States, you can open a Citizens Access Online CD with Citizens, the online-only division of Citizens Bank. Rates vary depending on the term. Overall, the division CD rates, are higher than average CD rates.
| CD Term | APY |
| 1 year | 5.00% |
| 2 years | 4.00% |
| 3 years | 3.35% |
| 4 years | 3.40% |
| 5 years | 3.45% |
About Citizens Bank CDs
Types of CD Offered by Citizens Bank
Citizens Bank offers standard CDs that you'd find at any other bank.
The Citizens Bank 10 Month Online CD and Citizens Bank 14 Month Online CD are only available for people who live near a bank branch. Branches are located in Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, or Washington, DC.
You must also have an eligible Citizens Bank checking account to get these CDs. If you don't already have an account, you'll need to open one with the CD.
If you don't live near a branch, you can open a Citizens Access Online CD through the bank's online-only division. There are five-term lengths, ranging from one to five years. Other banks offer more CD variety, though.
Minimum Opening Deposit
You must deposit at least $25,000 into a Citizens Bank 10 Month Online CD. The Citizens Bank 14 Month Online CD has a $1,000 minimum opening deposit.
The Citizens Access Online CD has more straightforward opening requirements. All the CDs require $5,000 upfront.
If you don't have much money to deposit upfront, other banks will likely be a better fit than Citizens Bank. For example, there are online banks that let you open a CD with $0.
Early Withdrawal Penalties
Citizens Access Online CDs have the following early withdrawal penalties:
- 90 days of interest on the withdrawal amount for terms of one year or less
- 180 days of interest on the withdrawn amount for terms longer than one year
What Influences Citizens Bank CD Earnings
The total amount of CD interest you earn depends on your CD selection.
External factors, like changes to the federal funds rate, can also impact your earnings. If you get a CD when rates are higher, you'll be able to earn more.
Role of the Federal Reserve
Historical CD rates show that CD rates can fluctuate a lot. This is because CD rates are impacted when the Federal Reserve changes the federal funds rate.
When rates rise, banks offer more competitive CD rates. If rates go down, banks lower CD rates, and your options might not be as competitive as other safe investment options.
To see if CD rates will change, keep tabs on the next Fed meeting.
CD Selection and Minimum Opening Deposit
One of the advantages of getting a Citizens Bank CD over a savings or money market account is that you're earning a fixed interest rate. This means the rate will be locked in for the term you've selected.
You can actually use a CD calculator to estimate your total interest earnings. Using a calculator can also give you a better understanding on how different terms and minimum opening deposit amounts will affect your overall interest earnings.
Citizens Bank CD Pros and Cons
Citizens Bank CD Pros
- Competitive rates on 10-month and 1-year terms
- Standard minimum opening deposit for 14-month term
- Citizens Access Online CDs available nationwide
- Easy-to-use mobile app
Citizens Bank CD Cons
- Other online banks offers higher CD rates overall
- High minimum deposits on most terms
- Citizens Bank CDs only available in select states
Should You Invest in a Citizens Bank CD?
The Citizens Bank 10 Month Online CD rate is competitive, but you must deposit $25,000 and live in a certain area to earn it. Citizens Access CDs are appealing for 1-year terms, but other online banks pay higher CD rates for longer terms.
Many of the best CD rates are available nationwide and have lower minimum deposits. However, Citizens Bank is an excellent choice if you want to deposit a significant amount.
Citizens Bank CD Alternatives
Citizens Bank CDs vs. Capital One 360 CDs
Capital One 360 offers 9 CD terms ranging from 6 months to 5 years. Capital One CD rates are 3.50% to 4.00% APY, depending on the term length. The best banking option for you ultimately depends on which term you're interested in getting.
Capital One 360 CDs have a $0 minimum deposit. Compared to the higher minimum deposits Citizens Bank requires, Capital One offers more flexibility. If you plan to deposit less than $1,000, Capital One 360 is a better fit.
Citizens Bank CDs vs. Synchrony Bank CDs
Synchrony Bank CD terms range from 3 months to 5 years, including a 24-month Bump Up CD and an 11-month No-Penalty CD. Synchrony Bank CD rates vary depending on the term, but you can earn between 0.25% to 4.25% APY.
Synchrony offers extra flexibility with 16 term lengths and three types of CDs. There's also a $0 minimum deposit requirement at Synchrony, which is a significant perk compared to Citizens Bank's higher minimums.
Why You Should Trust Us: How We Reviewed Citizens Bank CDs
Business Insider uses our certificate of deposit methodology to review CDs. We evaluated Citizens Bank's interest rates, CD terms, withdrawal penalties, miscellaneous features, and minimum deposits. We also considered the bank's mobile app, customer service, security, and ethics to determine a rating.
We assign each category a score from 0 to 5. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience. We rate bank accounts on a scale of one to five stars.
Citizens Bank CD Rates FAQs
Citizens Bank offers competitive CD rates for 10-month and 1-year terms. If you are interested in opening a CD over a year, the best online banks pay better CD rates.
Citizens Bank can change CD rates at any time. That said, CD rates are often affected by changes in the federal funds rate.
Citizens Bank offers unique 10-month and 14-month terms on online CDs. Besides that, though, Citizens Bank CDs don't have any other standout features. For specialty CDs, you also have to consider other banks.
Yes, Citizens Bank is a Member FDIC bank. The FDIC insures money you deposit at the bank for up to $250,000 per account category and owner. If the bank fails, the FDIC will automatically reimburse you for the insured money you have in a CD.
You must have a Citizens Private Client Checking or Citizens Quest Checking Account to open a Citizens Bank 10 Month Online CD or Citizens Bank 14 Month Online CD. You can open checking accounts and CDs at the same time, though.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Earn 4.75% APY when you deposit at least $250 per month, earn 3.75% standard APY if minimum isn't met.
**Accounts with $250,000 or less will earn 4.35% APY, accounts with over $250,000 will earn 4.65% APY . Rate are determined by balance tiers and amount deposited.
***SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
