Some important small print of the promo:
- $25 offer is only available for first-time Citibank deposit account customers
- $25 will be credited to your account within 120 days from the date of satisfaction of offer terms
- The amount of any bonus payment will be reported to the IRS as interest earned in the year credited
$25 is not much, but at least the Ultimate Savings Account has two nice features: currently has a fair yield of 2.75% APY and there are no monthly maintenance fees.
About the fees, their small print is confusing: "No monthly maintenance fee applies when held as a stand-alone account in the Citibank Account relationship package." I'm not sure what this means, but I've had this savings account since December with a small balance and with no checking account, and I have not been charged any fees. A reader mentioned this same thing in my previous Citibank post.
The two downsides to this Ultimate Savings Account is that the yield will probably not remain competitive and it has a very low ACH outbound transfer limit: $2,000 per day and $10,000 per month. A reader in my last post provided the following tip of how to get around this limitation:
One can overcome the $2k/day, $10k/month outbound limits by opening some other type of savings or money market account with Citi, doing an internal transfer, then doing the ACH transfer from the standard savings/MM account.
You should also be able to transfer above these limits by initiating ACH transfers from another bank.
About a hard credit pull, readers have reported that Citibank has a new policy in which they no longer do hard credit pulls for deposit account applications with no overdraft protection. When I opened a Citibank checking account in 2006, I had a hard credit pull. A reader commented in my last post that he received a hard pull by Transunion when he recently applied for the Ultimate Savings Account.
Citibank still has a $100 checking account bonus that is scheduled to expire 12/31/08. It should be noted that it's not as good as previous promotions (see post).
Citibank is FDIC insured (FDIC Certificate # 7213).