Citizens Bank CD Rates Updated 2023

Citizens Bank CD Rates Updated Lastly in 2023

When finding a safe and reliable place to invest your money, you can go right with Citizens Bank. With over 150 years of experience, Citizens Bank has a long history of helping customers grow their savings. 

If you’re considering investing in a CD, you’re likely wondering what the current interest rates are. This post will be an in-depth look at Citizens Bank CD rates so that you can make the best decision for your savings.

Let’s jump into the details now!

Overview of Citizens Bank CD Rates

Citizens Bank offers a wide range of products and services for customers such as Citizens Bank routing number, Citizens Bank Credit Card, Citizens Bank Loan,… Among them, Certificate of Deposit (CD) products is famous to help customers diversify their financial portfolios. 

Whether you are a saver looking for a safe and secure investment or a more sophisticated investor, CD rates Citizens Bank fit your needs.

All CD products are FDIC insured and come with competitive rates guaranteed for the duration of the CD term.

The three CDs offered by the bank are the Standard CDs, Breakable CDs, and IRA CDs. You will receive the same amount of interest on any CD.

Overview of Citizens Bank CD Rates
Overview of Citizens Bank CD Rates

Standard CDs

Citizens Bank CDs offer an opportunity for customers to benefit from a guaranteed return on their deposits. 

  • With no market risk, the CDs provide a fixed rate of return for the entire account term. 
  • The term lengths range from 10 to 25 months, allowing customers to customize the account to meet their financial goals with a minimum deposit of $1,000
  • Interest earned is compounded daily to maximize earnings, and accounts are FDIC-insured up to applicable limits.

Breakable CDs

Citizens Bank offers innovative Breakable CDs, giving customers access to competitive rates and the convenience of liquid savings. 

  • With a Breakable CD, customers can access the principal of their deposit at any time without the penalty of early withdrawal.
  • Breakable CDs come with a minimum deposit of $10,000, various terms ranging from three months to five years, and additional features such as automatic renewal and free online banking.


Citizens Bank offers a variety of options for those looking to invest in an Individual Retirement Account (IRA). 

The bank’s IRA Certificates of Deposits (CDs) are a secure option with a guaranteed return that can help you reach your retirement goals. 

  • With a minimum deposit of just $250, you can choose from various terms and lock in an attractive rate of return. 
  • The bank offers helpful resources such as retirement calculator tools to help you plan and manage your retirement savings.

How Much Can You Earn With Citizens Bank’s CD Rates?

Citizens Bank offers competitive CD rates that help you maximize your earnings. Depending on the term of your CD, you can earn a rate of up to 2.75% APY

For example, if you open a 14-month CD with a minimum deposit of $1,0000, you can earn around $322 of interest.

With Citizens Bank’s CD rates, you can decide the best term for you and your financial goals. The bank also offers higher rates for more extensive deposits.

Compare Citizens Bank CD Rates With Other Banks

When choosing the correct savings account and CD rates, it is essential to compare different banks to ensure you are getting the best possible rate. 

Citizens Bank is one of the most competitive banks in the market and offers competitive CD rates to its customers. 

With various terms and rates, it is essential to compare Citizens Bank CD rates with other banks to ensure you get the most out of your savings.

You can get the most out of your savings
You can get the most out of your savings

Since each bank’s rates differ, shop for the best rate. Consider terms when researching CD rates, as some may offer higher rates for extended periods. 

Here is a comparison between Citizens Bank CD Rates and other banks in the case of a $10,000 deposit amount on January 8, 2023:

Bank Term Length APY Minimum Deposit Estimated Earnings
Citizens Bank 14 months 2.75% $250 $322
Capital One 12 months 4.15% $0 $415
Marcus 12 months 4.30% $500 $430
CIT Bank 13 months 4.65% $1,000 $505
Synchrony 14 months 4.60% $0 $460
BMO 12 months 4.50% $1,000 $450
Bask Bank 12 months 4.45% $1,000 $445
Discover 12 months 4.15% $2,500 $415

What Is A Good CD Rate?

The answer to the question “what is a good CD rate?” depends on your circumstances. 

You should look into one-year or shorter CD terms if you require access to your money within a year. 

You can earn a more significant return from a longer-term CD if you are willing to commit your funds for longer. 

The longer the time, the higher the payment. You can get a better interest rate if you guarantee that you won’t need the money for a specified period. 

If the bank knows it can count on you always to have the money it needs, it will pay you more. It is essential to check CD rates against the national average to ensure you are receiving a competitive return. 

You can earn a return from a longer-term CD
You can earn a return from a longer-term CD

Are CDs Worth It?

Certificates of Deposit are an attractive financial product for many people, as they generally offer higher rates of return than many other investment products. 

CDs are the type of deposit account offered by banks and credit unions, whereby you deposit a certain amount of money for a fixed period in exchange for a higher interest rate than a traditional savings account. 

However, before investing in a CD, it is crucial to consider the potential benefits and drawbacks to determine if they are worth it.

You can get higher rates of return
You can get higher rates of return


  • Flexibility: CDs offer variable, fixed-rate, and jumbo CDs tailored to meet the needs of a variety of investors. With CDs, investors can choose the term length and rate of return that best suits their financial goals.
  • Safety: CDs are FDIC-insured up to the maximum amount allowed, providing peace of mind that your principal investment is secure.
  • Predictability: Investors can rest assured that their investments are protected and that they help investors plan for their financial future. This means investors can prepare for the future without worrying about market conditions.


  • They typically offer lower interest rates than other investments, such as stocks and bonds.
  • CDs are subject to early withdrawal penalties, which can significantly reduce the total return on the investment.
  • CDs are typically subject to inflation risk, meaning that rising prices may erode the return on the investment.
  • CDs are generally ‘locked in’ for a fixed period, and you cannot access them until maturity. 

Alternatives to CDs in 2023

As time progresses, technology evolves, and consumers demand more innovative solutions to their financial needs. In 2023, it is predictable that consumers will look to alternatives to CDs as a primary means of saving and investing money.

Fixed annuity

One of the alternatives that many consumers will look to is a fixed annuity.

  • Fixed annuities provide a guaranteed income stream over time, allowing an individual to plan for their future. 
  • Fixed annuities offer the potential for higher returns than traditional CDs, with the added advantage of being tax-deferred. This can be an excellent option for those looking to save for retirement or another long-term goal.
Fixed annuity can be a good alternative
Fixed annuity can be a good alternative

Treasury Inflation-Protected Securities

Treasury Inflation-Protected Securities (TIPS) is an increasingly popular investment option for those looking for an alternative to CDs. 

  • TIPS are bonds issued by the United States government that are adjusted for inflation, offering an attractive option for investors looking to protect their assets from inflationary pressures. 
  • The principal value of TIPS is adjusted periodically to the current inflation rate, providing investors with the assurance that their investments will not grow by inflation. 
  • The interest earned from TIPS is also adapted for inflation, allowing investors to generate an actual investment return. 
  • TIPS can be purchased through banks, brokerages, and other financial institutions, making them an accessible alternative to CDs.


Who has the highest 12-month CD rate?

When searching for the highest 12-month CD rate, it is essential to consider different financial institutions’ features, benefits, and current rates. 

Generally, the rates offered by banks and credit unions are competitive and can vary from one institution to another.

What CD rates will rise in 2023?

It is difficult to predict what CD rates will be in 2023, as many factors influence them. 

However, experts anticipate that CD rates will continue to rise as the Federal Reserve has committed to maintaining low-interest rate policies through 2021. 

As the economy recovers and inflation rises, CD rates will likely increase in 2023. 

Are CDs a good investment in 2023?

Even though digital streaming services have replaced mainly CDs, CDs can still be a good investment for those looking for secure, long-term investments.


Citizens Bank CD rates are one of the best CDs in the market. Citizens Bank is an excellent option if you want a safe and reliable place to invest your money. 

Their rates are competitive, and their customer service is top-notch. You can go right with Citizens Bank. Thank you for reading!