Business Insider's personal finance team compared Citi CD rates to the best CD rates and found them to be a standard offering. The national bank has more CD options than most financial institutions and offers several types of specialty CD products.
Citi IRA CD rates are generally strong, and there are a few Citi Fixed CDs with good interest rates, but most of its other CD rates are low.
Current Citi CD Rates
Citi Fixed Rate CD Rates
Citi Fixed Rate CDs pay interest rates from 0.05% to 4.35% APY. Citi pays low CD rates on most Citi Fixed Rate CD terms, though there are a few exceptions, including its 7-month and 13-month terms.
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 | 3.00% |
| 6 months | 3.25% |
| 7 months | 4.35% |
| 8 months | 0.05% |
| 9 months | 3.00% |
| 10 months | 0.05% |
| 11 months | 0.05% |
| 1 year | 3.00% |
| 13 months | 4.00% |
| 14 months | 0.10% |
| 15 months | 3.85% |
| 18 months | 3.85% |
| 2 years | 0.50% to 1.01% |
| 30 months | 0.10% |
| 3 years | 2.00% |
| 4 years | 2.00% |
| 5 years | 2.00% |
Citi IRA CD Rates
Citi IRA CD rates range from 0.05% to 4.40% APY. Several of Citi's IRA CDs offer strong rates, especially its 4-month CD.
IRA CDs are a type of retirement account. If you're interested in opening up an IRA account, Citi's IRA CDs might be a good choice for you — especially if you're fine with a short-term IRA CD.
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 |
| 3-month IRA CD | 4.35% |
| 4-month IRA CD | 4.40% |
| 5-month IRA CD | 3.00% |
| 6-month IRA CD | 4.08% |
| 7-month IRA CD | 4.35% |
| 8-month IRA CD | 0.05% |
| 9-month IRA CD | 3.77% |
| 10-month IRA CD | 4.20% |
| 1-year IRA CD | 3.56% |
| 13-month IRA CD | 4.00% |
| 18-month IRA CD | 3.85% |
| 2-year IRA CD | 1.01% |
| 30-month IRA CD | 0.10% |
| 3-year IRA CD | 2.00% |
| 4-year IRA CD | 2.00% |
| 5-year IRA CD | 2.00% |
Citi Step Up CD Rates
The Citi Step Up CD is a CD that increases your rate every 10 months, with an interest rate range of 0.05% to 0.15% APY. There's only one term option for the Citi Step Up CD: 30 months.
Currently, the Step Up CD rate is about the same as the rate you'll earn from a fixed-rate 30-month Citi CD; you'll be earning less interest for the first 10 months, the same interest for the middle 10 months, and more interest for the last 10 months. 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
The Citi No Penalty CD pays 0.05% APY. 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. The best no-penalty CD rates are significantly higher than the rate Citi offers.
Overview of Citi CDs
Citi might be a good option for a traditional 7-month or 13-month CD term or for an IRA CD. The bank has low minimum opening deposit requirements and standard-to-low early withdrawal penalties, and these terms have the best rates Citi has to offer. 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 those types of specialty CDs, you'll want to explore other choices.
Citi CD Rates Pros and Cons
Citi CD Rate Pros
- Solid interest rates on IRA CDs and select Fixed Rate CD terms
- Three types of CDs to choose from, including step-up CDs
- Variety of term lengths
- $500 ($100,000 for the top rate) minimum opening deposit
- Standard-to-low early withdrawal penalties
Citi CD Rate Cons
- Online financial institutions offer even higher CD rates overall, regardless of the term
- F rating from the Better Business Bureau due to a high volume of customer complaints and unresolved customer complaints
Citi CD Alternatives
Citi CD vs. Bank of America CD
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 Bank of America Featured CD. Bank of America Featured CDs offer interest rates of 0.11% to 3.80% (vary by location) APY. Bank of America also offers Fixed Rate CDs if you're looking for more term options, with rates from 0.03% to 3.75% APY.
Citi CD vs. Capital One CD
Capital One 360 CD rates are higher for most CD traditional terms, with interest rates ranging from 3.50% to 4.00% APY. 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 an 18-month CD. This is the one term length Citi offers a higher rate for. Citi might also be a good choice if you're interested in a CD with a non-standard term length.
Citi CDs: What You Need to Know
Citi CD Options
Citi (Member FDIC) offers Citi Fixed Rate CDs, Citi Step Up CDs, Citi IRA 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 CDs 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 IRA CDs are a type of retirement account. Citi IRA CD terms range from 3 months to five years. IRA CDs from Citi also offer a variety of non-traditional term lengths, such as 4-month CDs, 10-month CDs, and 30-month CDs.
Citi Step Up CDs 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 CDs 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.
Citi National Branch Presence
One of the main benefits of banking with Citi (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.
Citi CD Minimum Opening Deposit
The minimum deposit for a Citi Fixed Rate CD is $500 ($100,000 for the top rate). The Citi 2-year CD lets you earn a higher interest rate if you deposit at least $100,000 in the account; every other account only requires a $500 minimum opening deposit to earn the top rate.
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.
Citi CD Early Withdrawal Penalties
The bank has straightforward early withdrawal penalties, which apply to Fixed Rate CDs, IRA 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.
Citi CD Relationship Tiers
All Citi accounts, including Citi CDs, can contribute to what Citi relationship tier you earn. If you have at least $30,000 in all of your accounts, you can earn extra perks through Citi, helping you avoid bank fees such as monthly service fees and ATM fees, getting higher withdrawal limits, and earning higher interest rates for some accounts.
Most of the perks you get from being a Citi Priority, Citigold, or Citigold Private Client member don't apply to your CD account. But the money you put in your CD accounts can help get you closer to the next tier if you have other accounts, such as savings or checking accounts, with Citi.
Opening a Citi CD
There are many options for you when planning how to open a CD account with Citi. You can apply online, call its customer service phone line, or visit an in-person branch. If you're planning on depositing more than $250,000, you'll need to either call or visit a physical branch.
If you're opening an IRA CD, you'll have to call, visit a physical branch, or mail in a physical application, which you can download from its website. You'll need to provide some personal information, such as your name, your physical address, and your Social Security number. Citi allows you to use your individual taxpayer identification number instead of your Social Security number, making it a good bank for immigrants.
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 CD terms, 9-month CD terms, 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.
Citi CDs vs. Other Citi Savings Accounts
In addition to its CDs, Citi also offers a Citi® Savings account. This is a variable-rate account, which means its interest rate of up to 1.20% (vary by location) APY can change at any time. On the plus side, savings accounts like this offer much more liquidity than a CD; you don't need to wait for a certain amount of time to pass to deposit or withdraw money to your high-yield savings account.
You can even get an interest rate on par with online bank high-yield savings accounts for three months if you open now; Citi is offering a 3-month promotional interest rate of 4.35% to customers who open a new savings account and deposit at least $25,000 in new money. After that, you'll earn Citi's standard rates, which are lower than average bank account interest rates.
Unlike Citi CDs, a Citi savings account comes with monthly bank maintenance fees. The $4.50 monthly service fee is automatically waived for the first three months after account opening; after that, you can waive the fee by keeping at least $30,000 in all of our Citi accounts, by having a checking account, or by having a $500 average monthly valance in each of your savings accounts.
If you're interested in opening a money market account, which is like a savings account that comes with more ways to get money out of your account, while banking with Citi, you're out of luck. Citi doesn't offer any personal money market accounts.
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 considers interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Citi CD Rates FAQs
Most of Citi's CD rates are low compared to average CD rates, but Citi often has promotional CD rates that are more competitive. The bank distinguishes these options as Featured CDs.
Yes, 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.
Yes, Citi CD may be opened online. You can also apply for CDs at a nearby branch.
Yes, Citi CDs are safe. Citi CDs are FDIC-insured. Citi CDs are federally insured for up to $250,000 per depositor, per account ownership category.
No, you don't need to be an existing Citi Customer to get a Citi CD. New customers can apply for Citi CDs.
