Citibank CD Rates as of April 2020

Check out Citibank CD rates before you open a new CD.

Citibank offers a range of consumer financial services, including credit cards, banking and investing. One of the biggest banks in the world, it serves over 100 million customers in more than 160 countries — so there’s probably has a branch near you.

Citibank’s offerings include certificates of deposit for people interested in putting their money in an account that earns higher interest than a traditional savings account. Conduct a Citibank CD rates review to compare its current rates against rates from other banks and determine if one of Citibank’s CDs is right for you.

Here’s what you’ll find in this guide to Citibank CD Rates:

Citibank CD Overview

Citibank has three different CD products: Fixed Rate CD, Step-Up CD and No Penalty CD. Note that the terms of each CD, such as the minimum deposit, can vary by state. Go online or call a local branch to find out what the minimum deposit would be for your new account.

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Here’s a look at the details for each type of CD Citibank has on offer. Compare them to see if one is right for you.

Citibank CDs at a Glance: April 2020
Type Terms Minimum Deposit Rate
Fixed Rate CD 3 months to 5 years $500 Up to 0.20%
Step-Up CD 30 months $500 Up to 0.10%
No Penalty CD 12 months $500 0.20%

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Who Are Citibank CDs Best For?

Compared to other similarly sized banks, Citibank offers an impressive selection of CDs with competitive interest rates. The variety of CD terms make it easy to set up a CD ladder, and bank representatives are available to help customers set up this type of investment.

Pros

  • 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
  • Insured by the Federal Deposit Insurance Corp.
  • Automatic renewal at maturity
  • Seven-day grace period to change term or deposit or withdraw funds
  • Online banking access

Cons

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  • Rates and terms locked after seven-day grace period, even if interest rates change
  • Penalty fee for early withdrawal
  • Can’t open an account online with more than $250,000
  • Minimum opening deposit required for some accounts
  • Premium rates available to Citigold and Citi Priority customers only

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Who Might Want To Open a Citibank CD?

If you’re a Citigold or a Citi Priority member, opening a Citibank CD gives you access to the best rates and terms the bank offers. And if you’re interested in setting up a CD ladder, Citibank CDs may be a good option.

Instead of depositing all your money in a single CD, you can distribute it among several CDs with staggered maturity dates. As each one 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 annual access to your money but earns you higher interest rates compared with a one-year CD.

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Who Might Want To Pass on Citibank’s CD Options?

Citibank may not be the best choice for you if you’re looking for the highest interest rate on a CD. Although its interest rates are competitive with other banks of its size, you can find better interest rates through smaller, online-only banks. If you’re satisfied with your current deposit accounts and credit cards or not interested in other financial products the bank offers, however, you may want to skip Citibank. The bank reserves its best terms for its relationship banking customers.

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Learn More: The Ultimate Guide To Investing in Certificates of Deposit

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How To Open a Citibank CD

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. If you want to deposit more than $250,000 in a CD or plan to open a CD ladder, you must visit a branch or call customer service to open an account.

When opening a CD account, you’ll need to provide details about yourself, including a physical U.S. address, your Social Security number and your date of birth. Note that you must be at least 18 years old to open an account. Once the CD account is active, you can link it to your existing Citibank checking or savings account.

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More on Citibank

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This article has been updated with additional reporting since its original publication.

This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citibank.

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About the Author

Sabah Karimi

Sabah Karimi is an award-winning writer with more than 10 years of experience writing about personal finance, lifestyle topics, and consumer trends. Her work has appeared on U.S. News & World Report, Business Insider, Yahoo!, AOL Daily Finance, MSN, and other mainstream publications. She was interviewed by The Wall Street Journal and CBS News about her work as a freelance writer early in her career and now works with a variety of clients.

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