Banking » Compare Banks » Compare CD Rates: Citibank vs. Bank Of America
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Compare CD Rates: Citibank vs. Bank Of America

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.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 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

Bank of America and Citibank are two of the largest banks in the United States, each offering a variety of financial products to customers. Among these products are certificates of deposit (CDs), which offer a low-risk way to save money and earn interest over time.

In this article, we'll take a closer look at the CD rates offered by Bank of America and Citibank, as well as their early withdrawal fees and minimum deposit requirements. By comparing these important factors, you can determine which bank may offer the best CD options to meet your savings goals.

Citibank CDs
Bank Of America CDs
CD Range
0.05% – 4.75%
0.05% – 5.00%
Minimum Deposit
$500 – $2,500
$1,000
Early Withdrawal Penalty
90 -180 days of interest
90-365 days of interest
Terms
3 months – 5 years
1 – 120 months

Based on the comparison, Citibank generally offers higher CD rates than Bank of America, but Bank of America's CD terms are more flexible, with longer available terms of up to 120 months.

However, Bank of America requires a lower minimum deposit than Citibank for CDs. The early withdrawal penalty varies for both banks, and Citibank offers smaller penalty for some terms.

BofA CD Options
BofA CD Options (Screenshot from Bank Of America app)

Bank of America vs. Citibank CD Rates

The table compares the CD rates offered by Citibank and Bank of America for various terms.

Citibank's APYs are generally higher than Bank of America's, except for a few featured rates for the 6-month, and 24-month terms where Bank of America's APYs are higher. Citibank offers a slightly higher rate for the 36-month, 48-month and 60-month terms

CD Term
Citibank APY
Bank Of America APY
3 Months
0.05%
4.50%
6 Months
4.75%
4.75% (Featured, 7 months)
9 Months
3.75%
0.03%
12 Months
2.00% – 3.00%
4.30% (Featured, 13 months)
18 Months
2.00%
0.03%
24 Months
2.00%
3.20% (Featured, 25 months)
30 Months
0.10%
0.03%
36 Months
2.00%
0.03%
48 Months
2.00%
0.03%
60 Months
2.00%
0.03%
120 Months
N/A
0.03%

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Only Citibank Offers No Penalty CD

For those seeking flexibility in their savings, a no-penalty CD could be a great option to consider.

Citibank is the only one between the two banks that offers a no-penalty CD with a highly competitive rate (0.05% APY as of May 2024), making it a top choice for individuals looking for this specific feature.

Citi Bank
Bank Of America
12 Months
0.05%
N/A

Which Is Better If You Need An Early Withdrawal?

If the account holder needs to withdraw the funds before the maturity date, the institution may impose a penalty, which can be a percentage of the interest earned or a specific number of days of interest.

As we can see in the table below, there is no clear winner here. Both Citibank and Bank Of America offer more or less the same penalties for the different terms.

CD Term
Citibank
Bank Of America
3 Months
90 days of interest
90 days of interest
6 Months
90 days of interest
90 days of interest
9 Months
90 days of interest
90 days of interest
12 Months
90 days of interest
180 days of interest
18 Months
180 days of interest
180 days of interest
24 Months
180 days of interest
180 days of interest
30 Months
180 days of interest
180 days of interest
36 Months
180 days of interest
180 days of interest
48 Months
180 days of interest
180 days of interest
60 Months
180 days of interest
365 days interest
120 Months
N/A
365 days interest

Do Bank of America And Citibank Offer Alternatives to CDs?

Citi Accelerate Savings
Bank Of America Savings
Savings Rate
4.45%
0.01% – 0.04%
Minimum Deposit
$0
$100
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
$8 per month Can be waived by maintaining a balance of $500+, becoming a Preferred Rewards member or linking to your B of A Advantage Banking account. Fees are also waived for enrolled students aged under 24
Promotion
$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023
None

A savings account can be a good alternative to a CD when you need flexibility with your savings, such as when you may need to withdraw funds before the maturity date of a CD. Savings accounts typically have no penalties for early withdrawal and may offer higher interest rates than traditional checking accounts.

Citi's Accelerate Savings Account offers a high-interest rate of 4.45% with no minimum deposit requirement and a simple fee structure, making it a good option for savers who want to earn a high interest rate without complications. This account also provides overdraft protection, all-in-one banking, and the ability to set up automated transfers from a linked checking account.

However, Bank Of America doesn't offer a reasonable alternative to CD. Its savings account rates is very low and not attractive.

The Smart Investor CDs Comparison Methodology

In our comprehensive certificate of deposit (CD) comparison, The Smart Investor team meticulously evaluated various CDs across four key categories to assist you in selecting the most suitable option for your savings goals.

  • CD Rates: We thoroughly examined the interest rates offered by each CD, considering their competitiveness in the market. Higher rates typically translate to greater returns on your investment over the CD's term. Additionally, we scrutinized any special promotional rates or conditions that might affect the overall value of the CD.
  • CD Features: This category focuses on the unique features and terms associated with each CD. We assessed factors such as minimum deposit requirements, early withdrawal penalties, and the availability of flexible terms. Additionally, we considered any additional perks like interest compounding frequency or options for automatic renewal.
  • Customer Experience: A positive customer experience is crucial in banking, and we evaluated each institution's performance in this regard. We looked into aspects such as the ease of opening a CD, the quality of customer service, and the availability of support channels. Reviews from reputable sources such as Trustpilot and JD Power rankings were also considered to gauge overall user satisfaction.
  • Bank Reputation: The reputation of the bank is a significant factor in the decision-making process. We examined the bank's financial stability, regulatory compliance, and public perception to assess its overall trustworthiness and reliability as a CD provider.

Compare BofA Certificate Of Deposit (CDs)

Bank Of America and Wells Fargo offers high CD rates only on specific terms. Compare rates, minimum deposit and early withdrawal fees.

Comparing CD Rates: Wells Fargo vs. Bank Of America

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

Compare CD Rates

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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