bank rates

Citibank’s CD Rates Are Average At Best

Citibank claims it has “highly competitive” CD rates.

We guess that’s true if you define highly competitive to mean average interest rates on some – but by no means all – of your certificates of deposit.Although it claims to have highly competitive CD rates, that's only true if you consider competitive to mean average.

None of Citi’s CD rates are even close to the best nationally available deals you’ll find on our most recent CD Rates Leaderboard.

Take the always popular 12-month CDs, for example.

Citibank is paying 0.60% APY with a $500 minimum deposit. That’s right at the national average of 0.61% APY but nowhere near the top rate of 1.55% APY.

Here’s what Citibank is offering on other CDs, followed in parenthesis by the average and top nationally available rates:

3-month CDs: 0.20% APY ( 0.24% APY average rate, 1.35% APY top rate)

6-month CDs: 0.35% APY (0.35% APY, 1.25% APY)

24-month CDs: 0.65% APY (0.90% APY, 1.85% APY)

36-month CDs: 1.15% APY (1.18% APY, 2.50% APY)

60-month CDs: 1.75% APY (1.17% APY, 3.03% APY)

All of those rates are available on CDs opened online or by calling 1-800-374-9500.

They’re also similar to what we’re seeing with other big banks, including Wells Fargo, Chase and Bank of America.

If you search their rate sheets, you’ll find at least a few CDs offering average returns.

You can also click here to compare these rates with the best CD rates from scores of other banks.

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Comments (3)
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3 Existing Comments
  1. CrankySaver said:
    on September 10th at 10:25 am

    In August 2009, this was the image Citibank was using to promote a really good rate on 18-month CDs:

    A new deal from Citibank is paying 2.25% APY on 18-month CDs.

    This is the image it’s currently using to promote the very average rate it’s offering on 60-month CDs:

    Yeah, same guy. Same dog. Same “Lock in a rate blah, blah, blah.”

    The only difference is that Citibank is paying half a point less for a CD that’s 3 ½ years longer.

  2. Charley Rechlin said:
    on September 10th at 12:45 pm

    In my view, the paltry CD rates offered by Citi, Wells Fargo, BofA and JPM/Chase show the instititional benefits (and social downside) of the “too big to fail” doctrine. These financial behemoths, coddled by our Government with zero borrowing costs and implied guarantees of unsecured creditors, can afford to be indifferent to depositors, and are free to shrink their deposit bases by driving away yield-sensitive customers. Thank you Messrs. Greenspan, Bernanke and Geitner.

  3. JoetheBarber said:
    on September 15th at 11:26 am

    So when were the big banks ever more than indifferent to depositors? I’m racking my brain.