You don’t have to be stuck with these rates, though, if you’re willing to open an account with an online bank. Its standard rates, shown below, fall even lower than Citibank’s. Chase is another example of a big bank with small interest rates. While this offers some banking convenience, it doesn’t offer big savings. This is due to the cost of maintaining its brick-and-mortar branches throughout the country. Accounts longer than one year assess an early withdrawal penalty of 180 days’ simple interest.Ĭompare Citibank to Other Competitive Offers How Citibank CDs Rates Compare to Other BanksĬitibank is one of those big banks that doesn’t offer the best rates on its bank accounts. Making an early withdrawal from a Citibank CD with a term length of one year or less will trigger a penalty of 90 days’ worth of simple interest.

If you want to make any changes, you have a seven-day grace period to make any withdrawals or additional deposits or change the term length.Īs is the case with any standard CD, this grace period is the only time you can make a withdrawal of the principal from the account. Once your account matures, you don’t have to take any action to allow it to automatically renew for the same term. The end of a CD term is when the account reaches maturity.

That way, an account will mature and you receive a payout every few months or so depending on how you build your ladder. To build a CD ladder, you open multiple CD accounts at the same time, each with a different maturity date.

CD ladders allow you to save towards any short- and long-term goals while also creating a semi-steady income stream. With such a variety of terms available, Citibank CDs are perfect for creating a CD ladder. To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator. If you want to deposit more than $10,000, you’ll need to visit a Citibank branch to do so. If you open an account in Florida, Maryland, Virginia or the District of Columbia, you’ll need at least $2,500. However, accounts opening in California and Nevada must be opened with at least $1,000.

Most accounts will require a $500 minimum deposit. Interestingly, your minimum deposit will depend on the state you live in. The bank’s rates are pretty low across the board. However, you really won’t see much in terms of growth with a Citibank CD. This allows you to save toward a variety of expenses, whether short term or long term. Citibank (a SmartAsset advertising partner) offers a range of certificate of deposit terms from three months to five years.

Citibank cd interest rates