Citizens National Bank of Cheboygan CDs

Citizens National Bank of Cheboygan CDs Review

Citizens National Bank of Cheboygan CDs are offered by Citizens National Bank of Cheboygan savings accounts, a bank founded in 1931 and based in Cheboygan, MI. Citizens National Bank of Cheboygan CDs are available in 1 state across the USA.

Key Takeaways

• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. Citizens National Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Citizens National Bank of Cheboygan CDs

Citizens National Bank of Cheboygan CDs FAQ

Are CDs from Citizens National Bank of Cheboygan federally insured?

Yes, your Citizens National Bank of Cheboygan CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 National Bank of Cheboygan 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.
• Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.
• IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Citizens National Bank CD offers a CD that is specifically for retirement.

What CD rates does Citizens National Bank of Cheboygan offer on its CDs?

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

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

What is the grace period for Citizens National Bank CD?

Citizens National Bank CD does not specify what their grace period is. 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 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 National 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 National Bank of Cheboygan does not charge an early withdrawal fee.