[Targeted] Citi $200-$1,500 Personal Checking/Savings Bonus

Offer at a glance

• Maximum bonus amount: $700
• Availability: Nationwide
• Direct deposit required: None
• Additional requirements: Deposit $5,000/$15,000/$50,000 & maintain for 60 days
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $25-$30, avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: March 31, 2021

The Offer

Direct link to offer, this is a targeted offer. The fine print says you need to have received the targeted communication to be eligible. Seems to have been sent out to Citi cardholders with the subject line ‘ Exclusive offer for you, <name> – earn up to a $1,500 Cash Bonus, on top of all the great benefits you currently get as a Citi customer’

• Citi has three sign up bonuses:
  • Earn $200 when you open a new checking account in the Basic Banking package and complete the following requirements:
    • Within 30 days of opening your account deposit $5,000 new-to-Citibank funds into the new checking account.
    • Maintain a minimum balance of $5,000 for 60 days
  • Earn $400 when you open a new checking and savings account in the Citi Account Package and complete the following requirements:
    • Within 30 days of opening your account deposit $15,000 new-to-Citibank funds into the checking or savings account. Both checking & savings accounts need a non zero balance.
    • Maintain a minimum balance of $15,000 in your eligible linked checking and savings account for 60 days
  • Earn $700 when you open a new checking and savings account in the Citi Priority Account Package and complete the following requirements
    • Within 30 days of opening your account deposit $50,000 new-to-Citibank funds into the checking or savings account. Both checking & savings accounts need a non zero balance.
    • Maintain a minimum balance of $50,000 in your eligible linked checking and savings account for 60 days
  • Earn $1,500 when you open a new checking and savings account in the Citigold Account Package and complete the following requirements
    • Within 30 days of opening your account deposit $200,000 new-to-Citibank funds into the checking or savings account. Both checking & savings accounts need a non zero balance.
    • Maintain a minimum balance of $200,000 in your eligible linked checking and savings account for 60 days

 

The Fine Print

• Eligibility: “Eligible Customers” are (1) primary Citi credit cardmembers (2) who have not been an owner of a Citibank checking account within the last 180 calendar days (3) at least eighteen (18) years of age (4) have received the Cash Tiered Bonus Offer via direct communication from Citi inviting them to apply and (5) have or furnish a valid W-9 or W-8BEN on file with Citibank and are not subject to backup withholding. NOTE: Authorized Users of credit card accounts, Private Bank customers and International Personal Bank customers are not eligible for this offer. Fiduciary, estate, business and/or trust accounts are not eligible for promotional offers even if they otherwise meet the definition of an eligible account. However, trust accounts that are a living trust and custodial accounts are eligible. Citibank Retirement Accounts and deposits into Citibank Retirement Accounts are not eligible for this Offer. “Citibank Retirement Accounts” include IRAs, SEPs, CESAs, money purchase pension plans, and profit sharing plans.

• To qualify to earn a $200 to $1,500 Cash Bonus, Eligible Customers must:

  • First, open a new consumer Regular Checking account or Interest Checking account as first signer in an Eligible Package during the “Offer Period” of January 5, 2021 and March 31, 2021 (“Eligible Checking Account”). An Eligible Checking Account can only be used to fulfill this offer once. The maximum amount of Cash Bonus you are eligible to earn will be determined by your Eligible Package on the 30th Day (see Chart).
    • Even though Citibank allows customers to change their package type at any time by contacting a Citibank representative at a branch or over the phone, changing your package may impact your eligibility for this promotion.
    • If you change your package to one with a lower Minimum Balance (see Chart) or one that is not an Eligible Package after the 30th Day, you will not fulfill Required Activities.
    • For instance, after the 30th Day, Eligible Customers may not convert 1) a Citigold Account Package to either the Citi Priority Package, Citibank Account Package or Basic Account Package, 2) a Citi Priority Account Package to the Citibank Account Package or Basic Account Package, or 3) a Citibank Account Package to the Basic Account Package The Basic Account Package cannot be converted after the 30th Day.
  • Second, enroll in the Citi Account Package Bonus Offer during the Offer Period pursuant to the instructions provided. Note that Citigold Private Client customers currently may not enroll in the Cash Tiered Bonus Offer online.
  • Third, your New-to-Citibank Funds balance across the Eligible Checking Account and/or a savings account that you own during the Offer Period (“Eligible Savings Account”) must meet the Minimum Balance requirement for your Eligible Package (see Chart) by the 30th Day. You must maintain that applicable Minimum Balance for 60 consecutive calendar days (“Maintenance Period”). The Maintenance Period begins on the latest of 1) the first day the Minimum Balance is met for an Eligible Package (see Chart) or 2) the 30th Day. Multiple deposits allowed.
    • If you choose to keep your entire Minimum Balance in one account, any account that maintains a zero balance for 90 calendar days is subject to closure in Citibank’s sole discretion.
    • If your Minimum Balance drops for even one day below the required balance applicable to your Eligible Package during the Maintenance Period, you will not be eligible for this promotion.
    • To convert your Account Package, you will need to contact Citibank
    • Examples:
      • If you open your Eligible Checking Account in the Citibank Account Package and deposit $15,000 on the same day, your Maintenance Period begins on day 1.
      • So long as the 30th Day has not passed, that same account can be converted to the Citigold Account Package by contacting a Citibank representative at a branch or over the phone and will be subject to the Citigold Account Package Minimum Balance which is $200,000. In such a situation, the Maintenance Period will begin on the 30th Day, or earlier if the Minimum Balance reaches $200,000.
      • If your Eligible Package on the 15th day was the Citibank Account Package and you convert to the Citigold Account Package on or before the 30th day, your balance cannot drop to $199,999.99 or lower for even one day during the Maintenance Period, or you will not earn the Cash Bonus.
    • Fourth, your Eligible Checking Account must remain in an Eligible Package, open, and in good standing from the Account Opening Date of your Eligible Checking Account until the Cash Bonus is paid. The Cash Bonus based on the Chart will be paid within 90 calendar days from the date you complete all Required Activities. You will not fulfill the offer requirements if your Eligible Checking Account is closed at the time the Cash Bonus is paid.
• The Cash Tiered Bonus Offer is a checking account offer. If you enroll in multiple checking account offers during an offer period and fulfill multiple checking account offers in the same month, you will be awarded the offer with the highest bonus value. If you enroll in multiple checking account offers during an offer period and fulfill multiple checking account offers across different months, you will be awarded the bonus of the first checking offer to qualify. Eligible Customers can only participate in each checking account offer once per offer period. If an Eligible Customer enrolls in multiple checking account or savings account offers during the Offer Period, the requirements of each offer must be met separately.
• Important Tax Information: The Cash Bonus will be reported to the IRS as interest to the first signer on the account, in the year received, as required by applicable law. Bonus payments received by U.S. persons will be reported on IRS Form 1099-INT for the year received. Bonus payments received by non-U.S. persons will be reported on IRS Form 1042-S for the year received. Customer is responsible for any applicable taxes and consulting a tax advisor. Citi is not a tax advisor.
• To be eligible for the Cash Bonus, U.S. persons must have or furnish a valid IRS Form W-9 (Request for Taxpayer Identification Number and Certification) on file and foreign individuals must have or furnish a valid IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)) on file. Accounts subject to backup withholding are ineligible.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Citi Basic Account Package $12 ($200 Bonus)

The fee is waived on this account if you do any of the following:

• Make one qualifying direct deposit per statement period and one qualifying bill payment per statement period or
• Maintain a $1,500+ combined average monthly balance in eligible linked accounts
• Fee also waived when first listed account owner is 62 or older.

Citi Account Package $25 ($400 Bonus)

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

Citi Priority Account Package ($700 Bonus)

• Fee increases to $30 and requires $50,000 in combined average monthly balances to remain fee free for the $600 bonus

Citigold Account Package ($1,500 bonus)

This account does not have any monthly fees, but if you don’t maintain $200,000 in balances your account will convert to a Citi Priority Account package

Early Termination Fee

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

Our Verdict

This is the same bonus that was publicly available until the end of last year. That public bonus no longer has the $200 option and the $400 option has been reduced to $300. If you’re eligible for this bonus then it is worth doing. Here is the interest you’d miss out on compared to other high interest savings accounts if you had $15,000 in there for 60 days:

• 0.1%: ~$2.5
• 1%: ~$25
• 3%: ~$74
• 5%: ~$123

The same but for the $50,000 account:

• 0.1%: ~$8.2
• 1%: ~$82
• 3%: $246
• 5%: $410

Unfortunately this is targeted, so it won’t be added to the best bank account bonuses.

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
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• Bank Bonus Posting Times