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Citibank (Member FDIC) is well known for its Citi credit cards, but how do its CD rates stack up to other financial institutions?
The national bank has more CD options than most financial institutions. Citi CD rates will largely vary depending on the type of CD and term you want. Ultimately, you can still find more competitive CD rates listed in our best CD rates guide, though.
Citi CD Rates Today
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:
| Term | APY (Annual Percentage Yield) |
| 3 months | 0.05% |
| 4 months | 0.05% |
| 5 months | 0.05% |
| 6 months | 4.75% |
| 7 months | 0.05% |
| 8 months | 0.05% |
| 9 months | 3.75% |
| 10 months | 0.05% |
| 11 months | 0.05% |
| 1 year | 2.00% to 3.00% |
| 13 months | 0.10% |
| 14 months | 0.10% |
| 15 months | 4.00% |
| 18 months | 2.00% |
| 2 years | 2.00% |
| 30 months | 0.10% |
| 3 years | 2.00% |
| 4 years | 2.00% |
| 5 years | 2.00% |
Citi Fixed Rate CD Rates
Citi pays low CD rates on most Citi Fixed Rate CD terms, though there are a few exceptions, including its 6-month, 9-month, and 15-month terms.
Citi Step Up CD Rates
The Citi Step Up CD 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 0.05% to 0.15% 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 0.05% APY. The best no-penalty CD rates are significantly higher than the rate Citi offers.
Citi CD Pros and Cons
| Pros | Cons |
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Citi CDs: What You Need to Know
Citi CD Options
Citibank (Member FDIC) offers Citi Fixed Rate CDs, Citi Step Up CDs, and Citi No Penalty CDs. That's more CD variety than what you would find at other brick-and-mortar banks.
Citi Fixed Rate CDs are the bank's standard options. When you open a CD, the rate is locked in until the CD matures.
Citi Fixed Rate CD terms range from three months to five years. Citi also has more term lengths than other banks. For example, you can open a 4-month, 11-month, or 15-month term.
Citi Step Up CD are a type of specialty CD. These CDs have a variable interest rate, which means your rate will automatically change during the term. Citi tells you how your rate will change throughout the term before you open the account.
Citi No Penalty CD are also a unique CD offering. You won't have any early withdrawal penalties with these CDs. A fee-fee withdrawal is permitted during the term.
National Branch Presence
One of the main benefits of banking with Citibank (Member FDIC) is that you have access to a national branch network. The bank has 650 branches in the United States. There are locations in California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, and Washington, DC.
Minimum Opening Deposit
The minimum deposit for a Citi Fixed Rate CD is $500 ($100,000 for the top rate). Select CD terms will offer a higher rate if you make a $100,000 minimum opening deposit (Currently, this only applies to the Citi 1-Year Fixed Rate CD).
The minimum opening deposit requirements on Citi CDs are better than many banks. Usually, banks need you to deposit at least $1,000 into a CD. Bear in mind that a couple of the best online banks let you open a CD with $0, though.
Early Withdrawal Penalties
The bank has straightforward early withdrawal penalties, which apply to Fixed Rate CDs and Step Up CDs. Here are the Citi CD early withdrawal penalties:
- 90 days of simple interest for terms of 1 year or less
- 180 days of simple interest for terms greater than 1 year
The bank's early withdrawal charges for short-term CDs are similar to most other banks, but the penalties for long-term CDs are lenient when stacked up with competitors.
What Influences Citi CD Earnings?
Checking the CD rate forecast for the year may help you decide when to open a CD. CD rates can go up or down during the year. We'll explain what influences Citi CD earnings so you know what is in your control and what isn't.
Economic Conditions and Fed Actions
CDs rates are influenced by changes in the federal funds rate. The Fed can raise or cut the federal funds rate at Federal Open Market Committee meetings that are held at least eight times annually. You'll see CD rates normally rise during periods of rate hikes or drop during times of rate cuts.
National brick-and-mortar banks usually keep most CD rates the same, regardless of the economic environment. However, they may offer promotional CD rates that are significantly more competitive than usual.
Citi currently offers 6-month, 9-month, and 15-month CD terms that actually pay better rates than the bank's long-term CDs. These rates can always change in the future, though.
CD Term Length and Opening Deposit
You can't control how the Fed's actions impact CD rates, but you can still make decisions that impact your total CD earnings. The CD term you choose and your opening deposit also play an important role in how much interest you'll get from an account. You can use a CD calculator to figure out how much interest you could potentially earn under various scenarios.
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. 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.
Bank of America Review
Citi CD Rates vs. Capital One CD Rates
Capital One 360 CD rates are higher for most CD traditional terms. 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 6-month CD. This is the one-term length Citi offers a higher rate for.
Capital One 360 Bank Review
Should You Invest in a Citi CD?
Citi might be a good option for a traditional 6-month, 9-month, or 15-month CD term. The bank has low minimum opening deposit requirements and standard-to-low early withdrawal penalties, plus these terms have the best rates. If you prefer another CD term, you'll find more competitive rates at the best online banks and credit unions.
The bank notably offers several different types of CDs, but its No Penalty and Step Up CDs offer low rates right now. For specialty CDs, you'll also want to explore other choices.
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.
Citi CD FAQs
Are Citi CD rates usually competitive?
Citi often has promotional CD rates that are more competitive than average CD rates. The bank distinguishes these options as Featured CDs.
Does Citi offer any unique types of CDs?
Citi has two unique types of CDs: a Step Up CD and a No Penalty CD. Step Up CDs offer an automatic rate increase while your account is open. Meanwhile, a No Penalty CD doesn't have early withdrawal penalties.
Can I open a Citi CD online?
Yes, Citi CD may be opened online. You can also apply for CDs at a nearby branch.
Are Citi CDs safe?
Citi CDs are FDIC-insured. Citi CDs are federally insured for up to $250,000 per depositor, per account ownership category.
Do I need to be an existing Citi customer to open a CD?
You don't need to be an existing Citi Customer to get a Citi CD. New customers can apply for Citi CDs.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
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- Budgeting
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