What Is Citibank Prime Rate?


3 Answers

Rosie Normanton Profile
Rosie Normanton answered
The current Citibank Prime Rate is 3.25 per cent. This is a number that doe not vary dramatically between banks in America, in fact they are very similar. Banks tend to make adjustments to their prime rates at the same time and are competitive when doing so. The prime rate percentage represents the rate at which Citibank lends money to its customers. This number is used to calculate the interest rates on student loads, mortgages and short-term loans. When credit cards are administered they will specify their variable interest rates as the prime rate with a fixed value on top.

Citibank is a major international bank that was founded in 1812 as the City Bank of New York, later becoming the First National City Bank of New York. It is the consumer banking arm of financial services giant Citigroup. Citigroup is the third largest bank holding company in the United States in terms of total assets, third only to Bank of America and JP Morgan Chase.

There are over 100 countries and territories across the globe that has Citibank retail banking operations. It has over 1,400 offices, more than half of which are based in the United States across New York City, Chicago, Los Angeles, the San Fransisco Bay Area and Miami. Citibank has also recently expanded to Boston, Philadelphia, Dallas, Washington DC and Houston. Citibank don’t just offer standard banking transactions, they also have credit card, investment and insurance products.

The global financial crisis of 2008 to 2009 had a huge impact on Citibank, causing it huge losses in the value of its subprime mortgage assts. It was rescued by the US government in November 2008 with a $50 billion investment, alongside many guarantees that amounted to $306 billion. The bank has now succeeded in this paying back in full.
Anonymous Profile
Anonymous answered
What was Citibank's Prime Rate on January 1 of the following years:   2003, 2004, 2005, 2006 ,2007, 2008, 2009, 2010 ?

Answer Question