Banking » Compare Banks » CD Rate Comparison: Wells Fargo vs Citibank
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CD Rate Comparison: Wells Fargo vs Citibank

While Citi Bank offers competitive CD rates on most terms, Wells Fargo offers high rates on specific terms. Compare rates and withdrawal fees
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Certificates of Deposit (CDs) are a popular option for those looking to invest their money and earn a fixed interest rate over a set period. Two major banks that offer CDs to their customers are Wells Fargo and Citibank. There are some key differences in their rates, terms, and conditions that potential investors should be aware of.

In this article, we will review and compare Wells Fargo and Citibank's CD rates and discuss how they work, as well as examine early withdrawal fees and minimum deposit requirements. 

Wells Fargo CDs
Citibank CDs
CD Range
0.50% – 4.51%
0.05% – 4.75%
Minimum Deposit
$2,500
$500 – $2,500
Early Withdrawal penalty
1 – 6 months of interest
90 -180 days of interest
Term
3 months – 13 months
3 months – 5 years

How Do CD Rates Compare?

The table compares the CD rates offered by Wells Fargo Bank and Citibank for specific terms.

Wells Fargo offers a few terms, and only two of them are attractive regarding rates. These are the featured CDs, and in order to get the highest level of rates, you'll need a relationship with Wells Fargo bank.

Overall, Citi offers better terms and better rates across most of them.

CD Term
Wells Fargo APY
Citibank APY
3 Months
0.50% – 1.02%
0.05%
6 Months
3.75% – 4.01% (5 months)
1.10%
9 Months
N/A
4.05% – 4.75%
12 Months
N/A (11 months)
4.05%
18 Months
N/A
4.05%
24 Months
N/A
2.50%
30 Months
N/A
0.10%
36 Months
N/A
2.50%
48 Months
N/A
2.50%
60 Months
N/A
2.50%

Only Citibank Offers No Penalty CD

When it comes to no penalty CDs, Citibank is a clear winner. Not only they offer this type of CD which is not so common, the rate is impressive.

Wells Fargo
Citi Bank
12 Months
N/A
0.05%

Which Is Better If You Need An Early Withdrawal?

The early withdrawal penalty is designed to compensate the institution for the loss of interest and administrative costs associated with the early withdrawal, and vary depending on the institution and the length of time remaining until the maturity date.

As illustrated by the table below, there is no apparent frontrunner in terms of penalties for various terms since both banks provide comparable ones. Nonetheless, if you need a 3-month CD, Wells Fargo may be the preferable option as it has lower penalties.

CD Term
Wells Fargo
Citibank
3 Months
1 month of interest
90 days of interest
6 Months
3 months of interest
90 days of interest
9 Months
N/A
90 days of interest
12 Months
6 months of interest
90 days of interest
18 Months
N/A
180 days of interest
24 Months
N/A
180 days of interest
30 Months
N/A
180 days of interest
36 Months
N/A
180 days of interest
48 Months
N/A
180 days of interest
60 Months
N/A
180 days of interest

Do Wells Fargo And Citibank Offer Alternatives to CDs?

A savings account can be an alternative to a CD because it offers greater flexibility and liquidity. Unlike CDs, which require a fixed term commitment, savings accounts allow you to deposit and withdraw money at any time without penalty.

Citi Accelerate Savings
Wells Fargo Platinum Savings
Savings Rate
3.85%
0.15% – 2.51%
Minimum Deposit
$0
$25
Fees
$4.50/$10 per month Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
$12 can be waived by maintaining a $3,500 minimum daily balance
Promotion
$100 – $5,000 Minimum deposit of $10,000 – $1,000,000+ needed. Expired on 07/07/2023
None

Comparing both banks, Citi offers a better alternative to CDs. Citi's Accelerate Savings Account offers a high interest rate and has no minimum deposit requirement or complicated fees. The account also provides overdraft protection and the ability to link to a Citi checking account. The account also offers automated transfers to make saving easy.

Wells Fargo offers two savings account – the Wells Fargo Way2Save Savings and the Wells Fargo Platinum Savings, which offers a higher rate. However, the rate is significantly lower than what you can get with Citi.

Compare CD Rates

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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