Citibank CD rates: See how they compare (2024)

Citibank has a rich history in the United States, dating back to 1812 when the bank (formerly known as the City Bank of New York) was chartered by New York state.

Back then, the financial institution focused on local city merchants offering basic banking and lending services, with approximately $2 million in assets under management. As of September 2023, nearly 212 years later, the bank has $1.7 trillion in assets under management, making Citibank the fourth-largest bank in the US behind industry leaders JPMorgan Chase, Bank of America and Wells Fargo.

With over two centuries of experience handling clients’ cash, Citibank seems like a logical landing spot for bank savers who want to add a little spice (and profit) to their certificate of deposit (CD) experience. While there’s certainly a case for that in 2024 is Citibank a competitive play for your CD money?

As of February, 2024, Citibank is offering CDs with the following terms and annual percentage yields (APYs).

Overview of Citibank CD rates

Citibank CD rates range from 0.05% on a three-month CD up to 5.01% on a seven-month CD, although durations top out at five years. Nine-month CDs have APYs of 3.75%. The one-year CD offers a 2.75% APY on deposits of less than $100,000 and a 3.75% APY for deposits of $100,000 or more.

That menu also offers a so-called “step up” 30-month CD with a $500 minimum opening balance. The interest rate starts at 0.05% and rises every 10 months to a maximum of 0.15%, for a composite APY of 0.10%. Citibank also has a 12-month “no-penalty” CD with a fixed APY of 0.05%, no early withdrawal fees and a minimum balance of $500.

What are certificates of deposit (CDs)

CDs are time deposit accounts that require investors to lock up their money for a particular length of time, known as the CD’s term, in exchange for a fixed rate of interest for the duration of that term.

Like a savings account, CDs earn interest while your money is in the account. But unlike a savings account, the interest rate on a CD account will not change during the CD’s term, and you cannot access the money in CD before the end of the term without paying a penalty.

Citibank CD terms and options

Citibank wants to direct CD investors to one of its customer tiers.

Simply put, the more money you stash into a Citibank account, the more benefits you’ll earn.

Here’s a snapshot of each of the Citibank customer tiers that CD investors should know about.

Everyday Benefits Tier

This plan is designed for the basic banking customer who wants to get started with a new financial institution but not make a huge financial commitment.

The “Everyday” tier is for bank customers who commit to a combined average monthly balance between $0 and $29,999. By the term “combined,” Citibank is referring to the total balance held between deposit accounts, such as savings, checking or CD accounts, retirement accounts and investment accounts.

In this tier, monthly service fees include $5 for access checking, $15 for regular checking and $4.50 for savings.

Citibank customers in this tier gain these benefits:

• Access to Citi’s mobile app, online banking and 65,000-plus fee-free ATMs nationwide^.
• Regular and access checking fees are waived during the month you open an account and for three months after account opening, or for each month when the account receives $250 or more in “enhanced direct deposits.” The savings fee is waived during the month you open an account and for three months after account opening, or if you carry an average monthly balance of $500 or more, or with a Citi checking account.

Citi Priority Relationship Tier

The mid-tier option for Citibank CD customers is the “Priority Relationship” tier, which kicks the total account balance experience up a notch or two. The plan is for banking consumers who commit to an average monthly balance range of between $30,000 and $199,999 in the bank’s major banking accounts.

Citibank customers who do so gain these tier benefits:

• No monthly service fees, no Citi fees at non-Citi ATMs, increased withdrawal and purchase limits and high-yield rates on savings accounts
• Complimentary financial checkups from Citi Personal Wealth Management, commission-free trading, access to Citi’s Wealth Builder robo-advisor portfolios and other investment resources.
• 0.25% rate discount on personal loans, relationship pricing on mortgages, no foreign debit card exchange fees and no-fee delivery for Citi’s World Wallet foreign currency service

Citigold Savings Tier

With this Citibank personal banking tier, clients must commit to maintaining a combined average monthly balance between $200,000 and $999,999.

Citibank customers who do so gain these tier benefits:

• Premium banking with no monthly checking and savings account service fees, waived fees for online transfers, standard checkbook orders and stop payment requests, unlimited reimbursem*nt of non-Citi ATM fees globally and high-yield savings rates
• Up to $200 annually in cash back subscription rebates for Amazon Prime, Costco, Spotify and Hulu
• Lifestyle and travel benefits, such as free admission or discounts on events with the Citigold Culture Pass, concierge services on travel and dining reservations as well as access to Citigold lounges at its worldwide client centers
• Access to a dedicated team and investment guidance from Citi Personal Wealth Management

Citigold Private Client Relationship Tier

The Private Client Relationship account is the upper tier for Citibank customers, who must commit to a combined average monthly balance of at least $1 million.

Citibank customers who do so gain these tier benefits:

• Premier banking, featuring fee-free services, higher limits for mobile check deposits and ATM cash withdrawals and double the amount in cash back subscription rebates — up to $400 annually.
• Access to advanced wealth planning and a dedicated team from Citi Personal Wealth Management, as well as access to alternative and charitable investments Citibank CD account safety and insurance

CDs offered through Citibank are federally insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000, per depositor, per financial institution, for each account ownership category.

You can use the FDIC’s BankFind tool to check whether the bank you’re considering for a CD account is insured.

How to calculate your earnings with Citibank CDs

Citibank’s website includes an online calculator that shows how much interest an investor can earn for each CD term and corresponding APY based on the initial deposit amount, or the “principal.”

At many banks, APYs increase with the term of the CD. But at Citibank, the highest rate is found on the seven-month CD at an APY of 5.01%.

Opening a Citibank CD account

Like most bank CD providers, job one is to select a CD term and apply via the Citibank CD account page.

Once you’ve selected a CD term, you’ll be asked to input some personal information, including your name, date of birth and Social Security number. Next, you’ll need to enter your address, phone number, state identification or driver’s license number and citizenship status and create a security word that Citibank customer service will use if you need to call and ask for help with account access.

The next step is to verify your identity by entering a one-time passcode sent to your mobile device. Once you’ve verified your identity, you’ll enter information about your employment status, employer and income.

At this point, you’ll be asked to select a funding account, which can be either an existing Citibank account or an external bank account, and determine the amount you wish to deposit in the CD account. You’ll also choose whether to have interest payments posted to your account or paid by check.

Once you’ve reviewed and verified your selections, you’ll be prompted to set up your online account access and sign the relevant agreements and disclosures.

Like most bank CDs, your initial deposit represents the full amount of cash in your CD over the duration of the term length. In other words, if you deposit $500 into a Citibank three-month term CD, you can’t add any more funds to that specific CD account.