Citibank offers 19 fixed-rate certificates of deposit (CDs) with maturities ranging from three months to five years. Bank certificate of deposit rates are often not competitive among online banks. Interest rates range from 0.05% APY on a three-month CD to 0.65% APY on a six-month CD. The minimum deposit requirement to open a CD is $500.
Below is an overview of Citibank CD fixed rates. Prices are correct as of May 4, 2022.
Citibank CD Overview
Citibank’s fixed income CDs require a minimum opening deposit of $500, which is modest compared to some other large national banks like Bank of America that require a $10,000 deposit. However, many other online banks offer cheaper CD plans with similar or lower initial deposit requirements.
Citibank CD interest is compounded daily and credited to your account monthly (for CDs with a maturity of more than one year; for CDs with a maturity of one year or less, interest is paid monthly or at the end of the CD’s life). Once the interest has been deposited into your account, you can withdraw the interest at any time during the term, but keep in mind that this reduces your balance and reduces the amount of interest you earn.
In addition to fixed rate CDs, Citibank also offers 30-month upgrade CDs. With this CD, your interest rate increases automatically every 10 months and pays 0.10% compounded APR over a 30-month period. The bank also offers a 12-month no-penalty CD that allows you to withdraw your full balance and interest anytime after the first six days of depositing funds into your account, free of charge. No Penalty CD currently earns 0.05% per annum.
Citibank has a wide range of fixed rate CD terms, so it’s easy to find one that’s right for your savings plan.
How Much Can You Earn With Citibank CD Rates?
With yields so low, don’t expect Citibank fixed-rate CDs to earn much interest. Before investing in CDs, make sure you run the numbers and see how much interest you can earn.
A Citibank CD compounded by $10,000 per day gives you the following benefits:
Citibank CD Comparison
While Citibank’s fixed income CD rates are comparable to those offered by other major national banks, they are significantly lower than the best CD rates currently available. Many of Citibank’s CD rates are also lower than the national average CD rate, according to the FDIC.
If you’re interested in using CDs as part of your savings strategy, you can find better rates than those offered by Citibank. This is a good reminder to shop around before buying a CD. Searching for CDs at multiple banks and credit unions can help you find the best rates and terms for your savings goals.
About Citibank
Citibank, the retail subsidiary of Citigroup, is the fourth largest bank by assets. The US-based bank is known for its retail banking and credit card products. It serves more than 110 million customers in the US, Mexico and Asia. Citibank offers a variety of products, from CDs, checking and savings accounts to mortgages and investment products.
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