[Expired] [CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL] Citizens Bank $500 Business Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 3/19/23: Deal now looks to be publicly available. Hat tip to reader Peek.

Offer at a glance

• Maximum bonus amount: $500
• Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL. Mentions retaining the flyer so most likely targeted
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems:Mixed data points
• Credit card funding: None
• Monthly fees: $0 – $25
• Early account termination fee: None
• Household limit: Unknown
• Expiration date: 5/15/23

The Offer

Direct link to offer

• Citizens Bank is offering a bonus of up to $500 when you open a new business checking account. Bonuses are as follows:
  • $200 when you open a new Clearly Better Business Checking with a minimum opening deposit of $2,000 and make five qualifying transactions in the two months stated in the table below
  • $500 when you open a new Business Advisor Checking account with a $5,000 opening deposit and make five qualifying transactions in the two months stated in the table below

The Fine Print

• *To Earn Bonus: To earn a $200 bonus, open your first new Clearly Better Business Checking account between 1/1/23 and 5/15/23 and have a minimum opening deposit of $2000 post to the account by the date stated in the table below then remains on deposit until the date stated in the table below and make five qualifying transactions in the two months stated in the table below OR to earn a $500 bonus, open your first new Business Advisor Checking account between 1/1/23 and 5/15/23 and have a minimum opening deposit of $5000 post to the account by the date stated in the table below then remains on deposit until the date stated in the table below and make five qualifying transactions in the two months stated in the table below.
• Qualifying transactions include deposits made at a Citizens branch, ATM, or through the mobile app; payments made by check or Online Bill Pay; debit card transactions include signature and PIN-based debit transactions in person directly at a merchant location or in app or online merchant sites. Transfers between other Citizens accounts do not qualify. Qualifications: Primary signer on the new business checking account may not be or have been a signer on any Citizens business checking account within the previous six months. Your new account must have a balance greater than zero and remain open and active through the payout date stated in the table below to qualify for this offer.
• Eligibility: Retain this flyer for your records. Customer will only be paid a one-time bonus for this program. Offers may be withdrawn without notice and cannot be combined with any other business checking offer. Offer eligibility is determined at Citizens’ sole discretion. Payout: Bonus will be deposited to the new business checking account by the date stated in the table below and will be labeled as “Balance Builder Bonus”. Bonus 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

• Clearly Better Business Checking has no monthly fees to worry about.
• Business Advisor Checking has a $25 monthly fee. This is waived with either of the following:
  • $10,000 average daily balance -OR-
  • $35,000 monthly combined balance.

Early Account Termination Fee

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

Our Verdict

Difficult to keep the account for the $500 bonus for fee free, but the $200 bonus is relatively easy to meet the requirements for and might be worth doing if you are targeted.

Hat tip to reader Sam S

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