Citibank CD Rates Review August 2023

Citibank CD Rates

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Citibank CD Rates Reviewed

Citibank cd rates logo

In this guide, we’ll review Citibank CD rates and compare them to the best CD rates, savings accounts, money market, and annuity rates offered by the top banks and insurance companies in the United States.

Citibank is one of the largest banks in the United States. To give you an idea of just how big they are; on 10/14/2021 Citibank reported $4.6 Billion in net income for the 3rd Quarter of 2021.

What is the current CD rates at Citibank?

As of August 7, 2023, Citibank’s best CD rate is 4.75% available in their 9 month CD. Citibank’s 1 year CD rate is 4.05%; these are the only two Citibank CD rates that are worth mentioning.

Other than their Monthly CD Rate Promotions, Citibank CD rates have been very mediocre when compared to other top financial institutions.

Today’s Citibank CD Rates by Term

3 months0.05%
6 months1.10%
9 months*4..05% (4.75% $100K+)
11 months.05%
12 months4.05%
18 months2.50 (3.75% $100K+)
2 Year2.50%
3 Year2.50%
4 Year2.50%
5 Year2.50%

Visit Citibank’s website to compare more Citibank CD Rates.

Deposit accounts are provided by Citibank, N.A. Member FDIC. Only bank deposit products are FDIC insured.

  1. Annual Percentage Yield (APY) is accurate as of 07/22/2023. The Composite Annual Percentage Yield (APY) for the Step Up CD is accurate as of 07/22/2023 and is based on the fixed initial interest rate shown for Months 1-10, the second interest rate for Months 11-20, the third interest rate for Months 21-30. The Composite APY assumes interest and principal remains on deposit until maturity. Rates are subject to change before CD account opening or renewal. A penalty will be imposed for early withdrawal of principal. A withdrawal will reduce earnings. The No Penalty CD allows full withdrawals beginning seven days after deposit without penalty; partial withdrawals, including interest withdrawals, are not permitted. $500 minimum deposit required. Fees could reduce account earnings. For all new CDs, APY and interest rate are based on the CD type and CD term disclosed on the applicable rate sheet delivered when your CD is opened. For renewing CDs, the APY and interest rate will be based on the rates in effect for the CD term on the date your CD renews, but we reserve the right to apply an APY and interest rate to your new or renewing CD based on one or more of the following: Rate Region, Account Package, CD Balance Range, and Applicable Promotion. CD Accounts are subject to approval, terms and fees.

    Different rates and terms apply to a CD held in an Individual Retirement Account (IRA). Please see Citibank IRA rates for details.

  2. Your deposit must have been fully collected. Partial withdrawals, including interest withdrawals, are not permitted.
  3. CD Balance Ranges for Interest Rate Calculations.
    $0 – $9,999.99
    $10,000 – $24,999.99
    $25,000 – $49,999.99
    $50,000 – $99,999.99
    $100,000 – $499,999.99
    $500,000 – $999,999.99

    We may assign the same interest rate to more than one balance range. Interest rates may vary based on one or more of the following: Rate Region (determined by factors, which may include branch location or home (not mailing) address), Account Balance, Account Package Type, and Applicable Promotion. Please see Marketplace Addendum for more information.

©2023 Citigroup Inc. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.

Citibank CD Rates Promotion August 2023

Updated August 2023:

Citibank’s August CD Rate Promotion is a 9-month CD with an APY of 4.75% for deposits of $100,000 or more.

If you are in the market for a high-yield savings vehicle a Fixed Annuity may warrant consideration. For example, our best 5 years fixed annuity rate is currently 5.65%

National Average Deposit Rates and Rate Caps

We have seen fixed rates above five percent for the first time since 2009; however, all fixed-income investments are certainly not created equal.

You may be surprised to see just how low the national average CD rates were in May. The national average for a  5-year CD rate is 1.37%; according to the May 15,  2023 FDIC Monthly Rate Cap Report

It is certainly worthwhile to spend some time researching if you are on the hunt for the best-guaranteed interest rate.

Deposit Products (1)National Average Deposit Rates (2)Treasury Yield (3)National Rate Cap
Interest Checking0.074.835.58
Money Market0.594.835.58
1 month CD0.264.355.97
3 month CD0.625.16.87
6 month CD1.195.066.82
12 month CD1.594.86.51
24 month CD1.454.045.6
36 month CD1.363.755.25
48 month CD1.33.75  (4)5.25
60 month CD1.373.514.96

1 If an institution seeks to offer a product with an off-tenor maturity that is not offered by another institution within its local market area, or for which the FDIC does not publish the national rate cap, the institution will be required to use the rate offered on the next lower on-tenor maturity for that deposit product when determining its applicable national or local rate cap, respectively. For example, an institution seeking to offer a 26-month certificate of deposit must use the rate offered for a 24-month CD to determine the applicable national or local rate cap.

2 Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Savings and interest checking account rates are based on the $2,500 product tier, while money market and certificate of deposit rates represent an average of the $10,000 and $100,000 product tiers. Account types and maturities published in these tables are those most commonly offered by the banks and branches for which we have data (on-tenor maturities).

3 As noted above, in determining the National Rate Cap for a particular on-tenor maturity, the Final Rule requires the FDIC to calculate 120 percent of the current yield on similar maturity U.S. Treasury obligations plus 75 basis points. For on-tenor maturities for which the U.S. Treasury publishes a yield, the treasury yields ( in this column are those that are published by the U.S. Treasury for the corresponding obligation with the same maturity. For on-tenor maturities for which the U.S. Treasury does not publish a yield, the treasury yields in this column are the published Treasury yields for the obligation with next lowest maturity, which is viewed as a similar rate, as provided for in the Final Rule. For non-maturity deposits, where there is no comparable treasury yield, the yield used is the effective federal funds ( rate published by the Federal Reserve Bank of New York.

4 The Final Rule defines a maturity of 48 months as an on-tenor maturity. Since the U.S. Treasury does not publish a rate for a 48-month Treasury obligation the applicable Treasury Yield is the 36-month Treasury; see footnote 3.

On December 15, 2020, the FDIC Board of Directors approved a Final Rule – PDF making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions (as defined in Section 38 of the Federal Deposit Insurance Act), which are effective on April 1, 2021. The interest rate restrictions generally limit a less than well capitalized institution from soliciting deposits by offering rates that significantly exceed rates in its prevailing market.

The Final Rule redefined the “national rate” as the average of rates paid by all insured depository institutions and credit unions for which data is available, with rates weighted by each institution’s share of domestic deposits. The “national rate cap” is calculated as the higher of: (1) the national rate plus 75 basis points; or (2) 120 percent of the current yield on similar maturity U.S. Department of the Treasury (U.S. Treasury) obligations plus 75 basis points. The national rate cap for non-maturity deposits is the higher of the national rate plus 75 basis points or the federal funds rate plus 75 basis points.

A less than well capitalized institution may use the “local rate cap” in place of the national rate cap for deposits gathered from within the institution’s local market area. The Final Rule redefined the “local rate cap” for a particular deposit product as 90 percent of the highest rate offered on the deposit product by an institution or credit union accepting deposits at a physical location within the institution’s local market area.

In accordance with Section 337.7(d), an insured depository institution that seeks to pay a rate of interest up to its local market rate cap shall provide notice and evidence of the highest rate paid on a particular deposit product in the institution’s local market areas to the appropriate FDIC regional director. The institution shall update its evidence and calculations for existing and new accounts monthly unless otherwise instructed by the appropriate FDIC regional director, and retain such information available for at least the two most recent examination cycles and, upon the FDIC’s request, provide the documentation to the appropriate FDIC regional office and to examination staff during any subsequent examinations.



Today's Best "CD-Type" Annuity Rates

TermInsurerCompany DetailsAnnuity RateAM BestApplication
2 Years Oceanview life and annuity logo OceanviewHarbourview 4.90%A-Apply
3 Years Farmers life insurance company logo Farmers LifeSafeguard Plus5.50%B++Apply
4 Years Americo annuity logo AMERICOPlatinum Assure5.20%AApply
5 Years Ibexis annuity logo Ibexis MYGA Plus5.90% SimpleA-Apply
6 Years Equitrust annuity logo EquiTrustCertainty Select5.65%B++Apply
7 Years Americo annuity logo AMERICOPlatinum Assure5.55%AApply
8 Years Equitrust annuity logo EquiTrustCertainty Select5.70%B++Apply
9 Years American national annuity logo American NationalPalladium MYG5.10%AApply
10 Years Equitrust annuity logo EquiTrustCertainty Select6.00%B++Apply

CD Rates vs Fixed Annuity Rates

A fixed annuity, often called a CD Type Annuity, is essentially a CD that is issued by an insurance company rather than a bank.

When deciding between a CD and a fixed deferred annuity, the amount of time you need to save should be a key factor. Let’s compare and contrast two similar versions of these products:


Pros of CDs

For short-term goals, such as a down payment on a home or a new car, a CD may prove to be a better choice. CD maturity periods can be as short as one month or as long as several years.

Fixed Annuity Pros

Fixed annuity earnings accumulate tax deferred and are not treated as taxable income until they are withdrawn. If you are saving for the long term like for retirement, the tax deferral may be helpful.

What's Best for You? CD or Annuity?

Issued ByInsurance CompaniesBanks
Investment Amount$2,000 - $1,000,000Essentially Any Amount
Investment Term2 years - 10 years3 months - 5 years
Interest Rates (APY)Varies by product.Varies by bank, term and investment amount.
LiquidityUsually, 10% annually or interest earned.Almost always accumulated interest.
GuaranteesBacked by Insurer & State Guaranty Associations.Backed by the FDIC.
Death BenefitMay avoid probate.Probate process required.

Free CD-Type Annuity Quote

Fill out the form below to receive a free annuity quote within 4 business hours, or use one of our annuity calculators.

Today's Best CD Rates by Term

Best 3 Month CD Rates

TotalDirect Bank5.16% APY3 Months$25,000.00
Ponce Bank N.A.5.15% APY3 Months$50,000.00
Brilliant Bank5.10% APY3 Months$1,000.00
Alliant Credit Union4.50% APY3 Months$1,000.00
Popular Direct4.50% APY3 Months$10,000.00

Best 1 Year CD Rates

Evergreen Bank Group5.50% APY13 Months10000
NexBank5.40% APY12 Months25000
BrioDirect5.35% APY12 Months500
Bread Savings5.25% APY12 Months1000
Barclays4.80% APY12 Months0

Best 2 Year CD Rates

U.S. Senate Federal Credit Union5.28% APY24 Months1000
Summit Credit Union5.25% APY22 Months5000
Idabel National Bank5.05% APY24 Months1000
Bread Savings5.00% APY24 Months1500
PenFed Credit Union4.45% APY24 Months1000

Best 3 Year CD Rates

U.S. Senate Federal Credit Union5.23% APY36 Months1000
Quorum Federal Credit Union4.85% APY36 Months1000
Popular Direct4.55% APY36 Months10000
Bread Savings4.50% APY36 Months1500
Barclays4.30% APY36 Months0

Best 4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
NASA Federal Credit Union4.85% APY49 Months10000
GTE Financial4.85% APY48 Months500
First National Bank of America4.50% APY48 Months1000
Bread Savings4.35% APY48 Months1500

Best 5 Year CD Rates

Lafayette Federal Credit Union4.68% APY60 Months500
Department of Commerce Federal Credit Union4.67% APY60-84 Months25000
GTE Financial4.54% APY60 Months500
Popular Direct4.53% APY60 Months10000
Bread Savings4.25% APY60 Months1500

Citi Bank's Contact Information

Citibank Phone Number

(TTY 1-800-992-9833)
Mon-Sun: 9:00 AM to 11:00 PM ET

If you’ve already opened your CD and linked it to your Citibank checking or savings account, you can easily check the rate by viewing your statement online.

Frequently Asked Questions

For new Citibank customers, please visit a branch or call us at 1-800-321-2484.

Citibank is an owned subsidiary of Citigroup and was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. 


TypeSubsidiary of Citigroup
ProductsCredit cards, Mortgages, loans, Commercial, lines of credit

While not FDIC insured, State Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent. Source: Learn to Invest, Investment Types, Annuities, Fixed Annuities.”  Financial Industry Regulatory Authority (FINRA).  

You can not lose money in a fixed annuity. However, guarantees are backed by the claims-paying ability of the issuing insurance company so it is important to consider an insurer’s financial rating when shopping for an annuity.

Withdrawing a certificate of deposit (CD) early typically results in a penalty fee. When you invest in a CD, you agree to leave your funds on deposit for a specified term, usually ranging from a few months to several years. If you withdraw the funds before the maturity date, you may be charged an early withdrawal penalty.


Compare Citibank CD Rates to Rates at Other Top Banks

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