Online CDs

What is a certificate of deposit (CD)?

A CD is a savings vehicle, also known as a "time deposit", that is used to grow your money over a given period of time. When you open a Citizens Access Online CD, you agree that you will not withdraw the funds until the maturity date, which varies from several months to several years, and in return we guarantee you earn a fixed rate of interest. 

What CD terms do you offer?

We offer 6m, 12m, 18m, 2yr, 3yr, 4yr, and 5yr CD terms.

How do I fund my Online CD?

You can easily fund your Citizens Access Online CD account(s) in one of two ways:

1. Online Funds Transfer  - Using the routing number and account number of your checking or savings account at another U.S. financial institution, you can link that external account to Citizens Access and then make an online transfer into your Citizens Access account.

2. Deposit a check - Ensure the check is made payable to you from another U.S. financial institution (no foreign checks). Endorse the back of the check with your signature, your Citizens Access account number and "For Deposit Only to Citizens Access" on the endorsement line. You can deposit your check by signing into your account from your phone and selecting "Deposit a Check" from the Move Money menu and follow the on screen prompts. Alternatively, you can mail your check to us at the following address:

Citizens Access
PO Box 6801
Carol Stream, IL 60197- 6801

Please note, you can only make a deposit to a CD when you open the account. Additionally, we will not accept cash deposits or wire transfers. All deposits to your accounts, regardless of how they are made, are subject to verification, final payment and our Funds Availability policy.

Is my Online CD FDIC insured?

Yes, your Citizens Access Online CD accounts are FDIC insured up to the maximum allowed by law. Citizens Access and Citizens Bank, N.A. are treated as the same entity for the purpose of calculating FDIC insurance limits and deposits, under the FDIC certificate #57957. For more information about your own personal level of coverage, please visit the FDIC's Electronic Deposit Insurance Estimator (EDIE).

What is the Citizens Access CD Rate Pledge?

When you fund your new Online CD within 10 days of successfully opening your account, our CD Rate Pledge ensures you will lock in the highest interest rate offered by Citizens Access for the CD term you have selected between the date the account was opened until the date it was funded.

Is there a minimum opening deposit needed to open an Online CD account?

Yes, the minimum deposit required to open an Online CD account is $5,000.

Will I receive a physical certificate for my Online CD?

No. You will not receive a certificate for your CD, however, you will receive a document that provides all the details of your account. Simply sign in to your account and you’ll find it in your Documents & Notices under the Communications section.

How do I make a deposit into my Online CD?

You cannot make deposits to your CD during its term. Additional deposits are allowed only at maturity and during the grace period.

How is interest on my Online CD calculated?

Your CD is a fixed rate account and you will be paid the disclosed interest rate until the original maturity date of your account. Interest is calculated based on your daily balance and is compounded daily and paid monthly.

How do I receive interest earned on my CD?

We offer two options for future interest payments: 

1. By default, interest credits to CD principal

2. Alternatively, future interest payments can be transferred  to a Citizens Access savings account or a linked external account. Please call us at  1-888-201-6505 for assistance. 

What happens to my Online CD at maturity?

Your CD will automatically renew on its maturity date at the available rate for the same term unless we have previously received instructions from you or new instructions are received within the 10 day grace period.  You can define a maturity plan that meets your needs which may include adding or removing funds, adjusting your term or redeeming your CD. You can call us at 1-888-201-6505 to establish a maturity plan.

What is the CD grace period?

At maturity (the last day of your CD's term) you will have a 10-calendar-day grace period in which you can withdraw funds from your account without penalty.

Can I access my funds prior to my Online CD maturing?

Yes, however we do not offer partial withdrawals. If you would like to withdraw money prior to your CD's maturity date, you will need to call us to close the account and it will be subject to an early withdrawal penalty.  After the penalty is subtracted, you can reinvest any remaining balance into a new Online CD or Savings account as long as you are able to invest the minimum opening deposit of $5,000.

Are there penalties if I close my CD before maturity?

Yes. We charge 90 days interest on the amount withdrawn for CD Accounts with terms of 12 months or less. For CD Accounts with terms greater than 12 months, we charge 180 days interest on the amount withdrawn. In certain circumstances, we may waive the early withdrawal penalty.  See our Deposit Account Agreement for additional information.