Citibank still offers the best interest rates for their 18-month certificate of deposit now earning 4.07% APY through their program Citi Secured MasterCard. This current cd rates have been offered since last year and some of our readers have reported enjoying this CD deal. If you have a very good credit score, most likely you will be approved for this top cd rates.

To enjoy the highest cd rates, the bank requires a minimum funding of $200. They have set the cap for this account at $25,000. Interested consumers must also be approved for a secured MasterCard which has a yearly charge of $29. Citibank allows multiple certificates of deposit with effective cap of $25K each. They only accept 2 applications from an individual in every 2 months.

The current CD interest rates will be effective upon account opening and will be guaranteed through the maturity of your account. Earnings are compounded on a daily basis and credited every month. Your CD will also start earning as soon as the bank receives the initial funding. All CDs will be held under the account of Citibank South Dakota with FDIC certificate number 23360.

Early withdrawal penalties apply and you can be charge a month’s worth of your earnings if you decide to close it before maturity.

A hard credit is done during the application process. It also takes a while before the bank can setup everything. One reader shared to us that it took about half a month before he got a mail confirming that the 4.07% interest rate is in effect.

There is a bit of confusion about what happens to the account if you decide to close the credit card early. What is clear is that Citibank will terminate your credit card if you decide to close your certificate of deposit prior to maturity.

A lot of people are also asking why the interest rate is too high. Since it is being offered by the credit card division, it can be an oversight made by a large financial company.