Citizens Bank Online-Only CD

Citizens Bank Online-Only CD Review

Citizens Bank Online-Only CD are offered by Citizens Bank, a bank founded in 1828 and based in Providence, RI. Citizens Bank Online-Only CD are available in 11 states across the USA.

Key Takeaways

• Only one CD account type available. Citizens Bank CD only offers traditional CD accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.05.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.

Pros & Cons of Citizens Bank Online-Only CD

Citizens Bank Online-Only CD FAQ

Are CDs from Citizens Bank federally insured?

Yes, your Citizens Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57957). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Citizens Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.

What CD rates does Citizens Bank offer on its CDs?

The CD rates for this account have an APY of0.05% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with Citizens Bank?

Citizens Bank CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for Citizens Bank CD?

There is a 10-day grace period for Citizens Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Citizens Bank CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Citizens Bank does not charge an early withdrawal fee.