Citibank, the nation’s third-largest bank by assets, frequently offers bonuses to attract new customers. Taking advantage of a Citibank new account bonus can net some attractive rewards if you have enough money to meet the bank’s promotional requirements.

Citibank currently has a bonus for new checking customers who deposit new money from outside of Citi. You must open a checking account in an eligible account package, fund the account with new funds within 20 days and maintain a specified balance for another 60 days. Depending on account balance, customers can receive a Citibank bonus of $200, $500, $1,000, $1,500 or $2,000.

Another promotion offers a 4.25 percent promotional rate for three months when you open a new Citi Savings Account and complete the required activities. These include funding the account with at least $25,000 and maintaining that minimum balance for three months after opening the account. Standard interest rates will apply after the promotional period ends.

Citi’s checking bonus offer

Citibank is currently offering a cash bonus for customers who open a checking account in one of four eligible packages and meet additional deposit and balance requirements. The promotions are available for all customers who open accounts with money from outside Citibank by July 23, 2023. Customers can enroll in the promotion online or at a branch.

The minimum deposit and balance requirements and corresponding cash bonuses are:

  • Deposit and maintain a balance of at least $10,000: $200 cash bonus
  • Deposit and maintain a balance of at least $30,000: $500 cash bonus
  • Deposit and maintain a balance of at least $75,000: $1,000 cash bonus
  • Deposit and maintain a balance of at least $200,000: $1,500 cash bonus
  • Deposit and maintain a balance of at least $300,000: $2,000 cash bonus

This promotion is associated with four account packages:

  • Basic Banking Account Package
  • Citibank Account Package
  • Citi Priority Account Package
  • Citigold Account Package

The amount of your cash bonus will be determined based on the amount of money in the account on the 20th day after the account is opened. After the 21st day, the required minimum balance must be maintained for 60 more days, after which the bonus will be deposited into the account within 30 days.

Citi savings account offer

The Citi Savings New Account Rate Offer gives new or existing customers a promotional interest rate of 4.25 percent for three months when opening a new Citi Savings Account and completing required activities. The offer is only available for accounts in select states. The steps to take advantage of the offer include:

  • Open a new Citi Savings Account by July 7, 2023.
  • Deposit $25,000 or more in funds that are new to Citibank within 10 business days of account opening.
  • Maintain a minimum balance of $25,000 in the account for three months after opening the account.
  • For three months after account opening, you’ll receive the promotional interest rate each day you maintain at least the minimum balance in the savings account.

The offer is available for accounts opened at a Citibank branch (or with a branch employee by phone) and expires July 7, 2023. If your balance drops below the minimum required to earn the promotional rate, the account will revert to the standard rate.

What’s the catch?

Free cash may seem like a great deal, but Citibank does put some specific limitations on the promotions that can easily disqualify consumers who live in certain areas or who don’t follow the terms and conditions.

The Welcome Checking Cash Bonus Offer is open to those who haven’t owned a Citi checking account in the last 180 days, meet tax requirements and are at least 18 years old, and it’s only available to customers who have residential addresses or open an account in a branch in these states:

  • California
  • Connecticut
  • District of Columbia
  • Florida (part of the state)
  • Illinois (part of the state)
  • Maryland
  • Nevada
  • New Jersey
  • New York
  • Virginia

Accounts that qualify for Citi’s checking bonus include checking accounts in the Citigold Account Package, Citi Priority Package or Citibank Account Package. Checking accounts in the Basic Banking Package also qualify. Regardless of account package, a minimum deposit and balance of at least $10,000 is required to receive a checking bonus.

Likewise, the Citi Savings New Account Rate Offer is only available to customers with a residential address in the states listed above or who open an account in a branch in one of those states.

Additionally, a deposit and minimum balance of at least $25,000 must be maintained to be eligible for the promotional interest rate.

Savings accounts that are part of this offer include Citi Savings Account within Citibank, Basic or Access; Citi Savings Account within Citi Priority; Citi Savings Account within Citigold; and Citi Savings Account within Citigold Private Client.

Accounts that do not qualify for the Citi Savings New Account Rate Offer include Citi Accelerate Savings, and Citi Miles Ahead Savings.

Fiduciary, estate, business, retirement and other trust accounts do not qualify for either the Welcome Checking Cash Bonus Offer or the Citi Savings New Account Rate Offer — though living trust and custodial accounts are eligible. Neither offer is open to international personal bank customers.

Is this a good deal for you?

Citibank’s savings account promotional interest rate offer might be a good fit if you have the extra cash to meet the deposit requirements. However, many other banks offer similarly high annual percentage yields (APYs) on savings accounts that require much lower minimum balances — or no minimum balance at all. What’s more, many such accounts offer high rates on an ongoing basis, without reducing the APY after a set promotional period.

The Citigold and Citi Priority package waives the fees on:

  • Money orders
  • Ordering and reordering standard checks
  • Stop payment fees

Before opening an account, familiarize yourself with Citibank’s fee structure to avoid needless costs. Citibank does charge monthly maintenance fees on some accounts, though service fees can be waived when a minimum balance is maintained. Citigold account holders do not incur monthly service fees, but they are required to maintain a combined average monthly account balance of $200,000 among all accounts (including investment accounts) or the accounts will be downgraded to a lower status. You may need to consider other account alternatives if you don’t have the financial means to meet Citibank’s minimum balance requirements.