Posted by William Charles on April 12, 2015
Bank Account Bonuses

Published on April 12th, 2015 | by William Charles


[Expired]Citibank Offering Up To 40,000 ThankYou Points For Opening A Checking Account

This deal is still available, but please read our updated post on this offer.

You should be able to get this bonus even if you weren’t targeted, just call in and request that it be added to your account. You’ll need to have a Citi ThankYou point earning credit card for them to be able to add this to your account though, as always make sure you get a reference number in case of any issues. You can also use the promotional code: WCTERY9FPS, thanks to commentator Chucks for providing this code. 

You enter promotional code here:, once you click through to the next page if you click Promotion Disclosures you’ll see the terms of the bonus.

Offer at a glance

  • Maximum bonus amount: 40,000 ThankYou points
  • Availability: Those who received communication, you’ll need to have a ThankYou point earning credit card and be chosen to have received this. [Note: People have reported being able to get the AA bonus in the past without actually receiving the communication, do this at your own risk]
  • Direct deposit required: No
  • Hard/soft pull: Soft
  • Credit card funding: Yes, unknown amount
  • Monthly fees: $10-$30, avoidable
  • Early account termination fee: $0
  • Expiration date: March 31st, 2015 June 30th, 2015

The Offer

Call and ask for this offer.

Whilst this offer is supposed to be targeted, most people are able to get this offer added to their account simply by calling Citi & asking for it. If you’re successful, let us know in the comments below.

  • Receive Citi ThankYou points when you open a Citibank checking account and make at least one qualifying bill pay payment for two consecutive months. The number of points you receive is dependent on the type of account you open:
    • Citigold checking: 40,000 ThankYou points
    • Citibank checking: 20,000 ThankYou points
    • Basic banking: 10,000 ThankYou points

citi checking thankyou point sign up bonus

The Fine Print

  • Only available to those who have received the targeted communication (although you might be able to call in and request this offer)
  • If you received a bonus reward for opening a new Citibank checking account within the past two years you will not be eligible to receive this bonus
  • Account must be open and in good standing when the ThankYou points post
  • Citi will report to the IRS if the value is over $600, the value of this bonus should be considered a maximum of $400 but if you redeem for AA or UA airfare and have the Citi Prestige card you’d be getting $640 in value which might trigger this being reported to the IRS. In general all bank account bonuses are reported to the IRS, this is a bit more tricky because loyalty points are involved. According to Shanz, Citi does not send out 1099 for the 40k thankyou points offer.

Avoiding Fees

All of the Citibank accounts waive the monthly service fee for the first two months, after that you need to complete set requirements to keep them fee free.

Citigold Account Package $30 Monthly Fee

To avoid the $30 monthly fee you need to complete one of the following:

  • $50,000 in combined link deposit or retirement accounts
  • $100,000 in all linked deposit, retirement, credit or investment accounts (excluding a first mortgage with citibank)
  • $250,000 including linked Citibank mortgages

Citibank account Package $20 Monthly Fee

To avoid the $20 monthly fee you need to have a combined average balance of $15,000 or more

Basic Banking $10 Monthly Fee

Make a direct deposit (the following methods count as direct deposit, click to view) and 1 bill payment each month or keep an average balance of at least $1,500 in the previous calendar month to avoid the monthly fee.

Early Account Termination Fee $0

We couldn’t find any mention of any EATF in the product disclosures and haven’t heard of anybody being hit with a fee. Your account does need to be open for the miles to post though.

Our Verdict

In the past Citi has usually awarded the points 1-3 months after the requirements have been met (although it’s taken as long as six months for some people), this means you’d need to keep the account open for 3-5 months (or even 8 months in bad cases). The first two months are free and then you’d need to pay the monthly fee for another 1-3 months ($30-$90).

It’s not worth keeping $50,000 in the account to keep the Citigold account.

You’d be better off putting it into an high interest savings account that earns 1%. In total it’ll take about 4-6 months to complete this deal (2 of these months will automatically be fee free) which means you’re missing out on ~$40 interest per month as Citibank only pays 0.05% interest.

If I had received this offer then I probably would complete it, paying ~$90 in monthly fees for 40,000 ThankYou points is a pretty good deal. If Citi does issue a 1099 then this could make this good deal pretty terrible, especially if they assign a high value per point. Citi also offers another checking bonus which is for up to 30,000 American Airline miles, this might be a better option for some of you although the requirements are a bit different.

Citi ThankYou points are worth 1¢ each when redeemed for Gift Cards and can also be transferred to their travel partners which are listed below (rate of 1:1 unless otherwise listed):

Hilton (1:1.5 rate). Partnership ending on December 13thEVA Air Infinity MileageLandsMalaysia Airlines Enrich
AirFrance-KLM Flying BlueEtihad GuestQatar Airways Privilege Club
Asia MilesGaruda Indonesia Frequent FlyerSingapore Airlines KrisFlyer
Thai Airways Royal Orchid PlusVirgin Atlantic Flying ClubQantas
JetBlue (1:0.8 rate, 0.5 with Preferred)Sears SYWRP (1:12)Jet Airways JetPrivilege
Turkish Airlines Miles & SmilesAvianca LifeMilesClub Premier Aeromexico

If you’re looking for a non targeted offer I suggest checking out the 22,000 mile bank direct offering or simply call Citi & ask if they will extend this offer to you. We also have a full page of suggested cash back sign up bonuses and a full list of all the checking promos currently being offered.

If you’re looking for a non targeted offer I suggest checking out the 22,000 mile bank direct offering. Citi is also offering 50,000 ThankYou points on their Citi Prestige card.

Hat tip to MileCards

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Huh. I just opened a Citi checking account for a $400 bonus. I wonder if I should try to get them to give me this one instead.


this is a decent offer… since i have the premier card i’ll just wait for it to arrive in the mail.


I called three times today and I successfully got the code. Background: I don’t have any ThankYou credit card yet. I just got approved of TY Premier yesterday and the card is on its way. Phone calls: At 11am, I made one call one of citi’s number 800-321-2484, and selected to open a new account with Citi. I spoke to a guy and was asked for my account number, I told him that my card is still on the way so I don’t have the number yet. I then mentioned that I just applied for a card and heard from a friend of mine that I can open a citigold account for 40k TY points. After a brief hold, he told me that there is such offer but it’s targeted. I asked if there’s something I can do to get this offer, or get myself targeted. He said no and started offering me regular promotions. The call ended soon. At 3pm, I call the same number again and spoke to a lady. I was asked the account number again, and I told her that I had a TY Preferred before but cancelled it, and I have a new TY Premier on the way. I told her that I received a mail from Citi before Christmas about a 40k checking account offer, but the flyer is now missing. She said she can search for the offer and found it. She read the offer terms to me and said it’s a targeted offer. I told her that I did receive a flyer about this offer, “does that mean I am targeted?” She asked me if I want to get this promotion for the card I haven’t received, I said yes. (yes it’s a weird question but I said yes anyway) She started explaining my options: 1. Open online and use the code. 2. Go to a branch. 3. Do it over phone with her. I said it would be convenient to do it online but I don’t have the flyer anymore so I don’t have the code. She said no problem, I’ll give it to you right now, and then read the 10 digit code to me. Her headset then stopped working (most likely came out of the jack) so she couldn’t hear me talking but I could hear her. She hung up thinking that I was gone. I wanted to make… Read more »


An update on this:

I went to the branch last week and it turned out the code does NOT seem to work in branch.
The personal banker was kind and really tried to get me the bonus, but according to him, the code displayed as invalid in their system, and since I wasn’t actually targeted, this promotion was not pre-loadad under my account.
We called the CS, and the CSR confirmed that the code is valid to use over the phone and online, but she has no way to get it to work in the branch either.

So if you are not actually targeted, you best bet would be to get the code over the phone with a CSR, and either open it right away on phone, or open online using the code.

I ended up opening the account with the $400 promo.


One thing to add:
The third rep. mentioned that if I choose to open online or over the phone, I’ll have to wait for a signature card to come in and it’ll take 2-3 weeks before I can use the account.

If I go to a branch it’ll be done the same day.



for the bill payment, it will be okay if I pay my wife say 50$ to her non linked non Citi account (TD bank) or it has to be like Comcast or utility bill only ?

Mohammad M
Mohammad M

Hi William,

I got a 20k bonus for my citibank account last year. I plan to get the 40k sometime in the future. Do you suggest that I close my account now? The problem with that is that I’m getting 10$/month for a promotion.


I used my code to apply online last Sunday, and I called on Monday to check the status.

It seems that I was declined… for the Citigold Checking account, somehow..

They told me a mail has been sent explaining the reason, but I haven’t received as of today.


I was declined too for no reason they could tell me, also have to wait for the mail. Stellar credit report and No chex issues. Ughhh. Did you get your denial reason yet Vic?


Yeah I got the mail.
It’s not really saying anything.

I have 12 hard pulls in the past 5 months, with 11 new credit cards. So I’m not too surprised if they don’t like my credit history.
(I was just approved the ThankYou Premier not too long ago though)

But what I don’t understand is I’m not asking for credit! It’s just a checking account..

Does anyone think I would get a better chance if I go to a branch?


Hi just question, Vic : Was the declined letter reffering to a credit card application or a bank application? thanks and good luck with making a livelihood!


It’s referring to a bank account application, specifically the Citigold that’s being discussed in this post.
(Yes, they check my credit report even though I’m not trying to get credit from them.)

Btw I did NOT get a hard pull, in case that’s what you were wondering.


I opened the account in Jan end, completed the two bill payments in Feb and March, now waiting for the 40K bonus points. any one has any data point how long does it take after you complete the two bill payments ?


Years ago I applied for a Citigold checking account and was denied…I found it really weird. Frequent Miler reported the same thing as well.


Is this offer expired?


BTW, frequent miler says TY points from opening a checking account canNOT be transferred to airlines… not sure what’s going on there.


I’ve called three times and everyone I spoke to has said they can’t add it to my account without me giving the code.


You can always make an adjustment to the income element assigned by a bank for any miles or other gifts.
It’s a simple line item and is unlikely to ever be questioned…besides you have a good argument for whatever value you use.


Has anyone been able to receive this offer by calling in?

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