bank rates

Citibank’s CD Rates Unchanged, Subpar

The CD rates Citibank offers to much of the country haven’t budged since we last looked at this big bank in January.

Although it claims to have highly competitive CD rates, that's only true if you consider competitive to mean average.If you’re looking for a deal, that’s not a good thing.

Citibank’s website promises “highly competitive” rates. The truth is most aren’t worth your time or money.

As with many other banks of its size, Citi’s CD rates differ by state or region.

And with Citi, you really need to live in the right place to get an above average – or even average – rate. (And if you don’t, don’t bother walking into one of Citi’s 1,000 branches.)

For example, Californians get 2.00% APY for 60-month CDs; Floridians, 1.75% APY; and Texans, 1.50% APY. The “national region,” which covers most of the country, offers just 1.25% APY.

The average yield offered by large banks and thrifts for 60-month CDs is 1.71%.

But the 60-month leader on our CD Rates Leaderboard is paying 2.93% APY.

Other rates Citi is offering for the national region:

3-month CD rate is 0.15% APY versus an average rate of 0.19% APY. (Leaderboard leader is 0.80% APY.)

6-month CD rate is 0.25% APY versus an average rate of 0.29% APY. (Leaderboard leader is 1.08% APY.)

12-month CD rate is 0.45% APY versus an average rate of 0.47% APY. (Leaderboard leader is 1.41% APY.)

24-month CD rate is 0.60% APY versus an average rate of 0.72% APY. (Leaderboard leader is 1.66% APY.)

36-month CD rate is 1.01% APY versus an average rate of 1.04% APY. (Leaderboard leader is 2.17% APY.)

There are definitely better deals out there, and you’ll find them if you compare Citi’s returns with the best CD rates from scores of other banks in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Alma said:
    on April 22nd at 08:32 pm

    Just wanted to warn others about Citibank CDs. Not only are the rates terrible now– they make you jump through hoops to get your money out. The only way you can get your money out of the CD without penalty is to call on the maturity date or during a 7-day grace period after it. Better mark your calendar! Otherwise they will renew it and your money will be stuck there for another year (unless you want to pay a $50 penalty). You can’t, for example, call the week or the month before and ask them to terminate it on the maturity date.

    I started one in May 2009 (when the interest rate was actually decent). I was moving during the 7-day grace period in 2010 and missed it. I called them up and said, okay, I’ll pay the penalty, just release it. They insisted that I go to a branch to get my money out (and pay the penalty), but the closest Citibank after I moved was 1 hour away. So I just left it there.

    Now I will be traveling during the grace period this year. At least now I have earned just enough to cover the penalty!

  2. Kathy at Bankaholic said:
    on May 25th at 06:50 am

    Citi’s 6-month rate has slipped to 0.20 APY, and its 12-month rate to 0.30% APY, as of Mary 25, 2011.