If you’re looking to invest extra cash in a CD but would prefer to use a large bank with a well-known brand, consider Citibank. Citibank CD rates are some of the most competitive of any major bank with rates as high as 4.00% . But where they really shine is in the number of terms they offer.

You can open a traditional Certificate of Deposit (CD) for terms ranging from 3 months to 5 years. Additionally, there are options such as a Step-Up CD or a No-Penalty CD. Having a variety of term lengths is beneficial for anyone who wants to minimize the risk of needing to withdraw funds early and facing early withdrawal penalties.

Keep reading as we show you the different Citibank CD rates, some of the features you’ll receive, and how a Citibank CD stacks up against the competition.

Citibank CD Rates

Citi CD rates will depend on the term you choose. Below is a chart showing the different CD rates you can receive.

Earn Bonus Cash: Earn up to a $400 cash bonus and up to a 4.00% APY when opening a checking and savings account.

Traditional Fixed Rate CDs

30-Month Step Up CD

No Penalty CDs

Key Features of Citibank CDs

• Wide Range of Term Lengths: Citibank CDs offer terms ranging from 3 months to 5 years, making them attractive for anyone seeking flexibility.
• Low Minimum Deposit Requirements: Citibank requires a minimum deposit of $500, which is less than that of many other banks.
• Relationship-based Interest Rates: If you’re a current Citibank customer, you may be able to receive higher APYs if you qualify for relationship programs such as Citi Priority or Citigold.
• Early Withdrawal Penalties: Similar to most other banks, you’ll be charged early withdrawal penalties if you withdraw funds from a Citibank CD before it matures.
• FDIC Insurance: All CDs with Citibank are insured by the FDIC up to the standard limits.
• Automatic Renewal Option: Citibank typically offers customers the option to have their CDs automatically renewed upon maturity. This can help create a more hand-off approach. However, it’s important to review the rates being offered before the grace period ends to make sure you’re still going to receive the best interest rate.
• Branch and Online Access: Customers can open and manage CDs online, but their extensive branch network also allows face-to-face interaction with a banker.

How Do Citibank CD Rates Compare?

Do you want to compare current Citibank CD rates with other options? Here are a few other options to consider.

Pros and Cons of Citi CD Rates

Pros

• Predictable Returns: Because of Citibank’s fixed-rate CDs, you’ll know exactly how much you’ll earn over the term before investing.
• Wide Selection of Terms: You can choose CD terms ranging from 3 months to 5 years.
• FDIC Insurance: All deposits into a CD are insured by the FDIC, up to the $250,000 limit.
• Relationship Rates: If you qualify for Citi Priority or Citigold, you may be able to earn a higher APY.

Cons

• Rates May Lag Online Banks: Even though Citibank offers some attractive APYs on certain terms, others may lag behind online banks.
• Early Withdrawal Penalties: If you need to access your funds before the CD matures, you will be charged an early withdrawal penalty.
• Limited Flexibility: Even though Citibank offers no-penalty CDs, it only comes in one term. This creates more limited flexibility if you feel you may need to access your funds.

Boost Your Savings: Open a Valley Bank High-Yield Savings Account through Raisin and earn 3.95% APY plus up to a $1,500 bonus.

How Much Will You Earn With a Citi CD?

Before opening a Citi CD, it’s a good idea to understand how much you will earn and ensure it fits your goals. You can use our CD calculator to quickly figure out your potential earnings. Additionally, the table below highlights a few popular terms and the interest you could earn.

How to Open a Citibank CD

Are you ready to open a Citibank CD? Just follow these simple steps:

1. Decide which CD term you want: Start by deciding which CD term makes the most sense and fits your goals. Shorter terms allow quicker access if needed, but longer terms can help you lock in a specific interest rate, which can be helpful if rates are falling.

2. Check current CD rates: Based on the term you want, it’s a good idea to check the current rates being offered by Citibank. You can then compare these to our list of the best CD rates today.

3. Make sure you can meet the minimum deposit: Citibank has a relatively low $500 minimum deposit requirement, but you’ll want to make sure you have the funds available before opening your account.

4. Open the CD online or in a branch location: Once you’re ready to open your CD, you can do it online or in a nearby branch location. If you’re a current Citibank customer, you can get started faster since you’ve already verified your identity.

5. Fund the account: During the application process, you’ll need to fund your CD with a Citibank checking or savings account or by connecting a third-party deposit account.

6. Review terms and confirm: Before finalizing, you’ll want to review the interest rate, term length, and renewal procedure. Once you confirm, your CD will start earning interest.

Alternatives to Citibank CDs

Before opening a CD at Citibank, be sure to familiarize yourself with other products available.

High-Interest Checking Account: If you’re looking to earn a return on your cash, but don’t want the funds locked up in a CD, you could choose a high-interest checking account. This will allow you to earn an attractive APY while still enjoying all the perks of a checking account.

High-Yield Savings Account: If you don’t need daily access to your money, but want to keep some liquidity, you could instead choose a high-yield savings account. These will provide a high interest rate, but won’t lock up your funds like a CD will.

Money Market Account: Money market accounts are very similar to savings accounts, but most also offer checks and debit cards.