Dedicated to Deposits: Deals, Data, and Discussion

4.00% 60-Month CD & 2.50% 24-Month CD at Citibank in Some States


Citibank is offering some competitive in-branch CD rates in Florida and Texas. Most of these rates are different than the online CD rates listed at Citibank's website. You have to call Citibank (1-800-627-3999) to get the branch rates for your area. A reader recently mentioned a 4.00% APY 60-month CD in Citibank's Florida branches, and I just confirmed on the phone that the 4.00% APY is still available as of 7/15/09. In Texas, the 5-year CD APY is only 3% which is the same as the online APY. There's also a 2.50% APY 24-month CD, and this is available in both Florida and Central Texas. Minimum deposit is $2,500, and new money is required. I was told these branch specials do not have any checking requirement. They usually change the rates on Tuesdays so these should last at least through next Monday. Below is a summary of the branch CD rates that I received from the CSR along with online rates as of 7/15/09:

Term Online Florida Central TX California
12mo 1.50% 2.00% 2.00% 2.00%
18mo 2.25% 2.30% 2.25% 2.30%
24mo 1.75% 2.50% 2.50% 2.50%
60mo 3.00% 4.00% 3.00% 3.00%

If you call Citibank for rates in your area, please leave a comment about what rates they quote. Citibank has branches in CA, CT, DE, DC, FL, IL, MD, MA, NV, NJ, NY, PA, TX and VA. They also have branches in Guam and Puerto Rico.

According to the CSR, they can open the CD by phone and will give you the rate that applies to the branches in your area. I was told the rate will lock at the time you apply by phone. They'll mail you the documentation and signature card. You can also open the online CDs by phone.

The early withdrawal penalty for the 5-year CD is 270 days of interest on the amount withdrawn which is worse than the average 6-month penalty. On the plus side, the shorter term CDs have better than average penalties. Below is a list of the penalties.
  • 30 days - 1 year or less
  • 90 days - over 1 year to 2 years
  • 180 days - over 2 years and under 5 years
  • 270 days - 5 years and over
There is a 7-calendar day grace perid after the CD maturity date during which you can close the CD without an early withdrawal penalty. More CD details can be found in Citibank's Online Marketplace Addendum which is located at the bottom of Citibank's CD page.

Citigroup Financials

The company plans to report second quarter results on July 17. As reported by this AP article, "Citigroup has been among the hardest hit banks by the credit crisis and ongoing recession." This NY Times blog has some more recent Citi history:
Last month, Citi began a $58 billion stock swap that would make the federal government its largest single shareholder, with a 34 percent stake. The conversion would turn Citi's previous bailout funds, made in preferred stock, into common shares, a move intended to strengthen Citi's balance sheet in case the economic climate gets even worse.

If you're a depositor and keep under the FDIC limits, the only thing to worry about is losing your CD rate lock if the bank fails. However, this appears to be less likely for larger banks. A few of the large bank failures that have occured in the last year have not resulted in the assuming banks breaking CDs. Two examples include IndyMac and WaMu.

Citibank is a member FDIC (FDIC Certificate # 7213).

Thanks to the reader who mentioned this special Florida CD rate in the Daily News & Deals Page.

Other High Certificate of Deposit Rates

Edit 7/18/09: Confirmed above CD rates are still valid as of today. Also added rates for California.

Related Pages: Citibank, CD rates, Texas, Florida

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Comment #1 by scott (anonymous) posted on
Make sure to check your statement when opening these CDs. On 4/24/09 I did an in-branch 12 month at 2.70% that was a special rate for MA. Saw on my first statement they had it for 2.25%. Almost three months later and I'm still getting the 2.25% rate. They keep telling me it will get fixed eventually but how the heck does it take so long?

Comment #2 by Anonymous posted on
I had a problem like Scott's where I opened a CD and the rate on my statement was wrong (they had given me the online rate instead of the higher in-branch rate). I called them up and they fixed it pretty quickly. Within a few days I had a credit for the interest I was owed and my next statement showed the correct rate and APY. If they haven't fixed your problem yet, I would give them a call back.

Comment #3 by Peidong (anonymous) posted on
I called, and there is no 4.0%-5yrs in CA, but 2.5%-yrs.

Comment #4 by Anonymous posted on
I can confirm for California that the rates have not yet changed as of today (8/5/2009): 12mo=2%, 18mo=2.3%, 24mo=2.5% ... but they consider their 18mo CD a promotional CD and so it requires new money (from outside of Citibank).