Posted by William Charles on October 2, 2018
Bank Account Bonuses

Published on October 2nd, 2018 | by William Charles

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Citi $200/$400/$500/$600 Personal Checking/Savings Bonus – Available Nationwide & Direct Deposit Not Required

It’s worth noting people have been having a lot of issues with this bonus not automatically posting.

Update 10/02/18: Deals are back and valid until December 31st, 2018. Same links.

Update 07/01/2018: Deal is back and available until September 30th, 2018. Thanks to reader RB for finding the link.

Offer at a glance

  • Maximum bonus amount: $600
  • Availability: Nationwide
  • Direct deposit required: None
  • Additional requirements: Deposit $15,000/$50,000 & maintain for 60 days
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $25-$30, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: June 30th, 2018 September 30th, 2018 December 31st, 2018

The Offer

Direct links to offer: $200 | $400 | $600

  • Citi has three sign up bonuses:
    • Earn $200 when you open a new checking account in the Basic Banking package and complete the following requirements:
      • Within 30 days of opening your account deposit $5,000 new-to-Citibank funds into the new checking account.
      • Maintain a minimum balance of $5,000 for 60 days
    • Earn $400 when you open a new checking and savings account in the Citi Account Package and complete the following requirements:
      • Within 30 days of opening your account deposit $15,000 new-to-Citibank funds into the checking or savings account. A minimum of $1,500 must be in the checking account and a minimum of $100 must be in the savings account.
      • Maintain a minimum balance of $15,000 in your eligible linked checking and savings account for 60 days
    • You can also get an extra $100 on the $400 bonus when you complete one qualifying direct deposit each month for two consecutive months within 60 days of account opening
    • Earn $600 when you open a new checking and savings account in the Citi Account Package and complete the following requirements
      • Within 30 days of opening your account deposit $50,000 new-to-Citibank funds into the checking or savings account. A minimum of $5,000 must be in the checking account and a minimum of $100 must be in the savings account.
      • Maintain a minimum balance of $50,000 in your eligible linked checking and savings account for 60 days

The Fine Print

  • Not eligible if you’ve been an owner of a a Citibank checking or savings account within the last 180 calendar days
  • Must have a  valid W-9 or W-8 BEN on file with Citibank and are not subject to back-up withholding
  • Fiduciary, estate, business and or trust accounts are not eligible for the $600 Checking and Savings Offer even if they otherwise meet the definition of Eligible Checking or Eligible Citi Savings Account. However, trust accounts that are a Living Trust and Custodial accounts are eligible
  • Bonus will post within 90 days from the date you complete all of the requirements
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Citi Basic Account Package $12 ($200 Bonus)

The fee is waived on this account if you do any of the following:

  • Make one qualifying direct deposit per statement period and one qualifying bill payment per statement period or
  • Maintain a $1,500+ combined average monthly balance in eligible linked accounts
  • Fee also waived when first listed account owner is 62 or older.

Citi Account Package $25 ($400 Bonus)

  • The Citibank Account Package needs $10,000 in combined average monthly balances to remain fee free. Otherwise, there is a $25 monthly fee.

Citi Priority Account Package ($600 Bonus)

  • Fee increases to $30 and requires $50,000 in combined average monthly balances to remain fee free for the $600 bonus

Early Termination Fee

In the past, Citi has not charged any ETF, and none is mentioned for this offer.

Our Verdict

They recently had the same bonus, this time both bonuses are $100 higher (before it was $300/$500). Keep in mind you’ll need to have the $15,000/$50,000 deposited for at least 60 days, realistically it’s longer as it needs to post to your account and that can take up to 90 days after the requirements are met (you would reduce your deposit to $10,000 just to keep the account fee free). Here is the interest you’d miss out on compared to other high interest savings accounts if you had $15,000 in there for 60 days:

  • 0.1%: ~$2.5
  • 1%: ~$25
  • 3%: ~$74
  • 5%: ~$123

The same but for the $50,000 account:

  • 0.1%: ~$8.2
  • 1%: ~$82
  • 3%: $246
  • 5%: $410

The $400 bonus is worth doing, but I don’t think the $600 bonus is worth considering. Even if you pay the $25 fee for three months on the $400 bonus you’re still making $325 for $15,000 deposited for 60 days, not a bad return (~13% APY). I’ll be adding the $400 bonus to our list of the best checking account bonuses. The $200 might be better for people that don’t have access to $15,000 to tie up.

Big thanks to readers, Grant, CJ & Mattwho let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Hi Doc,

last month I have opened Citi checking account with $300 bonus offer. it is less than 30 days. I know Citi matches credit card bonus offer. will they also match checking account bonus?

Thanks,
Durga

me too,also want to know the answer

I am in a similar situation. Tried calling Citi Banking Customer Service this morning. But they refused to match. So, no luck.

same question…..

Why don’t you ask them?

I called Citibank and the personal banker said that they are unable to match to the current offer

Not eligible if you’ve been an owner of a a Citibank checking or savings account within the last 180 calendar days

Durga,
Do you know if i can open this account with ITIN if i don’t have SSN and still get bonus??

AllwaysLearning22
AllwaysLearning22

Typically an ITIN is the same as an SSN for tax purposes, so you should be able to. However,
a) every bank interprets things differently
b) you might have to visit a branch in person. If you do, bring all applicable additional documents you have: passport, work visa, student id, etc.

“Eligible Customers also can enroll by clicking “Apply Now” on the Citibank link for this offer and following and completing the online process which will include entering a unique invitation code.” Is this targeted?

Not Targeted. The definition of “eligible” is below (I just copied and pasted from the terms) :

“Eligible Customers” are customers who (1) enroll in Citibank’s $400 Checking and Savings Offer (2) have not been an owner of a Citibank checking or savings account within the last 180 calendar days, (3) open a new consumer checking account in The Citibank Account Package as first signer (“Eligible Checking Account”), (4) open a new Citi Savings Account in The Citibank Account as first signer (“Eligible Citi Savings Account”), (5) are at least eighteen (18) years of age, and (4) have a valid W-9 or W-8 BEN on file with Citibank and are not subject to back-up withholding. Fiduciary, estate, business and or trust accounts are not eligible for the $600 Checking and Savings Offer even if they otherwise meet the definition of Eligible Checking or Eligible Citi Savings Account. However, trust accounts that are a Living Trust and Custodial accounts are eligible. All accounts subject to approval. The Eligible Checking Account and Eligible Citi Savings Account must be open and in good standing at the time the Cash Bonus is paid for the Eligible Customer to receive the Cash Bonus offer.

So where does one get the “unique invitation code” which must be entered? Also, how does one fund the account if there are no branches nearby?

The unique invitation code will be generated when you click on the link above (look in the url and you’ll see it after Prospect ID=) this code will carry through when you click the apply now button.

I’d make a copy of your specific code or take a screen shot because I’ve needed this in the past to confirm with Citibank that I had the code.

You’ll also be given an opportunity to fund the account during the application process.

“(4) have a valid W-9 or W-8 BEN on file with Citibank”

What does this mean??

A W-9 is an IRS form certifying your Taxpayer Identification Number (SSN). Citibank requires this in order to send you tax forms at the end of the year, as you will pay tax on the bonus received.

There’s not a Citibank branch in my city. I’m wondering what’s the easiest way to send CitiBank a W9?

The only way available if a branch isn’t nearby is to mail it to:

Citigroup Technology, Inc.
P.O. Box 6201
Sioux Falls, SD 57117-6201

fwiw, i did a chat last yr. told the csr i didn’t get a W-9 form in my kit and that i only read about it on my email ‘To be eligible for the bonus, a U.S. person must have a valid Form W-9 on file’ (i basically was asking him for the form and where to mail it). he then replied with ‘By looking at your account, the account is now W9 certified. No need to fill up another w9 form’. ymmv but i did get my bonus.

Adam V Zaloum

This one is not targeted. There are different versions of these CitiBank Checking Bonuses that are targeted, and they have lesser requirements (Doesn’t required money to be held in the account for X months, Doesn’t required Direct Deposit, etc).

Does this need to be done in branch or cam I do online?

Damn, Already closed my $300 bonus account :/

AllwaysLearning22
AllwaysLearning22

Well, by now 6 months have passed since April, so it seems to me you should be able to apply again in November?

If I am eligible, how do I enroll in this promotion?
Between April 1, 2018 and June 30, 2018 (“Offer Period”), Eligible Customers can enroll in the $400 Checking and Savings Offer by visiting a Citibank branch or calling Citibank and asking a Citibank Representative to enroll you using the instructions indicted in your direct communication. Eligible Customers also can enroll by clicking “Apply Now” on the Citibank link for this offer and following and completing the online process which will include entering a unique invitation code. Enrollment and participation in this promotion does not guarantee eligibility.

Targeted..?

Did oyu mean $15,000?

Says- minimum of “$1,500” must be in the checking account and a minimum of $100 must be in the savings account.

It’s fine — remaining amount can be in either account.

Bottom of the promo page: “To meet the $15,000 requirement, a minimum of $1,500 must be deposited into the new Eligible Checking Account and a minimum of $100 must be deposited into the Eligible Citi Savings Account. The remaining balance requirement may be deposited into either the Eligible Checking Account or Eligible Citi Savings Account.”

I don’t see that condition in promo page. Is it removed now?

That was back in April — looks like they updated the terms recently:

“Make a deposit of $15,000 or more (in one, or more than one, deposit) in New-to-Citibank funds into 1) the new Eligible Checking Account and/or 2) the new “Eligible Savings Account”, and maintain a minimum balance of $15,000 for sixty (60) consecutive calendar days following the date when you made the $15,000 deposit (“Minimum Balance”).
The Minimum Balance may be held in one of the eligible accounts or in a combination of the eligible accounts. For example, a $15,000 balance in the Eligible Checking Account for sixty (60) days will fulfill the Minimum Balance requirement. In addition, balances of $10,000 in the Eligible Checking Account and $5,000 in the Eligible Savings Account for sixty (60) days will also fulfill the Minimum Balance requirement. If you choose to keep your entire Minimum Balance in one account, however, please note any account which maintains a zero balance for ninety (90) days is subject to closure in Citibank’s sole discretion. You will not fulfill offer requirements if one of your eligible accounts is closed at the time the Cash Bonus is paid.”

William Charles, note that there is no longer a requirement to have a certain amount in one account or another for the Citi offer. See above.

AlarmingConsequence
AlarmingConsequence

Jatan – I don’t see the $100 requirement in the offer page nor the terms/conditions. Can you help me see what you see?
Offer page:
https://banking.citi.com/cbol/18/checking/400/default.htm

Terms: https://banking.citi.com/cbol/18/checking/400/default.htm?BT_TX=1&ProspectID=66BB8161398B4529AC881ADD1E67EA8E

Terms change — that was back in April.

Current terms mention:
“Within thirty (30) days of opening the new Eligible Checking Account, make a deposit of $15,000 or more (in one, or more than one, deposit) in New-to-Citibank funds into 1) the new Eligible Checking Account and/or 2) the new Eligible Savings Account, and maintain a minimum balance of $15,000 for sixty (60) consecutive calendar days following the date when you made the $15,000 deposit (“Minimum Balance”).
The Minimum Balance may be held in one of the eligible accounts or in a combination of the eligible accounts. For example, a $15,000 balance in the Eligible Checking Account for sixty (60) days will fulfill the Minimum Balance requirement. In addition, balances of $10,000 in the Eligible Checking Account and $5,000 in the Eligible Savings Account for sixty (60) days will also fulfill the Minimum Balance requirement. If you choose to keep your entire Minimum Balance in one account, however, please note any account which maintains a zero balance for ninety (90) days is subject to closure in Citibank’s sole discretion. You will not fulfill offer requirements if one of your eligible accounts is closed at the time the Cash Bonus is paid.”

AlarmingConsequence
AlarmingConsequence

Thanks for the clarification. I saw your April pretty, but not the June update. I had a scare there, but now I’m reassured.

Wonder if you can combine this deal with the 1.5% savings deal. https://banking.citibank.com/cbol/18/Q2/savings/oobta/default.htm

Good question. Someone needs to find out and post a data point.

According to the terms and conditions, looks like you can open both but you have to fulfill the requirements of each one so doesn’t sound like it can be “combined” with this offer.

Also looks like it is only available in 41 states for some reason so leaves me out since I’m in California.

So if this 1.5% cannot be used as the savings account for opening purposes of the $400 promo, it could be opened after the fact and could serve as counting towards the minimum balance to waive fees? Then move $ from non interest savings account to external savings account with higher rate. So open checking and savings with initial deposit to qualify for $400 promo. Then to ease the time with no interest open the 1.5% to suffice for the combined account balance?

From my reading it isn’t clear if you can use the savings account with the 1.5% rate to avoid the fees for the $400 bonus accounts (combined balances between the three accounts of $10,000). Also says: “each promotion must be funded separately” so believe that new money is required, not a transfer between accounts.

That would be the ideal situation but since I’m not eligible for the savings bonus (live in California and for some reason it isn’t available to us), someone else will have to check that out.

US Treasury Bills pay 2.06% which is much higher than this Citi offer.

How are you figuring that? Earning 2.06% on $15,000 is only $309 vs the $400 from Citi which is around a 2.66% rate and that’s only for 5-6 months.

You could get the bonus from Citi and then after 5-6 months close the Citi account and move the money to the Treasury Bill and earn an additional $154 or so giving you around $554 vs the $309 with the treasury only over a years time.

Not figuring taxes into it but no way the treasury bill is much higher.

can we do 2 accounts separately – husband and wife separately, get $800 for $30K?

yes and i would recommend

Yes, indeed. Each customer can participate once during the offer period. From the Terms & Conditions “Customers are limited to one checking and one savings account offer during the Offer Period”

The $600 bonus requires the “Citi Priority” account, which is why it has a higher threshold to avoid the monthly fee.

Are you signing up for the regular checking/savings or the interest checking/savings?

same question!

Also would like to know! Seems to me like the obvious answer would be the interest checking. Is there any option to sign for the regular checking instead?

The very first link asks you to choose which one you are going for.

From the last time I did this, it was a pain having Citi Interest Checking since I wanted to downgrade eventually to Basic to have a lower minimum monthly balance. I had to first downgrade Interest to Regular Checking and then a few days later contact them again to then downgrade Regular to Basic Checking. Wasn’t worth the pennies I made with the Interest checking.

It doesn’t matter, the interest free version is only to accommodate people where collecting interest would violate their religious beliefs. I think some sects of Islam adhere to that practice.

apologeticchemist
apologeticchemist

How easy is it to close the account after bonus grabbing ? Thanks !

easily closed via secure message

Thank you !

The balance needs to be maintained for at least 5 months, so the equivalent APY is closer to 6%, net of opportunity cost.

Definitely not a great deal when factoring in opportunity cost.

You only need to keep $15,000 for 60 days then keep $10,000 for probably the next 90 days to avoid the fee before the bonus usually posts (though one of my bonuses from Citi actually posted in 60 days after the initial 60 days requirement so YMMV).

I don’t understand why it has to be maintained for at least 5 months. It says 60 days. Can you explain this? Thanks! I am trying to decide to do this or not.

Could you downgrade to the regular account later so that it only takes $1,500 to keep the account open?

Good question. It also has a checking account that is “fee free” if you are 62 or older, does that qualify for this offer?

Do I need to a citi customer to avail this offer ?? As it says “Must have a valid W-9 or W-8 BEN on file with Citibank and are not subject to back-up withholding”

I already applied and instantly got my account numbers.

Anyone know the Routing Number(s)?

Check with them directly, some banks have multiple numbers, they can vary depending on type of account and location.

Can I ask you if there was a place to enter a unique invitation code during your application process?

I opened my account online. I did not see the routing number for Arizona listed on the CitiBank chart. I’ll ask at the local branch when I add funds to the account.

So if your state isn’t listed (Oregon) on the routing number does that mean you’re not able to do the offer?

All we have is Citi ATM’s in our are, no actual branches.

My state isn’t listed (Arizona). I thought there was a local branch, but when I actually looked, it turns out there aren’t any CitiBanks in AZ. I was able to open an account and I received an email from CitiBank saying my initial deposit has been made. I will wait for the Debit card so that I can create online access and then hopefully see what the routing # is. If I can’t see it, then I will give them a call.

FYI I called the number at the bottom of the chart referenced above. My account routing number 271070801. My state is WA.

the routing number is 271070801 for the account that I opened online

271070801 is the routing number that the customer service representative gave me.

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