Citizens Bank Online

Citizens Bank Online

Although Citizens Bank operates branches in only 11 states — Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Delaware, Michigan and Ohio — that doesn’t mean it’s not a major financial institution. In fact, it’s one of the oldest and largest in the U.S., boasting $153.5 billion in assets. Its integrated experience includes a full range of banking products, mobile and online banking and a 24/7 customer contact center.

In addition, Citizens Bank offers certificates of deposit. Use the chart below to review the bank CD rates you’ll find at Citizens, then dive deep and decide if this is the best CD option for you. Citizens Bank Online

Citizens Bank CD Overview

Citizens Bank CD rates are comparable to other brick-and-mortar bank CDs. Here is a quick look at the different CD term lengths the bank offers and the rate you can expect with each:

More from Your Money
Citizens Bank CDs at a Glance: April 2020
TypeTermsMinimum DepositRate
11-Month CD11 months$1,000


Online-Only 14-Month CD14 months$1,0001.30% APY
24-Month CD24 months$1,000



Who Are Citizens Bank CDs Best For?

Citizens Bank CDs are best for those who already bank at Citizens Bank. Most Citizens CDs — the Online-Only CD being the exception — offer the highest rates to those who have checking accounts. Here are the pros and cons of Citizens Bank CDs. Citizens Bank Online


  • FDIC-insured
  • Brick-and-mortar locations
  • Online and phone banking
  • No monthly maintenance fees


  • Lower CD interest rates if you don’t have a Citizens Bank Platinum or Platinum Plus Checking account
  • $1,000 minimum deposit
  • Early withdrawal penalties
  • Only in 11 states

Who Might Want To Open a Citizens Bank CD?

Citizens Bank CDs are best for those who already have a banking relationship with Citizens Bank or are interested in starting one. You get higher rates on most Citizens Bank CDs if you have a Platinum or Platinum Plus checking account. Both of these checking accounts require combined balances of $25,000 or more across accounts. Citizens Bank Online

The Online-Only 14-Month CD strikes a good balance between interest and accessibility. It could be an excellent addition if you’re looking to ladder your CDs across multiple banks.

A Citizens Bank CD might be a good fit for funds you’ll need in a year or two down the road if you live in the service area for Citizens Bank and you prefer in-person interactions. These CDs could also be a good fit if you’re retiring soon or are already retired and you don’t want to deal with market risk. You might also prefer supporting and working with a regional bank instead of a faceless, online-only institution. With Citizens, you can visit a branch and get to know the people who handle your money. Citizens Bank Online

Who Might Want To Pass on Citizens Bank’s CD Options?

Anyone strictly looking for the best CD rates might want to pass on Citizens Bank. Many online-only banks offer higher CD rates. You might also want to pass if you’re not interested in opening other bank accounts with Citizens Bank, as that gives you access to the best CD rates. Citizens Bank Online

Another reason to pass is if you think you’ll need your money sooner rather than later, as all Citizens Bank CDs have early withdrawal penalties. Citizens Bank Online

Those saving for the long term might want to explore different options as well. Even though it’s tempting to pull money out of the market in a time of volatility, when you have a significant amount of time before you need your funds, it makes sense to consider investments like stocks or mutual funds. As with any financial decision, consult an experienced professional if you need advice.

How To Open a Citizens Bank CD

To open a Citizens Bank CD, you can visit a branch or go online to the bank’s website. Here’s what you’ll need to apply:

  • Your Social Security number
  • A government-issued ID
  • An opening deposit

Customers who already have a Citizens Bank CD can transfer the deposit from another account. Otherwise, you can use a debit card or a check to make your initial deposit. You must be 18 years old or older to open an account.

When you apply for an account, you’ll need to provide your personal information so the bank can confirm your identity. You’ll receive disclosures, which you should review carefully. Don’t hesitate to ask if you have any questions about the CD or its features.

To earn the highest rates, consider opening a checking or savings account first. After those accounts are funded, open a CD. Once you fund your CD, you can access your account information online or by using the Citizens Bank mobile app. You can also reach Citizens Bank by phone or by chat.

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