[Expired] Citi Priority Account Package (Checking) $500 Bonus – $50,000 Deposit Required

This bonus has expired, you can view our new coverage of Citi checking bonuses here.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide (can be done online)
  • Direct deposit required: Not required
  • Additional requirements: Maintain $50,000 for 60-days
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $30, avoidable
  • Early account termination fee: None
  • Expiration date: April 14th, 2017
  • Household limit: Not mentioned

The Offer

Direct link to offer

  • Open an eligible consumer checking account in the Citi Priority Account Package (this replaces Citigold as that now has a $200,000 deposit requirement) and receive a bonus of $500 when you complete the following requirements:
    • Make a qualifying deposit of $50,000 or more in new-to-Citibank funds into the new checking Account or your new or existing Citibank Savings Plus or Citi Savings Account, and maintain a minimum balance of $50,000 for sixty (60) consecutive calendar days following the date you made your qualifying deposit:
    • Enroll your new checking account in Paperless Statements.
  • This account also lowers the annual fee on your Citi Prestige card by $100

The Fine Print

  • New-to-checking customers only. To be eligible for this offer, you must not currently have a consumer checking account with Citibank or have been a signer on or owner of a Citibank consumer checking account within the last sixty (60) days.
  • Accounts must have been opened within sixty (60) calendar days of enrollment in this offer. Customer can have an existing Citibank Savings Plus Account or Citi Savings Account , but must meet new-to-Checking criteria described
  • The new checking account in The Citi Priority Account Package must be open and in good standing at the time the cash bonus is credited to the Account. If qualifying deposit is made into a Citibank Savings Plus Account or Citi Savings Account , this account must also be in good standing at the time the cash bonus is credited to the new checking account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The Citi Account Package has a monthly fee of $30, this is waived if you maintain a combined average monthly balance of $50,000 or more in eligible linked deposits, retirement and investment balances. There is no early account termination fee for this account.

Our Verdict

The major problem with this bonus is that it requires $50,000 to be deposited for 60 days to be eligible (currently there is a $300 bonus that only requires $15,000 to be deposited for 30 days). Citi also offers low interest rates on this account, absolute maximum seems to be 0.1% APY. Let’s compare how much interest you’d earn compare to other accounts:

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

As you can see you’re losing out on quite a bit of lost interest if you put that $50,000 into a high interest savings account. Simple fact is a lot of people just don’t have $50,000 sitting around in cash. If you do then it’s really up to you/what savings accounts you have to decide on this offer or the $300 offer (although that did used to have the same requirements for a $400 bonus). Personally I much prefer the $300 offer, I think this new offer will mean that the old $400 offer for the lesser account won’t come back.

As always, Citi can be a pain when it comes to dealing with bank account bonuses so keep that in mind. We will likely add this to the best bank bonus page as well. The other thing to keep in mind is that this will lower the annual fee on the Prestige by $100 as well.

Useful posts regarding bank bonuses:
    William Charles
  • On January 6, 2017, 03:58

View Comments (41)

  • I see this in the small print: have not been a signer or owner of a Citibank checking account within the last 180 calendar days. Maybe it was 60 days before.

  • Sorry for the silly question, but do you know what the convenience way to close citi checking priority account and move the money out without having to go to the retail bank? Thanks!

    • Well, that kills it for me, then. Nine days before I hit the 60-day mark to get a new Citi account, too. :(
      Anyone have a link to a page with different terms?

  • My account received the bonus today. 50k was deposited in early Feb and received $500 after 90 days from deposit date. As there is no early termination fees, I might close this soon so that I can be eligible for another Citi banking bonus in 60 days.

    • Do you or anyone have a copy of the original offer? I'm quite certain the $500 is due to be deposited after 90 days (30 days to maintain balance + 60 waiting, or the other way around) but Citi claims it's 90 days after the 60.
      MonttFC claims to have been credited 90 days from deposit.

      • I am also looking for the original offer terms and conditions as Citi is now saying i never applied for the offer. I would appreciate the help. Thanks

      • Donald,

        In my house we opened 2 accounts and only one of them received bonus at 90 days. The other one has no bonus activity yet. When I asked Citi over SM earlier about the bonus timelines, they mentioned 90+60 days. Still one of them posted at 90 days. Looks like very YMMV to me.

        • Thank you. I would love to see a screenshot of the original offer if there was mention of 90 days. I am very unhappy. Following this hidden 90-day clause (which greatly reduces the effective interest rate) and a previous incident where I had to beg for my bonus and lost a few weeks of interest, I will not be dealing with Citi again.

  • Interesting DP: I opened the account with the offer and completed the requirements. Once the requirements were met, I messaged them about the promotion confirmation. They replied that promo was never applied to my account as it required talking to a representative (???).

    Anyways, as the account had already met the requirements, they applied the promotion code to my account retroactively and should be paid out in 90 days (as per the terms).

    My suggestion would be to SM Citi to ensure that the promo code is indeed applied to the account.

    • Do you have the original offer code and PDF? Citi is saying same for me and wants original offer PDF

      • I don't have the PDF of terms, but do have the offer code - 46YNVE44CY.

        Hope that helps!

  • Opened a Citi Priority Checking Account March 2nd.. deposited 50k via online transfer. Tried to log in today, to check bonus status and discovered my account CLOSED by the fraud department. So I have $50k floating in the ether. Trusting Citi to do the right thing. This after they failed to deliver on a 50k AA bonus a year ago. I will NEVER bank with Citi again.

  • With Citi they post bonus 90 days after you MEET the requirements. So you will have to keep $50k in the account for 60 days (which at 1.1% APY opportunity cost means $90 in lost interest).

    Then you have to pay 4 more months (3 months of waiting + few days of moving money out) of monthly service fee of $30 per month which is another $120.

    UNLESS you can downgrade the account right after the 60-day mark and lower the monthly service fee (?)

    Assuming the worst, the your cost is $210 and you get $500. Even in this case, it seems attractive to me.

    • Does anyone have a DP on downgrade options to avoid the $30 monthly fee but free up the $50k at the 60 day mark ?

        • No data point, but the terms on the linked offer make it appear that the initial account must be maintained until the bonus is posted.

          "The new checking account in The Citi Priority Account Package must be open and in good standing at the time the cash bonus is credited to the Account."

          This might kill it for me. The deal points should mention the 90 day delay after meeting requirements, for bonus to post...if what SS said is true.

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