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Long-term CD (one year or longer) - 180 days interest on withdrawn amount, or half the remaining interest to be earned, whichever is greater.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.
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.
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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||17-Month CD Special ($50k max)||Navy Federal Credit Union|
|1.75% APY||15-Month CD (w/checking)||Citizens Bank|
|1.60% APY||15-Month Share Certificate Special||NASA Federal Credit Union|
The above rates are accurate as of 4/15/2017.