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Update on the Citibank $200 Checking Account Promotion


Update 9/11/07: Some readers have reported being told this MGCH offer is over. However, I called Citibank at 1-877-624-9600 and was told it's still good through 12/31/07. So "your miles may vary".

The Citibank $200 checking account promotion should still be available. The offer was listed as being valid through March 31, 2007. I first posted on it in October 16. You get the first $100 for opening a regular checking account (EZ Checking is eligible) and funding it with at least $1,500 within 60 days of account opening. To get the second $100 you either have to sign up and use direct deposit for 6 consecutive months OR pay 2 bills a month for 6 consecutive months at citibankonline.com. A scan of the offer is available at this SlickDeals thread. This is available only to first-time Citibank checking/deposit account customers. Also note, you do get a hard credit inquiry for opening the checking account.

I gave this promo a try and applied for the EZ Checking on October 16th over the phone (1-866-810-9043). I did not have to visit any branch. It is important to mention the promo code MGCH. The customer service rep took my information over the phone. You have the option to fund the account with an ACH transfer or by check. I chose funding it with a check. Here's a timeline of the account opening:
  • 10/21 - Received the ATM card and PIN in the mail
  • 10/23 - Received welcome package and signature card in the mail. Account number included.
  • 10/24 - Mailed back signature card and check for $1,500
  • 11/05 - Used PIN and account number to gain online access. Opened the 5% e-Savings account. Transfered most of money into e-Savings account (probably could have done this sooner).
  • 11/09 - Received first free order of checks in the mail
  • 12/01 - Received the first $100 bonus credited to the checking account!
  • 8/20/07 - Received the second $100 bonus after sending message asking about it (via their online messaging system). The 6 monthly direct deposits began in December.

Last month I started using the direct deposit to qualify for the second $100. But this will take 6 months. So far it has gone well, and I'm happy with my first $100 bonus. I know others haven't been as lucky with previous Citibank promotions (see post). I don't believe you have to maintain $1,500 in the account. It's only for the intial deposit. But to avoid monthly fees on the EZ Checking you need either a combined average balance of $1,500, or use direct deposit or make two monthly bill payments online or by phone. Please refer to this Citibank page for more EZ Checking account details.

Related Pages: Citibank

Banking Guy
Banking Guy (anonymous)   |     |   Comment #1
If you don't have $1,500 and don't want to wait months to get some cash, Citibank has a $25 sign-up bonus for the EZ Checking and the e-Savings. You'll just have to make sure to avoid the monthly fees without the minimum balance. It's good till 12/31/06.

The code is CS7M and here's the application page.
procol (anonymous)   |     |   Comment #2
Just did everything online at offer.citibank.com.

Even faxed the sig card.
Anonymous   |     |   Comment #3
I'm happy some of you have had a great experience with Citi's offer. My account took almost 30 days to post the ACH $1500 transfer. In addition, now they are telling me it will be 120 days before the $100 bonus posts (in March 2007). Unbelievable.
Anonymous   |     |   Comment #4
I tried the MGCH code while trying to open a new Citibank ez-Checking account.
But it tell me that the code is not valid. Can anyone send me the link of the offer page.

Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
Did you try signing up online or by phone? I'm not sure if it'll work online. The SlickDeals thread link in the first paragraph takes you to a post with the scan of the promo.
Anonymous   |     |   Comment #6
I called citibank today and did the $200 thing. I mentioned the MGCH code, and they looked it up and set me up. I guess we will see if ever get the $200, but I will do what they want to get it...thanks so much,..Joe
Banking Guy
Banking Guy (anonymous)   |     |   Comment #7
Glad to read Citibank is still accepting this promotion. Even though the original expiration date is 3/31, I suppose they could always end it early. It's going to take awhile for my second $100 to show up. I've had 3 "direct deposits" so far. Still have 3 more to go.
Anonymous   |     |   Comment #8
I just spoke with Citibank and the promotional code, MGCH is available until 12/31/07. You can open an EZ Checking, theCitibank Accout (CBA) or Citibank Gold account. The rules of the two $100 bonuses are the same.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #9
Thanks for the info. I'm glad they're extending this promo.
Curtis (anonymous)   |     |   Comment #10
Hooray! I opened and funded the account on 1/12 and got the bonus this past Friday (3/30).

For the record, I did not keep the $1,500 in the acct the whole time. My initial deposit was for $1,500, and I used that to either pay bills or transfer it to other accounts within a month. My average monthly balance is about $300.

I've been doing twice-monthly direct deposits of $50 each. Should have three more months to go before I meet the second bonus requirement -- hopefully I'll have my second $100 by the end of July!
Justin (anonymous)   |     |   Comment #11
Hi Ken,
I opened this account and got the first $100 already. Now I am wondering if I can also open an e-Savings account and put most of my $1500 in that Savings so that I am not wasting my interest. My question is Do you know if I still qualify this 2nd $100 if my total deposits in Citi is more than $1500 but mostly not in EZ-checking? Thanks
Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
Yes, that's what I'm doing. I opened the e-Savings and moved over the money into it so it's earning a decent rate (although it was better when it was 5%). You probably don't even have to keep it in the e-Savings (although, you may be hit with a monthly fee). I think we'll still qualify for the additional $100 bonus.
Anonymous   |     |   Comment #13
Can I still qualify for the 200.00 bonus on opening the checking account eventhough I opened a ultimate saving account for the 50.00 bonus?
money grubber
money grubber (anonymous)   |     |   Comment #14
Hello banking guy,
I've yet to see a post from anyone out there who has opened a citibank checking account for the $200 bonus after the initial offer expiration of 3/31/07. Can anyone make such a claim or provide new information since that date?
Anonymous   |     |   Comment #15
I called in March and opened with code. Later received pin for atm and mentioned I didn't receive card. They said the promotion and my account would be cancelled and to disregard any paperword from them. I lated received card,then signature card,then several calls. I was placed on hold for several people, in order to finally close my account. THIS WAS A REAL WASTE OF TIME.
Anonymous   |     |   Comment #16
called on April 10th, 2007 with the
code for $200 checking and the CSR
said it should be valid..said i didnt
need to deposit all $1500 at once, just within 60 days...seemed to hint
that most EFT transfers into the
account would satisfy the "direct deposit" requirement, im not sure
about it tho...will see how it goes..
i see there are a few unhappy folks so i will just cross my fingers and if i dont get, c'est la vie...
Anonymous   |     |   Comment #17
I signed up for this offer right after the new year and still haven't received my first $100. Citi opened an investigation three weeks ago and was supposed to get back to me in 5 days. Still haven't heard from them. Other than not receiving my bonus and getting charged for fees I shouldn't have (which they fixed), I'm still happy overall with Citi. People on the phone are generally nice and available 24/7.
Curtis (anonymous)   |     |   Comment #18
Took a bit longer than I expected, but I received my 2nd $100 bonus yesterday (9/13). Plus, I find this account very useful because of Citi's free ACH transfers. I use it as a kind of "hub" account to make transfers to and from my other bankdeals accounts. :O)

I only wish Citi had an ATM or branch near where I lived so I could make physical check and cash deposits into it.
Anonymous   |     |   Comment #19
The MGCH is not working for me. I called Citibank and asked them about $200 bonus but they told me this is no longer valid code to open an account.
Is anybody open an account after 09/12.
Anonymous   |     |   Comment #20
Just tried it- csr cound not find it not a valid code.
Anonymous   |     |   Comment #21
call citi today Oct 1,2007 and the crs did not find promotion for this code MGCH,seems is dead
Anonymous   |     |   Comment #22
Open on 9/25/07 with MGCH via phone (Only open under the condition the representative honored the code, ask to note on the account).
2 letters, 3 internal emails, 4 phone calls later citi finally credited my account on 12/14/07 with a $100.
Will need to wait until 2/25/08 to know about the other $100.
Anonymous   |     |   Comment #23
This worked like a charm for Me. I opened up an account in July 2007. I received my first bonus about a month later and I just received my second bonus on 3/13. I never had to call to get them to credit my account with either of the bonuses.