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Citibank new account promotions: Bonuses for checking and savings accounts

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Citibank, the nation’s fourth-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.

With Citibank’s Welcome Checking Cash Bonus Offer, customers earn a bonus from Citibank when opening a checking account in an eligible account package, funding the account with new funds within 20 days and maintaining a specified balance for another 60 days. Depending on account balance, customers can receive a Citibank bonus of $300, $700 or $1,500.

With another current Citibank promotion called the Get Rewarded for Saving More Offer, customers earn a $20 to $2,000 bonus when opening a Citi Savings Account and keeping the required minimum balance for 60 days.

Details of the Welcome Checking Cash 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 from Jan. 5 to July 17, 2022. Customers can enroll in the promotion online or at a branch.

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

  • $15,000-$49,000 minimum deposit and balance: $300 cash bonus
  • $50,000-$199,999 minimum deposit and balance: $700 cash bonus
  • $200,000 or more minimum deposit and balance: $1,500 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 90 days.

If you also open and deposit money into a Citi Savings Account that’s in the same package as your checking account, the savings account balance will count toward the minimum requirements to earn a bonus.

Details of Get Rewarded for Saving More Offer

A separate Citibank promotion, called Get Rewarded for Saving More Offer, offers a cash bonus to those who open a Citi Savings Account, and meet deposit and balance requirements. The offers are subject to change, but Citibank advertises the promotion will be available to those who open accounts with funds that are new to Citibank from Jan. 5 to March 31, 2022. The offer is available online and at a Citibank branch.

The minimum deposit and balance ranges and corresponding cash bonuses, are:

  • $10,000-$29,999: $20 cash bonus
  • $30,000-$49,999: $60 cash bonus
  • $50,000-$99,999: $100 cash bonus
  • $100,000-$249,999: $200 cash bonus
  • $250,000-$499,999: $500 cash bonus
  • $500,000-$999,999: $1,000 cash bonus
  • $1 million or more: $2,000 cash bonus

To earn the bonus on a new Citi Savings Account, fund the account within 20 days of opening. The required minimum balance must be maintained for 60 consecutive days after the 20th day. Once these requirements are met, your bonus will be deposited into the account within 90 days.

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 and are at least 18 years old, and is only available to customers who have residential addresses or open an account in a branch in these states:

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

Accounts that qualify for the Welcome Checking Cash Bonus Offer include Interest Checking or Regular Checking accounts in the Citigold Account Package, Citi Priority Package or Citibank Account Package. Regular Interest accounts in the Basic Banking Package also qualify. Regardless of account package, a minimum deposit and balance of at least $15,000 is required to receive a checking bonus.

Any Citi Savings Account — except the Citi Accelerate Savings Account — opened in the Citibank Account Package, Citi Priority Account Package or Citigold Account Package during the offer period can qualify for the Get Rewarded for Saving More Offer. Additionally, a deposit and minimum balance of at least $10,000 must be maintained to be eligible for a savings bonus.

Fiduciary, estate, business, retirement and other trust accounts do not qualify for either the Welcome Checking Cash Bonus Offer or the Get Rewarded for Saving More 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 bonus reward might be a good fit if you have the extra cash to meet the deposit requirements. Many other banks offer savings bonuses for opening accounts, and the deposit minimums are lower and the rewards are smaller.

Citibank accounts offer several helpful features, including free financial advising services for Priority and Citigold account holders, options for earning interest on checking account balances and eligibility for the Citi ThankYou Rewards program.

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. If you don’t have the financial bandwidth to meet Citibank’s minimum balance requirements long term, you may need to consider other account alternatives.

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Written by
Karen Bennett
Consumer banking reporter
Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.
Edited by
Wealth editor