Citibank just lowered the CD rate and yield they are paying for a 12 months online CD. The new annual percentage yield (APY) is 2.25 percent, down from an APY of 2.50 percent. The minimum opening deposit for this CD is $500.
Citibank isn’t the only bank dropping the rates they will pay for certificate of deposit and savings account. All banks, including national banks like JP Morgan Chase and others are lowing CD rates. Regional banks and local banks are also lowering CD rates.
Even with the new lowered CD rate of 2.23 percent (APY of 2.25%) Citibank’s 12 month CD term is still the best bang for your buck as far as CD rates go at Citibank. In fact, you have to invest in a five year certificate of deposit to receive a higher rate. Their 5 year CD rate is 2.96 percent with an APY of 3.00 percent.
These rates are current as of April 26, 2009 for Citibank’s online CDs. Rates and yield may vary at Citibank branch locations throughout the United States.
Author: Monitorbankrates.com
April 26th, 2009
