Update 7/11/24: Deal is back until 1/7/2025. Funds only need to be maintained for 45 days. Hat tip to Erik
Update 6/24/24: Valid until July 8
Update 11/22/23:Still have to open in branch, just lets you input information online Deal is now available online. Hat tip to Adam D
Update 10/5/23: Extended until January 9, 2024.
Update 7/13/23: Deal is back and valid until October 4, 2023.
Update 1/5/23: Extended until 7/12/2023. Can try this direct link.
Offer at a glance
- Maximum bonus amount: $2,000
- Availability: Must open in branch [Branch locator]
- Direct deposit required: No
- Additional requirements: Deposit up to $200,000
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $15, avoidable
- Early account termination fee: None
- Household limit: None listed
- Expiration date:
December 31st, 2019June 30, 2021
Contents
The Offer
No direct link, being offered in branch
- Citibank Business is offering a bonus of up to $2,000 when you open a new business checking account. The bonus you receive depends on how much you deposit, balance must be maintained for 60 calendar days after deposit.
- Receive a $200 bonus with a $5,000 deposit
- Receive a $500 bonus with a $15,000 deposit
- Receive a $700 bonus with a $25,000 deposit
- Receive a $1,000 bonus with a $50,000 deposit
- Receive a $1,500 bonus with a $100,000 deposit
- Receive a $2,000 bonus with a $200,000 deposit
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The easiest account to keep fee free is the CitiBusiness®Streamlined Checking Account, this has a monthly fee of $15 and is waived have an average monthly balance of $5,000 or more.
Early Account Termination Fee
There is no early account termination fee to worry about.
Our Verdict
Reader Jay was able to get this offer just by going into a branch and asking if they had any current promotions for opening a new account. Entirely possible it won’t be available in all/most branches, but feel free to share your data points in the comments below. Similar to a previous targeted bonus, with higher tiers available as well. The return gets worse as the bonus increases as unfortunately.
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
Post history:
- Update 7/6/22: Extended until January 4, 2023.
- Update 1/21/22: There is now a direct link for the offer.
- Update 1/5/22: Extended through 7/5.
- Update 10/4/21: Extended through 1/3/22.
- Update 7/2/21: Extended until 9/30/21.
- Update 4/30/21: There is now a direct link for this offer.
- Update 4/8/21: Deal has been extended until June 30, 2021. Hat tip to reader EW
- Update 1/28/21: Deal is back and valid until 3/31/21. Hat tip to reader EW
- Update 9/23/20: Deal is back and valid until 1/5/2021. Hat tip to reader KJ Z
- Update 1/10/2020: Deal has been extended to March 31st, 2020 as per reader B
Keep in mind that your enrollment date for this CitiBusiness checking offer might be later than the opening date of your CitiBusiness checking account.
Why does this matter?
According to the terms of the offer, the Funding Period ends 45 days “after your account is opened.”
The 45-day Maintenance Period, however, starts “on the 46th day from Citi Checking Offer enrollment.” Therefore, you can’t determine the start date of the Maintenance Period until you know the offer enrollment date.
My timeline:
On Friday, 12/06/24, I visited a branch to apply for a business Streamlined Checking account and a Business IMMA for my sole prop. The banker who took my application submitted it that day to the back office for processing. In my experience with CitiBusiness checking offers, the application is approved the next business day.
On Monday, 12/09/24, both accounts were opened, but the banker couldn’t enroll them in the offers because the account numbers were not yet visible in Citibank’s fulfillment system.
On Tuesday, 12/10/24, the banker enrolled both accounts.
On Thursday, 12/12/24, the banker confirmed in writing that even though my checking account was opened on 12/09/24, it was not enrolled in corresponding offer until 12/10/24.
He wrote, “Correct, the [checking] account was official [sic] opened on Monday 12/9/24 and the promotion offer was tagged on 12/10/24. The official start date for the promotion is 12/10/24.”
Can you pull out funds before bonus is deposited? I am need of the money for a large purchase on 12/20/24. Opened the account on 9/10/24. I should have met the requirements by 12/10/24 based on funding period of 45 days and offer enrollment of 45 days. Thank you!
Yes.
The 45-day Maintenance Period begins on the 46th day after enrollment in the offer. Assuming you were enrolled on the same day the account was opened, the 45th day of your 45-day Maintenance Period was 12/9/24. You can start pulling funds the day after the Maintenance Period ends.
FYI, your Funding Period was actually a 46-day period that began the day you opened the account (9/10/24) and ended on the date that was 45 days later (Friday, 10/25/24).
Thanks for clarifying. Super helpful! For the bonus to hit, I would only need the checking account open but savings can be closed when I withdraw the funds?
Yes. Until the bonus is paid, you must keep checking account open. You can do as you please with the IMMA.
Updating here – the bonus dropped on 12/20/24
Citi does pull Chex for business checking applications. They did so for my 2022 churn and early 2024 churn. Anyone try freezing Chex before their in branch application?
The branch office banker who took my Citibank business checking account application today (Friday, 12/6/24) asked if any of my consumer credit reports are frozen. I think he was just trying to ensure that when my application is processed by the back office, a frozen report won’t hold up the processing. Based on my past experience opening Citibank business checking accounts, the account should be opened on the next business day (Monday, 12/9/24).
Long wait for bonus
07/05 opened july 5
deposited 25k (5k into checking and 20k in IMMA)
11/12 bonus received
07/29 – Opened streamlined check and 5% IMMA in branch as sole prop
09/04 – ACH deposit requirement for bonus
11/04 – Bonus credited some time during the day
Will close check account, but keep IMMA til 5% promo rate expires end of year.
7/23/24 – opened in branch, minimal docs required (sole prop in CA)
8/14/24 – Funded MM $100k
10/22/24 – W/D $90k, left $10k (ensure 5% APY in effect)
11/1/24 – W/D $10k
11/4/24 – $1,500 bonus issued
It did require ~1 hour branch appointment and a few days to receive online access. The IMMA 5% APY didn’t go into effect for 1-2 weeks from opening. I was successfully able to get a one time fee waiver so I only paid for one month.
Which fee? The $15 Monthly Maintenance Fee for checking or the $10 Monthly Maintenance Fee for savings?
DP:
opened account in branch on 7/15
deposit 20000 around 8/20
withdraw 3*5000 out starting from 10/17
750 bonus paid on 10/25
Your bonus was paid on 10/25/24? Is that a typo? If you opened on 7/15/24, your 30-day bonus payout period would have run from 11/1/24 thru 11/30/24, according to the terms of the offer. Your bonus couldn’t have been paid before 11/1/24.
Went to the branch in September & got the Q3 offer (good till 1/7/2025):
$20K-$99,999 = $750 bonus
$100K but under $200K = $1,500
$200K & up = $2,000
The IMMA is now 4.5% through March 31st if opened through the end of the year
I wonder though, do the people who have the IMMA opened at the 5.0% promo stay at 5.0% or do they also get dropped to the 4.5% rate. Also, anyone know when the 5.0% promo rate is supposed to expire?
It’s still 5.0% til end of the year.
7/1 opened account in branch
7/19 20k deposit
9/30 $750 bonus
Just to make sure: The $20K just needs to hit on Day45 and can be pulled out the day after, is that right? I read the fine print on the promo sent encrypted by the banker.
How long did you keep the $20K in the account?