Dedicated to Deposits: Deals, Data, and Discussion

$25 Bonus for Citibank's New Ultimate Savings Account

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Citibank
Citibank is offering a $25 sign-up bonus for its new Ultimate Savings Account. This new Ultimate Savings Account has a yield of 4.65% APY which is just under the e-Savings Account rate of 4.75% APY. Unlike the e-Savings Account, this Ultimate has no checking account requirement.

Here's the bonus promotional page link. It appears that a $1 deposit would be sufficient for the bonus. This offer ends on 4/30/07. It's available only to first-time Citibank deposit account customers. The bonus will be credited to your account within 90 days from the end of the statement period in which your account was opened. Bonus will be reported to IRS as interest.

Higher bonuses are available if you don't mind opening the EZ Checking Account. Please refer to my Citibank bonus post for more information.

This Citibank savings account does have some advantages over ING Direct's savings account. First, the account can be fully serviced at any Citibank Financial Center. It still has to be opened online or by phone, but after it's opened, you're free to deposit money at a branch. Also, unlike ING Direct's savings account, it has a Citibank ATM Card.

The one downside to Citibank is the limitations they place on their bank-to-bank transfer system (what they call the Citibank Inter Institution Transfer service). Here's the limitations and fees page link for this system. Citibank doesn't make it easy to withdraw a large amount of money. Outgoing ACH transfers are limited to a maximum $5,000/day and $10,000/month for the standard 3-business-day service. It's even smaller for the next day service. At least both services are free. To go above these limits for an electronic transfer requires online wire transfers which have a $30 fee for outgoing transfers. Note, you should be able to do a push or pull using another bank's ACH system. Unlike ING Direct, I don't think Citibank blocks these.

Thanks to the reader who mentioned this bonus in the finding deals post.

  Tags: Citibank, savings account

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Comments
Comment #1 by Anonymous posted on
Anonymous
does anyone know if there are thank you points associated with this account?

1
Comment #2 by Anonymous posted on
Anonymous
I have the e-Savings account with the e-z checking and I get 50 TY points every month.

1
Comment #3 by Anonymous posted on
Anonymous
Does anyone know if they do a hard pull for this?

TIA

1
Comment #4 by Jason (anonymous) posted on
Jason
i opened the e-savings before...no hard pull (unless u request the overdraft line of credit with your checking account application)...

also, using emigrantdirect's website, i've managed to pull and push 50+K from citi's e-savings, so it appears to be no block.

1
Comment #5 by Garrett E (anonymous) posted on
Garrett E
Dont know about hard pull but they mailed me a letter saying they wouldnt let me open a savings account due to my credit report? Never heard this before.. I opened 4 other MMs/Savings online last year with no mention of this..

1
Comment #6 by Anonymous posted on
Anonymous
can someone help me, Im new to this blog and read this post 2-3 weeks ago and sign up to get the 25$ bonus, its been weeks and I havnt got a thing in my email nor mail and I forgot my sn/pw, does it take this long to get your info.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
I would recommend calling the Citibank customer service number. I would think you should have received an email or a new-account package in the mail by now.

1
Comment #8 by Anonymous posted on
Anonymous
this is so weird i just called to find out what was the holdup and I found out that I had been declined but they never told me about it since the day I open 3/1, they said I would get a letter soon in the next 3-5 biz days stating why
This is a bummer for me (young college student)

1