Citibank CD Rates: June 2024 (2025)

FAQs

What is Citibank's new CD rate? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024. At its 2024 meetings, the FOMC held the federal funds rate steady at a target range of 5.25% and 5.50%.

You can find certificates of deposit (CDs) with rates as high as 6% at a few financial institutions. However, these rates aren't available at traditional banks. Typically, these high-yield 6% CDs come with maturities of 12 months or less.

While it depends on your goals, financial needs and other factors, this could be the right time to lock in a long-term CD rate, experts say. Many short-term CDs currently offer higher interest rates than long-term CDs, but longer-term CDs could pay more in the long run — especially if rates drop soon.

Monetary Policy Summary, August 2024

At its meeting ending on 31 July 2024, the MPC voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%.

Freddie Mac: Rates Will Stay Above 6.5% Economists at Freddie Mac expect mortgage rates to stay above 6.5% throughout the end of 2024, according to its July Economic, Housing and Mortgage Market Outlook.

Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY. The credit union's membership eligibility requirements are limited to people who live or work in San Diego or Riverside counties.

Can I put 100k in a CD? ›

CDs have a typical minimum balance or opening requirement that's often around $1,000, but it can range from $0 to $10,000. There are jumbo CDs with minimums traditionally around $100,000, though these CDs don't necessarily have the best rates in the industry.

However, federally insured banks and credit unions only insure up to $250,000 per depositor per account ownership category. If you put more than this amount in a single CD, some of your money will be at risk. You can still safely invest more than $250,000 in CDs by opening accounts at multiple financial institutions.

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

It's certainly worth considering adding a CD to your savings portfolio, especially if you feel uncertain about investing in the stock market or any future market turbulence. With CD rates higher now than they were a few years ago, now might be the best time to capitalize and lock in rates before they potentially drop.

Citi offers a high-yield savings account with a 4.30% APY, along with a baseline savings account and the chance to earn relationship rates.

The interest rates for Citibank Fixed Deposits (FDs) are from 3.00% p.a. to 7.10% p.a. One can pick an FD scheme with tenures between 7 days and more than 1096 days.

The highest Bank of America CD rate is a 5.00% APY, which is for its 13 months featured term. The bank's one-year flexible CD offers a competitive rate and penalty-free withdrawals. The 13-month featured CD guarantees a 4.00% APY.

Are CD interest rates rising? The short answer is no. Online banks and credit unions, which have some of the highest CD rates, have begun to incrementally lower their rates since January 2024, according to a NerdWallet analysis.