If you have some money to save and want the best CD rates today, Citibank is one of the leading banks in the country offering a wide range of CDs. We have provided below our guide to Citibank CD rates in 2021. They include Fixed-Term CDs, Step Up CDs, and No Penalty CDs.
First, we will explain what CDs are about and how they work.
Next, we will explain the reasons why you may want to consider putting your money in a CD.
Finally, we will review Citibank CD rates.
This post will cover:
- What is a Certificate of Deposit?
- Why Put Your Money in a CD?
- Citibank CD Rates
- Compare Citibank CD Rates to High Yield Savings Account
What is a Certificate of Deposit?
A Certificate of deposit (CD) is a type of deposit account that often pays a higher interest rate than a standard savings account in exchange for restricting access to your funds during the CD term.
CD terms often vary, depending on the financial institution but are between three months and five years. As long as you keep the money in CD during the entire term, you will earn the APY you were promised.
However, if you should take your money out before maturity or term, and you will most likely incur a penalty.
In addition, if you take your money out early, you also might have to forfeit a portion of the interest you earned, depending on the bank’s policy.
Why Put Your Money in a CD?
If you have some cash to save and want to earn more than you would with a standard savings account, certificates of deposit can be a good option.
Furthermore, many CDs with terms of at least 12 months offer rates that are higher than the best savings accounts.
For example, if you put $5,000 in a CD that earns 2.6% APY for a one-year term, your balance would increase by more than $130.
You should consider a CD if you are certain you won’t need to access your cash for several months or years, depending on the goal you have for that money.
Smaller, local banks or credit unions often offer better rates than the big national institutions.
Also, online-only banks can offer great CD rates because of their lower expenses.
Finally, putting your money in a CD is risk-free in the sense that you can put up to $250,000 in CDs and will never lose that money as long as your account is with an FDIC bank insured NCUA insured credit union.
Citibank CD Rates
Citibank offers a range of CDs with terms as low as three months and as high as five years.
The minimum deposit required will depend on the state you live in.
For example, most CD accounts will require a $500 minimum deposit. However, accounts opened in California and Nevada must be opened with at least $1,000.
Also, if you open an account in Florida, Maryland, Virginia, or the District of Columbia, you’ll need at least $2,500.
Furthermore, if you want to deposit more than $10,000, you’ll need to visit a Citibank branch to do so.
Types of CDs offered by Citibank
Citibank offers three types of CDs, each with a different purpose:
Citibank Fixed Rate CD
With the fixed-rate CD, the rate is locked in until the CD matures. The terms range from three months to five years.
Citibank Step-Up CD
With the Step-Up CD, your rate increases every 10 months.
However, the terms of the CD is 30 months.
Currently, the Step Up CD rate is higher than the Fixed Rate CD rate for a 30-month term.
Furthermore, the rate on the step-up CD 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.
Citibank No Penalty CD
While the Fixed Rate CDs and Step Up CDs charge a fee if you withdraw funds before your term ends, with a 1-year No Penalty CD, you can withdraw your money early without being penalized.
However, there is only a 1-year term option for the No Penalty CD.
Also, the rate for the No Penalty CD is slightly lower than the 1-year rate with a Fixed Rate CD.
Here are the three types of CDs offered by Citibank at the moment and their associated rates.
Citibank Fixed Rate CD rates
Here are Citibanks CD rates – which range from 3 months to 60 months (5 years). You have the
freedom to choose the length of time you like.
You can choose to put your money in a 6-Months CD for short term savings, a one year CD for medium
term savings and a 3 year or 5 year CD for long term savings.
| Term | Interest Rate | Annual Percentage Yield (APY) | Minimum deposit* |
| 3 months | 0.05% | 0.05% | $500 |
| 4 months | 0.10% | 0.10% | $500 |
| 5 months | 0.25% | 0.25% | $500 |
| 6 months | 0.05% | 0.05% | $500 |
| 7 months | 0.05% | 0.05% | $500 |
| 8 months | 0.05% | 0.05% | $500 |
| 9 months | 0.05% | 0.05% | $500 |
| 10 months | 0.05% | 0.05% | $500 |
| 11 months | 0.05% | 0.05% | $500 |
| 12 months | 0.10% | 0.10% | $500 |
| 13 months | 0.10% | 0.10% | $500 |
| 14 months | 0.10% | 0.10% | $500 |
| 15 months | 0.10% | 0.10% | $500 |
| 18 months | 0.10% | 0.10% | $500 |
| 24 months | 0.10% | 0.10% | $500 |
| 30 months | 0.10% | 0.10% | $500 |
| 36 months | 0.10% | 0.10% | $500 |
| 48 months | 0.10% | 0.10% | $500 |
| 60 months | 0.15% | 0.15% | $500 |
Sources: Bank Rate and Business Insider
*Minimum deposits may be more than $500 in some states.
Citibank Step-Up CD rates
The Citibank Step-Up CD is only offered in one term length: 30 months.
Currently, the Step Up CD pays 0.10% APY.
Citibank No Penalty CD rates
The Citibank No Penalty CD is only offered in one term length: 1 year.
Currently, the No Penalty CD pays 0.05% APY.
Compare Citibank CD Rates to High Yield Savings Account
If you do not want to have your money locked down in a CD and face a penalty when you take it out early, you may consider a High Yield Savings Account.
Here are Citibank’s High Yield Savings Account rates.
Citigold Account package
| Account name | Interest Rate | APY | The minimum deposit for APY |
| Citi Savings | 0.04% | 0.04% | Below $10,000 |
| Citi Savings | 0.06% | 0.06% | $10,000-$24,999.99 |
| Citi Savings | 0.10% | 0.10% | $25,000-$99,999.99 |
| Citi Savings | 0.12% | 0.12% | $100,000-$499,999 |
| Citi Savings | 0.15% | 0.15% | $500,000+ |
Citi Priority Account Package
| Account name | Interest Rate | APY | The minimum deposit for APY |
| Citi Savings | 0.04% | 0.04% | Below $10,000 |
| Citi Savings | 0.06% | 0.06% | $10,000-$24,999.99 |
| Citi Savings | 0.10% | 0.10% | $25,000-$99,999.99 |
| Citi Savings | 0.12% | 0.12% | $100,000-$499,999.99 |
| Citi Savings | 0.15% | 0.15% | $500,000+ |
Source: Bank Rate
Citibank CD Rates Summary
We hope this post on Citibank CD Rates was helpful.
If you have further questions about CDs, Banking, or personal finance in general, please let us know in the comments section below.
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