Availability:Residents of southern Illinois.
Citizens Community Bank (Citizens) raised the rates on several of its CDs over the weekend, with the 24-month CD (1.83% APY) being the most competitive. The minimum opening deposit for the 24-month CD is $500, with no maximum balance cap.
As stated on Citizens’ website, the Early Withdrawal Penalty is 3 months interest, with the following caveat:
The penalty for an early withdrawal from an account 31 days or less, will be the greatest of (1) all interest earned on the amount withdrawn from the most recent date of deposit or last renewal, (2) all interest that could have been earned on the amount withdrawn during a period equal to one-half the maturity period, or (3) seven days' interest on the amount withdrawn.
Headquartered in Mascoutah, Illinois, Citizens Community Bank’s market area is primarily St. Clair County in southwestern Illinois. While focusing on the local community, CSR did state that any Illinois resident could open a CD by visiting a branch location.
Citizens Community Bank’s online platform is limited to account management for current customers, and opening any type of account requires an in-person visit to any of four branches located in Freeburg (2), Mascoutah, and New Athens.
Citizens Community Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.31% (excellent) based on September 30, 2014 data. Citizens has an excellent capitalization level of 11.64%, a result of holding $303.44 Million in assets, with $35.33 Million in equity. Please refer to our financial overview of Citizens Community Bank for more details.
Citizens Community Bank (FDIC Certificate # 33753) is a relatively young bank, having been established in 1992. Citizens Community Bank is locally owned and managed, with a mission statement of "keeping the community at the heart of our decisions and to stay locally owned."
How the CD Compares
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to Illinois residents, Citizens Community Bank's 24-month CD is quite competitive.
The above rates are accurate as of 12/22/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.