Citibank, the nation’s fourth largest bank by assets, frequently dangles sign-up bonus offers to attract new customers with the allure of free money. Taking advantage of a Citibank new account bonus can net some attractive rewards if you have the extra cash to meet the company’s promotional requirements.
With current promotions, customers earn a bonus from Citibank when opening new eligible checking and savings accounts and maintaining a specified minimum balance for 60 days. Depending on the type of account selected and minimum balances maintained, customers can receive a Citibank bonus ranging from $200 to $1,500. And that’s a substantial windfall for many people.
Citibank Bonus Details
Citibank is currently offering four promotional savings bonuses for customers who open select Citibank savings and checking account packages and meet additional deposit and balance requirements. While Citibank bonus offers are subject to change, Citibank advertises that these promotions will be available for all customers who open new accounts with money from outside Citibank between July 1, 2020, and Jan. 5, 2021.
Citibank Basic Banking Package customers can earn $200
Customers who open an eligible checking account in the Basic Banking Package earn $200. To qualify, you will need to deposit $5,000 within 30 days as well as maintain at least that amount for 60 days.
Citibank Account Package customers can earn $400
Customers who open a new checking and savings account in the Citibank Account Package can earn $400 when completing certain requirements. Within 30 days of opening the new accounts, customers must deposit $15,000 in “new-to-Citibank” funds between checking and savings and maintain a minimum balance of $15,000 between the two accounts for 60 consecutive calendar days to qualify for the promotion.
Once you meet the initial 60-day requirement, Citibank estimates your cash back reward should arrive within 90 calendar days. There’s a $25 monthly fee if you don’t maintain a $15,000 balance in the linked accounts.
Citi Priority Account Package customers can earn $700
For customers with a bit more liquid cash available, you can earn $700 back when meeting similar required rules. You must open new checking and savings accounts in the Citi Priority Account Package and deposit at least $50,000 in funds between checking and savings within the first 30 days. Then you must maintain a minimum balance of $50,000 between both accounts for 60 consecutive days to qualify for the promotion.
As with the Citibank Account Package promotion, qualifying customers can expect to receive their cash back award within 90 calendar days after fulfilling the requirements. There’s a $30 monthly fee if you don’t maintain a $50,000 balance in the linked accounts.
Citigold Account Package customers can earn $1,500
Citibank’s final promotion requires the most in available funds to qualify, but it’s also the most lucrative. Customers who open new checking and savings accounts in the Citigold Account Package and deposit $200,000 or more between checking and savings within the first 30 days can qualify if they maintain a minimum $200,000 balance between the accounts for 60 consecutive calendar days.
As with other Citibank savings account bonus offers, the cash back bonus will be deposited within 90 days of fulfilling the offer requirements. There are no monthly fees, but if your balance drops below $200,000 your account will be downgraded to the Priority account tier.
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 don’t follow the terms and conditions.
First, customers must open and fund the new accounts within the specified eligibility period, and both accounts must be opened within 30 days of each other to qualify. If a customer previously opened a checking account and then opened a savings account 45 days later, the customer wouldn’t qualify for a savings bonus. Both the accounts opened and money deposited must be new to Citibank.
Customers wishing to qualify for the promotion should also be aware that the time clock for maintaining the specified minimum account balance for 60 consecutive calendar days begins as soon as the initial minimum deposit is met. If, for example, a customer with new Citigold checking and savings accounts deposited $200,000 upon opening the accounts and withdrew $10,000 two weeks later, the customer would lose eligibility for the savings bonus permanently, even if the balance was later increased and maintained for 60 days.
To maintain eligibility, customers should also be careful when making changes to their accounts during the promotional period. Generally, Citibank allows customers to change their account package type at any time. However, savings bonus eligibility is determined by the account type in place on the 30th calendar day after opening the qualifying accounts. If you change from a higher-tier account package to a lower-tier account package after the 30th day, you will not fulfill the required promotional terms and will not receive the cash bonus.
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.
If you’re shopping around for new accounts anyway, this can be a great opportunity to secure a nice cash bonus and a quality savings 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.
If you’re looking to take advantage of the largest savings bonus you can find and you have the available cash to meet the promotional requirements, the Citibank checking account bonus can earn you more than most other bank’s savings bonus programs. Just be sure you won’t need those funds any time soon – dropping your account balances early can not only disqualify you from the promotion, but it may also cost you money in the form of additional account service fees.