The initial amount required to open standard Citizens Trust Bank CDs is low. All the standard CDs only require $500 to open. The jumbo CDs require $100,000 to open.

Citizens Trust Bank offers a variety of CD terms. The terms range from seven days to 60-months. There is a total of ten standard CD terms offered. The jumbo CDs also offer the same ten CD terms.

The CD terms offered through Citizens Trust Bank can be opened online. The application is online and completed entirely online.

The statements for Citizens Trust Bank accounts are free. To receive the free statements, signup to receive them electronically. If you wish to receive a statement in the mail, there is a fee of $5 per statement cycle.

The interest rates for Citizens Trust Bank are not competitive with other online CDs. These CD rates are competitive with typical bank rates. The interest rates are not tiered. Any amount over $500 earns the highest rate offered for Citizens Trust Bank CDs.

The jumbo Citizens Trust Bank CDs do not offer any higher interest rates. To open a jumbo CD requires $100,000. These rates are not competitive with other jumbo online CDs. The jumbo rates are not higher than the Citizens Trust Bank standard CD rates.

The short-term CDs hardly earn interest. The seven-day to 31-day terms, 90-day term, and six-month term earn very low interest. These term rates are similar to typical bank savings accounts. Online CDs earn much higher interest.

There are specific hours Citizens Trust Bank operates. Customer service is open Monday through Friday from 8:30 a.m. to 6 p.m. ET. You can call or email customer service. Citizens Trust Bank does offer some branch locations.

Read the full Citizens Trust Bank review.

The interest rates for Colorado Federal Savings Bank CDs are competitive. Their interest rates are competitive with other online CD rates. CFSB interest rates are much higher than typical bank rates. Each of the CD terms offers competitive interest rates.

The penalty for withdrawing money from your CFSB CD before the maturity date is low. Most CDs have a penalty for withdrawing money before the maturity date. Colorado Federal Savings Bank fees are much lower than other bank fees. For terms less than six months, the fee is one month of interest. Terms from six to twelve months require three months of interest. For terms longer than twelve months, the penalty is only six months of interest.

Colorado Federal Savings Bank offers a good variety of CD terms. The shortest terms available is a one-month CD. The longest term offered from CFSB is a five-year CD. They offer a total of nine different CD terms between these two CD lengths. These CDs are for consumer accounts.

Colorado Federal Savings Bank is an entirely online bank. There are no branch locations. You apply for an account online and access your accounts online. They offer consumer CDs as well as an online savings account. CFSB also offers some lending options. Each of these services is online. You must open accounts online. You cannot apply for an account through the mail or in person.

Because CFSB is an entirely online bank, to open an account, you must enroll in online banking. This is how you will access all CFSB accounts. With online banking, you can see your account balances and account history. You can transfer money between CFSB accounts and to external bank accounts. You must receive your statements online.

The amount required to open any of the Colorado Federal Savings Bank CDs is high. Each CD term requires $5,000 to open. You must keep at least $5,000 in the account to earn interest on the CDs. If your balance drops below the $5,000, CFSB may close your account.

You must link your Colorado Federal Savings Bank CD to an external bank account. When you decide to close your account, CFSB will not send you a check for the amount from the account. To receive your money from the closed CD, CFSB transfers the money back into your linked account.

The CDs with Colorado Federal Savings Bank does not offer an interest rate guarantee. They offer competitive interest rates, but the rates you receive when you open the CD is the rate for the CD term. If the interest rates increase shortly after you open the CD, you will not receive a higher rate.

Read the full Colorado Federal Savings Bank review.