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Citi Checking Account $200 - $1500 Bonus For California Residents ($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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Joined Oct 2011
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#46
Quote from isitlive
:
Citi refused to give me $500 bonus for opened a checking acct because one bonus per life even on different product.
I guess won't bother to try to see if in eligible. Thanks for the save!
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#47
I would never understand these banks mentality. Why can't they just try to maintain a higher interest rate instead of these gimmicky bonus to keep their customers. I get these once a year but will never stay as customer.
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#48
So if I math is correct:

Dropping $200K into the account to get the $1500 bonus would actually yield a bonus of around $527, right? (Considering you had that money in a savings account earning 1.6%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $613 in interest (Including deduction of 24% taxes) if the money remained in the savings for three 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%) - $613 (What you would have earned after taxes if left in an interest bearing account) = $527

Dropping $50K into the account to get the $700 bonus would actually yield a bonus around $379, right? (Considering you had that money in a savings account earning 1.6%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $153 in interest (Including deduction of 24% taxes) if the money remained in the savings for three 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.
  • $532 ($700 bonus taxed at 24%) - $153 (What you would have earned after taxes if left in an interest bearing account) = $379

*Edited the calculations to reflect a more accurate tax rate (24% in my case). This actually lowers the effective bonus.
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Last edited by mdjd May 31, 2020 at 03:44 PM.
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#49
Quote from poohbie
:
Are you talking about downgrading after you've gone the 60 days to qualify for the promo but before bonus is paid out so you don't have to have the $10K minimum in there while waiting on the 90 days for them to pay out the bonus?

I imagine most would cancel the account after getting the bonus to start the timer on qualifying for the next bonus offer.
What I did was I opened the citi accelerate saving and moved my entire balance into the saving and earned interest while waiting for the bonus. I downgraded to basic once I got the bonus.
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#50
Quote from berombeu
:
What I did was I opened the citi accelerate saving and moved my entire balance into the saving and earned interest while waiting for the bonus. I downgraded to basic once I got the bonus.
Smart! I can't seem to find the Citi page for Accelerate Savings that says the current rate.

EDIT: It's because Accelerate Savings is not available in California.
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Last edited by poohbie May 31, 2020 at 01:32 PM.
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#51
Quote from mdjd
:
So if I math is correct:

Dropping $200K into the account to get the $1500 bonus would actually yield a bonus around $625, right? (Considering you had that money in a savings account earning 1.6%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 10%)
  • You'd earn around $725 in interest (Including deduction of 10% taxes) if the money remained in the savings for three 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.
  • $1350 ($1500 bonus taxed at 10%) - $725 (What you would have earned after taxes if left in an interest bearing account) = $625

Dropping $50K into the account to get the $700 bonus would actually yield a bonus around $450, right? (Considering you had that money in a savings account earning 1.6%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 10%)
  • You'd earn around $180 in interest (Including deduction of 10% taxes) if the money remained in the savings for three 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.
  • $630 ($700 bonus taxed at 10%) - $180 (What you would have earned after taxes if left in an interest bearing account) = $450

I believe these numbers could change depending on how the bank bonus is taxed. Is it taxed as interest income or is it considered standard income and taxed at the higher tax rate? (I calculated the numbers above based on it counting as interest income and falling in the 10% bracket.)

Edit: The terms state the bonus will result in a 1099-INT and will therefore be considered interest income. I believe this means it should be taxed per the interest income bracket, which is different than the standard income bracket. In my case...10%.
Great Calculation. But how come your tax rate is so low? I get somewhere in 28%
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#52
Quote from desitoyota
:
Great Calculation. But how come your tax rate is so low? I get somewhere in 28%
I read an article and must have somehow misinterpreted it. For some reason I was thinking interest income was taxed differently than standard wage income, but it doesn't appear that's the case. Therefore, my example using 10% should actually be somewhere around 24% for my scenario, but the concept should still be the same. However, the higher tax rate further reduces the effective bonus.

I'll update my post with the calculations to reflect 24%.
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#53
Quote from berombeu
:
What I did was I opened the citi accelerate saving and moved my entire balance into the saving and earned interest while waiting for the bonus. I downgraded to basic once I got the bonus.
Great plan!

Based on my previous calculations, that raises the effective bonuses as follows, considering the Savings cost for me is 0.2% since these funds would be going from earning 1.6% to Citi's 1.4%.

Dropping $200K into the account to get the $1500 bonus would actually yield a bonus around $1064, right? (Considering you had that money in a savings account earning 1.6%, stashed the funds in the Citi savings earning 1.4%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $76 more in interest (Including deduction of 24% taxes) if the money remained in the 1.6% savings account for three months. You're essentially losing this interest by having the money in the Citi 1.4% account, so it's a "cost" that should be deducted from the bonus.
  • $1140 ($1500 bonus taxed at 24%) - $76 (Additional interest that would have been earned if the money was in the 1.6% account) = $1064

Dropping $50K into the account to get the $700 bonus would actually yield a bonus around $513, right? (Considering you had that money in a savings account earning 1.6%, stashed the funds in the Citi savings earning 1.4%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $19 more in interest (Including deduction of 24% taxes) if the money remained in the 1.6% savings account for three months. You're essentially losing this interest by having the money in the Citi 1.4% account, so it's a "cost" that should be deducted from the bonus.
  • $532 ($700 bonus taxed at 24%) - $19 (Additional interest that would have been earned if the money was in the 1.6% account) = $513

All these numbers may vary over the 3 month period since rates can fluctuate. Citi's 1.4% could drop and my Nationwide Axos rate of 1.6% could also drop.




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#54
How nicely "TERMS AND CONDITIONS" are in black background. WOW. I am not biting.
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#55
Quote from gamingdroid
:
To add to this, the Citi Account Package has a $25 monthly service fee or $10k in account.

Anyone know if it is easy to go from Citi Account Package to Citi Basic Account Package?

Doable online or must go into a branch or if at all?
You need to go the Ciri Branch, You can apply online, but after a lot of forms they told you that visit the branch
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#56
Quote from isitlive
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Citi refused to give me $500 bonus for opened a checking acct because one bonus per life even on different product.
Same thing. Its a scam!
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#57
Quote from mdjd
:
Great plan!

Based on my previous calculations, that raises the effective bonuses as follows, considering the Savings cost for me is 0.2% since these funds would be going from earning 1.6% to Citi's 1.4%.

Dropping $200K into the account to get the $1500 bonus would actually yield a bonus around $1064, right? (Considering you had that money in a savings account earning 1.6%, stashed the funds in the Citi savings earning 1.4%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $76 more in interest (Including deduction of 24% taxes) if the money remained in the 1.6% savings account for three months. You're essentially losing this interest by having the money in the Citi 1.4% account, so it's a "cost" that should be deducted from the bonus.
  • $1140 ($1500 bonus taxed at 24%) - $76 (Additional interest that would have been earned if the money was in the 1.6% account) = $1064

Dropping $50K into the account to get the $700 bonus would actually yield a bonus around $513, right? (Considering you had that money in a savings account earning 1.6%, stashed the funds in the Citi savings earning 1.4%, and considering the savings interest and the bank bonus would both be taxed by Uncle Sam at a rate of 24%)
  • You'd earn around $19 more in interest (Including deduction of 24% taxes) if the money remained in the 1.6% savings account for three months. You're essentially losing this interest by having the money in the Citi 1.4% account, so it's a "cost" that should be deducted from the bonus.
  • $532 ($700 bonus taxed at 24%) - $19 (Additional interest that would have been earned if the money was in the 1.6% account) = $513

All these numbers may vary over the 3 month period since rates can fluctuate. Citi's 1.4% could drop and my Nationwide Axos rate of 1.6% could also drop.
How do you get 1.4% interest at Citi?

I see a paltry 0.04% interest.
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#58
Quote from gamingdroid
:
How do you get 1.4% interest at Citi?

I see a paltry 0.04% interest.
It's the Citi Accelerate high yield savings account.

https://online.citi.com/US/ag/ban...te-savings
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#59
Quote from mdjd
:
It's the Citi Accelerate high yield savings account.

https://online.citi.com/US/ag/ban...te-savings [citi.com]
I'm not seeing it at all after clicking your link. Maybe it is only offered in your zip? Do you mind sharing your zip?

Google searches doesn't seem to show up anything either.
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#60
Thanks but used 98% of my cash (Marcus) to buy stocks (SP) during march... Best thing ever but very scary.. Still holding and living paycheck to paycheck
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