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Citi Checking Account $200 - $1500 Bonus ($5K - $200K Deposit Required)

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Citi Priority Account Package – $700 Offer
  • Open new eligible checking and savings accounts in the Citi Priority Account Package during the offer period ends 06/30/2020.
  • Within 30 days of opening your account, deposit $50,000 in New-to-Citibank funds between the new checking and savings accounts.
  • Maintain a minimum balance of $50,000 between the checking and savings accounts for 60 consecutive calendar days.
Citi Account Package – $400 Offer
  • Open new eligible checking and savings accounts in the Citibank Account Package during the offer ends 06/30/2020.
  • Within 30 days of opening your account, deposit $15,000 in New-to-Citibank funds between the new checking and savings accounts.
  • Maintain a minimum balance of $15,000 between the checking and savings accounts for 60 consecutive calendar days.
Citi Basic Account Package – $200 Offer
  • Open a new eligible checking account in the Basic Banking Package during the offer ends 06/30/2020.
  • Within 30 days of opening your account, deposit $5,000 in New-to-Citibank funds into the new checking account.
  • Maintain a minimum balance of $5,000 for 60 consecutive calendar days.

There's also an offer for $1,500 for a Citigold Account Package that requires a balance of $200,000 or more which ends 06/30/2020.

Cash Bonus
The Cash Bonus will be credited within 90 calendar days from the date you complete all Required Activities. At the time the Cash Bonus is paid, it will be credited to the new Eligible Checking Account. If the Eligible Checking Account is closed, then the Cash Bonus will be credited to the new Eligible Savings Account. Open accounts must be in good standing.

The information related to Citi Checking Account Packages has been collected by Slickdeals and has not been reviewed or provided by the issuer or provider of this product or service.
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Created 05-28-2020 at 10:00 AM by JAD92
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These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

174 Comments

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This comment has been rated as unhelpful by Slickdeals users
Joined Oct 2005
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#106
This is not worth it.
you need to keep the money in the bank for 5-6 months.
2 months + 3 months + transaction time = 6 months.

Let say if you have 50,000 in online saving, which yield $300 in 6 months.

Which mean you end up with profit of $400 and your $50,000 stuck in the bank for 6 months.
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Joined Mar 2011
L1: Learner
4 Posts
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#107
Quote from anks_2010
:
Noob question - Can anyone suggest me what's a good service if I want to get interests on long term deposits?
Bank of hope installment savings account
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Joined Nov 2006
L10: Grand Master
10,244 Posts
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#108
Quote from thecoolguy
:
Bank of hope installment savings account
Interesting concept. It almost sounds like an installment CD. If you don't meet the "goal amount" one month, does it mean you don't get the stated interest rate for only that month, or does it affect the entire term?
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Last edited by poohbie June 14, 2020 at 01:22 AM.
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Joined Aug 2006
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#109
Quote from EffinAhole
:
I was just curious. Off topic but I w as looking at first foundation. Do you like them? Used them? They have a pretty good rate.

I did notice quite some bad reviews they have but... I also noticed they have a 10K transfer limit per day and I guess 20k it says after you verify an external account which takes 30 days or something?.. So if you had significant money on the account, it would literally take weeks to transfer funds out lol. That is kind of absurd....

I have had discover, marcus, citibank, capital one savings accounts and never had any of them give me a transfer limit below at least $100k.
I have had zero issues with them - setup was quick and easy - but they have lowered their rate consistently like everyone. I have > $100k with them. I have a local branch I've never gone into and have used their app to good success. They have 2 factor auth as they should and everything works well.

Also got this email that confirms up to $20k/day/$100k/month. "Great news, the calls for higher transfer limits have been answered. Our new external transfer limits are $10,000/day up to $30,000/month – but can be increased to $20,000/day up to $100,000/month, after the following occurs:
You successfully connect an external account and execute your first transfer; and
Wait for up to 30 days for the change to take effect."
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Joined Jul 2005
L9000: Broke Member
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#110
Quote from runner0382
:
I have had zero issues with them - setup was quick and easy - but they have lowered their rate consistently like everyone. I have > $100k with them. I have a local branch I've never gone into and have used their app to good success. They have 2 factor auth as they should and everything works well.

Also got this email that confirms up to $20k/day/$100k/month. "Great news, the calls for higher transfer limits have been answered. Our new external transfer limits are $10,000/day up to $30,000/month – but can be increased to $20,000/day up to $100,000/month, after the following occurs:
You successfully connect an external account and execute your first transfer; and
Wait for up to 30 days for the change to take effect."
Gotcha. But that was my point. $20k a day is pretty insane low for a bank. Ive never heard of that. If I wanted to get my money out quick at over $100k that would literally take like weeks..... I would never do that. Ive never had any other back have limits that low.


Regarding this Citi deal for anyone that doesnt know. You will be required to keep your money in the account for 6 months. They dont really tell you that, so if youre calculating your interest earned, realize you will lose your bonus if you take money out before 6 months are up.
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Last edited by EffinAhole June 14, 2020 at 07:53 PM.
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Joined Apr 2010
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#111
Quote from dude6156
:
Where are you getting 1.6% — link please...
Nationwide Axos bank, but the rate is dropping like the other banks. It's down to around 1.3% now.
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Joined Apr 2010
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#112
Quote from xnap30
:
Does the accelerate account work with this bonus? I don't see it explicitly listed as an eligible savings account
It seems like it should, but I haven't applied yet.

If you look at the terms in the CitiGoldOffer link below, it states you must open a new savings in the same account package. (In this case, the CitiGold Account Package)
If you look at the page that describes the Accelerate savings, it shows it can be opened as part of the CitiGold package. (https://online.citi.com/US/ag/banking/citi-accelerate-savings​) [citi.com]

https://citi.com/citigoldoffer

Eligible Customers must:

First, open a new consumer regular or interest checking account between April 1, 2020 and June 30, 2020 in an eligible Account Package listed in the Chart below ("Eligible Checking Account"). Certain Cash Bonus offers also require opening a new Citi Savings Account (see Chart below) in the same account package as the new Eligible Checking Account ("Eligible Savings Account"). The Eligible Savings Account must be opened within 30 days of the checking account's Account Opening Date.


***EDIT: It turns out the Accelerate account does not qualify for the bonus. I forgot I looked into this bonus late last year and found my previous notes...
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Last edited by mdjd June 15, 2020 at 06:37 PM.

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Joined Aug 2014
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#113
Citi bank sucks, never ever want to deal with them again!!!
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#114
So I apparently forgot I looked into this Citi bonus thing back in December and I found my old notes in another thread. According to Customer Service, the Accelerate savings account does not qualify for the bonus. Therefore, your money will be tied up in a non-interest bearing account for at least 60 days. However, with the way interest rates are dropping, it still doesn't seem to be a bad return when you consider the following:

If you had money in a savings account earning 1.3% for 60 days, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24% (Your tax rate may vary), dropping $200K into the account to get the $1500 bonus would actually yield a bonus of around $809.
  • You'd earn around $331 in interest (Including deduction of 24% taxes) if the money remained in the savings for two months. You're essentially losing this interest by having the money in the Citi account, so it's a "cost" that should be deducted from the bonus.
  • $1140 ($1500 bonus taxed at 24%) - $331 (What you would have earned after taxes if left in an interest bearing account) = $809
  • As interest rates drop, the effective bonus goes up.
I just went through the process of opening the CitiGold account and it automatically opens the standard Citi Savings account during the process. According to Customer Service, you must maintain the $200K for 60 days in the standard accounts and then you can transfer the money to an Accelerate account and leave it there until the bonus is paid. With this option, your money is tied up making no interest for 60 days...then it will make whatever the going rate is for the Accelerate account until the bonus is paid.

First Foundation Bank savings is currently at 1.45%, but who knows how long that will remain active. At that rate, the effective bonus is about $770.
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Last edited by mdjd June 15, 2020 at 10:30 PM.
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#115
Well, my 60 day countdown begins today. I'll provide another update in a couple months...
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Joined Apr 2012
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#116
Quote from toiletpaper
:
This is not worth it.
you need to keep the money in the bank for 5-6 months.
2 months + 3 months + transaction time = 6 months.

Let say if you have 50,000 in online saving, which yield $300 in 6 months.

Which mean you end up with profit of $400 and your $50,000 stuck in the bank for 6 months.
The only one worth doing is the $400 bonus. The rest isn't worth it.
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Joined Oct 2008
L2: Beginner
76 Posts
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#117
Quote from zbs
:
If you open up a money market account do they pay any interest?
No - if I understand your question correctly. You have to keep minimum amount in a checking or savings account.
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Joined Nov 2006
L10: Grand Master
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#118
Quote from mdjd
:
Well, my 60 day countdown begins today. I'll provide another update in a couple months...
When the countdown actually starts is confusing, as they mention both when the $15K is deposited and also say they determine the bonus based on the 30th calendar day after account opening.
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#119
Quote from Momus
:
The only one worth doing is the $400 bonus. The rest isn't worth it.
It depends how you look at it. The $400 bonus is actually around $280 (Estimate based on 24% tax bracket)

If you have $200K just sitting in a savings account anyway, then earning a post-tax bonus of about $800 isn't bad.
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#120
Quote from poohbie
:
When the countdown actually starts is confusing, as they mention both when the $15K is deposited and also say they determine the bonus based on the 30th calendar day after account opening.
This is what I'm going by, per the Ts & Cs:

Fourth, the Minimum Deposit (see Chart below) must be maintained for 60 consecutive calendar days from the date the Minimum Deposit is met ("Minimum Balance").

I'll probably call customer service a few days after the 60 day mark and have them confirm my bonus period is complete and that I can transfer the money into an Accelerate account. Better yet, I'll probably email or chat so I have a written record of the conversation.
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