Promotions on new Citibank accounts: Bonuses on checking and savings accounts
Citibank, the country’s fourth-largest bank in terms of assets, frequently offers bonuses to attract new customers. Taking advantage of a new Citibank account bonus can yield good rewards if you have enough money to meet the promotional requirements of the bank.
With Citibank’s âWelcome Cash Bonus Offerâ, customers earn a Citibank bonus when they open a new checking account in a qualifying account package, fund the account with new Citibank funds within 20 days and maintain this balance for an additional 60 days. Depending on the balance maintained, customers can receive a Citibank bonus of $ 300, $ 700 or $ 1,500.
With another current promotion from Citibank called âGet Rewarded For Saving More,â customers earn a bonus between $ 20 and $ 2,000 when they open a new Citi savings account and maintain the minimum required balance for 60 days.
Here we will dive into these two promotions and explain the steps required to receive the bonus.
Details of “Welcome Cash Bonus Offer”
For this promotion, Citibank is currently offering a cash bonus to customers who open a new checking account in one of the four eligible packages and meet the additional deposit and balance requirements. Citibank announces that these promotions will be available to all customers who open new accounts with money from outside Citibank between July 1 and October 4, 2021.
The minimum deposits and balances, as well as the corresponding cash bonuses, are as follows:
- Minimum deposit of $ 15,000 to $ 49,000 and balance: $ 300 cash bonus
- Minimum deposit of $ 50,000 to $ 199,999 and balance: $ 700 cash bonus
- Minimum deposit of $ 200,000 or more and balance: $ 1,500 cash bonus
This promotion is associated with the following four account packages:
- Basic bank account package
- Citibank account package
- Citi Priority Account Package
- Citigold account package
Once your new account is opened, the amount of your cash bonus will be determined based on the amount of money in the account on the 20th day. After the 21st day, you will need to maintain the required minimum balance for an additional 60 days, after which the bonus will be deposited into the account within 90 days.
If you also open and deposit money into a new Citi savings account which is in the same package as your checking account, the savings account balance will count towards the minimum requirements to earn a bonus.
Details of the “Get a reward for saving more” offer
In a separate promotion from Citibank titled “Get Rewarded for Saving More Offer”, Citibank is offering a cash bonus to those who open a Citi savings account and meet deposit and balance requirements. Although Citibank’s offers are subject to change, she announces that this promotion will be available to those who open new accounts with new funds for Citibank between July 1 and September 30, 2021.
The minimum deposit and balance ranges, as well as the corresponding cash bonuses, are as follows:
- $ 10,000 to $ 24,999: $ 20 cash bonus
- $ 25,000 to $ 49,999: $ 50 cash bonus
- $ 50,000 to $ 99,999: $ 100 cash bonus
- $ 100,000 to $ 249,999: $ 200 cash bonus
- $ 250,000 – $ 499,999: $ 500 cash bonus
- $ 500,000 to $ 999,999: $ 1,000 cash bonus
- $ 1 million or more: $ 2,000 cash bonus
In order to earn the bonus on your new Citi savings account, you will need to fund the account within 20 days of opening. You will also need to maintain the required minimum balance for 60 days immediately after the 20th day. Once these conditions are met, your bonus will be deposited into the account within 90 days.
What’s the catch?
While free money seems like a good deal, Citibank imposes specific limitations on promotions that can easily disqualify consumers who live in certain areas or who violate terms and conditions.
The âWelcome Cash Bonus Offerâ is open to those who have not had a Citi checking account in the past 180 days and who are 18 years of age or older.
Accounts eligible for the âWelcome Cash Bonus Offerâ include Interest Checking Accounts or Regular Checking Accounts in the Citigold Account Package, Citi Priority Package, or Citibank Account Package. Regular interest accounts in the basic banking package are also eligible.
Although any Citi Savings Account opened in the Citibank Account Package, Citi Priority Account Package, or Citigold Account Package during the Offer Period may be eligible for the Get Rewarded for Saving More Offer. , note that Citi Accelerate savings accounts are not eligible.
For the “Welcome Cash Bonus Offer” and the “More Saving Reward Offer”, accounts that are not eligible include trust, estate, corporate, retirement and other accounts. in trust (although savings accounts are eligible which are living trust accounts and deposit accounts). The offers are not open to customers of international personal banks. These offers may not be available in all regions. Citibank bonus offers are subject to change.
Is this a good deal for you?
The Citibank savings bonus can be a good solution if you have the extra money to meet the deposit requirements. While many other banks offer savings bonuses for opening new accounts, the deposit minimums are lower and the rewards are smaller.
This can be a great opportunity to get a good cash bonus and a new savings account, especially for those who are looking for a new account.
Citibank accounts offer several useful features, including free financial advisory services for Priority and Citigold account holders, options to earn interest on account balances, and eligibility for the Citi ThankYou Rewards program.
Before opening your accounts, familiarize yourself with Citibank’s fee structure to avoid costs in the long run. Citibank has monthly maintenance fees on some accounts, although the service fees may be waived when a minimum balance is maintained on the account. Citigold account holders do not incur a monthly service fee, but they are required to maintain a combined average monthly account balance of $ 200,000 among all accounts (including investment accounts) or accounts will be downgraded to lower status. If you don’t have the financial bandwidth to meet Citibank’s long-term minimum balance requirements, you may need to consider other account alternatives.