City Bank Certificate of Deposit

City Bank Certificate of Deposit Review

City Bank Certificate of Deposit are offered by City Bank, a credit union founded in 1941 and based in Lubbock, TX. City Bank Certificate of Deposit are available in 2 states across the USA.

Key Takeaways

• Small selection of CD account types. City Bank CD only offers IRA and traditional CDs.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. City 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 City Bank Certificate of Deposit

City Bank Certificate of Deposit FAQ

Are CDs from City Bank federally insured?

Yes, your City Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #25103). 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 City 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.
• 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 City Bank CD offers a CD that is specifically for retirement.

What CD rates does City Bank offer on its CDs?

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

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

What is the grace period for City Bank CD?

City 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 City 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.

City Bank does not charge an early withdrawal fee.

City Bank does charge any of the fees we track.