Today’s Featured CD Offers
Beat the national average for CD rates* with our featured partners below.
*Accurate as of June 2024. FDIC comparison represents an average of the $10,000 and $100,000 product tiers.
Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
154
Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
10
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Citibank CD Rates
Citi offers a variety of CD term lengths and annual percentage yields (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 CD Rates vs. Other Top Banks
Like many large banks, Citibank offers several low-interest CDs and a few featured-rate CDs paying above 4.00%. Unlike competitors such as Capital One, Chase Bank and Discover Bank, Citibank offers step-up and no-penalty CD options – but its rates are on the lower end. Capital One and Discover generally offer higher rates than Citi for all terms. Citibank’s rates are much higher than Chase’s standard rates, but generally on par with or lower than Chase’s relationship rates.
| CD Term Length | Citibank CD APY* | Capital One CD APY* | Chase CD APY* | Discover CD APY* |
|---|---|---|---|---|
| 3-month CD | 0.05% | N/A | 2.00% (relationship rate) 0.01% (standard rate) | 2.00% |
| 6-month CD | 4.75% | 4.25% | 3.00% (featured relationship rate) 0.01%(standard rate) | 4.25% |
| 1-year CD | 2.00% for balances below $100,000 3.00% for balances of $100,000 or more (fixed-rate CD) 0.05% (no-penalty CD) | 5.00% | 2.00% (relationship rate) 0.01% (standard rate) | 4.70% |
| 2-year CD | 2.00% | 4.00% | 2.50% (relationship rate) 0.01%(standard rate) | 4.00% |
| 3-year CD | 2.00% | 4.00% | 2.50% (relationship rate) 0.01% (standard rate) | 3.75% |
| 5-year CD | 2.00% | 3.90% | 2.50% (relationship rate) 0.01% (standard rate) | 3.75% |
>> Related: Learn more about the different types of CDs
What Stands Out About Citibank
Though Citibank offers customers a range of CD terms and rates, most are uncompetitive. For a large bank, however, Citi has some inviting options. With just a $500 minimum deposit for all CDs, you could earn 4.75% APY on its featured six-month CD or 4.00% on its featured 15-month CD.
While Citibank offers two specialty CDs, their APYs are so low that you’d do better to look elsewhere. For instance, Marcus by Goldman Sachs has a seven-month no-penalty CD with 4.70% APY and the same $500 minimum deposit requirement. And U.S. Bank has a 28-month step-up CD that pays a 0.35% blended APY with a $1,000 minimum deposit requirement.
>> Related: Check out our list of the best CD rates for more of our top recommendations.
Is Now the Right Time for a Citibank CD?
CDs are near historically high levels as their prices reflect inflationary trends and current interest rates set by the Federal Reserve Bank. The Federal Reserve has indicated it may cut interest rates later in 2024, so locking in a higher CD rate now makes sense.
Now is a good time to invest in CDs. As interest rates rise, fixed interest rates paid on CDs also typically increase, causing more investors to consider CDs as an option to grow their funds and meet their financial needs,
said Stephen Nixon, product management director of consumer savings products at Wells Fargo.
So, is now the right time to get a Citibank CD? Consider week-over-week and quarterly changes to Citibank’s CD rates:
- Citibank’s six-month CD earns 4.75% APY, which is steady from the rate at the same time last week. Over the last quarter, Citibank’s six-month CD APY has changed 4.70%.
- Citibank’s one-year CD earns 2.00% APY on balances below $100,000, which is steady from the rate at the same time last week. Over the last quarter, Citibank’s one-year CD APY has changed -0.75%.
How Much Can I Earn with a Citibank CD?
Citibank requires a $500 minimum deposit to open a fixed-rate or specialty CD. Interest is compounded daily, earning you slightly more in interest than CDs which are compounded monthly. Your total earnings for Citibank’s three-, six-, nine- and 15-month featured-rate CDs are calculated below.
| Citibank CD | APY* | Total Value of a $10,000 CD at Term End |
| 3-month CD | 0.05% | $10,001.25 |
| 6-month CD | 4.75% | $10,240.33 |
| 12-month CD | 2.00% | $10,202.01 |
| 2-year CD | 2.00% | $10,408.10 |
You’d earn the most with a 15-month CD at 4.00%, since your money would earn interest for over a year at a relatively high rate.
To find out how much interest you could earn with different CD amounts and terms, check out our CD calculator.
Citibank CDs: Additional Information
Here are some important details to know before you open a Citi CD:
Requirements
To open a CD, use Citibank’s online application. If you plan to hold more than $30,000 across several Citi accounts, see if you qualify for a relationship tier (jump to other Citibank deposit accounts for more information). You’ll need to make a minimum deposit of $500 and provide your name, Social Security number and employment information to set up an account and fund your CD. Citi will verify your ID as part of the application process.
Terms
Standard fixed-rate CDs have terms of three months to five years. The no-penalty CD has a term of one year and the step-up CD has a term of 30 months.
Early Withdrawal Penalties
Penalties are calculated based on the principal amount you withdraw before your CD matures. There’s no penalty for withdrawing interest before the term ends.
| CD Term Length | Early Withdrawal Penalty |
| 1 year or less | 90 days’ worth of simple interest |
| Greater than 1 year | 180 days’ worth of simple interest |
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.
End-of-Term Options
When your CD matures, it will automatically renew for the same term at whatever interest rate is in effect at that time. If you’d like to change your CD term or withdraw your principal and earnings, you’ll have a grace period of seven calendar days to do so before you’re penalized.
>> Related: Learn more about the best CD rates
Is There a Catch to Citibank CDs?
While most Citibank CDs offer a low APY, the bank’s featured-rate CDs are generally a good choice for a short-to-medium term, paying 4.00% APY or more. However, there’s a catch: Citibank often changes its featured-rate CDs — for example, it might change a featured CD term from a six-month term to a seven-month term — so if you don’t pay careful attention when your CD renewal is up, you may be stuck with a low APY on a rollover CD.
Other Citibank Deposit Accounts
Citibank offers several checking and savings account options in addition to CD accounts, but it doesn’t offer money market accounts. You can open an online account from anywhere in the country.
One unique feature to note is Citibank’s relationship tiers. Citi rewards you for holding all your deposit accounts — checking, savings, CDs — with the bank. You’ll get fees waived and earn more perks if you have a combined average monthly balance of at least $30,000 in Citi deposit and investment accounts, with additional perks added for higher balance levels.
While Citi’s relationship perks don’t change the terms of its CD accounts, they do offer better interest rates on some savings accounts, cash back and wealth planning services.
Citibank Checking Accounts
Citibank has several checking account options for your everyday cash flow and bill pay needs.
Access Checking
Citi’s basic checking account doesn’t charge overdraft or returned item fees. It has a $5 monthly service fee that can be waived with at least $250 in qualifying direct deposits. This account doesn’t offer check-writing services.
Regular Checking
Citi’s full-service checking account also has no overdraft or returned item fees, but it has unlimited check-writing capabilities. It comes with a $15 monthly service fee, which can be waived with at least $250 in qualifying direct deposits. Non-Citi ATM fees can also be waived with this same direct deposit requirement.
Citibank Savings Accounts
Citi also has two savings accounts to help you grow your nest egg.
Citi Accelerate Savings
Citibank’s Accelerate Savings account is one of our review team’s top picks for the best savings accounts. Citi’s high-yield savings account offers 4.30% APY, which is significantly higher than the national savings rate of 0.88%. This rate is the same across all relationship tiers.
This account is only available in select states and zip codes. It also has a $4.50 monthly maintenance fee, which can be waived with a minimum $500 average monthly balance or a qualifying Citi checking account.
Citi Savings
This account comes with a $4.50 monthly fee, which can be waived with an average monthly balance of at least $500 or a Citi checking account. You’ll also earn a low APY depending on your combined monthly average balance in your Citi accounts.
>> Related: Learn more about the best high-yield savings accounts.
More on Citibank
For more in-depth information about the bank, check out the following:
- Citibank Review
- Citibank Personal Loans Review
- Citibank Savings Account Interest Rates
FAQ: CD Rates Citibank
Citibank CDs can be a good option for customers with linked deposit and investment accounts within the bank to take advantage of the perks offered with Citi’s various relationship tiers. Also, the bank’s three featured-rate CDs are its most competitive picks.
No, you likely can’t get 6% APY on a CD since many financial institutions have decreased their CD rates. However, many online credit unions and banks offer CDs at or above 5% APY. Check out our list of the best CD rates to learn more about the highest CD rates currently available.
Yes, now is a good time to buy a CD because interest rates are relatively high now, but may drop toward the end of the year.
If you’re not currently a Citibank client, you’ll need to apply online to open a Citibank CD. You’ll need to provide your name, Social Security number, employment information and income when you set up your account. You’ll need to fund your account with a minimum of $500 for each CD. If you plan to fund your CDs with $30,000 or more, look into Citi’s relationship tiers to see how you can earn more perks and benefits than with a standard account.
Citibank’s CDs are not callable — they’re standard CDs. Callable CDs allow the issuing bank to redeem your CD before it reaches maturity, such as when interest rates drop a large amount. When this happens, you’ll receive your principal and any interest you’ve earned up to that point, but you’ll lose the possibility of earning more interest. Callable CDs often have a higher interest rate than standard CDs.
*Data accurate at time of publication
**APYs accurate as of June 25, 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 senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on things including travel, entertainment and household services.
