[Expired] [CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL In Branch] Citizens Bank $1,000 Checking Bonus

Update 11/24/23: Deal is back and valid until 11/28/23.

Offer at a glance

• Maximum bonus amount: $1,000
• Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL
• Direct deposit required: Yes, $1,000+
• Additional requirements: See below
• Hard/soft pull: Soft pull as long as you opt out of over draft protecton.
• ChexSystems: Mixed data points
• Credit card funding: None
• Monthly fees: $9.99, avoidable
• Early account termination fee: None
• Household limit: None
• Expiration date: 8/19/23

The Offer

Direct link to offer

• Citizens Bank is offering a checking bonus of up to $1,000. Bonuses are as follows:
  • To earn a $300 Checking bonus, open your first new One Deposit Checking, Citizens EverValue Checking, or Student Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $1000 or multiple direct deposits totaling $1000 or more post to your new checking account within 60 days of account opening.
  • To earn a $500 Checking bonus, open your first new Citizens Quest Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $5000 or multiple direct deposits totaling $5000 or more post to your new checking account within 60 days of account opening.
  • To earn a $1000 Checking bonus, open your first new Citizens Private Client Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $5000 or multiple direct deposits totaling $5000 or more post to your new checking account within 60 days of account opening.
• To earn a $200 Credit Card bonus, you must qualify for one of the Checking bonuses above and open your first personal Citizens Credit Card between 8/4/23 and 8/31/23.

The Fine Print

• To earn a $300 Checking bonus, open your first new One Deposit Checking, Citizens EverValue Checking, or Student Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $1000 or multiple direct deposits totaling $1000 or more post to your new checking account within 60 days of account opening.
• To earn a $500 Checking bonus, open your first new Citizens Quest Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $5000 or multiple direct deposits totaling $5000 or more post to your new checking account within 60 days of account opening.
• To earn a $1000 Checking bonus, open your first new Citizens Private Client Checking account between 8/4/23 and 8/19/23 and have at least one single direct deposit of $5000 or multiple direct deposits totaling $5000 or more post to your new checking account within 60 days of account opening.
•  Qualifications: Primary signer on the new checking account may not be or have been a signer on any Citizens personal checking account within the previous six months.
• Your new checking account must have a balance greater than zero and remain open and active through the payout date (December 31, 2023) to qualify for this offer.
• Direct Deposit is recurring income electronically deposited into your Citizens checking account and may include salary, pension, and other regular income. Certain forms of electronically deposited funds may not be considered eligible Direct Deposits, including those originating from peer-to-peer money transfer applications such as Zelle, CashApp, Venmo or PayPal.
• Cardholder on the new credit card may not be or have been a signer on any other Citizens Credit Card within the previous six months.
• Eligibility: Offer is only available in select Citizens branches.
• Customer will only be paid a one-time bonus for this program. Only one checking account is eligible for a bonus.
• Only one credit card is eligible for a bonus.
• Offers may be withdrawn without notice and cannot be combined with any other checking offer.
• Offer eligibility is determined at Citizens’ sole discretion.
• Payout: The Checking and Credit Card bonuses will be paid separately and could be paid on two different dates but will be deposited to the new checking account by December 31, 2023. Bonuses will be labeled as “Balance Builder Bonus” and will be reported to the IRS for income tax purposes.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Citizens Bank One Deposit Checking Account $9.99 Monthly Fee ($300 Bonus)

The One Deposit checking account comes with a $9.99 monthly fee. Fee is waived by making one deposit each statement period. (According to this comment they really do count any deposit – even a transfer from another Citizens Bank account will trigger this.)

Citizens Quest Checking ($500 Bonus)

This account has a $25 monthly fee. Waive the monthly maintenance fee when you either: Make $5,000 in total deposits to your primary checking each statement period OR Maintain $25,000 in monthly combined deposits and investments

Citizens Private Client ($1,000 Bonus)

• Maintain $200,000 in combined deposits and investments to qualify

Early Account Termination Fee

As far as we know there is no early account termination fee.

Our Verdict

Let’s take a look at each bonus:

• $300 isn’t worth considering as you can get $400 online with similar requirements.
• $1,000 isn’t worth considering due to needing to tie up $100,000 to qualify
• $500 bonus might be worth it for some people, although others will prefer the easier to meet requirements of the $400 online offer

My gut feel is to just stick with the standard $400 bonus.

Hat tip to Tony

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times