The Offer
- Earn up to $500 in bonus interest with Citi, here’s how:
- Enroll in this promotion by speaking to one of our representatives 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 2/29/16
- Maintain a minimum balance of at least $25,000 throughout the next 3 monthly statement periods, and you can earn five times the interest on your savings for this bonus period: up to a $500 bonus.
What’s not very clear about this bonus is that you’re actually receiving 5x the normal interest up to a maximum $500 bonus. The interest rates that Citi offers on these accounts are exceptionally low (it’s very easy to find accounts giving a 1% APY and lots of rewards checking accounts and prepaid products offer up to 5% APYs). E.g Citi offers an APY of 0.08%-0.12% depending on which state you live in, even when you add this bonus offer you’re only receiving 0.4%-0.6%.
The Fine Print
- The cash bonus will be credited to your new Citibank Savings Plus account within 90 days from the end of the month in which you complete all offer requirements.
- This offer expires 2/29/16
- Mention code 43BWK6L7UU
Our Verdict
Citi has some fantastic offers (like their recent checking promotions for 50,000 AA miles or 50,000 TYP) but this offer really sucks and is quite misleading. I think a lot of us will be funding Citi Savings accounts with big amounts, it just won’t be for this promotion. The only reason I posted this was to make sure nobody actually signs up for it. I’m obviously not going to add it to our best bank bonus page and I’m not going to add it to our complete listing either because it’s such an awful deal.
I feel much better about helping people bend the rules and maximize their profits when financial institutions run promotions like this.
Hat tip to Will Run For Miles via Twitter
