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.

VirtualBank offers online CD accounts. Each term offers competitive interest rates. The rates are competitive with other online CDs. VirtualBank interest rates are much higher than typical bank rates.

Even the shorter-term CDs offer competitive interest rates. These rates are very competitive compared to other short-term CDs.

There are a good variety of CD terms offered through VirtualBank. They offer CD terms from one month to 60-months. There are a total of 11 CD terms. All the CD terms are online accounts. You can apply online or send your application through the mail.

VirtualBank encourages CD laddering. They have a CD laddering calculator on their website. With the calculator, you can see how much interest you would earn by CD laddering. CD laddering is opening different CD terms, so your CDs mature at a variety of times. This allows you to open longer-term CDs to earn higher interest rates, but still, have access to your money.

There are options for how to receive the interest you earn on VirtualBank CDs. When you open the account, you can choose to have the interest credited monthly or quarterly. Credited the money back to the CD or you can transfer the money into another VirtualBank account. You can also choose to have the interest mailed to you in a check.

VirtualBank has a high required amount to open their CDs. Each CD requires $10,000 to open. That amount is high compared to other online CDs. If you have the $10,000 required opening amount, you can open any of VirtualBank CDs.

The CDs offered through VirtualBank are only for personal deposit accounts. At this time, these CDs are not available for business accounts. There are no specific business accounts available through VirtualBank. Only personal deposit accounts are currently offered.

VirtualBank CDs do not offer an interest rate guarantee. The interest rate you earn for the life of your CD term is the rate on the day you open your account. They do not offer an interest rate guarantee. If the interest rates increase shortly after you open your CD, your rate will not increase. VirtualBank CDs offer fixed interest based on the day you open your CD.

Early withdrawal fees for VirtualBank CDs are high. The fees may affect your principal amount. For CDs under one year, the fee is 100 percent of the interest earned on the withdrawn amount. For terms from one year to two years, the fee is one percent of the principal amount withdrawn. For CDs longer than two years, the fee is two percent of the principal amount withdrawn.

Read the full VirtualBank review.