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Citibank (Member FDIC) may be known for offering some of the best credit cards out there, but how do its CD rates stack up to other financial institutions?
The national bank has Fixed Rate, Step Up, and No-Penalty CDs. Citi CD rates will largely vary depending on the type of CD and term you want.
Citi CD Rates
Citi Fixed Rate CD Rates
Citi Fixed Rate CDs range from three months to five years. When you open a CD, the rate is locked in until the CD matures.
Citi pays low CD rates on only most terms, though there are a few exceptions, including its 9-month, 1-year, and 15-month terms.
The minimum deposit for a Citi Fixed Rate Certificates of Deposit is Citi Fixed Rate Certificates of Deposit. Select terms may also offer a higher CD rate with a $100,000 minimum opening deposit. You can still find more competitive CD rates listed in our best CD rates guide, though.
Citi products may vary depending on where you live. For the following Citi CD rates, we used a zip code for New York City, New York:
TermAPY (Annual Percentage Yield)3 monthsCiti 3 Month Fixed Rate CD – APY 4 months0.05%5 months0.05%6 monthsCiti 6 Month Fixed Rate CD – APY 7 months0.05% 8 months0.05% 9 months
4.30%
10 months0.05%11 months5.25% to 5.65%1 year4.30%13 months0.10% 14 months0.10%15 months
4.30% to 4.75%
18 months2.50%2 years
2.50%
30 months0.10% 3 yearsCiti 3 Year Fixed Rate CD – APY 4 years2.50%5 years 2.50%
Citi Step Up CD Rates
The Citi Step Up CD – Product Name Only is a CD that increases your rate every 10 months. Citi offers one term length for its Step Up CD: 30 months. This CD pays Citi Step Up CD – APY APY.
Currently, the Step Up CD rate is higher than the Fixed Rate CD rate for a 30-month term, plus your rate will increase over time. However, if you want a CD with a term length other than 30 months, you’ll need to choose another type of CD.
Citi No Penalty CD Rates
Fixed Rate CDs and Step Up CDs charge a fee if you withdraw funds before your term ends. With a Citi No Penalty CD, you can withdraw early without being penalized. Citi offers one term length for its No Penalty CD: 1 year. This CD pays Citi No Penalty CD APY. You’ll earn a higher interest rate with a minimum deposit of $100,000.
Keep in mind, though, that your only option is a 1-year term, and the rate is slightly lower than the 1-year rate with a Fixed Rate CD.
Citi CD Rates Pros and Cons
ProsCons
High interest rates on select Fixed Rate CD terms and no-penalty CD
Three types of CDs to choose from, including step-up CDs
Variety of term lengths
Citi Fixed Rate CD – Minimum Deposit minimum opening deposit
Standard-to-low early withdrawal penalties
Online financial institutions offer even higher CD rates overall, regardless of the termF rating from the Better Business Business due to a high volume of customer complaints and unresolved customer complaints
How Citi CDs Compare
Citi CD Rates vs. Bank of America CD Rates
Both Citi and Bank of America pay low CD rates on most terms, with some exceptions. The best option for you may ultimately depend on which term you’d like to open and how much money you plan to deposit.
The highest Bank of America CD rates are on a 7-month and 13-month Bank of America Featured CD – Product Name Only. Bank of America also offers Fixed Rate CDs if you’re looking for more term options. Its 90- to 179-day terms also pay solid CD rates.
Citi CD Rates vs. Capital One CD Rates
Capital One CD rates are higher for most CD traditional terms — the one exception may be the 9-month Citi Fixed Rate CD term if you deposit more than $100,000. As an added bonus, Capital One doesn’t have a minimum deposit for CDs, so you don’t need a lot of money to start saving.
Citi might be a good choice for a no-penalty CD, though. Capital One doesn’t have this type of account.
The bottom line: Citi might be a decent option for a traditional 9-month, 1-year, or 15-month CD term. It also offers a good no-penalty CD rate. That said, Citi CD rates are overall low compared to the best online banks and credit unions.
Why You Should Trust Us: How We Reviewed Citi CDs
We rate bank accounts on a scale from zero to five stars. For our Citi CD review, we used a CD methodology that looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, and ethics of the company.
