[PA] Citadel Bank – $200 Checking Bonus

Update 10/4/20: Deal is back. Hat tip to reader

Offer at a glance

• Maximum bonus amount: $200
• Availability: Must live, work, worship, or study in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties, or the city of Lancaster, PA or if  a member of your family or household is already a customer, no matter where you live.
• Direct deposit required: $500+
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $500
• Monthly fees: None
• Early account termination fee: None
• Household limit: One per lifetime
• Expiration date: September 12, 2020

The Offer

Direct link to offer

• Citadel Bank is offering a bonus of $200 when you open a free checking or cashback rewards checking account and complete the following requirements:
  • Use promo code BONUSPPC1
  • Receive a qualifying direct deposit totaling $500 or more within 60 days of account opening

The Fine Print

• A qualifying direct deposit is defined as a recurring electronic deposit into Checking account of payroll, pension, Social Security, Government benefits, or other eligible regular monthly income.
• Checking account must be open for 60 days before Checking bonus will be awarded. Account must be in good standing at time of incentive processing in order to receive the cash bonus. Incentive earned will be automatically deposited into your Citadel checking account. Bonuses may be reported on a 1099-INT.
• New Account Cash Bonus offer available to qualified new checking customers only. Customer must not have closed a Citadel checking account within the last 12 months and/or received a checking new account bonus previously. Limit one offer per household per lifetime. Offer may not be combined with any other new account offer and may be withdrawn or modified at any time. New Account Cash Bonus Offer expires September 12, 2020.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fees to worry about.

Early Account Termination Fee

Citadel bank does not charge any early account termination fees from what we could find.

Our Verdict

Not as good as the previous $300 checking bonus with the same requirements. As this bonus is once per lifetime and that $300 bonus has come back a number of times my recommendation would be to just wait this one out.

Hat tip to reader Ryan G

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• 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?
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