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.
- Citibank CD Overview
- Who Are Citibank CDs Best For?
- How To Open a Citibank CD
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.
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|
|Fixed Rate CD||3 months to 5 years||$500||Up to 0.05%|
|Step-Up CD||30 months||$500||Up to 0.10%|
|No Penalty CD||12 months||$500||0.10%|
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.
- 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
- 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
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.
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.
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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- How To Avoid Citibank’s Monthly Maintenance Fees
- How To Find and Use Your Citibank Login
- Your Guide to Citibank BIC/SWIFT Codes
More CD Rates
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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.