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 promotion, but you can get half the full bonus with a checking account that’s easier to avoid monthly fees. Full details are listed in this Citibank promo page. The offer is scheduled to end on 2/28/2014. Below is a summary of the promotion. Thanks to DA member exit8 for posting on this in the forum.
To qualify for $500:
- Earn $250 after opening a new Regular Checking account in the Citigold Account Package by 02/28/14 and completing 1 qualifying bill payment followed by another one the next calendar month within 60 days after account opening.
- Earn an additional $250 after you deposit $50,000 or more in new-to-bank funds into your Citigold checking account within 60 days after account opening
To qualify for $250:
- To qualify to earn a $125 cash bonus, open a new Regular Checking account in The Citibank Account Package by 02/28/14 and within 60 days after account opening, 1 qualifying bill payment must post to that new account and another qualifying bill payment must post to that account during the calendar month after the first payment.
- To qualify to earn an additional $125 cash bonus, complete the new account opening and qualifying bill pay requirements above and deposit $15,000 or more in new-to-Citibank funds into your new checking account within 60 days after that account opening.
You can apply for these promotions online at Citibank’s promo pages, by calling Citibank or by visiting a Citibank branch.
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.
Beware of Monthly Fees
As you would expect from a megabank like Citi, it’s not easy to avoid monthly service fees. Here are the basics of how to avoid the monthly fees:
The Citigold Account Package that qualifies for the $500 bonus has a $30/month fee. One of the ways to avoid this fee is to maintain $50,000 or more for all linked deposit and retirement accounts.
The Citibank Account Package that qualifies for the $250 bonus has a $20/month fee. One of the ways to avoid this fee is to maintain $15,000 or more in combined average balances.
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. In our Citibank bonus poll, 33% of people reported that Citibank did not pay out its bonuses even though they met all of the promotion’s requirements. 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.