Citibank currently offers nineteen, standard-term, fixed-rate certificates of deposit with most of their rates sitting at or below the current national average(s) for their respective terms.
Citibank also offers two promotional deposits. A “Step Up CD” and a “No Penalty CD.”
The Step Up CD is a 30 month deposit with a composite APY of 0.15%. You can read more about the terms and conditions here.
The No Penalty CD is a 12 month deposit featuring an APY of 0.05%. Funds from this account may be withdrawn penalty-free at any time after six calendar days from opening the account. You can read more about the terms and conditions here.
Citibank also offers two “featured” short term CDs (a 3 month CD and a 4 month CD). These come with slightly better APYs when compared to the national average for their respective terms than the rest of Citibank’s certificate of deposit offerings.
That said, if you are in the market for a short term deposit, you’ll probably want to see if you’re eligible for the Citi Accelerate Savings account which is available in select regions. This account comes with a much better yield, but also with a variable rate that can change at any time.
Citibank’s CDs have varying minimum deposit requirements by region. Depending on where you live minimum deposit requirements will range from $500 to $2,500. See our table below for a complete breakdown.
You can apply for and open a Citibank CD online, however if you plan on depositing more than $250,000 you must stop into one of Citibank’s 700 branch locations across 12 states. You can locate a branch here.
Citibank CD Rates + Account Details
Citibank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.
Citibank CD Rates
To give these offers above some context, the current national average for a 12 month CD and a 5 year CD sit at 0.21% APY and 0.44% APY, respectively. There are also a handful of credit unions and online banks still paying 1.0% APY on some regular term CDs.
Citibank Promotional CDs
|12 month No Penalty CD||0.05%|
|30 month Step Up CD||0.10%|
Both the Step Up CD and the No Penalty CD come with minimum deposit requirements of $500.
Minimum Deposit Requirements for Standard Citibank CDs
As mentioned, the minimum deposit requirement for all Citibank CDs vary by region. Below is the breakdown.
|Florida, Maryland, Virginia, D.C.||$2,500|
|All other states||$500|
To open a Citibank CD online you must be a U.S. resident or citizen and at least 18 years old. You will need the following pieces of information to complete your application online:
- Physical address
- Date of Birth
- Social Security Number
- Email Address
- Phone Number
To fund the account you will need the bank account number and routing number for the institution you will be transferring the funds from.
Interest on all Citibank CDs compounds daily. For CDs with terms of one year or less, interest is paid to you either monthly or upon maturity. And for CDs with terms longer than one year, interest is paid monthly.
Early Withdrawal Penalties
|1 – 12 months||90 days’ interest|
|13 months +||180 days’ interest|
Although Citibank has offered lucrative standard term CDs and promotional deposits in the past, its current product suite and rates are much less competitive than the top offers from online banks and nationally available credit unions.
That said, of the big banks (Chase Bank, Wells Fargo, Bank of America and US Bank) Citibank still has the best rates for savers. So if you’re after an FDIC-insured certificate of deposit with a bank that has national coverage, then Citibank may be your best bet.