Posted by William Charles on April 17, 2017
Bank Account Bonuses

Published on April 17th, 2017 | by William Charles

61

Nationwide Citibank $300 Checking Bonus with $15,000 Initial Deposit

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Nationwide (can be done online)
  • Direct deposit required: Yes, for two consecutive months
  • Additional requirements: Deposit $15,000 for 60 days
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $25, avoidable
  • Early account termination fee: None
  • Household limit:
  • Expiration date: June 30th, 2017 September 30th, 2017

The Offer

Direct link to offer

Receive a sign up bonus of $300 when you open a new The Citibank Account Package and complete the following requirements within 30 days of account opening:

  • Make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or a new or existing Citibank Savings Plus Account or Citi Savings Account, and maintain a minimum balance of $15,000 for sixty (60) consecutive calendar days following the date when you made the qualifying deposit.
  • Within thirty (30) days, 1 qualifying Direct Deposit must post to the new checking Account each month for 2 consecutive calendar months after opening the new checking account

citibank

The Fine Print

  • New-to-Citibank funds are funds not currently held at Citibank or its affiliates.
  • Qualifying Direct Deposits are Automated Clearing House (ACH) credits, which may include payroll, pension or government payments (such as Social Security) by your employer, or an outside agency.
  • Existing customers with a checking account are not eligible.
  • To qualify for this promotion, you must enroll in the promotion, meet the terms and conditions of this offer and perform the required qualifying activities contained in this offer. 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 in the last 60 days.
  • The new checking account in The Citibank Account Package must be open and in good standing at the time the cash bonus is credited to the Account. If the qualifying deposit is made into a Citibank Savings Plus Account or Citi Savings Account, these accounts 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

Monthly Fee

This bonus is available on the Citibank Account Package.

  • The Citibank Account Package needs $10,000 in combined average monthly balances to remain fee free. Otherwise, there is a $25 monthly fee.

Early Termination Fee

In the past, Citi has not charged any ETF, and none is mentioned for this offer.

Our Verdict

Previous deal did not require a direct deposit, and only required the $15,000 to be deposited for 30 days. This makes this new offer significantly worse. The other downside about this offer and Citi in general is they often don’t automatically post the bonus, meaning you need to manually follow up. This offer is still worth doing (especially as you can effectively churn it), it’s just nowhere nearly as good as it’s previously been. We will be updating our best checking bonus rankings in light of this.

Useful posts regarding bank bonuses:



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joE
joE

So as long as you’ve had your checking account closed for 60 days or more, then you are considered a new customer, correct?

Reg
Reg

joE,

A Citi Sales Department rep confirmed that NOT having a checking account for MORE than 60 days is the requirement. As long as you closed ALL Citi checking accounts, the rep says the requirement is fulfilled.

Note: YMMV as Citi Reps are notoriously terrible, but this particular one seemed very competent and knowledgeable.

Reg
Reg

To be clear, this was asked as a general question about a single promotion and not in relation to anything else. So, under these limited circumstances making a call seems fine.

shawn
shawn

Correct. I just received a bonus after having closed previous account for 2.5 months and reapplying. Bonus posted 1 day after requirements were met (I initiated secure message to confirm I had met all requirements)

David
David

I wish they would bring back the 50k AA bonus. I think it has almost been a year since they offered it!

Master Allan
Master Allan

and we all remember what a fiasco that was trying to get our miles. Confirmed eligibility by a CSR and then denied at pay-up time by another CSR.

El Guapo
El Guapo

Run away, run away! Just check out the thread on the last Citi checking bonus. Many folks had such trouble getting the bonus that they had to file CFPB complaints to get it (me included). Just my DP: They mistakenly closed my account after 6 months without the bonus, then had me transfer the money back, promised the bonus was on its way on specific dates several times, and finally only gave it to me after I filed my own CFPB complaint.

If you go for this, expect to spend a lot of quality time on the phone with the “New Account Opening” office.

TG
TG

The last Citi bonus https://www.doctorofcredit.com/citibank-300-checking-bonus-15000-initial-deposit-no-direct-deposit-needed/

All the DPs are people getting the bonus automatically with no issues. I’ve done Citi bonuses about 5 times now all with no issues.

El Guapo
El Guapo

This is the one I meant, sorry:
https://www.doctorofcredit.com/citibank-400-checking-bonus/

I count 59 CFPB posts. So, take your chances if you like. I’m staying out.

Rahul
Rahul

My Citi bonus is stuck. It’s been months and I’m getting the runaround. I’ve sent in the W-9 form they asked for, but now they claim they haven’t received it. A friend of mine did this offer and got his bonus automatically. Just know that this is strictly YMMV and depends entirely on your luck. To me, chasing Citi for the bonus with multiple calls isn’t worth the hassle. Will give it a few more calls and then filing a CFPB claim like the previous guy. Never doing one of these again.

I’ve had great luck with their credit card bonuses though, so I’m going to stick with those.

john mccann
john mccann

Same issue with me-exactly.

shawn
shawn

I’ve done two Citi bonuses similar to this one and they both posted within days of requirements being met no problem, FWIW

Pete
Pete

Same here, in fact I just closed my most recent checking account yesterday. $400 last year, then $300 a week ago.

Will wait 60 days and churn again, looking forward to it 🙂

Eric
Eric

What did you use for DD for the bonus?

john mccann
john mccann

First time I used the CFPB. Had problems with Citi about W-9. Long story. Thanks for the info on using the CFPB.

Shyam
Shyam

I believe that I’ve to hold 15k for 10 days for the transaction to post, 60 days on account (considering 2 DD will post within the same 60 days), plus 90 days for Citi bank to process the bonus after meeting the requirement, another 60 days to clarify them that the requirements were met and to resolve any case that I open with them and finally to get the bonus credited to my account.

So it’s 10 + 60 + 90 + 60 days at the minimum.

And I think, you need have the same ‘The Citibank Account Package’ to get the bonus, which means I need to maintain $15k for ~70 days and atleast $10k for another ~5 months to avoid the monthly maintenance fee.

Can anyone confirm if I can downgrade to ‘Basic Banking Package’ after meeting the requirements in 70 days and get the bonus in the downgraded Bacsic account package.

tt
tt

??@@

Reg
Reg

This downgrade question is a really good one. I wish someone had the answer.

bob
bob

ugh. $300 is a lot, but i think it’s a lot of hassle…i just got a 3.5% APY checking set up, and don’t really want to drain $15K out of it for 90 days or whatever…

but man, $300 is tempting. I had a really easy time getting the $400 late last year, too. Definitely will think about it.

adam
adam

Where did you get 3.5% account? Is it nationwide? Thanks

bob
bob

CCU-IL. There’s a few, depending on where you live. CCU-IL i think is nationwide, as is Blue FCU (you gotta get their CC to get the full 4% tho).

And there’s a few Kasasa-accts that may or may not pay off. I’m still testing the waters with OneAmericanBank.

Mser
Mser

Where can I find the 3.5% checking?

NPDVJ
NPDVJ

Bob, where do you get 3.5% APY Checking?

Can you provide more details?

adam
adam

It says “Existing customers with a checking account are not eligible.” but also says it works with new saving account. So if I already have a checking account but not savings, can i still get the bonus?
Thanks

Blurb
Blurb

DP: Currently going back in forth w/ Citi via SM to get a previous bonus posted.

Frito Pendejo
Frito Pendejo

I am giving it a try. Note the offer code ‘CZXC’ that is pre-filled when creating the account in case it comes to CFPB

Reg
Reg

I have three helpful tips on these Citi promos:

1) Make sure you fill out whatever tax forms (e.g. w9) they require. Citi has been delaying bonus payment until they receive these for some people.

2) Beware of Citi IT. It is an absolute mess. Some people make a completely separate user name / profile because Citi IT will usually mess up any attempt to integrate with an existing profile when applying.

3) Do not call unless it’s an absolute necessity. Aside from being generally terrible and providing bad information, the phone system will usually hang up on you or simply tell you they are closed in the middle of the day. If you have to call, Citi will usually refer you to their sales department “One Stop Sales team” at 1 800 321 2484 regarding promotions.

Credit
Credit

I am on the previous bonus plan $300 for just one direct deposit within 45 days of opening the account.

In the letters I received it said direct deposit is anything that is coded aa ACH credit. I just put in my federal income tax refund there. Will that be counted add direct deposit?

I was looking for datapoints for bmoharris bank, but there aren’t many. Can I call in to their 800# and ask the rep of I have met my bonus requirements? I did a income tax refund and a PayPal credit. All code add ACH credit.

Credit
Credit

Sorry. Autocorrect typos.

Eric
Eric

Did the tax refund count for DD? Did you receive your Citi bonus?

Ted
Ted

There’s also a new Savings offer that replaced the confusing previous one..

https://banking.citibank.com/cbol/17/savings/Q2/tiered-offer/default.htm

Brad
Brad

Shiti Bank… Not even once…

No seriously, I had to put in a CFPB claim for each and every promo I’ve ever tried to do with them in regards to their banking ($400 offer, CitiGold, etc…). I simply won’t touch them anymore. It’s not worth the hassle. It’s not worth the phone calls.

Chao
Chao

They also have the $500 promo, which requires 50k staying for 60 days. Does anyone have comments on that one?

Dan
Dan

This is a hard pass… 15k for 120? days for $300 is just a shiti deal.

bullfrog23414
bullfrog23414

Why do you say 120? I thought it was 60.

Dan
Dan

My bad 15k for 60, then 10k for another 60

kt
kt

oh well, it’s not that bad, but not as attractive as b4

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