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Update on Citibank CD Specials - 2.50% 8-Month CD in a Few States

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Citibank
Update 4/21/09: Citibank's CD rates have fallen. For Texas, the special 12-month rate is now 2.40% APY. The online 12-month CD rate has also fallen. It's now 2.25% APY. Please check Citibank for the latest rates in your area.

Citibank continues to offer some competitive CD specials. The best ones aren't listed at the bank's website. They're only available at Citibank branches or by phone, and the rates vary by state. Also, a Citibank checking account is required. In my Sunday post, I listed CD specials in Texas and California that were advertised on Sunday. Readers have commented on some additional ones, and I called for a few more. Here are some 8-month and 12-month CD rates by state as of 4/01/09:

State Annual Percentage Yield (APY)
8-month 12-month
CA 2.50% ?
FL 2.50% 2.75%
IL ? 2.70%
NY 2.50% 2.60%
TX 2.00% 2.75%
VA/MD/DC ? 2.60%

Note, rates may also vary within a state. When I called the CSR this morning, he didn't know how much longer this special would last. So make sure to call Citibank for the latest rates for your area. I used the toll-free number 1-866-810-9040. If you call, please leave a comment about the rates they're offering in your area.

Citibank continues to list an online 12-month CD with a fairly competitive rate of 2.50% APY at its website. There's also a special 7-month CD with a 2.00% APY. Minimum deposit is $500, and there is no checking account requirement.

Citibank has been in the news quite a bit this year as the government has been trying to keep Citigroup from failing. This WSJ article and this Time article provide some of the recent history of Citi's troubles along with opinions about its future. If you're a depositor and keep under the FDIC limits, there's little to worry about (Citibank's FDIC Certificate # 7213).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: New York, California, Illinois, Citibank, CD rates, Texas, Florida

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Comments
8 Comments.
Comment #1 by Larry (anonymous) posted on
Larry
Here in NorthEast IL Founders Bank is now advertising 13-mo CD at 2.77APY with 5,000 minimum. No other relationship required.

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Comment #2 by best bank rates online (anonymous) posted on
best bank rates online
well 2.50 percent for an 8 month CD sound great and with citibank its very easy to set up and fund!

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Comment #3 by Anonymous posted on
Anonymous
Actually Citi used to let you fund CD with credit card and credit it as a purchase not cash advance. Not sure now but let me know, because with 2% cash back that makes it over 4%

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Comment #4 by Anonymous posted on
Anonymous
opened a CD yesterday with credit card. 2.6% + 1%(cashback) = 3.6%

also the VA 7&8 month rates are 2.1%

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Comment #5 by Anonymous posted on
Anonymous
The rate in Massachusetts for the 12-month CD is also 2.75%.

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Comment #6 by Anonymous posted on
Anonymous
I saw a local newspaper ad for the 12 month Citibank CD for 2.6% and the FINE PRINT stated that a checking account was required in order to open the CD. I recall seeing this same type of disclaimer when I opened a 12 month Wachovia CD last year. In that case, the online webpage stated that a checking account was necessary while the printed ad in the newspaper did not show this disclaimer. A Wachovia rep said no checking account was needed when I called them (even if the webpage said so). On Citibank's website, the 2.5% (not the 2.6%) 12 month CD does not state that a checking account is necessary.

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Comment #7 by Anonymous posted on
Anonymous
I did see an advertisement in the local paper for 8 month CD at 2.5%. I went into the Citibank office in California and the office had notices for 12 months CD at 2.5%. I asked the person behind one of the desk and asked if they were offering the 8 month CD at 2.5%. She said yes. Don't know why they did not advertise the 8 month CD in the office.

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Comment #8 by Anonymous posted on
Anonymous
I called the Citibank number and the rep said that for the local CD rates seen in the newspaper, that a checking account (minimum of $1500 total balance to avoid fees) was required. If you were willing to have a total relationship balance of $6000 (which can include your Citibank credit card monthly balance), you could also avoid fees that way too (a checking account with at least a $100 opening deposit was still required) to open a CD account.

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