Larger Checking Account Fees at Citi, But Bonuses Continue


Like other megabanks, Citibank is increasing its fees and making it more difficult to avoid. These changes take effect in December. For the Basic Banking Package, the monthly fee is going up from $8 to $10. This can be waived with qualifying transactions, but the number of qualifying transactions are being reduced. Debit card purchases, checks paid and ACH payments are some that will no longer qualify. Customers will also be able to have this fee waived with a $1,500 combined average balance.

For the Citibank Account Package, a minimum combined average balance of $15,000 will be required to avoid a $20 monthly fee. That minimum balance is currently $6,000.

The full details of these fee changes are described in this Citi disclosure.

Citi is also making changes to its ThankYou Rewards Program. These will take effect December 9, 2011. The details are listed in the Citi ThankYou Rewards Program Changes.

Checking Account Bonuses Continue

If you're not a Citi checking account customer and the fees don't scare you away, this new Citi checking account promotion may be of interest to you. It's similar to one I posted on last year. You can earn up to 40,000 ThankYou Points. This can be redeemed for up to $400 in gift cards. However, earning 40,000 ThankYou Points requires opening the Citigold Account which requires very high balances to avoid a $30 monthly fee. You can earn 20,000 ThankYou Points for opening The Citibank Account. This has a smaller balance requirement of $6,000 to avoid the monthly fee. However, as I mentioned above, this is going up to $15,000 in December.

Here's the link to the Citibank promotion. The steps required steps to qualify for the bonus are below:

  1. Open a new Citibank checking account in the Citigold or Citibank Account Package by 10/31/2011.
  2. Enroll the new checking account in Citi ThankYou Rewards.
  3. Within 45 days after account opening, initiate one direct deposit AND complete one electronic bill payment for two consecutive months.

For the full details of the checking account features and fees, please refer to this Citi Compare Checking Accounts page.

It should be noted that many readers have reported problems in getting Citibank to pay out its bonuses, and many have had problems with Citibank's customer service.

Other Bank and Credit Union Bonuses

We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.

Related Pages: checking account

Previous Comments
  |     |   Comment #1
Also, people with the old Citi EZ Checking Package will also be required to have a minimum combined average monthly balance of $6,000 to avoid a $15 monthly service fee, effective with statements ending on and after Dec.9, 2011. IMHO, keeping $50,000 or more in Citigold account or $15,000 in Citibank account for at least 4-5 months to satisfy and receive the low 40,000 or 20,000 ThankYou points is not worth it at all! It looks like they're asking for people to switch out of Citi?
  |     |   Comment #2
If you have a mortgage of $250k or greater with Citi or if your deposits mortgage credit card balance total 250k or more, Citi will waive the Citigold monthly fee. I had a Citibank mortgage for over a year before I found out by accident I qualify for Citigold. Before this, I was able to not pay any fees because my company participates in Citibank at Work. The only requirement was to sign up for direct deposit. 
CD Rates
  |     |   Comment #4
This provide us a greate knowledge .........

Thanks for sharing..
  |     |   Comment #5
Anyone have any idea on what happens to "Everything Counts" accounts?  They stopped offering these accounts a while ago, but still recognize them on their systems.  Thanks
  |     |   Comment #7
What a racket citi is. They shouldn't even be in business any more , whith the 2008 meltdown Rubin created. Not only they got my tax dollars to keep them on life support, now they are going to nickle and dime me. Just closed out all my citi accounts and my citi cc. I got my chk. and sav. moved over to INGDIRECT...and what do you know's free!
  |     |   Comment #8
A racket is right! I have the AA/Citibank CC and the Basic Package Checking account, got the 75K Aadvantage Miles Bonus for the CC, but had to hound them with alot of secure messages before they posted it. The same with the checking account. They FINALLY posted my 20K Aadvantage bonus with 2 10K posts to my Aadvantage account, but STILL haven't posted the 4K they owe me for the Debit card option I have on the account! Why does Citibank have to be such jerks on their promotions? As soon as I get the 4K I'm closing my account and moving it to The Bank of the Internet's UTB Direct Checking, it gives only 1K Miles after opening with a $1K deposit and they give only 1 Mile per $2 debited, but I'm tired of dealing with Citibank!
  |     |   Comment #9
I just got the notice and Citibank explained that I only need a few thousand more to avoid a $20 monthly fee.  WHAT A SCAM!  I work hard and can only build my savings acount slowly because of house issues and monthly bill payments that come along.  They should have the privledge that I bank with them and that I'm a loyal customer but no, they seem to want me to fail so that those overpayed executive thugs can collect their fees and get their fat bonus checks at years end.  My office mates feel the same way as I do. We're all going bank shopping this weekend, closing our accounts, and CC's with Citibank.  It should be all about the customer and it too bad they lost that philosophy.  I can't even say they are Nickel & Diming me.  It's way higher than that so, it's more like "They are billing me to death!"
  |     |   Comment #10
i am closing my acccount on citybank i do not need this!
25  years as citi customer
  |     |   Comment #12
$20! I could not believe that Citi is doing this to its customers.  I met with their branch rep. and was offered other options but that will only be for a short period until we are hooked and then the fees will rise again.  I told the rep.  I am moving my banking across the street to TD Bank.  They don't deserve my business.
  |     |   Comment #14
Thak you for your information, it was very valuable.
  |     |   Comment #15
"Kick 'em when they're down" seems to be the banks' motto these days.

Having fallen on hard times, my checking account balances at Citibank and WestCoastBank dwindled to less than $150 each.  Both banks began charging me a monthly $30 service fee for...allowing them to take my money?  Yeah, caveat emptor, but I had bigger prollums and didn't look at my statements.

So each month, my balances shrunk by $30.  At first, that fee ate up roughly 15% of all the money I thought I had to my name.  The next month, guess what, they still took their (my) $30, but it equated to 25% of my net worth.  Need I continue?  I closed my WestCoastBank account and cashed out when I had $13 left.

Citibank bled me over 100%.  That's right, when my balance was less than $30, Citi claimed I was overdrawn because there was insufficient bl00d in my turnip.

So a few hundred bucks isn't a lot of money.   But it was all I had.

Aug 21, 2012

Citibank Raises Yields: 3.50% Savings Account, 4.00% 6-Month CD
Update 12/08/09: Ultimate Savings Account APY has fallen to 1.01%. See bottom for the rate history. CD rates have also fallen. Please check Citibank's website for the latest rates.

Citibank just increased the yield on its Ultimate Savings Account to 3.50% APY. Citibank also raised the yield on its 6-month CD to 4.00% APY. The CD has a minimum deposit of $500, and you can apply online.

Unlike Citibank's other two online savings accounts, the Ultimate Savings Account does not require a checking account and has no monthly maintenance fees. There's an...

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Update on Citibank's CDs - Branch Specials & Secured MasterCard CD - Update
Update 9/19/09: The special in-branch CD rates have fallen again. According to the CSR, California APYs include:
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  • 2.00% 18 months
  • 2.25% 24 months
  • 2.35% 30 months
  • 2.50% 36 months
  • 3.00% 48 months
  • 3.50% 60 months
For the in-branch rates, you have to call Citibank (1-800-627-3999) to get the rates for your area. These can be opened by phone. They can lock the rate at the time of the call. If you fund using an ACH, they won't debit your checking account until they receive your signature card which they require within 20 calendars day from...
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4.07% 18-Month CD ($25K Max) Continues at Citibank via its Secured MasterCard Program

Update 2/22/2010: Citi's website now states the maximum CD deposit is $5,000.

Citibank continues to offer a 4.07% APY 18-month CD as part of its Citi Secured MasterCard program. I first posted on this deal in early August. Since then several readers have reported success in opening this CD. One reader in particular has emailed me many details of his success with opening two of these CDs. He has very good credit, so he has proven that Citibank won't reject you if your credit is too good. Below is a new...

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Update on Citibank's CD Specials - 4.00% 60-Month CD Continues in Some States

Update 2/22/2010: Citibank's CD rates have fallen. Please check Citibank's website for the latest rates.

Citibank continues to offer some competitive in-branch CD rates in California, Florida and Texas. Most of these rates are different than the online CD rates listed at Citibank's website. You have to call Citibank (1-800-627-3999) to get the branch rates for your area. When I last posted on these rates in July, Citibank in California was only offering a 3% 5-year CD, but according to the CSR, the 5-year CD is now 4.00% APY. I've also...

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Update on Citibank's CDs - Branch Specials & Secured MasterCard CD

Update 2/22/2010: Citibank's CD rates have fallen. Please check Citibank's website for the latest rates.

Citibank has extended its in-branch CD specials including a 4.00% APY 60-month CD for at least another week. I just called and confirmed that these rates were extended for another week. According to the CSR, Citibank typically updates rates on Tuesdays. Below are the special in-branch rates quoted by the CSR for NV, FL and CA as of 8/26/09. I've also included the online CD rates. Note, the online 18-month CD rate is very competitive, and...

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