Citibank CD Rates: June 2024 (2024)

FAQs

How high will CD rates go in 2024? ›

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 possible for some people to get 6% on a CD right now, but only if you are eligible to join a smaller credit union since no nationally available financial institutions are currently offering them. CDs with 6.00% APY are getting harder to find.

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

CD rates are at a 3-year high—but waiting longer to buy could be a gamble. CD rates have risen steadily over the past 12 months alongside the Fed's rate increases. Interest rates on certificates of deposits (CDs) have been increasing substantially since 2022—in lock-step with the Fed's rate hikes.

An important feature of a CD is that when the CD term ends (called the CD Maturity Date), if you do not make changes, the CD will automatically renew for the same term at the interest rate available at that time. Once your CD renews, the funds will be locked once again for a new term until the next CD Maturity Date.

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Can I put 100k in a CD? ›

Those with $100,000 or more may want to consider depositing their money into a jumbo certificate of deposit (CD) that's insured through a bank insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union insured by the National Credit Union Administration (NCUA).

The best six-month certificate of deposit (CD) rate is currently 5.48% annual percentage yield (APY), while the national average rate is 2.49%. With rates expected to fall later in the year, the experts we interviewed said now is the time to lock in high yields on CDs.

Citibank's six-month CD offers 4.75% APY, and its one-year fixed-rate CD offers 2.00% APY below $100,000 and 3.00% APY with $100,000 or more.

Here's a quick comparison: From late January to late May 2024, the midpoint for one-year CD rates at 21 online banks and credit unions dropped from 5.10% to 5.00% annual percentage yield, according to a NerdWallet analysis.

Capital One's 12 and 18-month CDs have the highest annual percentage yields (APYs), 5.00% and 4.45%. The bank regularly offers promotional CDs with higher rates. Currently, a 10-month CD offers 5.10% APY. Capital One yields are more competitive than many big banks, though several online banks offer similar rates.

"Shorter CD rates won't collapse and will still offer far higher yields than the ones we experienced in 2021 and prior years," Krumpelman says. "Even in 2025, we expect short CDs to pay more than 3%."

The median projection for the benchmark federal funds rate is 5.1% by the end of 2024, implying just over one quarter-point cut. Through 2025, the FOMC now expects five total cuts, down from six in March, which would leave the federal funds rate at 4.1% by the end of next year.