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How much interest you can earn on your savings not only depends on where you store your money but also on how you store your money. No matter the financial institution or type of deposit account you land on, if you are looking for something more than just a high-yield savings account, make sure to explore your CD account options.
Citi CD Rates
Citi has its Fixed Rate CD offers as well as the Featured CDs, Step Up CD and No Penalty CD options.
As one of the largest banks, Citi offers various consumer financial services, including credit cards, banking and investing. Here’s a look at the details for each type of CD that Citi has on offer. Compare them to what you’re currently earning or the national average to see if one is right for you.
Citi Fixed Rate CD Breakdown
| Term Length | APY | Minimum Deposit |
|---|---|---|
| 3 months | $500 | |
| 4 months | $500 | |
| 5 months | $500 | |
| 6 months | $500 | |
| 7 months | $500 | |
| 8 months | $500 | |
| 9 months | $500 | |
| 10 months | $500 | |
| 11 months | $500 | |
| 1 year | – | $500 |
| 13 months | $500 | |
| 14 months | $500 | |
| 15 months | $500 | |
| 18 months | $500 | |
| 2 years | $500 | |
| 30 months | $500 | |
| 3 years | $500 | |
| 4 years | $500 | |
| 5 years | $500 |
Citi Featured CD Breakdown
Get special rates on Citi’s Featured CDs.
| Term Length | APY | Minimum Deposit |
|---|---|---|
| 6-month fixed rate | $500 | |
| 9-month fixed rate | $500 | |
| 15-month fixed rate | $500 |
Citi No Penalty and Step Up CDs
Standard CDs have fixed rates that don’t change during the CD term, and if you remove your money before the term ends, you’ll have to pay a penalty. If those rules are too restrictive for you, consider Citi’s No Penalty and Step Up CDs.
The No Penalty CD locks in your rate, but you won’t pay a penalty if you withdraw your money before the term ends.
Step Up CDs are a good choice for anyone who doesn’t want to risk locking in a rate when they expect interest rates to rise. The rate for this CD increases once every 10 months, so the longer you let your money grow, the more interest you earn no matter which way national rates move.
| CD Type and Term | APY | Minimum Deposit |
|---|---|---|
| 12-month No Penalty CD | $500 | |
| 30-month Step Up CD | in months 1-10 in months 11 -20 in months 21-30 | $500 |
Citi CD Requirements and Penalties
Rates are an important factor when you’re looking to open a CD, but requirements and early withdrawal penalties are important considerations, too.
Note that the terms of each CD, such as the minimum deposit requirement and early withdrawal penalty, can vary by location. Go online or call a local branch to verify minimums and penalties for your area.
Minimum Deposit Requirements
All Citi CDs require a $500 minimum deposit to open.
For most CDs, the posted interest rate applies to all balances. One-year CDs are the exception. You’ll need a balance of at least $100,000 to earn the top annual percentage yield of . Balances less than $100,000 earn APY.
Compounding Schedule
Interest on your Citi CDs will compound daily and will be paid to you either monthly or at maturity, depending on the term length.
Early Withdrawal Penalties
If you need to withdraw your funds before the end of your CD term, you will face a penalty.
- CD terms of one year or less: 90 days of simple interest
- CD terms of greater than one year: 180 days of simple interest
The No Penalty CD does impose a penalty if you withdraw your money within six days of making your minimum opening deposit. There’s no penalty for withdrawals made after six days, but you’ll have to withdraw the entire balance, including interest.
Pros and Cons of Citi CDs
Compared to other similarly sized banks, Citi offers an impressive selection of CDs with competitive interest rates. The variety of CD terms makes 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
- All accounts are FDIC insured
- Automatic renewal at maturity
- Seven-day grace period to change term or deposit or withdraw funds
- Online banking access
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Cons
- Rates and terms are locked after a seven-day grace period, even if interest rates change
- Penalty for early withdrawal
- Minimum opening deposit required for all accounts
Alternatives to Citi CDs
Citi has plenty of competition when it comes to CDs. Here’s how Citi’s 12-month Fixed Rate CD stacks up against comparable CDs from several other banks.
| Bank | 1-Year CD APY | Minimum Opening Deposit |
|---|---|---|
| Citi | – for balances under $100,000 – for balances of $100,000 and up | $500 |
| Bank of America, Member FDIC | $1,000 | |
| Chase | relationship APY | $1,000 |
| Wells Fargo | – for balances under $100,000 – for balances of $100,000 and up | $2,500 |
| U.S. Bank | $500 | |
| PNC Bank | – for balances up to $999.99 – for balances of $1,000 to $24,999 – for balances of $25,000 and up | $1,000 |
Is a Citi CD Account Right for You?
If you’re a Citigold® or Citi Priority member, opening a Citi CD gives you access to the best rates and terms the bank offers because CDs count toward your overall Citi balance.
And if you’re interested in setting up a CD ladder, Citi CDs may be a good option. Instead of depositing all your money in a single CD, you set up a ladder by distributing the money among several CDs with staggered maturity dates. As each one matures, you can 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 ultimately can offer you higher interest rates compared with shorter-term CDs.
Who Might Want To Pass on Citi CDs?
Citi 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 get better interest rates by opening a bank account at a smaller, online-only bank. If you’re satisfied with your current deposit accounts and credit cards or are not interested in other financial products the bank offers, however, you may want to skip Citi.
How To Open a Citi CD
You can open a Citi CD account online. If you want to deposit more than $250,000 in a CD, 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 Citi checking account or savings account.
What’s the Difference Between a CD and a Savings Account?
A CD differs from a traditional savings account or high-yield savings account in a few key areas. Here are some takeaways to help you distinguish between the two:
- A CD account generally requires a higher balance than a savings account.
- Funds you initially deposit will usually remain in a CD for a fixed period of time known as the term.
- During the term, you will not have access to your funds.
- Withdrawing funds from a CD before it has reached maturity often results in an early withdrawal penalty.
Final Take To GO
Citi’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. Compare Citi’s current CD rates against rates from other banks to help you determine if one of Citi’s CDs is right for you.
FAQ
Here are answers to some frequently asked questions about Citi CD rates.
- What are the current CD rates at Citi?
- The current CD rates at Citi vary depending on what term length you opt for, as the rates range between 0.05% APY for a three-month CD and 2.00%-3.00% APY for a 12-month CD.
- Can you get 6% on a CD?
- Financial Partners Credit Union offers an eight-month certificate with a 6.00% APY for new members.
- Who has the highest 12-month CD rate?
- Some of the highest 12-month CD rates can be found at Bread Savings, Popular Direct and First Internet Bank.
Daria Uhlig and Sabah Karimi contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 12, 2024.
