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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Citibank Checking Account Bonus of up to $400

POSTED ON BY

Citibank

Citibank has a long history of offering checking account bonuses. The largest bonuses usually require its high-fee checking account. That’s the case with this current bonus, but you can get half the full bonus with the basic checking account which may appeal to many more people. The new checking account bonus offers up to 40,000 ThankYou points which can be redeemed for up to $400 in gift cards. Full details are listed in this Citibank promo page. The offer is scheduled to end on 10/31/2013. Below is a summary of the promotion:

To qualify for 40,000 ThankYou Points:

  • To qualify for 30,000 bonus ThankYou Points, open a new Regular Checking account in The Citigold Account Package
  • Within 60 days after account opening, you must enroll the new checking account in Citi ThankYou Rewards and; 1 qualifying direct deposit must be credited, and 1 qualifying bill payment must be posted, to the new checking account and such activities must also occur during a calendar month and the following calendar month.
  • To qualify for an additional 10,000 bonus ThankYou Points, you must satisfy the qualifications described above AND within 60 days after account opening complete one of the following digital services: Download the Citi MobileSM App and use the app to sign on with the same User ID and Password you use to access your new checking account online OR Enroll your new checking account in paperless statements.

To qualify for the 20,000 ThankYou Points:

  • To qualify for 10,000 bonus ThankYou Points, open a new Regular Checking account in The Citibank Account Package or Basic Banking Package.
  • Within 60 days after account opening, you must enroll the new checking account in Citi ThankYou Rewards and; 1 qualifying direct deposit must be credited, and 1 qualifying bill payment must be posted, to the new checking account and such activities must also occur during a calendar month and the following calendar month.
  • To qualify for an additional 10,000 bonus ThankYou Points, you must satisfy the qualifications described above AND within 60 days after account opening complete one of the following digital services: Download the Citi MobileSM App and use the app to sign on with the same User ID and Password you use to access your new checking account online OR Enroll your new checking account in paperless statements.

The Citigold Account Package that qualifies for $30,000 ThankYou Points has a $30/month fee unless you maintain $50,000 or more for all linked deposit and retirement accounts.

The Basic Banking package that qualifies for 10,000 ThankYou Points has a $10/month fee unless you maintain either you make 1 Direct Deposit AND 1 Bill Payment each monthly statement period OR you keep $1,500 in combined average balances in either your Basic Checking or with a linked Basic Savings account.

Here's an important detail from the offer's small print:

If you have received a bonus reward for opening a new Citibank consumer checking account within the past two years you will not be eligible to receive a bonus associated with this offer.

Problems with Citi Bonuses

It should be noted that many readers have reported problems in getting Citibank to pay out its bonuses in past promotions, and many have had problems with Citibank's customer service. If you do decide to open the account, be sure to take a snapshot of the promotion page. If you have participated in a Citibank checking promotion in the past, please take our Citibank bonus poll to let us know Citibank’s record on honoring its promotions.

One important gotcha of this offer is that you could pay more taxes on this bonus than you might expect. According to FW member c3, Citi issued a 1099 of almost $800 for his 40,000 points.

Other Bank and Credit Union Bonuses

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the bank deals forum.


  Tags: Citibank, checking account

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Comments
8 Comments.
Comment #1 by Anonymous posted on
Anonymous
Health Rating of 5 out of 5 stars?  Citibank?

Is it me or does it seem like bank ratings are a bit like lake wobegon?  Everyone is above average...

 

3
Comment #2 by Anonymous posted on
Anonymous
This is not a good offer if those 40,000 points are convertible into only $200.  I can't find information on this, but my research indicates only $200 cash for a large 50k deposit. 

3
Comment #3 by John (anonymous) posted on
John
Citibank Citigold Checking Review: $500 Account BonusesOpen a Citibank Checking Relationship by February 28, 2014 to earn up to $500 in bonuses. You’ll get $250 after opening a new Regular Checking account in the Citigold Account Package with two billpays and an additional $250 with $50k deposit.

1
Comment #4 by timberland (anonymous) posted on
timberland
This looks like a decent deal. This time $500 cash bonus. it was a gift card in last year

1
Comment #5 by mark (anonymous) posted on
mark
a) It's not clear to me how long the $5,0000 has to stay in the account. It may be more or less than 3 months.
b) The checking deal looks good, but I have an existing Checking account (EZ Checking) with them right now. No idea or any information available if there would be an issue if I closed the account, wait a few days, and then try this out. Never had citigold account and received any bonus.

1
Comment #7 by Elizabeth (anonymous) posted on
Elizabeth
a) it looks  more than 3 months.

b)This probably wouldn't work because they can easily see that you just had a citibank account.
`

1
Comment #8 by Bendr 4 (anonymous) posted on
Bendr 4
  There's no early closure fee/clawback for under 6 months.  Instead it says the account must be open when the bonus applies (up to a few months later), so this is where the 4 month total estimate above comes from.  Before depositing the 50k you also have to wait for the other terms for the first bonus to be met (but not for the bonus $ to apply, at least from my reading of the terms)

1
Comment #6 by Jeniffer (anonymous) posted on
Jeniffer
The offer is scheduled to end on 2/28/2014. Good deal indeed.

2