Banking » Reviews » Citibank CD Rates For April 2024
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Citibank CD Rates For May 2024

Citibank offers CDs with terms that range from 3 to 60 months. Here are the current CD rates, how it works, and how much you can earn
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

Citibank is one of the largest U.S banks and it offers several types of CDs including fixed rate and no penalty CDs. Unusually for a bricks and mortar bank, Citibank offers competitive rates on CDs with terms of three months to five years.

All Citibank CDs can be opened with a low minimum deposit, but the early withdrawal penalties are quite steep.

Citibank CDs

APY Range

0.05% – 4.75%

Minimum Deposit

$500 – $2,500

Terms

3 months – 5 years

Our Rating

4.1
4.5/5

Citibank CDs

APY Range

0.05% – 4.75%

Minimum Deposit

$500 – $2,500

Terms

3 months – 5 years

Our Rating

4.1
4.5/5

How Do CitiBank CDs Work?

Citibank CDs have a minimum deposit of $500 – $2,500, which is quite reasonable compared to many national banks CD minimum deposit, which often requires $1,000 or even $10,000 to access CD rates. The interest for Citibank CDs are compounded daily and if your CD term is less than one year, it is credited monthly or on maturity. For CD terms of one year or longer, the interest is credited monthly.

You can withdraw your interest at any time during your CD term, once it has been credited to your CD account, but this will reduce the balance and lower the overall amount of interest you can earn.

Citi CD Options
(Screenshot from Citibank app)

If you withdraw from your principal balance, there is a early withdrawal penalty. If your CD has a term of one year or less, you will forfeit 90 days of simple interest, but this increases to 180 days of simple interest if your CD has a term of over one year.

One interesting aspect of Citibank CDs is that there is a choice of fixed rate, no penalty or step up CDs. The Step Up Cd has an interest rate that automatically increases every 10 months.

Citi open CD details
(Screenshot taken by our team from Citibank app ,rates are not updated)

What Are The CitiBank CD Rates?

As of May 2024, the fixed-rate CDs have rates that currently vary from 0.05% – 4.75%. To access the higher rates, you’ll need a nine-month, one-year, or 18-month CD.

The no-penalty CD is only available with a 12-month term, but it allows you to withdraw part of your full balance at any time with no penalty. The only stipulation is that you must wait six days after your initial deposit before you can withdraw. The current rate for the no-penalty CD is 0.05%.

CD Term
APY
Early Withdrawal Penalty
3 Months
0.05%
90 days interest
6 Months
4.75%
90 days interest
9 Months
3.75%
90 days interest
12 Months
2.00% – 3.00%
90 days interest
12 Months – No Penalty
0.05%
/
15 Months
4.00%
180 days interest
18 Months
2.00%
180 days interest
24 Months
2.00%
180 days interest
30 Months
0.10%
180 days interest
36 Months
2.00%
180 days interest
48 Months
2.00%
180 days interest
60 Months
2.00%
180 days interest

How Much Can You Earn If You Deposit $100,000 Today?

In case you deposit $100,00 to Citibank CD, here are the expected earnings (before tax) in case the interest is compounded daily:

CD Term
APY
Interest Earned
3 Months
0.05%
$12
6 Months
4.75%
$2,370
9 Months
3.75%
$2,813
12 Months
2.00% – 3.00%
$1,992 – $3,003
18 Months
2.00%
$3,003
24 Months
2.00%
$4,024
30 Months
0.10%
$247
36 Months
2.00%
$6,096
48 Months
2.00%
$8,210
60 Months
2.00%
$10,366

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Are Citibank CD Rates Competitive Compared to Other Banks?

The national average rate for CDs is approximately 1.73% for one year, which makes most Citibank CDs highly competitive. When compared to other brick-and-mortar banks, Citibank is extremely competitive. Most traditional banks rarely offer lower rate on some terms for the Citibank fixed-rate CD.

Of course, the most competitive CD rates are typically offered with online banks. However, even some of Citibank’s CDs can still stand toe to toe with these products. While some online banks offer higher rates, overall Citibank remains quite competitive.

But, if you are interested in getting the highest rate possible, you may need to look elsewhere or do some serious CD comparison shopping.

Bank
APY
Minimum Deposit
Early Withdrawal Penalty
Capital One
4.90%
$0
3 months interest
Ally Bank
4.50%
$0
60 days interest
Synchrony Bank
4.80%
$0
90 days interest
Discover
4.95%
$2,500
6 months
Bank of America
0.03%
$1,000
180 days interest

Citibank CD Rates vs Citibank Savings Rates

Citibank offers a variety of savings accounts, but Citi Accelerate savings has the highest savings rate  –  4.45%. This is equal to the base CD rate, but you can get far higher rates with many of Citibank’s CD products. What you do get with a Citibank savings account is full access to your funds. If you decide that you need some cash, you can simply withdraw the funds and you won’t incur a penalty as you would with a CD.

However, you will need to consider that Citibank accounts typically have a monthly maintenance fee. This varies from $10 to $25 per month, depending on the account package.

While it is possible to have these fees waived, you will need to ensure that you meet at least one of the waiver criteria, or you could end up with fees reducing your savings balance.

Citibank Savings Account

APY Savings

4.45%

Minimum Deposit

$0

Promotion

$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period

Citibank Savings Account

APY Savings

4.45%

Minimum Deposit

$0

Promotion

$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023

Fees

$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period

About Citibank

Citibank is a subsidiary of Citigroup Inc. This is the fourth largest bank when measured by assets. Citibank is best known for its credit cards and retail banking, serving over 110 million customers in the U.S, Mexican and Asian markets.

Citibank has a diverse product line including savings and checking accounts, CDs, investing products, and lending products such as mortgages and personal loans.

FAQs

Yes, Citibank does have a no penalty CD, but it is only available with a 12 month term. However, it offers a highly competitive rate and you can withdraw your funds after six days with no penalty.

Unlike Citi savings account promotions, Citibank does not have promotional rates on CDs. 

If you want to earn the most money, you’ll need to look at a one year fixed rate CD. Although this rate is available with an 18 month CD, the shorter term means that you can have the opportunity to reinvest your funds with another product sooner.

Citibank has a seven day grace period that begins the day following your CD maturity date. During this seven day period, you can make deposits, withdrawals or changes to your account without incurring any penalties.

Citibank offers daily compounded interest on CDs. This is credited to your account monthly, unless you have a CD with a term of less than one year, in which case, it can be credited monthly or on maturity.

The early withdrawal penalty depends on the term of your CD. If the term is less than one year, the fee is 90 days of simple interest.

However, for CD terms of over one year, you’ll forfeit 180 days of simple interest. The only exception to this is during the seven day grace period after maturity or if you have opened a 12 month no penalty CD.

Compare Citibank Certificate Of Deposit (CDs)

Citi has better CD rates than Capital One for specific terms, but Capital One rates are higher on other terms. Here's a full comparison: Capital One CDs and Citibank CDs

Synchrony Bank offers higher CD rates than Citibank on most terms. Compare CD rates, minimum deposit and early withdrawal fees.

CD Rate Battle: Comparing Synchrony Bank vs. Citibank

Citi Bank and Ally offer competitive CD rates, including no penalty CDs. Which one is the winner? Check out our full comparison: Ally CDs vs. Citibank CDs

While Citi Bank offers competitive CD rates on most terms, Wells Fargo offers high rates on specific terms. Compare rates and withdrawal fees.

CD Rate Comparison: Wells Fargo vs Citibank

While Citi Bank offers CD competitive rates on most terms, Bank Of America is the winner for specific terms. Citi also offers no penalty CD.

Compare CD Rates: Citibank vs. Bank Of America

How We Rate Certificates of Deposits: Our Methodology

The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:

  • CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.

  • CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.

  • Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.

  • Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.

By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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