Florida-based Citizens State Bank (CSB) has raised the rates on all it CDs, with the 36-month (2.80% APY), 48-month (3.00% APY), and 60-month (3.20% APY) the most competitive. While CSB lists tiered deposit levels ($1k and $100k), the CD APYs are the same no matter the deposit.
In the past five months there have been three rate increases, with the 36-, 48-, and 60-month CDs adding 165, 177, and 159 bps, respectively.
As stated in the Personal CD Overview, the Early Withdrawal Penalty reads as follows:
For accounts with an original maturity of three or four years we may impose
a fee equal to 9 month interest on the amount withdrawn subject to penalty.
For accounts with an original maturity of five years we may impose a fee
equal to 12 months interest on the amount withdrawn subject to penalty.
According to the online application, the options to fund a CD include a “transfer from an existing account, transfer from another bank account or mail a check.” CSB CDs have a ten day grace period. Here’s something I’ve never seen on an online application:
Maturity Options: Auto Renewal, Mail Check, ACH Checking, ACH Savings (if you select ACH please provide the routing number, account number and the financial institution's name, zip code and city)
Headquartered in Perry, Florida, Citizens State Bank offers its product line nationwide to all U.S. citizens and permanent residents who have a valid Social Security number.
The online application states that,
Once your application is submitted please allow 48 hours for processing.
Citizens State Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.78% (excellent), based on March 31, 2018 data. In the past year, CSB increased its total non-brokered deposits by $2.16 million, an above average annual growth rate of 0.97%. Please refer to our financial overview of Citizens State Bank (FDIC Certificate # 17880) for more details.
CSB was originally established in 1958 as The Citizens Bank of Perry – a small bank in a small Florida town. The Bank rebranded in 2007 and began offering savings accounts and CDs nationwide in 2012. Citizens State Bank’s philosophy of "we understand that change is inevitable," is evident in its growth and scope. By adding online banking services, Citizens State Bank has embraced the inevitable.
How the CDs Compare
When compared to the 174 nationally available similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit, Citizens State Bank’s 48-month CD APY currently ranks second.
When compared to the 185 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Citizens State Bank’s 60-month CD APY currently ranks third.
When compared to the 206 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Citizens State Bank’s 36-month CD APY currently ranks fifth.
The above rates are accurate as of 6/26/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.