CitiBank’s CD Rates and Review

February 3, 2013 1 Comment »
CitiBank’s CD Rates and Review

CitiBank’s deposit rates fell rather sharply over the last year despite already being at all time lows.

At the end of 2012, the APY’s paid on Citi’s most popular savings products have lagged the national average by heavy margins. In fact, their most lucrative rate today sits at just 0.60% and comes with a 5 year term. To put this in perspective, the national average for 5 year CDs sits at almost 1.40% APY, while the best deals nationally come in around 1.60%.

In our most recent survey of CitiBank’s CD rates we found a range of just 0.10% APY to 0.50% APY for terms between 3 months and 5 years. This is a drastic rate cut from what we were seeing last year around this time. In our March of 2011 survey, we recorded a range of between 0.20% APY and 2.00% APY for the same 3 month to 5 year deposits.

CitiBank’s CD Rates February 2013 Edition:

(Visit CitiBank’s rate tables for any updated information regarding rates, terms and conditions.)

Term
Rate
APY
6 Months 0.10% 0.10%
12 Months 0.20% 0.20%
18 Months 0.25% 0.25%
24 Months 0.25% 0.25%
36 Months 0.35% 0.35%
48 Months 0.35% 0.35%
60 Months 0.50% 0.50%

Although these rates are pulled from California based branches, their APY’s across state borders don’t change much (if any).

If you happen to qualify as a “CitiGold Private Client” then you may be entitled to higher interest rates, however if you don’t have a large chunk of cash set aside you likely wont be considered.

A minimum deposit requirement of $1,000 is required for all CitiBank deposits and an early withdrawal penalty will apply..

Overall outlook for CD rates in 2013:

Expect more extraordinarily low rates from all major US banks (not just CitiBank) throughout all of 2013. The FED has made it clear that interest rates won’t rise until at least 2015 (or when unemployment hits 6.5%), so both banks and credit unions will have little incentive to raise any FDIC-insured savings rates.

Terms and Conditions:

Interest is paid monthly or at maturity for all CDs with terms of one year or less. Interest is paid monthly for all CDs with terms greater than one year. CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don’t want to renew, you have a 7-calendar day grace period to let us know online, by phone or in writing.

 

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  • Jason

    Citibank has decent CD rates, but I would go towards the smaller banks who have eager for clients.