[NY, CT, MD, VA, DC, CA, NV, NJ, FL or IL] Citibank Up To $3,500 Savings Bonus

Offer at a glance

• Maximum bonus amount: $3,500
• Availability: Must have a resident address NY, CT, MD, VA, DC, CA, NV, NJ, or select markets in FL or IL or (2) open and enroll an Eligible Savings Account in a Citibank branch in NY, CT, MD, VA, DC, CA, NV, NJ, FL or IL.
• Deposit required: $25,000-$1,000,000
• Deposit Length: 60 days
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $25, avoidable
• Early account termination fee: None
• Household limit: None
• Expiration date: September 30th, 2020

The Offer

Direct link to offer

• Citibank is offering a bonus of up to $3,500 when you open a new savings account. The bonus you receive depends on how much you deposit. This deposit must be made within 30 days of account opening and maintained for a minimum of 60 days:
  • $25,000-$49,000: $100 bonus
  • $50,000-$99,999: $200 bonus
  • $100,000-$249,000: $400 bonus
  • $250,000 – $499,999: $1,000 bonus
  • $500,000 – $999,999: $1,750
  • $1,000,000+: $3,500

The Fine Print

• Eligible customers can earn a $100, $200, $400, $1,000, $1,750 or $3,500 “Cash Bonus” during the Offer Period by completing the following Required Activities. By Participating in this “Citi Savings Cash Bonus Offer,” you agree to be bound by the following Terms and Conditions.
• “Eligible Customers” are new or existing Citibank customers who either (1) have a residential/home (not mailing) address associated with their account in NY, CT, MD, VA, DC, CA, NV, NJ, or select markets in FL or IL or (2) open and enroll an Eligible Savings Account in a Citibank branch in NY, CT, MD, VA, DC, CA, NV, NJ, FL or IL.

To qualify to earn a $100 to $3,500 Cash Bonus, Eligible Customers must:

• First, open a new Eligible Citi Savings Account between June 11, 2020 and September 30, 2020 (“Offer Period”) in the Citibank Account Package, the Citi Priority Account Package, The Citigold Account Package or Citigold^® Private Client (“Eligible Savings Account”).
  • Note: Eligible Savings Accounts may only be used to fulfill the Citi Savings Cash Bonus Offer once per Offer Period.
• Second, if your Eligible Savings Account is in the Citi Priority Account Package, The Citigold Account Package or Citigold Private Client, you must have or open a checking account in the same package (“Eligible Checking Account”). If an Eligible Customer is an existing customer but does not have an Eligible Checking Account, you can open the Eligible Checking Account at the time of enrollment.
• Third, enroll in this offer at the same time you open the Eligible Savings Account. You can enroll online by clicking “enroll” and following the instructions for online account opening or by contacting a Citibank representative by phone or in a branch and asking them to enroll you in the Cash Bonus Offer.If Eligible Customers open their Eligible Citi Savings Account by any other means than those described, they will not be enrolled in this Offer and will not be eligible for the Cash Bonus.
  • Note: Citigold Private Client customers currently may not enroll in the Cash Bonus Offer online
• Fourth, any owner of the Eligible Citi Savings Account must make a minimum deposit of $25,000 or more in New-to-Citibank Funds which are “Available Now” in your Eligible Savings Account balance within 30 days of opening the Eligible Citi Savings Account (“Minimum Deposit”, see Chart). Multiple deposits allowed. New-to-Citibank Funds can be deposited into the Eligible Checking Account, but must be transferred to the Eligible Citi Savings Account within 30 days of opening the Eligible Citi Savings Account. The Minimum Deposit will determine the maximum amount of Cash Bonus you are eligible to earn (see Chart).
  • Note: “New-to-Citibank Funds” are 1) funds deposited from external accounts or payees other than Citibank N.A. 2) using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank N.A. or wire transfer. Cash deposits, Citi Global Transfers, international ACH transfers, and person-to-person transfer services such as Apple Pay, PayPal^®, Venmo, and Zelle^®, do not qualify as New-to-Citibank Funds.
• Fifth, the Eligible Savings Account must maintain a minimum balance (see Chart) in the Eligible Savings Account for 60 consecutive calendar days from the date the Minimum Deposit is met (“Minimum Balance”). You are eligible to earn the Cash Bonus applicable to your lowest daily balance during 60 calendar days, so long as you were already eligible for that Cash Bonus as determined by your Minimum Deposit.

Avoiding Fees

Monthly Fees

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

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Unfortunately the Citi Accelerate Savings account does not qualify for this deal. The interest rates Citi offers are exceptionally low (think the best you can get is 0.15% APY but that requires a deposit of $500,000+). This is worse than previous Citi savings bonuses. At minimum you’ll need the funds in the account for ~60 days, probably safer to say you’ll need them in there for 90 days. For most of the bonuses this works out to be an extra 1.62% APY. Not really worth consider given there are basic savings rates that offer a better rate and savings bonuses that are even better.

Hat tip to reader Christine V

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?
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