4.07% Citibank CD w/credit card app

http://bankdeals.blogspot.com/2009/09/407-18-month-cd-25k-max-continues-at.html

https://www.citicards.com/cards/wv/pdf/SecuredCard_pdf_App_ENG.pdf

Citibank continues to offer a 4.07% APY 18-month CD as part of its Citi Secured MasterCard program. I first posted on this deal in early August. Since then several readers have reported success in opening this CD. One reader in particular has emailed me many details of his success with opening two of these CDs. He has very good credit, so he has proven that Citibank won't reject you if your credit is too good. Below is a new summary of this CD and application process based on Citibank documentation and the info I received from the reader.

CD Details

* 4.07% APY 18-month term as of 9/18/09 (You can see the rate online by clicking the disclosure link at the bottom of the Citi Secured MasterCard page)
* Minimum deposit is $200, Maximum deposit is $25,000
* Must also apply for secured credit card which has an annual fee of $29 (Will likely require two $29 charges during life of CD)
* Multiple CDs can be opened ($25K maximum for each). They allow you to only submit 2 applications each 60 days. This was told to him by a Citibank CSR.
* Interest rate in effect on the day your account is opened is guaranteed until maturity
* Interest is accrued daily and credited monthly
* You will earn interest beginning on the day your check is deposited in your account
* 30 day penalty of simple interest if you close the CD early
* CD will not renew automatically, and interest will not be paid after maturity.
* CD is opened under Citibank, South Dakota (FDIC Cert. # 23360) and not Citibank, Las Vegas (FDIC Cert. # 7213). Both are under the bank holding company of Citigroup.

Application Details as Reported by the Reader

* From the day application was mailed it took about 7 calendar days for the check to be cashed. This was verified by a phone call.
* Confirmation in the mail stating the 4.07% APY came about 18 days after the application was mailed. The documentation stated the CD open date as the date the check was cashed.
* Reader confirmed that they did a hard credit inquiry in the application.