Citizens State Bank 7-Month CD Special Has Market-Leading Rate

In early August, I wrote about the rate-leading 15-month CD Special (5.75% APY) offered by Wisconsin-based Citizens State Bank (CSB). The next day, the nationwide availability was changed to Wisconsin only, so the 15-month CD Special dropped off my “rates radar."

With the recent removal of the Hyperion Bank 15-month CD Special (5.65% APY), I was trying to determine which CD is going to be at the top of the nationally available 18-month CD category in tomorrow’s CD Deals Summary. LSS, the CSB 15-month CD Special now earns a forgettable 5.21% APY, but the 7-month CD Special rate was recently upped to 5.75% APY.

Best of all, it appears to be available on nationwide basis.

I tried several Zip Codes (coast to coast) in the “Enter your ZIP Code” field on the online application and each one was accepted. I called CSB and according to CSR, the 7-month CD Special (as well as the 15-month CD Special) is offered nationwide. The 7-month CD Special can be opened with a minimum $10k deposit, with no stated balance cap.

Early Withdrawal Penalty

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

We may impose a penalty if you withdraw any or all of the principal
before the maturity date. The fee imposed will equal 4 months of interest.

According to CSR, if not enough interest has been earned, the principal balance will be reduced. If you close the CD early before the interest is credited, you will not receive the accrued interest.

Availability and Account Opening

Headquartered in Hudson, Wisconsin, Citizens State Bank has a brick-and-mortar presence in western Wisconsin, stretching from Eau Claire, Wisconsin to the Minnesota border.

The online application is a fairly recent addition to the CSB website. According to CSR, all U.S. citizens and resident aliens (18 years or older) with a valid Social Security number are currently able to open a 7-month CD Special using the CSB online application.

In addition to being opened online, the 7-month CD Special can also be opened in-person at any of five Wisconsin branches, located in Elmwood, Hudson, Menomonie, Roberts, and Woodville.

Funding and Other Particulars

The following information comes from the CSB website and a conversation with CSR.

• Funding – ACH for existing customers only; cashier’s check or cash for new customers.
• Ownership – Individual or joint can be opened online; trusts can only be opened in-person.
• Interest – Compounded/credited semi-annually and at maturity; interest can be deposited in another CSB account or paid out by check.
• Maturing Funds – Cashier’s check or internal transfer.
• Grace Period – 10 business days before automatic renewal as a 12-month CD.
• Beneficiaries – Unlimited, with equal shares. Social Security numbers are not required.
• Credit Check – none per se; ChexSystems referenced when opening a new account.

Bank Overview

Citizens State Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.56% (excellent) based on September 30, 2023 data. In the past year, Citizens State Bank has increased its total non-brokered deposits by $41.14 million, an excellent annual growth rate of 15.04%. Please refer to our financial overview of Citizens State Bank (FDIC Certificate # 6194) for more details.

Citizens State Bank opened its doors in 1904 and became an FDIC member in 1934, soon after the FDIC was established. For the next 85 years, the Bank had only one office, located in Woodville. The 1990s marked a period of expansion for the Bank, with the acquisition of two banks (First State Bank in Elmwood and Bank St. Croix in Roberts) and the opening of three new branches. Currently the 73^rd largest bank headquartered in Wisconsin, Citizens State Bank has assets in excess of $389 million and more than 11,000 customer accounts.

How the 7-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Citizens State Bank 7-month CD Special. The following table compares the 7-month CD Special to the four highest-rate similar length-of-term CD APYs from other banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 1/16/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.