Citibank certificate of deposit review

Are you interested in a comprehensive review of Citibank’s Certificate of Deposit? Responsible Economy is here to provide you with all the information you need, including details on fees, interest rates, requirements, and more. In addition, we have a video and a comparison with the best certificates of deposit in 2023. Welcome to our review!

Explanatory video

We’ve created an informative video that simplifies and explains all the key features of the Citibank Certificate of Deposit. Whether you’re a newcomer or an experienced investor, this video will provide you with valuable insights. If you find our content helpful, we encourage you to subscribe to our channel to stay updated with daily financial information.

YouTube video
Citibank Certificate of Deposit

Features

In this section, we will provide a comprehensive analysis of the Citibank Certificate of Deposit. We will delve into each of its key characteristics, providing you with in-depth insights to help you make an informed decision. Let’s explore the details:

Interest Rate

Undoubtedly, the interest rate is a crucial factor to consider when evaluating certificate of deposit options. With Citibank, the maximum interest rate you can obtain is 4.05% APY for a 9-month term. If you have a deposit amount exceeding $100,000 in the certificate of deposit, you will be eligible for a special interest rate of 4.75% APY.

However, it’s important to note that a 4% APY interest rate is not considered competitive, as there are other banks offering rates of up to 5% APY.

TermsYields
6 months1.10% APY
9 months4.05-4.75 APY
12 months4.05% APY
18 months4.05% APY
24 months2.50% APY
36 months2.50% APY
48 months2.50% APY
60 months2.50% APY
Citibank certificate of deposit terms and yields

Fees

Citibank’s certificate of deposit does not charge any setup fees or annual maintenance fees. Rest assured, you won’t have to worry about paying any commissions.

Terms

When opening a certificate of deposit with Chase, you have a range of terms to choose from. These terms can vary between 3 month and 60 months, allowing you to select the duration that aligns with your financial goals.

Penalties

As is typical with most certificates of deposit, early withdrawal of funds before the agreed-upon term will incur penalties. It’s important to note that the Citibank certificate of deposit does have penalties for early withdrawals.

Minimum Deposit

To open a certificate of deposit with Citibank, you must make a minimum deposit of $500. This initial deposit ensures that you can take advantage of the benefits and features associated with the certificate of deposit.

Comparison with the best certificate of deposit in 2023

We have conducted a comprehensive comparison of the Citibank Certificate of Deposit with the best certificates of deposit available for opening in the United States in 2023.

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Citibank certificate of deposit calculator

Citibank certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

After reviewing the features of the Citibank Certificate of Deposit and conducting a comparison with the best certificates of deposit available, we have compiled a table outlining the advantages and disadvantages:

ProsCons
No feesLow interest rates
High interest rate with amounts above $100,000$500 minimum deposit
Pros and cons Citibank certificate of deposit

Requirements

To open the Citibank of deposit you must meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security

Conclusions and opinions

After conducting a thorough review, our opinion is that Citibank’s certificate of deposit is only recommended if you deposit an amount over $100,000 because this way you can achieve a competitive interest rate. If you deposit an amount below $100,000, the interest rate offered by Citibank is very low.

Frequent questions

If you still have any questions about the Citibank certificate of deposit, here we answer all your questions:

More information about Citibank

We have made a table with more information about Citibank:

InformationDescription
Websitehttps://online.citi.com/
Twitterhttps://twitter.com/Citibank/
Facebookhttps://www.facebook.com/citibank
YouTubehttps://www.youtube.com/citi
information about Citibank

Other Citibank products

Here is a list of financial products offered by Citibank:

Related content

Finally, you have related posts about certificate of deposit:

Updated the day 1 September, 2023 by Alfredo Barandiarán

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Abrir chat
Hola 👋
¿En qué podemos ayudarte?