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

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Citibank

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
APY APY APY APY
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The early withdrawal penalty for the 5-year CD is 270 days of interest on the amount withdrawn which is worse than the average 6-month penalty.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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Comments
17 comments.
Comment #1 by Anonymous posted on
Anonymous
"Edit 7/18/09: Confirmed above CD rates are still valid as of today. Also added rates for California."

Was this confirmed on July 18, or is it a typo?

2
Comment #2 by Anonymous posted on
Anonymous
I called Citibank regarding the secured credit card and the great CD rate, and it was like talking to a child...no answers and just circumventing conversations. The child was an adult CSR and sounded from India. Does anyone know how to speak to a US-based CSR for Citibank?!?

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Comment #3 by Anonymous posted on
Anonymous
Opened a 60 mo 4% at a San Diego, CA branch. Was told the early withdrawal penalty is 180 days simple interest. This is listed in the Marketplace Addendum for California & Nevada (2/15/09) provided with the disclosures. Curiously this differs from the 270 days quoted in the 'online' version (which has the same date) posted on Citi's web site.

Also I was informed that if you don't have the CD linked with other Citi checking/MMA accounts you won't receive any statements until maturity. If this case applies to you (and you're paranoid), it might be worth stopping in or calling the branch after the first month's interest posts to verify consistency with promo rate expectations.

In addition to the competitive rates previously posted by BG, the California in-branch rate sheet (8/11/09 - 8/17/09) includes the following:

30 Months 2.75% APY
3 Years 3.00% APY
4 Years 3.50% APY

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Comment #4 by Anonymous posted on
Anonymous
Called the telephone number to get NY rates - which I was told are

5 years -- 3%
30 mos. 1 l/4%

I indicated I knew the rates were 4% for 5 years for California and also 2.75% for 30 mos. for California as one of the bloggers indicated and the representative said well that is for California. So I said --- so you will not get my as a customer.

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Comment #5 by Len (anonymous) posted on
Len
Called Las Vegas branch today 8/19:
5 yrs 4.00% APY
4 yrs 3.50%
3 yrs 3.00%
30 mo 2.75%
2 yrs 2.50%
18 mo 2.30%
1 yr 2.00%

Said they prefer you make an appointment, they have lines and long waits due to the FDIC closings of both Community Bank of NV and Colonial last Friday.

1
Comment #6 by Peidong (anonymous) posted on
Peidong
I just opened 4.0%-5yr CD in branch, San Jose CA. It looks good.

1
Comment #7 by Anonymous posted on
Anonymous
"Peidong said...
I just opened 4.0%-5yr CD in branch, San Jose CA"

Was it the branch in downtown San Jose? At first, the Personal Banker R.R. there was not aware of the 4.0%-5yr CD...

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Comment #8 by Anonymous posted on
Anonymous
I just opened 4% 5 years in San Francisco. They are also going to send me one world cup shirt and one soccer ball, but they required me to open a checking and saving account.

Unfortunately I didn't know that they have a $50/$50 referral program before I went to the bank. Otherwise I will get $50 and the person who referred me will also get $50.

Anyway, If you need a referral, please kindly send your name and email address to ****-fei-hong@hotmail.com, I will help you out. Thanks!

1
Comment #9 by Anonymous posted on
Anonymous
8/20/09: In the NJ branch I went into I was told 3.00% is the best the could do for a 5-year CD.

1
Comment #10 by Anonymous posted on
Anonymous
just opened a 5 yr CD at a San Jose branch at 4% with 6 month penalty for early withdrawals. If you open with more than 100K you qualify for CitiGold. Benefits include:

1. waive annual fee on Citi Aadvantage card (save $85)
2. no fee when using the Aadvantage card overseas.(save 3% on all purchases)

If you only hold the CD for 2 years your return will be right around 3% which is much better than anything in CA right now

1
Comment #11 by Anonymous posted on
Anonymous
CT

5 years -- 3%
30 mos. 1 l/4%

1
Comment #12 by Anonymous posted on
Anonymous
confirmed 4.00% in los angeles. 180 day early withdrawal penalty

1
Comment #13 by Anonymous posted on
Anonymous
As a California resident, I opened a new Citibank CD today (Aug. 31), 5 years at 3.92% rate/4.0% APR. 180 days interest penalty on the amount of any early withdrawal.

They do appear to have a $50/$50 referral program, but said I'd need to give them a promotion code # to access it. Separately, they also offered a $100/$100 Member Get Member referral, that they said existing customers can get via some kind of coupons. The larger one has transaction requirements to get it, such as setting up direct deposit, or debit card use for a couple of months, and such.

In terms of handling the monthly interest, the rep said they'd either credit it back to the CD, mail me a check or transfer the CD interest to a CitiBank checking or savings account. They would not do an automatic interest transfer to an external account.

According to my phone rep, they will open the account and lock the rate as of today, the application date. But they won't pull the funds from my designated external funding account until after they receive my signed signature card by either return mail or fax. That's nice, especially if you have a maturing CD elsewhere and need time for the funds to be moved and become available.

One bad thing I heard re their own internal ACH system. The rep said it could handle up to $100K per day incoming, but only $2000 per day outgoing. I assume, however, I can pull funds out of my Citi account in larger amounts using any linked external account like E*Trade and such.

1
Comment #14 by Anonymous posted on
Anonymous
Today 9/08/09 The 5 year 4% APY which I received last week on a Florida Citibank CD, has dropped to 3.75%.

1
Comment #15 by Anonymous posted on
Anonymous
60 MO CD is 3.75% at my local (So. Ca.)

1
Comment #16 by Anonymous posted on
Anonymous
Update re. the Citibank Secured MasterCard: (1) the Citibank website lists 1-800-726-2109 as the contact number for the secured product (2) I called tonight and was told by a pleasant lady stateside (a) the CD rate is still 4.00% (b) this card is not intended for individuals with good credit.

1
Comment #17 by Anonymous posted on
Anonymous
please send me a check for amount of maturing CD  Russell G. Sorg

 

1