Citi Bonus, Earn up to $600 with New Checking Account

Citi Checking Bonus up to $600

Citi is offering two new bonuses for checking accounts that are available nationwide. You can earn either $400 or $600 with these new offers, but the smaller bonus might the best option. Let’s take a look.

The Offers

$400 Offer

• Open a new checking and savings account in the Citibank Account Package between 4/1/18-6/30/18.
• Within 30 days of opening your account deposit $15,000 new-to-Citibank funds into the checking or savings account. A minimum of $1,500 must be in the checking account and a minimum of $100 must be in the savings account.
• Maintain a minimum balance of $15,000 in your eligible linked checking and savings account for 60 days.

$600 Offer

• Open a new checking and savings account in the Citi Priority Account Package between 4/1/18-6/30/18.
• Within 30 days of opening your account deposit $50,000 new-to-Citibank funds into the checking or savings account. A minimum of $5,000 must be in the checking account and a minimum of $100 must be in the savings account.
• Maintain a minimum balance of $50,000 in your eligible linked checking and savings account for 60 days.

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Offer Terms

• Must have not been an owner of a Citibank checking or savings account within the last 180 calendar days
• Open account between April 1, 2018 and June 30, 2018

Fees

Both accounts come with monthly fees and both can be waived but require large amounts.

• The Citi Priority Account Package – $25 monthly service fee waived when you maintain a balance of $10,000 or more in your eligible deposits, retirement accounts, and investments.
• The Citi Priority Account Package – $30 monthly service fee waived when you maintain a balance of $50,000 or more in your eligible deposits, retirement accounts, and investments.

Analysis

Both offers are similar, expect for the deposit requirement. The first offer give you $400 and requires a deposit of $15,000 within the first 30 days. You need to keep the money in the account for at least 60 days. You then need to keep $10,000 in your account to waive a $25 monthly fee.

The second offer gives you more, a $600 bonus, but requires a larger deposit of $50,000 within the first 30 days. Again you need to keep the money in the account for at least 60 days. You then need to have that same balance of $50,000 in your account to waive a $30 monthly fee.

I think the first offer of $400 would be the best choice. You get $200 less, but you need a deposit of $15K instead of $50K to get the bonus and also $10K instead of $50K to waive the annual fee.

Citi is often difficult with giving out bonuses, so you might have your money tied up longer than expected. You might need to keep the account open for 3-4 months so you would be losing out on interest elsewhere on that $50K balance.

Conclusion

If you have the money for the deposit, this is a great bonus. It’s better than the previous $300/$500 bonus and it doesn’t require a direct deposit. It’s also available online and nationwide. The $400 bonus is probably the best choice.

HT: Doctor of Credit

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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