Citizens Bank Offers Competitive 15-Month CD w/Checking

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Deal Summary: 15-month CD, 1.75% APY, $1k minimum deposit, checking relationship required.

Availability: Market area includes Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. Eligibility determined by Zip Code.

Citizens Bank is currently offering a 15-month CD (1.75% APY) that is only available with a Platinum Plus Checking™ account. The 15-month CD requires a $1k minimum deposit of new money, with a $999,999.99 balance cap.

The Platinum Plus Checking™ is an interest bearing account with three APYs (0.03%, 0.05%, 0.07%) based on three balance levels (<$25k, $25k+, $250k+).

Platinum Plus checking monthly maintenance fee of $25 can be waived with $25,000+ in combined monthly balances across all deposit and investment accounts AND either $5,000 total deposits posted to the primary checking account before the end of your statement period OR $10,000 average daily checking balance.

The amount required to be in the Platinum Plus Checking™ to avoid the $25 maintenance fee will reduce the overall rate when considering the balance of both the CD and the checking account. However, the effects on the overall rate diminishes for larger CD deposits.

As stated in the Personal Deposit Accounts Guide, the Early Withdrawal Penalty reads as follows:

Long-term CD (one year or longer) - 180 days interest on withdrawn amount, or half the remaining interest to be earned, whichever is greater. Plus a Transaction Penalty - $50.

Thanks to the DA reader who let me know about Citizens Bank’s latest deal.

Availability

Headquartered in Providence, Rhode Island, Citizens Bank’s market area stretches from New England to the Mid-Atlantic states, and into the Midwest. Based on Zip Code, account eligibility can be determined on the first page of the online application.

Citizens Bank has nearly 1,200 branches located in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.

The branches in Michigan, Ohio, and Pennsylvania that used to operate under the Charter One brand have rebranded as Citizens Bank.

Bank Overview

Citizens Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.83% (excellent) as of December 31, 2017. In the past year, Citizens Bank has increased its total non-brokered deposits by $5.07 billion, an excellent annual growth rate of 6.93%. Please refer to our financial overview of Citizens Bank (FDIC Certificate # 59757) for more details.

Citizens Bank traces its origins to High Street Bank, which was founded in 1828 in Providence, Rhode Island. In 1871, the Bank established its own savings bank, Citizens Savings Bank. Through more than 30 acquisitions and natural growth, Citizens Bank evolved from the fifth-largest bank in the smallest state in the U.S. into Rhode Island’s largest bank and the 24th largest bank in the country. The Bank’s expanded footprint, from New England into the Mid-Atlantic and the Midwest, encompasses 30 percent of the U.S. population.

How the CD Compares

Given Citizens Bank’s large footprint, the following comparison uses nationally available CDs. Therefore, when compared to 145 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally available, Citizens Bank’s 15-month CD APY currently ranks second.

The above rates are accurate as of 4/15/2017.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our Rates Map page.


Comments
Bogey
Bogey   |     |   Comment #1
Got a flyer in the mail about it earlier this week. I was interested until I read a Platinum Plus Checking account is required. Threw it in the trash.
Kaight
Kaight   |     |   Comment #2
Attractive deal for the very wealthy who desire to go short with a WHOLE LOT of money.  For example, with half a million and up in the CD, you really don't care a whole lot about the piddling $10k in checking! 
Bullied
Bullied   |     |   Comment #3
Citizen Bank lies. They advertised this rate and will not give me the rate even though I have the platinum checking.
Nothing
Nothing   |     |   Comment #4
Bullied's post reminded me of a recent "for profit/private" website that has a number of comments on various financial institutions. https://www.consumeraffairs.com/

No warranty of info or reviews implied or expressed.
Bullied
Bullied   |     |   Comment #5
This is true. They said you had to receive a post card in the mail to receive this promotion. This promotion is advertised on the web but they denied me a cd even though i have a platinum plus checking!
Joel Margolis
Joel Margolis   |     |   Comment #6
you must have a promotional code to get this rate
barbara b
barbara b   |     |   Comment #7
I did not receive a post card, even though I was interested in checking this out. I guess not.
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UPDATE 5/11/17: Available now through June 9, 2017.

Availability: Market area includes Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont. Eligibility determined by Zip Code.

Now through June 9, 2017, you can earn $150 by opening a new Citizens Bank personal checking account at any of the Bank’s supermarket branches. According to the promotional page, there is only requirement to meet:

Set up a single direct deposit of $500 or more that posts
to your new account within 60...
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The procedure to initiate this promotional $150 bonus is a little different than we’re used to seeing:

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As stated on Citizens Bank’s CD Disclosure page, the Early Withdrawal Penalty reads as follows:

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As stated on Citizens Bank’s CD Disclosure page, the Early Withdrawal Penalty is as follows:

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