For CDs with terms of less than one year, you’ll forfeit the greater amount of 90 days’ interest on the withdrawn amount or half the remaining interest to be earned. And the bank offers the option to receive monthly interest payments by check if you have a CD balance of $5,000 or more.Įarly withdrawal penalties are hefty. Interest on all of Citizen Bank’s CDs is compounded and credited to your account monthly. The IRA CD has a minimum deposit requirement of $250 and is subject to IRS tax regulations and penalties. The Breakable CD allows you to make a one-time full or partial withdrawal of principal without incurring an early withdrawal penalty, but you must maintain the minimum balance, and any subsequent withdrawals are subject to penalty. The bank’s standard CDs, which we primarily discuss here, have a minimum opening deposit of $1,000.īut savers can also choose to open a Breakable CD with a minimum deposit of $10,000. Interest earned is the same regardless of CD type. The bank provides three different types of CDs: standard CDs, Breakable CDs and IRA CDs. Citizens Bank offers a variety of CD terms, ranging from one month to 120 months, only one of which is featured on its website.
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