Edited by:Rashawn Mitchner Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.
Citibank CD rates range from 0.05% to 4.75% APY, and the bank offers 21 options with term lengths between three months and five years
Top CD Rates of June 11, 2024
Beat the national average for CD rates* with our featured partners below.
*Accurate as of April 2024. FDIC comparison represents an average of the $10,000 and $100,000 product tiers.
Citibank CD Rates
Citi offers a variety of CD term lengths and APYs ranging from 0.05% to 4.75%. The bank has three types of CDs:
- Fixed-rate CDs: These guarantee a certain rate for the duration of the CD term.
- Step-up CDs: This is a 30-month CD, and its rate increases by a preset amount every 10 months.
- No-penalty CDs: These pay a small amount of interest, but don’t charge a fee if you withdraw money before the CD matures.
Citibank Fixed-Rate CD Rates
Fixed-rate CDs guarantee a certain rate for the duration of the CD term. Here’s a look at Citibank’s 19 fixed-rate CD options:
| Citibank CD | APY** | Minimum Deposit | Interest Earned on a $10,000 Deposit |
|---|---|---|---|
| Three months | 0.05% | $500 | $1.25 |
| Four months | 0.05% | $500 | $1.67 |
| Five months | 0.05% | $500 | $2.08 |
| Six months | 4.75% | $500 | $240.33 |
| Seven months | 0.05% | $500 | $2.92 |
| Eight months | 0.05% | $500 | $3.33 |
| Nine months | 3.75% | $500 | $285.23 |
| 10 months | 0.05% | $500 | $4.17 |
| 11 months | 0.05% | $500 | $4.58 |
| One year | 2.00% for CDs below $100,000 3.00% for CDs of $100,000 or more | $500 | $202.01 |
| 13 months | 0.10% | $500 | $10.84 |
| 14 months | 0.10% | $500 | $11.67 |
| 15 months | 4.00% | $500 | $512.68 |
| 18 months | 3.75% | $500 | $578.59 |
| Two years | 2.00% | $500 | $408.10 |
| 30 months | 0.10% | $500 | $25.03 |
| Three years | 2.00% | $500 | $618.35 |
| Four years | 2.00% | $500 | $832.85 |
| Five years | 2.00% | $500 | $1,051.68 |
Citibank Step-Up CD Rates
Citibank’s step-up CDs have a 30-month term, and rates increase by a preset amount every 10 months.
- Term length: 30 months
- APY: 0.05% for the first 10 months, 0.10% for months 11 through 20 and 0.15% for months 21 through 30
- Minimum deposit: $500
Citibank No-Penalty CD Rates
Citibank’s no-penalty CD pays a small amount of interest but doesn’t charge a fee if you withdraw money before the CD matures.
- Term length: one year
- APY: 0.05%
- Minimum deposit: $500
>> Related: Learn more about the different types of CDs
Citibank CD: Who It’s Best For
Since only a few Citi CDs offer competitive rates, they might benefit only select customers. Those people include:
Current Citibank Customers
Citibank’s strongest features are available with its relationship tiers. There are three account tiers (Citi Priority, Citigold and Citigold Private Client) that require a combined average minimum monthly balance across your Citibank deposit and investment accounts. Balance requirements start at $30,000. The relationship accounts include perks such as waived monthly service fees, no foreign exchange fees when using your debit card abroad, a higher daily ATM withdrawal limit and free checkbook orders.
People Willing To Renew CDs
The highest APYs you can earn are with a seven-month (4.75% APY) or 15-month (4.00% APY) CD, but to continue earning that rate over a longer timeline, you have to be willing to open a new CD once your original term ends.
People Who Can Wait To Withdraw Money
While the rates on some of Citibank’s CDs rival what high-yield savings accounts (HYSAs) are paying, you’d have to wait months or years to access your deposit without paying an early withdrawal penalty in most cases. But with a high-yield savings account, there’s no penalty for withdrawing your money.
Citibank CDs: Additional Information
When you open a Citi CD, there are requirements you must meet and nearly two dozen options for you to choose from. If you’re considering opening a new account, understand the following:
- Minimum deposit: You need at least $500 to open any CD with Citibank.
- CD terms: Whether you want a short, three-month CD or a five-year CD, Citibank has options.
- Compounding method: Interest is compounded on a daily basis. The more often interest is compounded, the more money you earn.
Citibank CD Early Withdrawal Penalty
Penalties are calculated based on the principal you withdraw before your CD matures. You’ll pay 90 days’ worth of simple interest for withdrawing principal from CDs with terms of a year or less and 180 days’ worth of simple interest for CDs with terms over a year. There’s no penalty for withdrawing interest from a fixed-rate or step-up CD before the term ends.
With no-penalty CDs, you can withdraw all of your principal and interest starting seven days after you fund your account. However, you can’t make partial withdrawals.
>> Related: Learn more about how CDs work
Citibank CD Rates vs. Other Top Banks
Many banks offer one-year CDs with APYs in the low 5.00% range, and Citibank’s seven-month featured CD is competitive with the marketplace at 4.75% APY. Citibank has a lower minimum deposit amount ($500) compared to some competitors, though many banks don’t have any minimums to open a CD.
Here’s how Citibank compares to five of its competitors:
| Bank | APY on One-Year CD** | Minimum Deposit | Interest Earned on a $2,500 Deposit at Close of CD |
|---|---|---|---|
| Capital One | 5.00% | None | $127.90 |
| Chase | 0.01% (standard rate) 2.00% (relationship rate) | $1,000 | $0.25 (standard rate) $50 (relationship rate) |
| Citibank | 0.05% (no-penalty CD) 2.00% for deposits below $100,000 or 3.00% for deposits of $100,000 or more (fixed-rate CD) | $500 | $1.25 (no-penalty CD) $50.50 for deposits below $100,000 |
| Discover | 4.70% | $2,500 | $120.30 |
| Synchrony Bank | 4.80% | None | $122.92 |
| Wells Fargo | 1.50% (for deposits up to $99,999.99) 2.00% (for deposits of $100,000 or more) | $2,500 | $37.78 |
>> Related: Learn more about the best CD rates
Citibank Savings Accounts
Along with CDs, Citi has savings accounts to help you grow your nest egg. Each account is only available in certain locations. See our guide to Citi savings accounts for details.
- Citi Accelerate Savings: Citi’s high-yield savings account offers 4.45% APY, which is significantly higher than the national savings rate (0.49%). This rate is the same across all relationship tiers.
- Citi Savings: You’ll get just 0.03% to 0.12% APY depending on your combined monthly average balance in your Citi accounts.
You’ll get more perks if you have a combined average monthly balance of at least $30,000 in Citi savings, investment and checking accounts. The bank’s relationship tiers are reserved for these customers. Here are examples of what the tiers cover:
Citibank was one of our review team’s top picks for best savings accounts.
Everyday Benefits
With a balance up to $29,999.99 across all of your Citi accounts, you need to meet certain requirements to have monthly service fees waived. You also have lower daily limits for ATM and debit card withdrawals. You get 0.03% APY with a Citi Savings account.
Citi Priority
With a balance between $30,000 and $199,999.99 across all of your Citi accounts, you never have monthly service fees on deposit accounts, and you get financial services advice. With Citi Priority, you earn 0.06% APY with a Citi Savings account.
Citigold
You get 0.09% APY on your Citi Savings account with a balance between $200,000 and $999,999.99 across all of your Citi accounts. Your perks include reimbursem*nt of fees from non-Citi ATMs, investment guidance and up to $200 in subscription rebates per year.
Citigold Private Client
This tier is for customers with at least $1 million across all of their Citi accounts. If you have a Citi Savings account, it earns 0.12% APY. You also get advanced wealth management services from Citigroup, rebates of up to $400 per year for subscriptions and higher limits for ATM withdrawals.
The bank doesn’t offer money market accounts.
>> Related: Learn more about the best high-yield savings accounts
The Bottom Line: Is a Citibank CD Right for You?
Citibank offers customers a wide range of CD terms and rates. With just a $500 minimum deposit, you could earn up to 4.75% APY. You can choose from fixed-rate CDs that guarantee the APY for the entire CD term, a CD with no early withdrawal penalties or a CD with an interest rate that rises over time. If Citibank doesn’t have the right CD for you, check out our list of the best CD rates.
FAQ: CD Rates Citibank
Citibank CD rates start at 0.05% APY for several terms between three months and one year and go as high as 4.75% APY for a six-month CD. All CDs have a $500 minimum deposit.
No, you aren’t likely to find a CD paying 6.00% APY since many financial institutions have decreased their CD rates. However, many online credit unions and banks are still offering CDs at or above 5.00% APY. The highest CD rate available today is 6.00% from Nano Banc.
Yes, now is a good time to buy a CD because interest rates are expected to keep dropping over the course of 2024.
*Data accurate at time of publication
**APYs accurate as of June 4, 2024. Rates quoted are for the 10001 zip code in New York City. Rates may vary by location.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
Christopher MurrayContributor
Christopher Murray is a professional personal finance and sustainability writer who enjoys writing about everything from budgeting to unique investing options like socially responsible investing and cryptocurrency.
Rashawn MitchnerManaging Editor
Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.
