The Offer
- Citibank is offering a savings bonus of up to $400 for existing Citigold checking customers. Here is what you need to do to receive the bonus:
- Enroll and upgrade to The Citigold® Account Package (if you already have one, you’re a step ahead!)
- Fund a new or existing Citibank Savings Plus Account with a minimum of $25,000
new to bank funds by 8/31/15 - Maintain a minimum balance of $25,000 or more throughout the next 3 monthly statement periods, and you’ll earn up to $400 in bonus interest
This offer is actually exceptionally misleading, because you don’t receive a bonus of $400 for depositing $25,000. You actually only receive 3x the interest. The interest rates that Citi offers are incredibly low (0.03% on under $50,000, which means you’d be earning 0.09% APY)
The Fine Print
- The bonus interest will be credited to the Citibank® Savings Plus Account within 90 days from the end of the statement period in which the customer completes the qualifying requirements stated in this offer
Our Verdict
Don’t do this offer under any circumstances, it’s trivial to earn at least 1% APY on a checking account, which is 12x higher than the ‘bonus rate’ Citi is offering here. The reason I decided to post this offer is because I imagine a lot of readers will receive an e-mail about this bonus, considering so many of you signed up for the 30,000 AA/40,000 TYP checking deals.
Citi has been pretty good recently, but this is a terrible deal and quite misleading. As such I’ve decided to not list it on our savings account bonus page and obviously it hasn’t made the best of page either.
