Update 7/11/24: There is another variation for $325 but requires $3,000 in direct deposits.
Update 7/9/24: Extended until 10/8/24
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide
- Direct deposit required: Yes, $1,500+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: $12, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date: 7/8/24
Contents
The Offer
- Citi is offering a $300 checking bonus when you open a new checking account and complete the following requirements:
- Open a new eligible Citi® Checking account with Enhanced Direct Deposits, and enroll in this offer by applying directly from this page. Offer valid from 1/10/24 to 7/8/24.
- Deposit at least two (2) Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening. Your total combined Enhanced Direct Deposits must equal $1,500 or more.
- Your cash bonus will be deposited into your open, eligible Checking Account within 30 days after you successfully complete all required activities.
The Fine Print
- An EDD is an electronic deposit through the Automated Clearing House (“ACH”) Network of payroll, pension, social security, government benefits and other payments to your checking or savings account. An Enhanced Direct Deposit also includes all deposits via Zelle® and other P2P payments when made via ACH using providers such as Venmo or PayPal. Teller deposits, cash deposits, check deposits, wire transfers, transfers between Citibank accounts, ATM transfers and deposits, mobile check deposits, and P2P payments using a debit card do not qualify as an Enhanced Direct Deposit. (Note: see this comment about Zelle.)
- So long as you have not owned a Citi checking account in the last 365 days, meet Tax Requirements, and are at least 18 years old, you can apply to participate in the Enhanced Direct Deposit Checking Acquisition Offer (“Enhanced Direct Deposit Offer”) (click the Offer, Product & Pricing Information link at the top of the fine print to see this)
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Regular & Access Checking fee waived:
- in the month of account opening and for 3 months after account opening or
- each month the account has $250+ in Enhanced Direct Deposits
Early Account Termination Fee
In the past, Citi has not charged any ETF, and none is mentioned for this offer.
Our Verdict
This is better than the $200 checking bonus we previously saw. There is also a checking bonus for up to $2,500 but that requires huge deposits. This smaller bonus will be a better option for most people as those huge deposits aren’t required. I do think now that this is $300 it’s worth doing and we will add it to our best bank bonus page. You can see the definition of an enhanced direct deposit here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
8/2 – Opened under the $325 for $3k EDD
8/12 & 8/13 – Two paypal transfers
8/22 – Bonus hit, also got an email from them
July 31 first ach
Aug 15 second one
Aug 22 $325 bonus
Opened account Account August 1st, went for $325 Bonus that is now expired
DP’s
-Aug 1st Account Open and Initial $25 Funded from another bank
-August 9th 1st $1500 DD from Schwab Brokerage – Posted as ACH ELECTRONIC CREDIT SCHWAB BROKERAGE MONEYLINK
-August 14th 2nd $1500 DD from Schwab Brokerage
-August 19th Pulled all funds but left $100 in account
-August 22 $325 Bonus Posted
Pulled the 325 again and keeping $100 in account for next few months before closing. My last month of no fees is November, So I will probably zero out in November and then close in November to not get any fees or have to do $250 DD requirements to waive bonus
Thanks Doc!
Citi customer service is incredible. Very nice people but a different answer every time you call and amazingly difficult to make any progress.
I’ve had to call many, many times to try to get this promotion but still haven’t figured out how to get past the phone tree without giving up and telling it to close my account. It reads a long list of options, all of which would be better done online, and doesn’t accept any other answer, repeating the same long list and seemingly getting more annoyed each time I fail to say one of them (as am I). Heavens help you if you don’t have your full debit card number available.
As you may see in my other posts they eventually determined my issue was not receiving a W9. I sent that in a month ago, calling to follow up two weeks later and ensured it would process soon and no further action would be required by me. Now today I call and they say my W9 was determined to be invalid with no details available as to why but they’ll send a new form to me and I can try again and hope I don’t repeat whatever mistake I allegedly made. I’m sure next time we’ll get it right.
They did give me an account credit for the delay. While appreciated, I am further confused on how they can give me a credit without the proper W9 but not a bonus, or why they can’t then just give me a credit in lieu of the bonus, but that is above my paygrade.
Thank you. Are they supposed to automatically send a W9? I have never received a request for one from any banks I’ve received bonuses from.
It’s built into the bank account application almost all of the time… as bank applications ask for your SSN, and IRS backup withholding status.
LaReina
However, Citi has a reputation for occasionally/rarely claiming that the W-9 needs to be completed separately, and is not on file. It’s rare, but does happen. Citi will withhold the entire bonus until they get the form.
That’s what I thought. Thank you for clarifying. Ironically, I received my bonus this morning! Probably the quickest one ever paid out next to Chase’s $100 bonus. Yay!
$325 offer was set to expire 8/20; link now leads to error page.
Is this a normal timeline?
P1 completed the $1500 on July 16 and got the bonus July 26 but P2 is still waiting even though the $1500 completed on July 22. I tried chatting to see if the promo was attached and when I would get the bonus. They said:
I am really sorry as a chat agent I have certain limitation I can only see the promotion code from my end that is 4Q BG BU MG TM
So in that case I would request you to please call dedicated one stop sales team to check details for you.
Here is the direct phone number contact our one stop sales unit at 1-800-321-2484. (for TTY: use 711 or other Relay Service).
Please note, this department is available Monday – Sunday 8:00 a.m. – 10:00 p.m. CT
Can you withdraw the funds in branch after doing the DD’s or do they have to sit until the bonus is paid?
The bonus is based on incoming transfers; there is no requirement for holding funds.
Yes, you can withdraw in-branch (or online). However, always keep enough in the account to cover the monthly fee.
Is there a way to verify the offer was actually applied to the account? I have two family members doing it now for the $300 offer with 2 “enhanced” (Zelle?) deposits totaling $1500, but I see apparently Citi has multiple different offers including a $325 too? Just curious if there’s a way to verify it’s applied on their accounts. They did apply through the promo page.
No. You can call. Some people get an email weeks after opening thanking them for enrolling in the EDD offer… some do not.
My timeline: https://www.doctorofcredit.com/citi-300-checking-bonus/#comment-1879066
Any idea what the promo code for this bonus is? Contacted citi and they said they don’t see any bonus attached to my account and that they would need a promo code to check why.
The promo ID would have been part of the URL when opening online. It’s listed not on the webpage – it’s embedded.
Opened new account just now using $325 link and I don’t see Chex enquiry. I’m an existing Citi Credit Card customer and I made sure to login while applying for the Checking Account. Assuming because of my existing relationship with citi, they might not have bothered to check my Chex report. I’m glad I was able to skip as I already have 6 hits in last one month.