Highlights
- Service fee: $0.00
- Setup fee: $0.00
Other Features
- Automatic rollover
- Maturity alerts
- Maximum deposit: $49,999
- Minimum deposit: $20,000
About Citibank Term Deposits
With a Citibank Term Deposit you choose how long to invest your savings and interest can be paid monthly, quarterly, annually or at maturity. By committing your savings to a fixed term you are able to earn a higher rate of interest compared to other savings accounts. Penalties are incurred for withdrawing funds before the end of the term.
Earning Interest
Interest rates are fixed for the terms available and tiered depending on the amount invested with larger amounts earning a higher rate of interest. Interest is calculated daily and paid monthly, quarterly, annually or at maturity depending on the terms of your Term Deposit
Opening an Account
Open your Citibank Term Deposit online, in branch or over the phone. The minimum opening balance requirement is $10,000.
Deposits & Withdrawals
Once deposited your savings are committed to the full term of the Term Deposit, withdrawing funds sooner with incur penalties in the form of loss of interest. At the end of the term you can choose to add funds, withdraw funds or simply re-invest.
No Service Fee
There are no establishment costs or monthly account service fees with Citibank Term Deposits.
Early Withdrawal Penalties
When money is withdrawn prior to the maturity of your Citibank Term Deposit the interest payable will be reduced to an amount equal to 40% of the interest earned, whether paid or accrued on your Term Deposit in the period from your deposit’s Value Date up to the date Citibank processes your withdrawal request.