bank rates

Citizens’ CD Rates Plunge Below Average

What a difference a year makes.

When we looked at Citizens Bank’s CD rates this time last year, we found it was paying 2.25% APY for its 60-month promotional CDs.

Fast forward to now, and you’ll earn just 1.00% APY with a $1,000 minimum deposit.

You also have to be Circle Gold Banking customer to get that rate.

This relationship level requires having a Circle Gold checking with interest account, as well as that same level savings and money market accounts.

That 60-month CD rate drops a quarter of a percentage point for Circle Banking customers or those with checking and savings accounts, and to 0.50% APY for savers with no relationship with Citizens Bank.

And we thought Chase and Bank of America had bad rates.

The average annual yield large banks and thrifts are currently offering for the 60-month term is 1.12% APY.

The Citizens Bank website features a limited number of certificates of deposit, and the best of the bunch is for 18 months.

It pays 0.50% APY at the Circle Gold level, which easily beats the average annual yield large banks and thrifts are currently offering for the 12-month term, which is 0.33% APY.

But it dips down to 0.25% APY for the Circle level and to 0.05% APY for savers off the street.

The only other term featured on the website is a 24-month CD that pays from 0.25% APY to 0.40% APY, depending on your relationship with the bank – all below the average rate of 0.52% APY.

If you’re interested in another term, you’ll have to visit a branch or call customer service for complete listing of its CD rates.

Please don’t.

You’ll find higher CD rates by heading to our CD Rates Leaderboard.

Citizens Bank has more than 1,500 branches in nine states: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.

It operates as Charter One in Ohio, Illinois and Michigan.

There definitely are better deals out there, and you’ll find them if you compare Citizens Bank’s returns with the best CD rates from scores of other banks in our extensive database.

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  1. Kathy at Bankaholic said:
    on June 26th at 09:15 am

    Citizens’ rates are all still available.