Bank CD Rates – Citibank 18 Month CD 4.00% APY
The best bank CD rates Citibank 18 month CD 4.00% APY is a real offer or is it? I looked on the Citibank website and there is an 18 month CD at 2.25% with a 2.23% APY so since this not it I kept looking.
On the Citibank credit card site there is such an offer, but this offer is filled with restrictions and hoops for you to jump thru. The offer stems from the applicant obtaining a secured Citibank credit card. The secured part means you must make a deposit and your spending limit is the amount of your deposit.
On the opening page there is no mention of what the rate of the CD is just that there is one. This is mainly an advertisement for a person to build their credit history. The ad goes on to inform that every applicant may be qualified for an unsecured Citibank Credit card after 18 months because Citibank will be reporting this account to the credit agencies. I repeat, the applicant MAY be eligible for an unsecured credit card.
The annual fee for this Citibank credit card is $29.00 and the purchase APR is at a variable of 13.24%. Your deposit has to be a minimum of $200, but can be as much as $25,000.
Since the national average today for an 18 month CD is at 1.412% APY, this is a great rate. To take advantage of it the applicant must understand that it will cost them a minimum of $58.00 in annual service fees. This is directly translated to for a profit that the deposit must be over $1500. This will bring in $61.05 in interest which will be a grand total of $3.05 profit after the 18 months CD matures and after the service fees are taken out.
The best bank CD rates Citibank 18 month CD 4.00% APY is real and profitable if you invest enough.