Dedicated to Deposits: Deals, Data, and Discussion

Update on Citibank's CD Specials - 4.00% 60-Month CD Continues in Some States



Update 2/22/2010: Citibank's CD rates have fallen. Please check Citibank's website for the latest rates.

Citibank continues to offer some competitive in-branch CD rates in California, 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. When I last posted on these rates in July, Citibank in California was only offering a 3% 5-year CD, but according to the CSR, the 5-year CD is now 4.00% APY. I've also confirmed the 4% 5-year CD is still available in Florida. Unfortunately, in Central Texas, it's only 3% APY (the same rate as it is online).

I was told these branch specials do not have any checking account requirement. Citibank usually changes 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 8/18/09:

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% 4.00%

Update 8/19/09: A reader also has been told of three other competitive CDs in San Diego, California: 2.75% APY 30-month, 3.00% APY 3-year and 3.50% APY 4-year. Another reader mentioned that these rates also are available in Las Vegas, Nevada.

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.

Readers in the previous post provided an important tip for those who open these in-branch CD specials. Make sure you check your statement to ensure you're receiving the promo rate. They reported that Citibank had the lower non-promo rates on the statements.

Certificate of Deposit Details

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The early withdrawal penalty for the 5-year CD is 270 days of interest on the amount withdrawn which is worse than the average 6-month penalty.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.

Update 8/19/09: A reader noted that a smaller early withdrawal penalty (180 days of interest) applies to in-branch 5-year CDs in CA and NV (see comment).

Citi Secured MasterCard 4.07% 18-Month CD

Update 2/22/2010: Citi's website now states the maximum CD deposit is $5,000.

Citi is still listing a 4.07% APY 18-month CD for up to $25,000 in its Secured MasterCard program (see post). However, there is considerable doubt if Citi will actually approve a customer with good credit history. There's also doubt that they'll open the CD at the 4.07% APY. When I spoke with a Citi CSR last month, he didn't seem too familiar with the CD side of this program. Readers have also commented on what they've been told by the Citi CSRs. Based on this info, this CD doesn't look too promising. If you've had success opening this CD and you've confirmed that you're receiving 4.07% APY, please leave a comment.

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

Other High Certificate of Deposit Rates

Edit 8/19/09: Cleaned up some old notes.

  Tags: California, Citibank, CD rates, Texas, Florida

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