bank rates

Citi’s CD Rates Struggle To Be Mediocre

Two-thirds of us are willing to switch banks, according to a new “customer satisfaction” survey by J.D. Power and Associates, up from just over half a few years ago.

That’s because we think our banks are more profit-driven and less customer-friendly than they used to be — especially the biggest banks.

Gee. Where could we have gotten an idea like that about Citibank?

Let’s start with its wholly unsatisfying CD rates.

Every one of its rates are less than half of the best nationally available returns you’ll find on our latest CD Rates Leaderboard.

Much less than half in most cases.

Citi isn’t even offering average returns on its CDs. The best we can say is that it comes close to average in a few cases.

And specials? What specials? We couldn’t find any.

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

3-month CDs: 0.15% APY ( 0.23% APY average rate, 0.95% APY top rate)

6-month CDs: 0.30% APY ( 0.31% APY average rate, 1.15% APY top rate)

12-month CDs: 0.50% APY ( 0.51% APY average rate, 1.51% APY top rate)

24-month CDs: 0.60% APY ( 0.76% APY average rate, 1.76% APY top rate)

36-month CDs: 1.01% APY ( 1.04% APY average rate, 2.27% APY top rate)

60-month CDs: 1.25% APY ( 1.51% APY average rate, 3.03% APY top rate)

We checked these rates against a rate sheet we got at a Citi branch.

They were pretty much the same, although a couple of rates were a little higher at the branch.

The biggest difference: 1.50% APY for a 5-year CD at the branch, a quarter point more than online.

The minimum deposit is $500 online and at the branches.

The average rates are taken from Bankrate’s latest survey of major banks and thrifts.

Click here to compare these rates with the best CD rates from scores of other banks.

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