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$100 Checking Account Bonus at Citibank


Update: Reader reported a new offer code CY72 that is good for this same promotion until 1/31/2009.

Citibank has another checking account bonus in which you can earn a $100 cash bonus. Below are some of the important details:
  • Open a qualifying Citibank regular checking account and fund it with a minimum of $1,000 by 12/31/2008
  • Within the first month after your account is opened, make at least one direct deposit into your account or make at least two electronic bill payments from your account each month for three consecutive months
Some of the important small print:
  • $100 will be deposited to your Citibank checking account within 120 days from the end of the statement period in which you met the qualifying requirements
  • This offer is only available to Citi cardmembers who are the primary credit card account holders
  • Offer is not valid for existing Citibank checking customers
  • must be in a Citibank Account, Citibank Everything Counts or Citigold account relationship package

From a comparison of the 3 qualifying checking account packages, you can see all have monthly fees to worry about. The Citibank Account package requires a minimum combined balance of $6,000 to avoid a monthly fee, a $0.50 per check fee and a $1.50 fee for each withdrawal from non-Citibank ATMs. The combined balance can include balances in the savings accounts, and it also can include credit lines and loans.

Some important notes regarding Citibank checking and savings accounts:
  • Citibank's savings account rates have declined more than the competition over the last year. As of 9/05/08, the Ultimate Money Market Account has a 2.65% APY
  • No Hard Pulls: In December a reader reported being told that Citibank has a new policy in which they no longer do hard credit pulls when there is no overdraft protection. The CSR in my last chat session stated "We perform a soft inquiry to your credit to verify your identity only." When I applied in 2006 I had a hard pull for opening Citibank accounts, and many others have also reported this.
  • Restrictive online funds transfer service in which outgoing external transfers are limited to a daily limit of $2,000 (was $5K) and a monthly limit of $10,000
  • Several readers reported having their accounts closed by Citibank for unclear reasons before receiving bonuses.

Thanks to the reader who mentioned this promo and this FW thread in the finding deals post.

Related Pages: Citibank, checking account

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Anonymous   |     |   Comment #1
WOW; this promotion looks worse than the previous offers with Citibank, and to top it off you must open a Citibank Account, Citibank Everything CountsĀ® or CitigoldĀ® account relationship package. I'm not sure if this totally worth it; you need to have a combined average balance of $6000 in Checking (Interest or Regular), Savings (CDs, Day-to-Day Savings, e-Savings, Money Market Accounts), and balances with certain citibank credit cards, loans, and lines, and you must be diligent in transfering balances before you either make your 2 required bill payments or direct deposits. All this for $100 bonus after the 3 month period. In any case, you can close account after 90 days to avoid "checking account closing (within 90days of opening)" fee of $25.

Citibank is just getting worse and worse. I'd avoid them; even though i'm capitalizing on their 16,000 thank you bonus promotion and 3x triple relationship points for the next 12 months. Citibank CSR are aweful, clueless, and outsourced from India (at a Citi-India owned company-- i think.)
gaelicwench (anonymous)   |     |   Comment #2
The last thing I need is another credit card!! I'm working on reducing my debt, not increase it.

The bonuses offered sound mighty tempting at first, but then when you continue to read through the post, thinking it sounds too good to be true, sure enough, the negative aspects are there, usually in very fine print.

No thanks!
Anonymous   |     |   Comment #3
New offer code CY72 is good for same promotion until 1/31/2009