Citizen's bank is offering up to 600 dollars after opening a checking and savings account- Only in CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT

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08-02-2020 at 05:51 PM #2

Direct deposit from a job or can I just deposit myself electronically?

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08-02-2020 at 05:51 PM #3

I hate when they have these deals that require a direct deposits, then they describe what validates as a direct deposit, and its basically just an employer directly depositing a check into your bank account. It's like spitting at people who are self employed. Any work around for that?

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08-02-2020 at 06:00 PM #4

Totally agree with you. I hate direct deposits with a passion.
I don't know how to get around having to do a direct deposit with this deal. I have read that a chase bank transfer might count as a direct deposit but I'm not positive.

If you tell me your location I could look up other options that don't require a direct deposit.

There was an awesome Santander Deal yesterday where you could get 300 dollars with a 2000 deposit in a checking account. 500 of which could be funded with a credit card. I used my citi double cash for the 2 percent savings.
I was actually about to post that deal but sadly it expired. I will surely post it if it comes back alive.

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Last edited by DocSas August 2, 2020 at 06:03 PM.

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08-02-2020 at 06:27 PM #5

Not for California

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08-02-2020 at 09:10 PM #6

How long do we need to keep accounts open?

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08-02-2020 at 09:16 PM #7

Quote from ionizer :

Direct deposit from a job or can I just deposit myself electronically?

Anyone?

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08-02-2020 at 09:35 PM #8

Quote from Peerless_Warrior :

Anyone?

It most probably has to be from a job.
Most banks don't allow you to deposit yourself and have it count.
There are data points on reddit and doc of credit that say that a self deposit from certain banks like chase or ally count as a direct deposit. This is obviously YMMV.

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08-02-2020 at 09:38 PM #9

Don't deal with Citizens bank.

1. They are the worst when it comes to honoring these deals. You would need to spend countless hours on the phone to have them honor the deal. Plus read all the small print so your $600 don't turn into $200 or nothing.

2. Citizens presence in NY and NJ is next to none. So good luck finding an ATM if you need cash. And their ATM fees are very steep.

3. Citizens bank is the worst in regards to countless fees and fines. They will nickle and dime you to death. I can't wait until Chase Bank grows their precense in MA to jump off Citizens.

4. Keep in mind, these bonuses are reported as Capital gains on your taxes. So be prepared to pay like 30% tax on this bonus.

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Last edited by sleepybubba August 2, 2020 at 09:44 PM.

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08-02-2020 at 09:39 PM #10

Quote from ychen07 :

How long do we need to keep accounts open?

3 months

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08-02-2020 at 09:45 PM #11

Quote from sleepybubba :

Don't deal with Citizens bank. They are the worst when it comes to honoring these deals. You would need to spend countless hours on the phone to have them honor the deal. Plus read all the small print so your $600 don't turn into $200 or nothing.

Also keep in mind, these bonuses are reported as Capital gains on your taxes.

And finally, Citizens bank is the worst in regards to countless fees and fines. They will nickle and dime you to death. I can't wait until Chase Bank grows their precense in MA to jump off Citizens.

Not sure if you're looking for a bank but in MA I know bankESB is giving 150 dollars if you do open up an account and do 5 debit card transactions and 5 bill pays.
If you were to maintain money for 1 year in the bank they give you another 50.

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08-02-2020 at 11:38 PM #12

Quote from DocSas :

3 months

I thought 3 months are when they'll give you bonus. If we can close account in 3 months then it's not too bad. I read the fine prints. The catch is we need to park combined 25k in checking the whole time in order to avoid $25 monthly fee and their interest rate (both checking and saving) is zero (0.02%). Basically $25k for however months required plus direct deposit to get $600.

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08-02-2020 at 11:41 PM #13

Quote from ychen07 :

I thought 3 months are when they'll give you bonus. If we can close account in 3 months then it's not too bad. I read the fine prints. The catch is we need to park combined 25k in checking the whole time in order to avoid $25 monthly fee and their interest rate (both checking and saving) is zero (0.02%). Basically $25k for however months required plus direct deposit to get $600.

Yikes. Thanks for pointing this out.

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08-03-2020 at 03:57 AM #14

Quote from ychen07 :

I read the fine prints. The catch is we need to park combined 25k in checking the whole time in order to avoid $25 monthly fee

You should have kept reading

The "One Deposit Checking" and "One Deposit Savings" accounts have no minimum balance requirement. The only requirement to avoid the monthly fee is to make one deposit each statement period (which doesn't need to be a direct deposit, but you'll already be doing that for the checking bonus anyway.) Or, for the savings, maintain a balance of $200, which again, you'll be doing anyway for the bonus.

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Last edited by sdandy August 3, 2020 at 04:02 AM.

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08-03-2020 at 04:31 AM #15

Quote from sdandy :

You should have kept reading

The "One Deposit Checking" and "One Deposit Savings" accounts have no minimum balance requirement. The only requirement to avoid the monthly fee is to make one deposit each statement period (which doesn't need to be a direct deposit, but you'll already be doing that for the checking bonus anyway.) Or, for the savings, maintain a balance of $200, which again, you'll be doing anyway for the bonus.

Thanks for catching that. With one deposit accounts this is a great deal.

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