Like savings or money market accounts, CDs give you the chance to store your money while earning interest. So, what are Citibank CD rates today?
What Are Certificates of Deposit?
In essence, certificates of deposit, or CDs, are agreements between depositors and financial institutions that provide customers a higher interest rate on their savings in return for putting the money on deposit for a specific period of time. Because of this, CDs are also known as time deposits.
You can open them at a bank or credit union as just another kind of account. Contrary to those more straightforward savings accounts, however, CDs come in a variety of varieties and have the restriction that you cannot access the money until the CD matures. It's not impossible, there will be a cost associated with early withdrawal.
The trade-off, of course, is that banks will offer higher interest rates on assets they know they can rely on for a set period of time as opposed to assets that fluctuate wildly in a savings or money market account.
You can pick how long you want to lock away your money by choosing from a variety of CD lengths that banks and credit unions commonly offer, ranging from one month to 10 years. Although 1-year certificates are the most generally available of all, the most popular CD periods range from six months to five years.
What Are Citibank CD Rates Today?
From our analysis of the roughly 200 banks and credit unions that provide CDs to consumers nationwide, the best 1-year certificate of deposit rates are given below, followed by the top CD rates offered by our partners. For our 1-year rankings, terms Between 10 and 14 months are acceptable, and a minimum deposit of up to $25,000 is needed.
When multiple institutions provide the same top rate, we have ranked CDs in order of shortest term, then lowest minimum deposit, and if there is still a tie, alphabetically by institution name.
Premier Members Credit Union – 5.25% APY
INOVA Federal Credit Union – 5.25% APY
BrioDirect – 5.25% APY
CFG Bank – 5.25% APY
Limelight Bank – 5.25% APY
Communitywide Federal Credit Union – 5.25% APY
Forbright Bank – 5.20% APY
Bread Savings – 5.20% APY
Summary
What are Citibank CD rates today? Each institution has a different minimum deposit requirement, as well as different penalties if you need to access the money before it matures.
