Citibank new account promotions: Bonuses for checking and savings accounts
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 cash to meet the bank’s promotional requirements.
With Citibank’s “Welcome Checking Cash Bonus Offer,” customers earn a bonus from Citibank when opening a new checking account in an eligible account package, funding the account with new-to-Citibank funds within 20 days and maintaining that balance for another 60 days. Depending on the balance maintained, 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 bonus between $20 and $2,000 when opening a new Citi Savings Account and keeping the required minimum balance for 60 days.
Here we’ll dive into both of these promotions and explain the required steps to receive the bonus.
Details of ‘Welcome Checking Cash Bonus Offer’
For this promotion, Citibank is currently offering a cash bonus for customers who open a new checking account in one of four eligible packages and meet additional deposit and balance requirements. Citibank advertises that these promotions will be available for all customers who open new accounts with money from outside Citibank between July 1 and Oct. 4, 2021.
The minimum deposits and balances, along with corresponding cash bonuses, are as follows:
- $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 the following four account packages:
- Basic Banking account package
- Citibank account package
- Citi Priority account package
- Citigold account package
Once your new account is opened, the amount of your cash bonus will be determined based on the amount of money in the account on the 20th day. After the 21st day, you’ll need to maintain the required minimum balance 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 new 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’
In a separate Citibank promotion called “Get Rewarded for Saving More Offer,” Citibank offers a cash bonus to those who open a Citi Savings Account and meet deposit and balance requirements. While Citibank offers are subject to change, it advertises that this promotion will be available to those who open new accounts with funds that are new to Citibank between July 1 and Sept. 30, 2021.
The minimum deposit and balance ranges, along with corresponding cash bonuses, are as follows:
- $10,000-$24,999: $20 cash bonus
- $25,000-$49,999: $50 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
In order to earn the bonus on your new Citi Savings Account, you’ll need to fund the account within 20 days of opening it. You’ll also need to maintain the required minimum balance for 60 days straight after the 20th day. Once these requirements are complete, your bonus will be deposited into the account within 90 days.
What’s the catch?
While free cash seems like a great deal, 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 have not owned a Citi checking account in the last 180 days and are 18 years of age or older.
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.
While any Citi 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,” note that Citi Accelerate Savings Accounts do not qualify.
For both the “Welcome Checking Cash Bonus Offer” and the “Get Rewarded for Saving More Offer,” accounts that do not qualify include fiduciary, estate, business, retirement, and other trust accounts (although savings accounts are eligible that are living trust accounts and custodial accounts). The offers are not open to international personal bank customers. These offers may not be available in all areas. Citibank bonus offers are subject to change.
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. While many other banks offer savings bonuses for opening new accounts, the deposit minimums are lower and the rewards are smaller.
This can be a great opportunity to secure a nice cash bonus and a new savings account, especially for those in the market for a new account.
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 your accounts, familiarize yourself with Citibank’s fee structure to avoid long-term costs. Citibank does have monthly maintenance fees on some accounts, though service fees can be waived when a minimum balance is maintained in the account. 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.