Citi Bank: Checking, Savings, and CD Rates Review

Shawn Plummer

CEO, The Annuity Expert

Citi Bank provides money-saving products, including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Citi Bank’s interest rates to CD, checking, and savings account rates from the top banks in the USA.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

About Citi Bank

Citi Bank is one of the largest banks in the United States. It offers a variety of financial services, including checking and savings accounts, credit cards, mortgages, loans, and investing and retirement planning. Citi Bank has branches in many cities across the country and around the world.

Citi Bank’s history dates back to 1812 when it was founded as the City Bank of New York. Since then, the bank has grown and changed names several times. In 1988, it became known as Citicorp, and in 1998, it merged with Travelers Group to form Citigroup. Citi Bank has been through a lot of changes over the years, but its commitment to its customers has never wavered.

If you’re looking for a reliable, trustworthy bank that offers a wide range of financial services, Citi Bank is an excellent choice. Whether you’re opening your first account or adding to your savings, Citi has the products and services you need. With locations across the country and around the world, it’s easy to find a Citi Bank near you. And with 24-hour online and mobile banking, you can manage your accounts anytime, anywhere. Sign up for an account today to experience the exceptional service and convenience of Citi Bank!

Citi Bank Checking Account Rates

Citi Bank offers a variety of checking account options to meet the needs of its customers. The interest rates on these accounts vary depending on the account type and balance, but all offer competitive rates. Citi Bank also offers several promotions throughout the year that can help customers save even more money.

Citi Bank also offers a number of other perks, such as free online bill pay and mobile check deposit. For customers who are looking for a great checking account, Citi Bank is hard to beat.

Minimum DepositTermAPY
Below $9,999.99None0.05%
$10,000.00 – $24,999.99None0.10%
$25,000.00+None0.25%
*APY=Annual Percentage Yield.

Citi Bank Savings Account Rates

When it comes to choosing a savings account, interest rates are often one of the most important factors considered by consumers. Citibank offers competitive rates on its savings accounts, making it a great choice for anyone looking to grow their savings.

Since it first debuted around a few years ago, the Citi Accelerate Savings account has given a competitive return.

The Citi Accelerate Savings account is part of the Citi banking package. It offers a good yield, but it’s only available in certain areas. There is no minimum deposit required to open the account. However, to waive the $4.50 monthly service fee, you must maintain an average monthly balance of $500 per month.

Having both checking and savings accounts at Citi can help you avoid monthly service fees.

In addition, Citibank offers a number of other benefits such as online and mobile banking, paperless statements, and direct deposit. As a result, Citibank is a great choice for anyone looking for a high-yield savings account.

Minimum DepositTermAPY
$0.00None0.50%
*APY=Annual Percentage Yield.

Citibank CD Rates

When it comes to finding a place to park your money, there are a lot of options to choose from. But if you’re looking for a safe investment with a guaranteed return, a certificate of deposit (CD) from Citi Bank might be the right choice for you. CDs are FDIC-insured deposits that earn interest over a fixed period of time, and Citi Bank offers a wide range of CD terms to choose from. Whether you’re looking to invest for the short term or the long term, Citi Bank has a CD that’s right for you. Plus, with Citi Bank’s online banking and mobile app, it’s easy to keep track of your account and monitor your progress.

Citibank offers CDs with terms that you won’t find at many other banks, ranging from three months to five years in length. In addition, you can pick from a variety of CD durations, ranging from as short as three months to as long as five years.

Citi Bank’s CDs have rates that aren’t as great as those of other banks, but it does offer several CDs with reasonable rates. However, a higher account balance is required for one of the highest rates, so double-check the terms before signing up.

Citibank’s fixed-rate CDs are shown in further detail below. Rates may differ by location. The minimum deposit is $500 in most states, although the minimum deposit is higher in certain jurisdictions.

So if you’re looking for a safe and straightforward way to grow your money, consider opening a CD at Citi Bank today.

TermAPY
3 Month0.05%
6 Month0.65%
1 Year0.10%
18 Month0.10%
2 Year0.10%
3 Year0.10%
4 Year0.10%
5 Year1.00%
APY = Annual Percentage Yield

Compare Citi bank CD rates to the top-yielding banks.

When it comes to CDs, Citi bank is excellent. The variety of terms available through Citibank CDs is impressive. You may readily establish a CD ladder with Citibank CDs, for example. In general, the bank’s rates are reasonable; there are several worse alternatives available on the market. However, elsewhere you can get larger APY like with a fixed annuity.

Compare the highest yielding CD rates from over 100 banks and credit unions across the United States.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

About CitiBank

Customers of Citibank have access to over 65,000 surcharge-free ATMs across the country. They may also contact a live customer care representative 24 hours a day, seven days a week.

On top of that, Citi’s mobile banking app delivers a unique experience. Non-bank users can utilize Citi’s mobile banking software to collect financial data from several accounts and receive spending insights.

Citibank was formed in the City Bank of New York, which first opened its doors in 1812. National City Bank became one of the largest financial institutions in the United States by the end of the 19th century. In 1976, National City Bank changed its name to Citibank and relocated to its current headquarters in Sioux Falls, South Dakota in 2011.

Citibank is a multinational financial services firm with operations all around the world. Citigroup’s retail banking unit includes Citibank, which has about 700 branches in the United States and more than 1,800 abroad. In the United States, account holders may use more than 65,000 fee-free ATMs.

Learn the differences and benefits between Fixed Annuities and Certificates of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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