bank rates

New Leaders, Lower Top Rates On 1-, 2- And 5-Year CDs As Citizens State Bows Out

Today we say goodbye to Citizens State Bank and the top rates it brought to our CD Rates Leaderboard.

The Florida-based community bank first showed up on the Leaderboard two years ago and had been treating savers to the best nationally available deals on 12-, 24- and 60-month CDs since last fall.

But the bank informed us that it’s stopped selling certificates of deposits online. You must now go to one of its four branches – in Gainesville, Madison, Perry and Steinhatchee – to buy one.

This is a blow, folks.

The banks that had been offering the second-best rates on those three CDs now lead the terms, and they are truly “second best.”

The top 12-month CD rate falls to 1.17% APY from BankDirect, instead of the 1.25% APY Citizens State had been paying.

The best 24-month rate drops from 1.55% APY to the 1.40% APY being paid by iGObanking.

Our new 60-month leader, CIT Bank, is offering a return of 2.30% APY, down from 2.35% APY at Citizens State.

You may still open a checking account or one of the Florida bank’s top nationally available savings accounts on its website.

If you can make it into one of the bank’s offices, you’ll find it continues to pay 2.35% on 5-year CDs – a great local deal by any measure.

But the returns on 12- and 24-month CDs have been cut to 0.80% APY and 1.01% APY – solid but not outstanding rates.

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