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Another New $100 Bonus for Citibank Ultimate Savings Account


[Update 7/19/07: The promo page has changed, and the bonus is now only $50.]

Citibank has a new $100 sign-up bonus for its Ultimate Savings Account which replaces the one I posted in May. The three important bonus details in the small print include:
  • Must apply by 8/31/2007
  • Must be a new customer without any previous Citibank deposit accounts
  • $100 will be credited 90 days from the end of the statement period in which your account was opened.

The Ultimate Savings Account has no monthly fees, no minimum balance and no checking account is required. However, in Citibank's Ultimate Savings Account overview page, there's an asterisk after "no monthly service charge." The small print states that "When held as a stand-alone account." I'm not sure exactly what this means. I would think you should be safe if you only open this Ultimate Savings Account.

The current yield on the Ultimate Savings Account is 4.65% APY. In addition to the less-than-competitive rate, Citibank accounts have some other downsides including a hard credit pull in the application (even if you already have an account with them) and a restrictive online funds transfer service in which outgoing external transfers are limited to a daily limit of $5,000 and a monthly limit of $10,000.

Citibank did come out with a new Ultimate Money Account that has a higher rate (currently 5% APY). However, it has to be linked with a Citibank checking account and requires at least 2 online bill payments a month to qualify for the 5% (see post).

There's also a potential $200 bonus at Citibank that requires a $1,500 initial deposit. So far I've received the first $100. I've been told by the customer service rep in March that it's still available, but several readers have reported problems. Please keep this in mind before trying any Citibank promos. See this post for more info on the $200 bonus.

Thanks to Arvy who mentioned this new promo code in the comments.

Related Pages: Citibank, savings account

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CaspianXI (anonymous)   |     |   Comment #1
Thanks for the info. This $100 seems better than the $100 at Wachovia, as it requires no minimum deposit!
Anonymous   |     |   Comment #2
Citi is terrible! Don't waste your time on this promotion. I applied several weeks ago for the $100 promo, received my ATM card, signature card, and request for more information (i.e. verification of address=utility bill, paystubs, etc.). Had my credit PULLED. Deposit funds which was received by Citi. Statement sent by them. Three weeks later, the account was CLOSED by them for the reason they could not verify me! I spent almost three hours total on the phone, speaking from India to Phillipines then to the USA; finally I was told to reapply. These people are real idiots. Stay away--it is not worth the hassle.
dan from minnesota
dan from minnesota (anonymous)   |     |   Comment #3
this was the worst experience i have ever had with a bank. i will never use citibank again.

after a long delay of nearly a month they tell me my account is fine. i transferred in some money, transferred out some money then they closed the account for unclear reasons. final reason was that they couldn't verify my employment, although they got a copy of my last pay stub and my direct deposit went into the account just fine. the worst part was that after all that they needed 5-7 business days (read 7) to close the account during which time none of the funds were available, then another 5-7 business days to mail me a check, and none of the funds were available during that time. actually i'm still waiting for the check. this was easily the worst banking experience i've ever had.
Christopher (anonymous)   |     |   Comment #4
The link you give in your post now goes to a $50 offer, not a $100 offer...
Banking Guy
Banking Guy (anonymous)   |     |   Comment #5
Thanks for noting this. Looks like Citi has changed the promo to be only $50. Perhaps they were getting too many applications. I've updated the post with this info.
Anonymous   |     |   Comment #6
My girlfriend had bad luck with a similar Citibank bonus offer. She waited the 90 days to be credited a $50 bonus only to have the account closed for inactivity with no bonus received.
Anonymous   |     |   Comment #7
I opened a Citibank Ultimate Savings Account on May 24, 2007 with $20.00. The promotion stated that the bonus could take up to 90 days. I received my $100.00 bonus during the first week of July without making any phone calls.
Anonymous   |     |   Comment #8
Citi really is terrible. They took forever to open the account, and then gave me Thank You points instead of cash, stating that they could only honor one promotion. I never requested the Thank You points, and my application clearly showed the $100 bonus keyword. I am closing my account as soon as I can and never banking with them again. Stay away from Citi!!
NYC (anonymous)   |     |   Comment #9
It looks like I was another person who got scammed by Citibank.

After waiting they finally said they didn't have enough information to open my account. I even stopped by a branch! It took three weeks after they closed the account to get a check in the mail and I'm guessing they wouldn't have ever sent it if I hadn't called to complain multiple times. Oh, and of course there was no bonus and no interest on the $2000 they had of mine for almost seven weeks!

**** you, Citibank!
Unhappy_customer (anonymous)   |     |   Comment #10
probably I was out of luck this month but seems I m not the only one... Unhappy with customer service even before beeing a customer. Well that s a bad start.

Just tryed to open the online account during 1 month at citibank. well it s true it s horrible and that s scary, they ask you for your social security number, a signature sample, the home address,the landline phone number. But the things is that I don t need a landline phone number so I sent my electricity bill instead and my cellphone number. After sending everything I got a fist call for somebody asking for my address after few days, I gave it again over the phone, few days later another guy called me again asking for my address again I gave it again… few days later I got a letter asking me for my signature and all the informations again (I already sent it by fax) but I sent it again… few days later an indian called me to ask for my landline phone number, I said I dont have it and I tryed to explain him what I was going trough and he hang up on me I called back the customer service, asked for a manager, I got a guy and he told me he his not responsible for new account and was not nice at all. I got another woman, she said sorry about that, was nice and said give me your business phone number and somebody will call you in the next 48hours. 2 days later, nothing… I called back another person asked me the same questions I gave again everything, nobody called… I I received a second letter asking me for this informations again. I sent everything by fax. I got another person calling asking me if everything was ok (LOL) I said no, I explained the situation and she told me… oh it s ok it can take between 6 or 7 days to be processed and as of today… 1 month later still nothing. I just wrote them an email to cancel my citibank account request because if it s that hard to be customer at citi, I don t want to know what happen when you have a issue to solve. I did my account with a competitor and guess what… it took few days… don t waste your time, just hope they improve the customer service and the ridiculous process.