Posted by William Charles on November 16, 2019
Bank Account Bonuses

Published on November 16th, 2019 | by William Charles

79

[Expired] [Targeted] Citi Checking Bonus Up To 60,000 Citi ThankYou Points

Deal has expired, view more checking bonuses by clicking here

Update 11/16/19: Deal is back and valid until 12/31/19. Hat tip to reader djdon

9/1/19: More people targeted, sometimes for a maximum of 50,00 Citi TYP

Update 7/31/19: Deal is back and valid until September 30th, 2019.

Update 5/12/19: Deal is back and valid until June 30th, 2019. Hat tip to Jx

Update 2/28/19: Deal is back and valid until March 31st, 2019. Hat tip to DDG

Offer is back and valid until September 30th, 2018. Hat tip to DDG

Offer at a glance

  • Maximum bonus amount: $700
  • Availability: Nationwide but targeted
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $30, avoidable
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: June 30th, 2018 September 30th, 2018 March 31st, 2019 June 30th, 2019

The Offer

No direct link, offer sent out via snail mail

  • Citi has sent out an offer for up to 60,000 Citi ThankYou points when you open a new new regular checking account. The bonus you receive depends on what account package you open:
    • 60,000 Citi ThankYou points. Open a Citigold Account Package and make $1,000 in debit card purchases and pay one or more bills for two consecutive months
    • 50,000 Citi ThankYou points. Open a Citi Priority Account Package and make $750 in debit card purchases and pay one or more bills for two consecutive months
    • 30,000 Citi ThankYou points. Open a Citibank Account Package and make $400 in debit card purchases and pay one or more bills for two consecutive months
    • 10,000 Citi ThankYou points. Open a Citi Priority Account Package and make $125 in debit card purchases and pay one or more bills for two consecutive months

The Fine Print

  • Valid until June 30th, 2018
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Citigold Account Package (60,000 Point bonus)

This account has no monthly fee but you need an average monthly balance of $200,000 to be eligible.

Citi Priority Account Package $30 Monthly Fee (50,000 point bonus)

  • The Citi Account Package has a monthly fee of $30, this is waived if you maintain a combined average monthly balance of $50,000 or more in eligible linked deposits, retirement and investment balances. There is no early account termination fee for this account.

Citi Account Package $25 Monthly Fee (30,000 point bonus)

  • 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

So there are several variations of this offer, the public bonus is offering $400/$600 and that matches the 30,000/50,000 point offers advertised here. There is also the same offer but for American Airline miles.  The 60,000 point bonus isn’t worth considering due to the fact you need to have $200,000 deposited to keep it fee free. This offer is better than the public bonus if you value Citi ThankYou points (1.33¢ per point for the 30,000/$300 mile deal or 1.2¢ per point for the 50,000/$600 deal). Keep in mind these accounts both reduce the annual fee on the Citi Prestige by $100 as well (citigold and citipriority). We won’t be adding this to the list of the best checking bonuses because it’s targeted.

Hat tip to obiwanginobili

Useful posts regarding bank bonuses:



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Brian C
Brian C

Is there any reason you can’t sign-up for citigold, get the bonus, let them downgrade you when you don’t meet the requierements?

James
James

I think most people have some qualms about lying about the intention to maintain $200k.

Brian C
Brian C

Wasn’t suggesting anyone lie. Just suggesting sign-up for the citigold and if you don’t meet the requirement you pay the fee (just like with any other account, only with this account, the “fee” is getting downgraded to a lower account).

I haven’t reviewed the application, so obviously if they specifically ask you “will you maintain 200,000” i am not suggesting to lie. But i have never been asked previously on a bank account application how much money i plan to keep in it.

Alex
Alex

The fine print mentions that the bonus will be based on your checking package “at the time of qualification” and will be awarded “90 calendar days after completing all offer requirements”. I don’t think there’s any real risk in signing up for Citigold, but I also don’t think you’ll have much success if they decide that you have to maintain that Citigold for 90 days.

max
max

The letter says you need to keep 200k there, or be downgraded after first statement. bonus paid out after 90 days, so imagine they will only pay out the account you have AT 90 days.

RMKE
RMKE

It might be targeted, but I was successful upon calling in for AA miles offer. YMMV and we will see if the offer was correctly attached.

Steven
Steven

Which number did you call? Are you an existing Citi AA card holder?

RE
RE

Isn’t this offer better than the public offer due to no $15/$50 deposit requirement?

SG
SG

I know most bank bonuses are taxed, but how about point-based ones like this?

Alex
Alex

I’ve received the ThankYou 50k bonus once and the same-style AA miles 50k bonus twice and never received a form or any other indication that they’re reporting any taxable amount to the IRS.
I think I read something about if you redeem those TYP for more than $600 in cash (like statement credit) in one year then they’ll send some form. I never redeem these for credits/gift cards/cash though.

Alex
Alex

To be more specific after reading Uncle Bill’s post below, if you were to redeem them for gift cards/cash then you would likely get a 1099 and have to pay taxes, but again I haven’t done that.
If you have the TY Premier or Prestige cards though, what you can do, even though these are taxable points, is use them to book travel through the Citi portal at the 1.25cpp rate. This should not result in you being taxed since you’re actually receiving goods/services instead of cash. At 50k/60k TYP, that’s $625/$750 worth of flights, which I consider better than a taxable cash bonus of $400/$600.

There’s a DOC post “Step-by-Step Guide to Citigold Checking Bonus” with a TON of comments that support this.

mk712
mk712

That’s wrong – in the past Citi has sent 1099 for the actual value of redeemed banking TY points as long as it totaled more than $600 in the calendar year, regardless of whether it was a cash redemption or a portal redemption.

If you redeem 50k banking TY points through the portal at 1.25cpp in one go, you WILL receive a 1099 for $625.

However, if you redeem 30k banking TY points through the portal this year, then make a 50k redemption in 2019 (using the remaining 20k banking points and another 30k points from credit cards), then you won’t get a 1099 because you didn’t redeem more than $600 worth of banking TY points in either calendar year.

Tommy
Tommy

How long does the points post?

Uncle Bill
Uncle Bill

Citi considers bank bonus thankyou points are taxable. And they don’t allow (at least last year) you to transfer to your regular thankyou points accrued from your citi prestige or premier. Thankyou points from bank bonuses do expire and are treated differently than the credit card points. I would just take the $400/600 cash offer they have instead.

Kimbra
Kimbra

Correct, people need to know this! The TY points earned from the Checking Account sign up bonus are not eligible for transfer to travel partners!!

Closertothesun
Closertothesun

If they don’t 1099, it will not be because they paid you in points. It will be because the requirement for debit card purchases makes it a refund on spend. Generally though banks still 1099, even though this is a legal grey area.

S
S

Any data points if this targeted offer can be used by someone else? Different family member received one. Same address, different last name

Alex
Alex

Just a reminder with these citi checking bonuses: You should be able to easily get 650 TY points/month doing direct deposit (in my experience any ach transfer works), bill pay (just set a recurring $10 payment to your daily driver cc), having a savings account (should be fee free if you’re keeping $10k to keep the checking free) and setting up auto save (set up a $10 recurring transfer from checking to savings). So, even though the apy is 0% on these accounts while doing bonuses, you’ll at least about $7/month in TY points. Also, make sure your checking and savings are linked, otherwise the savings account will incur fees (had to call citi about this even though my accounts say theyre linked online).

https://online.citi.com/JRS/popups/BankingRewards.pdf?JFP_TOKEN=KJ4DW34M

atexit8
atexit8

I received this targeted offer.

They used to have Walmart gift cards, but now the only one worth getting is Target (buy groceries).

Can accounts be closed online after the 60 days?

Brian
Brian

So these points can’t be combined with prestige or premier? Does this mean their only use is cash out, redeem at 1cpp for travel, or transfer to airline? I have both premier and prestige.

Kimbra
Kimbra

The TY points earned from the Checking Account sign up bonus are not eligible for transfer to travel partners.

Onsale
Onsale

can I assume this is an in-branch offer?

Chong786
Chong786

You can do it thru online too. If you already have citi credit card , it may pop up on the website

Anonymous
Anonymous

You should include in the Fine Print that these points aren’t transferable to airline transfer partners.

Ron
Ron

Received a somewhat similar targeted offer (not TY points but cash) with the exact same requirements. Since I have already opened new accounts with the 200/400/600 offer will I be eligible for this as well ? In others words is this stackable with the 200/400/600 offer if one satisfies the bill pay and spend requirements ?
Also what options count toward meeting the debit card spend requirements other than Pos transactions ?

Sparky
Sparky

Just closed the wife’s account via chat. They were mailing a check for the remaining balance. They wouldn’t give her the 50k TY points when I signed her up with a mailer code that I received. I received two mailers with my name on it. I got the points under my name and a couple months later I opened it under her name using the second mailer. I had some secure chats that said the promotion was applied to the account and then some letters come in the mail saying the promotion was not valid on the account and was meant for someone else. I repeated another time with the chat representative saying it’s on the account. Another letter came saying promotion is not valid on account. Last couple of chats say that no promotion is on the account.

Chong786
Chong786

Doc! Just got a snail mail from the citi . Same offer but it is expiring in Dec 31st 2018.

VL
VL

The same – got the offer online after login. Same date – 12/31/2018, so it is back again.

Vic
Vic

Opened priority account on July 25 and fullfiled requirement on Sept 4, no bonus yet, anyone got the bonus posted so far?

Frogger
Frogger

So can I sign up for Priority deposit no real money make the debit payments and bill pays and cancel within two months and get the points and pay 60 dollars in fees?

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