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Citizens CD Rates for 2024

Review Updated
Kailey Hagen
Author: Kailey Hagen
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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. 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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of Motley Fool Money. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Editor's note

Citizens is an online extension of Citizens Bank, a brick-and-mortar bank. We only cover Citizens in the following review. For the purposes of FDIC insurance, Citizens and Citizens Bank are considered the same entity.

Citizens CD rates are extremely competitive, as long as you're able to meet the relatively steep deposit requirements. With a good range of terms, Citizens CDs could suit those who want to ladder their CDs or lock in high APYs. Read on to learn about the pros and cons of Citizens CDs.

Citizens CD rates for 2024

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Citizens CD
Citizens CD
Bottom Line

You'll have to lock your money up for at least a year to open a Citizens Online CD -- and it'll have to be at least $5,000 to satisfy the minimum deposit. That said, the APYs available are pretty competitive.

MINIMUM DEPOSIT $5,000
1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
5.00% 4.00% 3.35% 3.40% 3.45%

Is a high-yield savings account a better option for you?

A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Compare Citizens CD rates

Few online banks can match the certificate of deposit (CD) rates Citizens offers. Its APYs are competitive for all terms, making it a great choice for those looking to build a CD ladder.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Overview of Citizens CDs

Citizens has a decent range of CD terms. If you can meet the minimum deposit, the rest of its conditions are in line with many of its competitors. As with any CD, the early withdrawal penalties make it costly to take money out before the CD matures.

Minimum Deposit $5,000
Range of Term Lengths 11-month, and 1, 2, 3, 4, and 5 years
Compounding Schedule Compounded daily and paid monthly
Early Withdrawal Penalty Partial withdrawals are not permitted
-- CDs of 1 year or less: 90 days interest on the CD balance -- CDs of more than 1 year: 180 days interest on the CD balance
Grace Period 10 calendar days
Data source: Citizens.

Citizens CDs: Pros and cons

If you're able to meet the minimum deposit requirements, Citizens CDs compare well with those of other top online banks. You'll also find the most popular CD terms. Customers can choose to either automatically reinvest your monthly interest payments or have them sent to a linked account.

Pros

  • Competitive rates
  • Offers all common terms
  • Option to cash out monthly interest payments or reinvest them

Cons

  • High minimum deposit requirement
  • No terms shorter than 1 year
  • No physical branches

How much can you earn with a Citizens CD?

The interest rates banks offer on CDs and savings accounts change all the time depending on what's happening in the economy. When you open a CD, you lock in that rate for the term of the CD. For example, if you open a 2-year CD with an APY of 4.50%, that's the rate you will get for two years. Here's a table illustrating what potential earnings could look like if you deposited $1,000 into a hypothetical Citizens CD.

The numbers in the table below may not be accurate to current APYs and are for example purposes only.

Term APY Earnings
1-year 5.00% $50.00
2-year 4.50% $92.00
5-year 3.00% $159.27
Data source: Author's calculations.

Is a Citizens CD safe?

Citizens -- formerly Citizens Access -- is backed by Citizens Bank. All deposits are protected by FDIC insurance, which covers up to $250,000 per depositor, per insured bank, for each account ownership category. If Citizens collapsed, the FDIC would initially try to broker a deal with another bank to take over the accounts. If that didn't work, your funds would be protected up to its limits.

How to open a Citizens CD

Follow these steps to open a Citizens CD account.

1. Go to Citizens online application page

To get started, select the CD term you want to open and the amount you want to deposit. You can add more than one account.

2. Fill out your personal information

You will need to give your name, date of birth, address, contact information, Social Security number, and occupation. If you want to open a joint account, check this box.

3. Agree to Citizens terms and conditions

There are a handful of documents for you to download and read. It is important to check them, especially the deposit account agreement which explains various aspects of how the account works and how you can fund your account. You'll also opt-in to receive electronic communications.

4. Finalize your online enrollment

To complete the final step of your application, you will need to upload some supporting documents, such as a photo ID and your signature.

5. Fund your account

Once your application is approved, you will have 10 days to fund your account. You can do this through an online funds transfer or by depositing a check. Citizens does not accept cash deposits or wire transfers.

Who is a Citizens CD right for?

A Citizens 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.

Other Citizens CD accounts

Citizens also offers the following CD accounts:

  • Liquid CD

Bottom line: Citizens CD rates

Citizens CD
  • 12 APY: 5.00%
  • 24 APY: 4.00%
  • 36 APY: 3.35%
  • 48 APY: 3.40%
  • 60 APY: 3.45%
Show All Rates [+] Hide All Rates [-]
Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Term
Citizens CD
1 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
5.00%
4.00%
3.35%
3.40%
3.45%

Keep reading about Citizens:

Our CDs methodology

At Motley Fool Money, certificates of deposit (CDs) are rated 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 Motley Fool Money rates bank accounts.

FAQs

  • The minimum deposit for a Citizens CD is $5,000. This is steeper than some CDs on the market, though there are higher minimums out there.

  • Citizens does not charge monthly fees or account opening fees. However, there is an early withdrawal fee if you want to withdraw your money before the end of the CD term.

  • Citizens has one liquid CD which can be closed without penalty, but the APY is much lower than its other CDs. If you want to close its non-liquid CDs, you will have to pay a penalty.