Citibank is offering a checking account and savings account promotion in which you can earn up to 40,000 ThankYou points. I wouldn't call this a hot deal since it requires a significant deposit and you have to be careful with fees. Nevertheless, some may find it a good deal. Here's the link to the promotions page as of 9/17/2010. To qualify for the first 20,000 points, the following is required:
- Open The Citibank Account or Citigold Account by 10/17/2010
- Enroll your checking account in Citi ThankYou Rewards
- Within 60 days of account opening you must have begin performing at least one of the following: 1 direct deposit, or at least 2 online bill payments, or 5 or more debit card purchases. This must be continued for 2 consecutive months.
To earn another 20,000 points, the following is required:
- Open and fund a Citibank Savings Plus Account with at least$25,000 by 10/31/2010
- Within 60 days of account opening you must have begin performing at least one of the following from the linked checking account: 1 direct deposit, or at least 2 online bill payments, or 5 or more debit card purchases. This must be continued for 3 consecutive months.
Some downsides to consider about this promotion:
- 40,000 ThankYou points can be redeemed for $400 in gift cards. As always, a gift card is not as good as cash.
- The Citibank Account requires a minimum $6,000 combined balance to avoid a monthly fee of either $9.50 or $12. You can see the details of The Citibank Account here.
- The savings account promo requires a $25,000 deposit. However, the terms don't say how long this $25,000 has to remain in the account.
- The account doesn't pay much interest so there's a downside for maintaining a balance in this account. Details of this account are described here.
- Many readers have reported problems in getting Citibank to pay out its bonuses, and many have had problems with Citibank's customer service.
Be sure to read all of Citibank's fine print. Citibank just recently announced it's making some changes to its fees which may help in avoiding monthly fees.
Credit for this find goes to FW member cameron2003 who mentioned this deal in this FW thread.