Thinking about opening a bank account with Citibank and want to know what their best promotional offers are?
You are in the right place!
As banks compete with one another for your business, a lot of them are turning towards cash bonuses. Considering how complicated our finances are, changing banks is not easy. You have to change so many things and if you make a mistake, late fees can be quite expensive. That's why you should be paid for your time to change and this post will help you understand the bonuses that Citibank offers for new accounts.
Citibank is one of the oldest and largest banks in the world. To give you a sense of size, they have over 60,000 ATMs across the world in their network. They have a fully-featured app that lets you link non-Citi accounts, deposit checks, and 24/7 fraud protection. The bonus is just the cherry on top of what is a very large and established bank with a large geographic footprint.
So how are the bonuses?
Citi Account Package – $500
Citibank will give you $400 if you open a new eligible checking and savings account and:
- Within 30 days of account opening, deposit $15,000 in New-to-Citibank funds into your new checking and savings accounts
- Maintain a minimum balance of $15,000 between your checking and savings accounts for 60 consecutive dates.
That's it! Once you meet those requirements, $400 will be deposited into your account within 90 days.
But wait, there's more!
If you want an extra $100 – complete one qualifying direct deposit each month for 2 consecutive months within 60 days of account opening and they will give you another $100.
It's a no brainer – you should set up a direct deposit for an extra hundred bucks.
So what's the catch? The account has a monthly service fee of $25 that is waived if you maintain a combined average monthly balance of $10,000 or more. That should be easy to meet considering you need $15,000 to get the $400 bonus.
Citi Priority Account Package – $600
The Citi Priority Account Package has a juicier bonus but a much higher minimum balance requirement. To get $500 from Citibank, you'll have to open a new eligible checking and savings account and:
- Within 30 days of account opening, deposit $50,000 in New-to-Citibank funds into your new checking and savings accounts
- Maintain a minimum balance of $50,000 between your checking and savings accounts for 60 consecutive dates.
It's a $600 bonus to you for bringing $50,000 in new funds to Citibank.
The Citi Priority Account has a $30 monthly service fee if you do not maintain a combined average monthly balance of $50,000 or more.
Citi Basic Banking Package – $200
I list this one last because it's the smallest bonus but has the lowest requirements of the bunch. You can get $200 from Citibank if you open a new eligible checking and savings account and:
- Within 30 days of account opening, deposit $5,000 in New-to-Citibank funds into your new checking and savings accounts
- Maintain a minimum balance of $5,000 between your checking and savings accounts for 60 consecutive dates.
The Basic Banking Account has a $12 monthly service fee that is waived if you make one qualifying direct deposit per statement period and one qualifying bill payment per statement period OR maintain a $1,5000 combined average monthly balance.
How Do These Bonuses Compare?
If you're talking strictly bonuses, it's comparable to current Chase offers. Chase Bank will give you a bonus of $350 if you open a Total Checking and Savings account. The new cash requirements are a little trickier to compare but for Chase, you need to bring $10,000 to the savings for 90 days. No such requirement for checking. With checking, you need to set up a direct deposit.
The requirements to waive the monthly fee on those accounts are comparable – set up a direct deposit of $500 or more or keep a minimum daily balance of $1,500 in checking or keep an average daily balance of $5,000 in all your accounts. You also cannot close the account within 6 months of opening or you forfeit the bonus.
Chase – $350
Chase offers a $350 bonus if you open a Total Checking and Savings account. The terms are that you open up both and deposit at least $10,000 into your Chase Savings account within 20 days and maintain a $10,000 balance for 90 days. There are fees but they are waived if you set up automatic transfers or meet certain minimum requirements. The linked page above has all the details.
Wells Fargo – $400
Wells Fargo offers a $400 checking bonus that only requires you to open an account, deposit $25 to fund the account, and then, within 150 days, set up and receive direct deposits with a cumulative monthly total of $3,000. The $10 monthly service fee is easily avoided if you just satisfy one of four conditions (one condition is a $1,500 minimum balance).
We list these and other bank bonuses on this page – if you're shopping around.