Citi Checking Bonus: $300 to $1,500

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Citi is offering up to $1,500 for opening a checking account and meeting their deposit requirements.  You can earn $300 with a $15K deposit, $700 with a $50K deposit, or $1,500 with a $200K deposit.

cash vs points

The Deal

  • Citi is offering bonuses of $300-$1500 for opening a new checking account. The bonus requires depositing new-to-Citibank money within 20 days of account opening and maintaining one of the following thresholds for 60 days thereafter:
    • Deposit $15,000 & get a $300 bonus
    • Deposit $50,000 & get a $700 bonus
    • Deposit $200,000 & get a $1,500 bonus
  • Offer link (this is Greg’s referral link)
  • Offer ends October 4, 2021
  • Please note: For deposits lower than $700, you may do better with a targeted offer (details here), but for $50K or $200K deposits, this public offer is just as good.

Qualification requirements

So long as you have not owned a Citi checking account in the last 180 days, are at least 18 years old, and furnish or have a valid Form W-9 or Form W-8BEN on file with Citibank and are not subject to backup withholding, you can participate in the New to Citi Checking Cash Bonus Offer in select markets. Customers who open via phone or apply online with a residential/home (not mailing) address in an Eligible Location can qualify. “Eligible Locations” include Military Customers elsewhere in the Americas, Military Customers in Africa, Canada, Europe or Middle East, AlaskaAK, AlabamaAL, Military Customers in the Pacific, ArkansasAR, American Samoa, ArizonaAZ, ColoradoCO, DelawareDE, GeorgiaGA, GuamGU, HawaiiHI, IowaIA, IdahoID, IndianaIN, KansasKS, KentuckyKY, LouisianaLA, MassachusettsMA, MaineME, MichiganMI, MinnesotaMN, MissouriMO, Northern Mariana Islands, MississippiMS, MontanaMT, North CarolinaNC, North DakotaND, NebraskaNE, New HampshireNH, New MexicoNM, OhioOH, OklahomaOK, OregonOR, PennsylvaniaPA, Puerto RicoPR, Rhode IslandRI, South CarolinaSC, South DakotaSD, TennesseeTN, TexasTX, UtahUT, Virgin IslandsVI, VermontVT, WashingtonWA, WisconsinWI, West VirginiaWV, WyomingWY and select markets in Florida and Illinois.

Certain “Checking Accounts” are eligible for the New to Citi Checking Cash Bonus Offer. Your new Checking Account can be an Interest Checking or Regular Checking Account in either the Citigold® Account Package, Citi Priority Package, Citibank® Account Package, or Basic Banking Package (only Regular Checking available for Basic) from the time you open your account until you receive your Bonus.

Checking Accounts that are living trust accounts and custodial accounts are eligible, but fiduciary, estate, business, retirement (IRAs, SEPs, CESAs, money purchase pension plans and profit sharing plans), and other trust accounts will not qualify for this offer.
International Personal Bank customers are not eligible for this offer.

Steps to Qualify

The following is copied directly from the offer’s Terms & Conditions:

  1. First, open a new Checking Account between July 1, 2021 and October 4, 2021 (“Offer Period”).
  2. Second, so long as October 4th has not passed, enroll in the New to Citi Checking Cash Bonus Offer on the same day you open your new Checking Account pursuant to the instructions provided. You can enroll online by clicking “enroll now” and following the instructions for online account opening or by contacting a Citibank representative by phone and asking the representative to enroll you in the New to Citi Checking Cash Bonus Offer. However, if you open your account on citi.com by any other means than those described, you will not be eligible to earn the New to Citi Checking Cash Bonus Offer.
  3. Third, on the 20th Day after you open your account, we will check your “On Deposit” balance in New-to-Citibank Funds which will determine the Maximum Bonus you can try to earn (“Balance”). Your Balance must be held in your eligible Checking Account. As long as you maintain at least a $15,000 Balance every day for 60 calendar days after your 20th Day (“Maintenance Period”) you will remain eligible for a Bonus, but please understand if your Balance falls into a lower Balance Tier for even one day during the Maintenance Period, your Maximum Bonus will change (see Chart).
    • For example, if your Balance on the 20th Day is $200,000, the Maximum Bonus you can try to earn is $1,500. If your Balance is $150,000 on day 45, however, the Maximum Bonus you can earn changes to $700.
    • “New-to-Citibank Funds” are 1) funds deposited from external accounts or payees other than Citibank, N.A. and 2) must be deposited using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank, N.A. or wire transfer. Cash deposits, Citi Global Transfers, international ACH transfers, Zelle® transactions and person-to-person transfer services such as Apple Pay, PayPal®, and Venmo, and Zelle®, do not qualify as New-to-Citibank Funds.
    • You cannot use a Citi Accelerate Savings Account or a Citi Savings Account to maintain your Balance as part of this offer and still be eligible to earn the Bonus.
    • “20th Day” means the 20th calendar day after you open your Checking Account, but don’t worry if your 20th Day falls on a weekend or U.S. National holiday. If that happens, we will count the next Business Day as your 20th Day instead. If you open your new Checking Account by calling Citibank at 1-833-382-0004 EXT. 1088 we will look at the 30th Calendar Day to determine your Maximum Bonus.
  4. Fourth, to remain eligible, your Checking Account must remain open and in good standing from the time it’s opened until you receive your Bonus. Your Bonus will be paid to your Checking Account within 90 days after you successfully complete all required activities. Note: If your Checking Account maintains a zero balance for 90 calendar days, it is subject to closure in Citibank’s sole discretion and you will no longer be eligible for this offer.

Quick Thoughts

Given that you only need to maintain your deposit for 60 days from (beginning on the 20th day after account opening), this offer represents a decent return for keeping your money with Citi for a little while. Even at the $200K level, assuming you keep the money with Citi for only 3 months, that’s like 3% annualized.  At the $50K level, it’s like 5.6% annualized.  At lower levels you’re better off with the targeted offer if you can get it (details here).

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