Citibank has cut rates to all but one of its certificate of deposit offers in 2013.
The one holdover from 2012 is also this big bank’s best deal — 0.60% APY for 60-month CDs.
But don’t get excited.
It doesn’t beat the average annual yield large banks and thrifts are paying for the term, which is a new record-low 0.86% APY.
And it doesn’t come close to beating the top nationally available 60-month CD rate on our CD Rates Leaderboard.
Even with a recent leader change, you can still earn 1.95% APY there, from Texas-based Green Bank. That’s three times more than what Citi pays.
The remainder of Citibank’s CD rates are also below average:
3-month CD rate is 0.05% APY versus an average rate of 0.12% APY. (Leaderboard leader is 0.65% APY.)
6-month CD rate is 0.10% APY versus an average rate of 0.17% APY. (Leaderboard leader is 0.89% APY.)
12-month CD rate is 0.20% APY versus an average rate of 0.27% APY. (Leaderboard leader is 1.10% APY.)
24-month CD rate is 0.25% APY versus an average rate of 0.42% APY. (Leaderboard leader is 1.35% APY.)
36-month CD rate is 0.35% APY versus an average rate of 0.53% APY. (Leaderboard leader is 1.40% APY.)
All of Citi’s CDs require a minimum deposit of $500.
New York, N.Y.-based Citi has more than 1,000 branches. It can vary its CD rates by the 16 regions it divides the United States into, so you should input your ZIP code on the website.
But, really, you shouldn’t bother.
The rates we used are for the “national region,” which the majority of states fall into.
You can learn more about Citi at www.citibank.com or call 800-374-9500.
Compare Citi’s returns with the best CD rates from scores of other banks in our extensive database.