[Update 7/19/07: The promo page has changed, and the bonus is now only $50.]
Citibank has a new $100 sign-up bonus for its Ultimate Savings Account which replaces the one I posted in May. The three important bonus details in the small print include:
- Must apply by 8/31/2007
- Must be a new customer without any previous Citibank deposit accounts
- $100 will be credited 90 days from the end of the statement period in which your account was opened.
The Ultimate Savings Account has no monthly fees, no minimum balance and no checking account is required. However, in Citibank's Ultimate Savings Account overview page, there's an asterisk after "no monthly service charge." The small print states that "When held as a stand-alone account." I'm not sure exactly what this means. I would think you should be safe if you only open this Ultimate Savings Account.
The current yield on the Ultimate Savings Account is 4.65% APY. In addition to the less-than-competitive rate, Citibank accounts have some other downsides including a hard credit pull in the application (even if you already have an account with them) and a restrictive online funds transfer service in which outgoing external transfers are limited to a daily limit of $5,000 and a monthly limit of $10,000.
Citibank did come out with a new Ultimate Money Account that has a higher rate (currently 5% APY). However, it has to be linked with a Citibank checking account and requires at least 2 online bill payments a month to qualify for the 5% (see post).
There's also a potential $200 bonus at Citibank that requires a $1,500 initial deposit. So far I've received the first $100. I've been told by the customer service rep in March that it's still available, but several readers have reported problems. Please keep this in mind before trying any Citibank promos. See this post for more info on the $200 bonus.
Thanks to Arvy who mentioned this new promo code in the comments.