[Expired] Citi $300/$500 Personal Checking Bonus – Direct Deposit Not Required

This bonus has expired, click here for other Citi bank bonuses or here for the best current checking bonuses.

Update 01/10/18: There is now a link for the $500 bonus. Unlike previous $500 bonuses you can open a Citibank Account Package rather than having to do the Priority Account Package. This makes that deal slightly more attractive but still not worth doing. Hat tip to reader Sam.

Offer at a glance

• Maximum bonus amount: $300/$500
• Availability: Nationwide
• Direct deposit required: None
• Additional requirements: Deposit $15,000/$50,000
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: None
• Monthly fees: $25-$30, avoidable
• Early account termination fee: None
• Household limit: None listed
• Expiration date: March 31st, 2018

$300 Offer

Direct link to offer

• Receive a sign up bonus of $300 when you complete the following requirements:
  • Open a new eligible consumer checking account in The Citibank Account Package
  • Within thirty days, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or new or existing Citi Savings Account or existing Citibank Savings Plus Account, and maintain a minimum balance of $15,000 for sixty consecutive calendar days following the date when you made the qualifying deposit.

The Fine Print

• For The Citibank Account cash bonus offer, “Eligible Customers” are “New-to-Citibank” customers who (1) enroll in the Citibank Account Package $300 Offer, (2) open an “Eligible Checking Account” as first signer. are also (3) at least eighteen (18) years of age, (4) have a valid W-9 or W-8 BEN on file with Citibank, and (5) have not been a signer or owner of a Citibank checking account within the last 180 calendar days.
• The bonus will be reported to the IRS as interest, in the year received, as required by applicable law. Bonus payments received by U.S. persons will be reported on IRS Form 1099-INT for the year received. Bonus payments received by non-U.S. persons will be reported on IRS Form 1042-S for the year received. Customer is responsible for any applicable taxes and consulting a tax advisor. To be eligible for the bonus, a U.S. person must have a valid Form W-9 on file, and a non-U.S. person must have a valid Form W-8BEN on file, and the account must not be subject to backup withholding.

$500 Offer

Direct link to offer

• Receive a sign up bonus of $300 when you complete the following requirements:
  • Open a new eligible consumer checking account in The Citibank Account Package or Citi Priority Account Package
  • Within thirty days, make a qualifying deposit of $50,000 or more in new-to-Citibank funds into the new checking account or new or existing Citi Savings Account or existing Citibank Savings Plus Account, and maintain a minimum balance of $50,000 for sixty consecutive calendar days following the date when you made the qualifying deposit.

The Fine Print

• For The Citi Priority and Citibank Account Package cash bonus offers, “Eligible Customers” are “New-to-Citibank” customers who (1) enroll in The Citi Priority and Citibank Account Package $500 Offer, (2) open an “Eligible Checking Account” as first signer, are also (3) at least eighteen (18) years of age, (4) have a valid W-9 or W-8 BEN on file with Citibank, and (5) have not been a signer or owner of a Citibank checking account within the last 180 calendar days.
• “Eligible Checking Account” means a new checking account in the Citi Priority or Citibank Account Package. Fiduciary, estate, business and or trust accounts are not eligible for this Checking Offer even if they otherwise meet the definition of Eligible Checking or Eligible Savings Account. However trust accounts that are a Living Trust and Custodial accounts are eligible. All accounts subject to approval. The Eligible Checking Account and, if applicable, Eligible Savings Account, must be in good standing for the Eligible Customer to receive this cash bonus offer.
• If you are an Eligible Customer and enroll and fulfill required activities (see required activities below), you can earn a $500 cash bonus. If you fulfill the required activities for this offer and meet all other conditions then the cash bonus will be credited to your new checking account within ninety (90) calendar days from the date you complete all offer requirements.

Avoiding Fees

Citi Account Package $25 Monthly Fee

• The Citibank Account Package needs $10,000 in combined average monthly balances to remain fee free. Otherwise, there is a $25 monthly fee.

Early Termination Fee

In the past, Citi has not charged any ETF, and none is mentioned for this offer.

Our Verdict

They have offered similar/the same bonus in the past. Last time it was offered there was a $500 bonus but that required depositing $50,000. This bonus also does not require a direct deposit whereas the other one did. You need to remember you’ll need to deposit the $15,000 for the $300 bonus and $50,000 for the $500 and have it in the account for at least sixty days. Realistically you’ll need the account open longer than that as it needs to actually post and you’ll have to pay the $25 monthly fee if the $10,000 balance requirement isn’t met. In any case let’s see how much interest you’d miss out on if you had $15,000 in this account for 60 days compared to other high interest savings accounts:

• 0.1%: ~$2.5
• 1%: ~$25
• 3%: ~$74
• 5%: ~$123

Probably still worth doing for most people as even at 5% the $300 bonus is a lot more than the interest lost. Just be prepared to chase Citi down for the bonus as they often don’t post quickly. If we look at the same but for $50,000 we get:

• 0.1%: ~$8.2
• 1%: ~$82
• 3%: $246
• 5%: $410

A lot less attractive and not worth doing. I’d just stick to the $300 bonus. I’ll add it to our best checking bonuses page.

Hat tip to reader Eric

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