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Citibank Checking and Savings Account Promotions

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Citibank
Citibank has a new checking account bonus in which you can earn $200. The promotional code is CYAN. You can call Citibank's toll-free number 1-800-374-9500 to open the account. A reader mentioned he received an email from Citibank with the promotion, and I called and verified it. I'm not aware if there's a promotional webpage. Here are the details:
1. Open and fund a qualifying Citibank regular checking account with $1,000 or more by 4/30/08.
2. Make a direct deposit to or at least two electronic bill payments from your new account each month for three consecutive months.
3. Get your first $100 credited to your new checking account.
4. Continue making a direct deposit or at least two electronic bill payments each month for the next three consecutive months and get an additional $100

Some important promotion details include:
  • This offer is not available at Citibank Financial Centers.
  • Offer is only available for first-time Citibank deposit account customers, and will be paid only once to any individual. Persons who currently have or at any time have had a deposit account at Citibank, N.A. (or any of its predecessor banks) are not eligible.
  • The EZ Checking does not qualify. Only the "Citibank Account" qualifies along with two other checking packages that require higher balances.

The Citibank Account package requires a minimum combined balance of $6,000 to avoid a monthly fee, a $0.50 per check fee and a $1.50 fee for each withdrawal from non-Citibank ATMs. The combined balance can include balances in the savings and money market accounts. At least you'll earn some interest with money in Citi's savings account. The current yield on the Ultimate Savings Account is 2.75% APY.

Below is the rest of the small print:
Open and fund a regular checking account in the Citibank Account (online or by phone), Citibank Everything Counts or Citigold (by phone) relationship package with a minimum initial deposit of $1000 by 4/30/08 using offer code CYAN.

Starting no later than the calendar month after the month in which your account was opened, make a direct deposit to or at least two electronic bill payments from your new account each month for three consecutive months. $100 will be credited into your new checking account within 120 days from the end of the statement period in which you met the qualifying requirements.

If you qualify to receive the initial $100 credit, and you continue making a direct deposit or at least two electronic bill payments each month for the next three consecutive months, you will be eligible to receive an additional $100. The additional $100 will be credited to your Citibank checking account within 120 days from the end of the statement period in which you met all of the above requirements.

Electronic bill payments, are those you make using Citibank® Online, Citi Mobile(SM) or Citiphone Banking, excluding bill payments made to Citibank credit cards and transfer payments made to accounts with Citibank or its affiliates.

Your checking account must be in good standing at the time a bonus payment is credited. All accounts are subject to approval. Customer must be a citizen or resident alien of the United States (US) with a valid US taxpayer identification number. Taxes, if any, are the customer's responsibility. Offer may be modified or withdrawn at any time without notice and is not transferable.

Another Citibank Promotion:

There's also an offer in which you can earn 2 round-trip airline tickets. Here's the promotional page link, and here are the steps required for this one:
1. Open a Citibank regular checking account, link it to a new Citibank Ultimate Savings Account, and complete qualifying banking activities.
2. Deposit $25,000 or more into your Citibank Ultimate Savings Account, fund your checking account with $1,000 and enroll it in ThankYou Network.
3. Get your 2 round-trip tickets to anywhere in the continental U.S. (up to a $400 value each) by redeeming your 40,000 ThankYou Points.
To apply by phone, call 1-888-214-0018 and mention code: CP74

This one ends May 16, 2008.

Some important notes regarding Citibank checking accounts:
  • In December a reader reported being told that Citibank has a new policy in which they only do a ChexSystem check with no hard credit pull when there is no overdraft protection. In the past I had a hard pull for opening Citibank accounts, and many others have also reported this.
  • Restrictive online funds transfer service in which outgoing external transfers are limited to a daily limit of $2,000 (was $5K) and a monthly limit of $10,000 (see Citi webpage)
  • Several readers reported having their accounts closed by Citibank for unclear reasons before receiving bonuses.

I signed up for a similar $200 Citibank promo in 2006. I received the first $100 promptly, but I didn't automatically receive the second $100. I had to send them a bank mail message. They investigated and credited the second $100 in about a month. I know several readers haven't been as fortunate.

Thanks to the reader who mentioned this new checking promotion in the comments.
  Tags: Citibank, checking account

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Comments
9 comments.
Comment #1 by maxim kolesnikov (anonymous) posted on
maxim kolesnikov
It seems that the Ultimate Savings Account is not counted towards the combined balance of $6000 to avoid fees in the Citibank Account package. Only Day-to-Day Savings (0.40% APY) and e-Savings (2.00% APY, EZ Checking required to avoid fees) are counted. Also counted are CDs, credit card balances, loans and mortgages.

Source: https://web.da-us.citibank.com/cgi-bin/citifi/scripts/prod_and_service/prod_serv_detail.jsp?BS_Id=ChkCBA

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Comment #2 by maxim kolesnikov (anonymous) posted on
maxim kolesnikov
The above link should be (all on one line):
https://web.da-us.citibank.com/cgi-bin/citifi/scripts/
prod_and_service/prod_serv_detail.jsp?BS_Id=ChkCBA

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for keeping an eye on the small print. You do need to be careful with these banks and their fees and requirements.

I just called Citibank, and the CSR said that balances from either the Ultimate Savings Account and the Ultimate Money Account should count toward this $6,000 minimum. However, I wouldn't guarantee this. I have seen cases before where the CSR makes mistakes.

For those who try this promo, I would recommending asking the CSR about this when you call to open the accounts. The USA is now their best savings account since it has no monthly fees, no balance requirements and no requirements to earn the top yield.

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Comment #4 by Rudolf Schmidt (anonymous) posted on
Rudolf Schmidt
I signed up for a $200 bonus deal on Citi checking last year. I eventually got it, but I had to pester them repeatedly over a year. I feel like I wound up working for every dollar.

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Comment #5 by Scott (anonymous) posted on
Scott
Is it possible to combine the two offers, $200 for the new checking acct and 20,000 TYP for the savings acct, by opening them at the same time??

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Comment #6 by Mike (anonymous) posted on
Mike
How long will Citi keep account records? If I closed my previous acct several years ago, is there any chance I could still have the deal? Thanks!

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Comment #7 by Mike (anonymous) posted on
Mike
I attempted to take part in a similar promotion about a year ago and it turned into a huge, ugly mess... Citibank ended up closing my account with no warning, claiming that it hadn't received identity verification, even though I visited a branch and presented all the necessary documents. The $1500 I had deposited was inaccessible for a week and Citibank refused to pay out the bonus because my account was never "opened" (no one at Citibank ever explained to my satisfaction how I could transfer money into and out of an account that was never "opened"). If you attempt this, be prepared for a huge hassle, and be prepared to get stuck in a corporate machine that will seize every technicality to **** you out of your bonus.

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Comment #8 by Timothy (anonymous) posted on
Timothy
I opened a Citibank online checking account in early 2006 through promo offer CEED. The conditions required a mimimum $1500 deposit and two monthly online bill payments for twelve consecutive months. The incentive was the issuance of Advantage bonus miles. After satisfying this condition, I had to send several emails in order to get my miles credited. I am 99 percent sure that the offer promised 25,000 miles and I only received 10,000. With all the banks suffering the credit crunch lately I think there is a reluctance in shelling out promised offers. Has anyone else used promo offer CEED?

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Comment #9 by Anonymous posted on
Anonymous
From Citi's 2007 Bank Client agreements, the following meet the $6k balance requirement for The Citibank Account: *Checking (Interest or Regular) *Eligible Smith Barney Investment Accounts1 *Citibank credit cards2,3 *Loans and credit lines3 *Mortgages3 *Retirement accounts4 *Savings(CDs, Day-to-Day Savings, e-Savings, Money Market Accounts). Technically, no mention of the ultimate money account and ultimate savings account; and, the agreement says "money market accounts", "market rate accounts" count. So, it's still vague. Can you really rely on Citi's CSR's in India to give you the info and definitions of the Client Agreement? (that's the problem with banking with these big-banks like Citibank.)

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