Citibank CD Rates Review: Premium Rates for Priority Clients

Learn about the best CD rate options with Citibank.

Citibank offers a range of consumer financial services, including credit cards, banking and investing. It’s one of the biggest banks in the world, and it was the first global bank to offer next-generation mobile banking options. Citi’s Global Consumer Banking division operates approximately 2,600 branches around the world and held over $300 billion in average deposits in 2017.

Citibank’s offerings include certificates of deposit for people interested in putting money into an account that earns higher interest than a traditional savings account pays. Taking some time to do a Citibank CD rates review can help you compare Citi’s current rates against rates from other banks and determine which CD is right for you. Here’s a quick overview of Citi CD features.

About Citibank CD Rates

A Citibank CD can help you earn a higher interest rate than you get with a checking or saving account as long as you don’t withdraw funds before the CD’s maturity date. You’ll earn interest on your Citi CD on a monthly basis if the CD’s term is greater than one year — and at maturity if your CD has a term of one year or less.

Minimum deposit requirements on Citibank CD accounts vary by state, so you’ll need to go online or call a local branch to find out what the minimum deposit would be for your new account.

Advantages of Citibank CDs

Citibank CD rates can be highly competitive, so if you’ve found a low rate, you can lock it in for the entire term of your CD. Opening a Citibank CD account offers several additional advantages:

  • Safe and secure savings option
  • Terms ranging from three months to five years
  • Online account application
  • Premium CD rates for Citigold and Citi Priority customers
  • FDIC insurance
  • Automatic renewal at maturity
  • Seven-day grace period to change term or deposit or withdraw funds
  • Online banking access

You can maximize your investment without losing long-term access to your finds by laddering your Citi CDs. Rather than purchasing just one short-term CD, you create a ladder by purchasing five CDs with differing maturities — from one to five years, for example. As each matures, you reinvest the funds in a five-year CD, so that after five years, you’ll have a five-year CD maturing each year. This gives you yearly access to your money but earns you higher interest rates compared with a one-year CD.

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Disadvantages of Citibank CDs

Although a Citibank CD account offers many benefits, there are some disadvantages to be aware of:

  • Rates and terms locked in after the seven-day grace period, even if interest rates change
  • Penalty charged for withdrawing funds early.
  • Can’t open an account online with more than $10,000.
  • Minimum opening deposit required for some accounts
  • Premium rates only available to Citigold and Citi Priority customers

Opening a Citibank CD Account

Because Citibank interest rates and CD interest rates fluctuate, you’ll need to check rates online or call a branch to find out what the current CD rate is for the account term you need. After you’ve selected your CD, you can open a CD account online. You’ll need to provide a physical U.S. address plus your date of birth and Social Security number to start the application process. Once the CD account is active, you can link it to your existing Citibank checking or savings account.

Related: How to Find Citibank ATMs Near Me

Citibank CD accounts are a good choice for anyone who wants all their financial products in one place and doesn’t need the convenience of penalty-free early withdrawals. Customers who want great rates without jumping through a lot of hoops might be better off looking elsewhere, because Citi reserves the best rates for its wealth-management customers.