Citizens Bank Current CD Rate US: November 2023

What is the Current CD Rate at Citizens Bank?

Check out the current savings rates at Citizens Bank for November 2023. Whether you're thinking short or long-term, this overview breaks down the rates and details you need to know. Keep in mind, rates can change, so visit the bank's website for the most recent info.

Additional Information:

• Minimum Deposit: $1,000 or $5,000 depending on the term.
• Compounding Schedule: Daily.
• Early Withdrawal Penalty: 90 days' interest for CDs with terms of 1 year or less, 180 days' interest for terms over 1 year.
• Grace Period for Penalty-Free Withdrawals After Maturity: 10 calendar days.

Does Citizens Bank Do CDs?

Yes, Citizens Bank offers Certificate of Deposit (CD) accounts.Citizens Bank offers a range of Certificate of Deposit (CD) terms, with durations spanning from one month to 120 months. These CDs come in three varieties: standard CDs, Breakable CDs, and IRA CDs.

Regardless of the CD type chosen, the interest rates remain consistent. For standard CDs, the bank requires a minimum opening deposit of $1,000. Alternatively, customers can opt for a Breakable CD, requiring a minimum deposit of $10,000. The Breakable CD permits a one-time full or partial withdrawal of the principal amount without incurring an early withdrawal penalty. However, it is essential to maintain the minimum balance, and any subsequent withdrawals are subject to penalties.

Is Citizens Bank's CD Rate a Good Deal?

While Citizens Bank's certificates of deposit (CDs) can offer higher annual percentage yields (APYs) than numerous savings accounts, they often fall short when compared to the more competitive CD options available from other financial institutions.

As is prudent when opening a new bank account, it is advisable to assess the rates offered by different banks before initiating the application process. Begin by examining the most favorable savings account rates and top CD rates available in the current market.

What Are the Pros and Cons of Citizens Bank's CD?

Pros of Citizens Bank's CD:

• CDs offer a stable and predictable return on your investment, making them a safer option compared to riskier investments like stocks.
• Your deposit in a Citizens Bank CD is typically insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law, providing a safety net for your funds.
• Citizens Bank offers a range of CD terms, allowing you to choose the one that best matches your financial goals, whether you want a short-term or long-term investment.
• CDs generally offer higher interest rates than regular savings accounts, helping your money grow more quickly.

Cons of Citizens Bank's CD:

• Citizens Bank's CD rates may not be as competitive as those offered by other banks and credit unions, which means you might miss out on potentially higher earnings.
• If you need to access your funds before the CD's maturity date, you may face penalties, which could eat into your earnings or even reduce your principal amount.
• When you invest in a CD, your money is locked in for the duration of the CD term. If you anticipate needing the funds for unexpected expenses, this lack of liquidity can be a drawback.
• Some Citizens Bank CDs may require a minimum deposit, which might be higher than what you're comfortable investing.
• If you tie up your money in a CD with lower rates, you might miss out on potentially better investment opportunities elsewhere.

Citizens Bank

Citizens Bank is a brand name of Citizens Financial Group, Inc. and is the 17th largest retail bank by assets in the U.S., according to Federal Reserve data. Headquartered in Providence, Rhode Island, it offers a variety of banking, loan and investment products for retail, small business and commercial customers. Along with its online presence, it maintains branches in 14 states and Washington, D.C.