Banking » Compare Banks » Comparing CD Rates: Ally vs. Citibank Side By Side
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Comparing CD Rates: Ally vs. Citibank Side By Side

Citi Bank and Ally offer competitive CD rates, including no penalty CDs. Which one is the winner? Check out our full comparison.
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: June 3, 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: June 3, 2024

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

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Citibank and Ally Bank are two financial institutions that offer competitive CD rates to their customers. However, understanding the details of each bank's CD offerings, including early withdrawal fees and minimum deposit requirements, can be critical in making the most of your investment.

In this article, we'll compare Citibank and Ally Bank's CD rates and explain how they work. We'll also delve into the details of early withdrawal fees and minimum deposit requirements, giving you the knowledge you need to make an informed decision about where to invest your money.

Here's a general CD comparison:

Ally Bank CDs
Citi Bank CDs
CD Range
3.00% – 4.50%
0.05% – 4.75%
Minimum Deposit
$0
$500 – $2,500
Early Withdrawal penalty
60-150 days of interest
90 -180 days of interest
Term
3 – 60 months
3 months – 5 years

Compare CD Rates: Ally Bank vs. Citibank

The table compares the CD rates offered by Ally Bank and Citibank for specific terms.

Based on the comparison, Ally Bank generally offers higher CD rates than Citibank for most CD terms, except for the 3-month term. The differences are significant in other terms, so unless you need a short-term CD, Ally is the winner here.

CD Term
Ally Bank APY
Citi Bank APY
3 Months
3.00%
0.05%
6 Months
4.40%
4.75%
9 Months
4.25%
3.75%
12 Months
4.50%
2.00% – 3.00%
18 Months
4.45%
2.00%
24 Months
N/A
2.00%
30 Months
N/A
0.10%
36 Months
4.00%
2.00%
48 Months
N/A
2.00%
60 Months
3.90%
2.00%

No Penalty CD: Ally Is The Winner

Both Ally and Citibank offer a no-penalty CD, which is a great advantage since this type of CD is not so common. 

When it comes to rates, Ally is the winner here as well as you can see in the following table.

Ally Bank
Citi Bank
11 Months
4.00%
N/A
12 Months
N/A
0.05%

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Early Withdrawal: Ally's Penalty Wins

The penalty amount can either be a percentage of the earned interest or a fixed number of days' worth of interest. Its purpose is to compensate the institution for the costs associated with the early withdrawal, including lost interest and administrative expenses.

When withdrawing a CD early, the table below shows that Ally Bank is the superior option, as the required penalty is lower than Citibank.

CD Term
Ally Bank
Citi Bank
3 Months
60 days of interest
90 days of interest
6 Months
60 days of interest
90 days of interest
9 Months
60 days of interest
90 days of interest
12 Months
60 days of interest
90 days of interest
18 Months
N/A
180 days of interest
24 Months
N/A
180 days of interest
30 Months
N/A
180 days of interest
36 Months
90 days of interest
180 days of interest
48 Months
6 of months interest
N/A
60 Months
150 days of interest
180 days of interest

CD Alternatives: What Do Citibank And Ally Offer?

Citi Accelerate Savings
Ally High-Yield Savings
Savings Rate
4.45%
4.2%
Minimum Deposit
$0
$0
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
$0
Promotion
$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023
None

If you are looking for alternatives to CDs, both Ally and Citi offers competitive rates on savings account, which is the main alternative to CDs.

Citi's Accelerate Savings Account is a flexible and simple option that provides a competitive interest rate of 4.45% with no minimum deposit requirement or complex fees.

It offers an all-in-one banking solution and features like overdraft protection, automated savings, and mobile check deposit. This account is perfect for those who want to manage their finances in one place and set up automated transfers.

In contrast, Ally High-Yield Savings offers a high interest rate, no minimum balance or maintenance fees, 24/7 customer support, and unique features like Safe to Save, Round Ups, and buckets to organize multiple savings goals. It is ideal for individuals who want to grow their savings without worrying about extra costs.

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Compare Ally CDs

Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Discover CDs vs Ally CDs

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

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

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

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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