Citibank CD Rates Review for May 2024

Citibank CD Rates

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.

Citibanks Best CD Rates

Citibank’s best CD rate is 4.75% for a 6-month CD.

Citibank’s Monthly CD Rate Promotions are always very competitive; however, the bulk of their Certificates are not competitive.

Citibank CD Rates Today by Term

3 months0.05%
6 months4.75%
9 months*3.75%
11 months.05%
12 months ($100K+)3.00%
12 months (<$100K)2.00%
15 months 4.00%
18 months2.50%
2 Year2.00%
3 Year2.00%
4 Year2.00%
5 Year2.00%

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

† Annual Percentage Yield (APY) is accurate as of 05/24/2024. The Composite Annual Percentage Yield (APY) for the Step Up CD is accurate as of 11/07/2023 and is based on the 3 fixed initial interest rates shown for Months 1 through 10, Months 11 through 20, and Months 21 through 30. APYs are subject to change before a term begins for new and renewing CDs. The APY assumes interest remains on deposit in the CD account until maturity. Credited interest may be withdrawn without penalty. A withdrawal will reduce earnings. A penalty will be imposed for early withdrawal of the principal. Fees could reduce account earnings. The No Penalty CD allows withdrawal of the full balance and interest without penalty after the first 6 days you make the minimum deposit into your new CD and your deposit has been fully collected. An early withdrawal penalty applies to withdrawals from a No Penalty CD during the first 6 days. Partial withdrawals, including interest withdrawals, from a No Penalty CD are not permitted. A $500 minimum deposit is required.

When the APY is based on account balance, the applicable balance range will be used to determine your APY and interest rate; account balance may not be a factor for all CD terms. Citi may assign the same APY to more than one balance range.

Balance ranges include:
$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

No Penalty CDs automatically renew without the no penalty feature to a 12-month CD. Step Up CDs automatically renew without the step-up feature to a 30-month CD. All CDs automatically renew at maturity for the same term at the rates in effect on the CD renewal date. There is a grace period of up to 7 calendar days after the maturity date. You can make a change during the grace period without penalty. The CD opening date (renewal date) and maturity date will reset if you make a change during the grace period, and you will not be able to make any changes until the next maturity date without penalty.

For full terms and conditions please view the Client Manual Agreement and Account Agreement and Notices page. To apply online, you must be a U.S. citizen or a U.S. resident alien and at least 18 years old. You’ll need to provide a physical address in the U.S., date of birth, and applicable identification documentation which may include a Social Security Number or Individual Taxpayer Identification number.

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

Deposits are FDIC insured up to $250,000 per depositor, for each account ownership category. To learn more visit

Citibank CD Rates Promotion

Updated May 24, 2024:

Citibank’s CD Rates Promotion for November are:

  • 9-month CD with a 3.75% APY
  • 6-month: 4.75% APY
  • 15 months: 4.00% APY

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 6.35%.

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

TermInsurerRateAnnuity AM BestApplication
2 YearsAMERICO Annuity Logo
5.35%Harbourview 2AApply
3 YearsSecurity Sentinel Life Logo
Sentinel Security
5.90%Personal ChoiceB++Apply
4 YearsNassau Logo
5 YearsIbexis Annuity Logo
6.30% SimpleMYGA PlusA-Apply
6 Yearsoceeanview logo
Oceanview Life
5.70%Harbourview AApply
7 YearsIbexis Annuity Logo
6.50% SimpleMYGA PlusA-Apply
8 YearsEquitrust Annuity Logo
5.50%Certainty SelectB++Apply
9 YearsAmerican National Annuity logo
American National
5.30%Palladium MYGAAApply
10 YearsEquitrust Annuity Logo
5.60%Certainty SelectB++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

Best 3-Month CD RatesAPYTermMinimum
Signature Federal Credit Union5.55%3 Months$500
Ponce Bank5.40%3 Months$1
Western Alliance Bank5.41%3 Months$1

Best 1 Year CD Rates

All In Credit Union5.85% APY12 Months$100,000
My eBanc5.77% APY12 Months$100,000
State Bank of Texas5.75% APY12 Months$50,000

Best 2 Year CD Rates

Luana Savings Bank5.68% APY24 Months$100,000.00
Maple Mark Bank5.40% APY24 Months$25,000.00
Crescent Bank5.35% APY24 Months$1,000.00

Best 3 Year CD Rates

Valley National Bank5.60%36 Months$500
Bread Savings4.95%36 Months$1,500
The State Exchange Bank4.70%36 Months$1

Best 4 Year CD Rates

Bread Savings4.75%48 Months$1
The State Exchange Bank4.50%48 Months$1
Barclays4.45%48 Months$1

Best 5 Year CD Rates

Farmers Insurance5.00%60 Months$1,000
Schools First Credit Union4.75%60 Months$100,000
Bread Savings4.75%60 Months$1,500

Citibank'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.


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