Citibank CD Rates 2024: Has Variety And Some Decent APYs

Citibank is one of the four largest U.S. banks by assets, and compared with the other three, it offers more types of CDs. The CDs’ opening minimum of $500 is on the lower end. But Citibank doesn’t have the highest CD rates, which are mostly at online banks and credit unions.

» COMPARE: See the best CD rates

Citibank CD rates

Citibank offers three types of CDs, all with a minimum deposit of $500:

• Standard (or fixed-rate) CDs: These high-yield CDs have a fixed rate and are subject to early withdrawal penalties.

• No-penalty CD: These no-penalty CDs have a fixed rate and the added benefit of no early withdrawal penalty, meaning you can withdraw the full amount any time after the first six days without cost.

• Step-up CD: These step-up CDs have fixed rates with two scheduled rate increases. The CDs are subject to early withdrawal penalties.

Here’s a list of most Citibank rates:

More details about Citibank CDs

» Learn more about accounts on our Citibank bank review

What to consider when opening CDs

• CD rates are fixed. If you open nearly any Citibank CD today, its annual percentage yield will stay the same until the CD expires. The exception for Citibank is its step-up CD, offered for a 30-month term, which has two built-in rate increases.

• Be aware of two common rules with CDs: You can’t make partial withdrawals or add additional funds after depositing money into a CD. Withdrawals of interest already earned are allowed for standard and step-up CDs, but not no-penalty CDs.

• You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into almost any Citibank CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned. There is one exception in Citibank’s case: its 12-month no-penalty CD. (Compare this with other no-penalty CDs.)

• Interest accrues in a CD during the term, so you can benefit from compound interest. (See our CD calculator page or use the calculator below.) Alternatively, you can request to receive interest during the term to an external account or by check.

• CDs auto renew unless you opt out. In addition, no-penalty and step-up CDs automatically renew into standard CDs of the same term length as the original CD. To avoid renewal, withdraw during the grace period.

» Unsure about CDs? Consider the best high-yield savings accounts instead

Other Citibank savings options

Citibank has two savings accounts: a basic account and a high-yield account. Both have monthly fees that can be waived, but their rates differ greatly. Citibank’s high-yield savings account is not available in every state.

How Citibank’s CDs compare to online bank CDs

Citibank CD rates have a wide range of rates where one CD term may have an APY whole percentages higher than a nearby CD term. It’s up to every bank to determine its rates, but be careful when you choose a Citibank CD based on term length. At worst, Citibank rates earn minimal interest, while at best, its rates can earn yields comparable to some online banks. See more about the best CD rates.