Update: This seems to be a public offer for anyone in the geographical region who has a Citizens Bank checking account and savings account. This works for existing checking/savings accountholders, as well as someone who opens a new checking and/or savings account. We’ve now added the direct link below. Offer code is RSAV-635-DF.
Offer at a glance
- Maximum bonus amount: $500
- Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL
- Deposit required: $10,000
- APY: 0.07% APY
- Hard/soft pull: Soft pull as long as you opt out of overdraft protection.
- ChexSystems: Mixed data points
- Credit card funding: None
- Monthly fees: Avoidable
- Early account termination fee: None
- Household limit: None
- Expiration date: Valid April 17 – April 30, 2024
Contents
The Offer
Direct Link to offer to open checking+savings | Link for existing checking customers to open savings | Link for existing checking+savings customers to make a deposit
Multiple people are reporting of the following offer from Citizens Bank:
- Citizens Bank is offering a $500 bonus when you open a new savings account and deposit $10,000 for 5 months or $250 if you deposit $5,000 for 5 months.
The Fine Print
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1 To Earn Bonus: You must, 1) have an existing personal checking account or open your first new personal checking account between 4/17/24 and 4/30/24 and, 2) have an existing personal savings account or open your first new personal savings account between 4/17/24 and 4/30/24 and have the required minimum total deposit (with money not currently on deposit with Citizens) post to one savings account between 4/17/24 and 4/30/24.
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For account holders with more than one savings account, the minimum total deposit amount must be made into a single savings account and funds must then remain on deposit until September 30, 2024. Deposits between $5,000-$9,999.99 will receive a $250 bonus or deposits of $10,000 or more will receive a $500 bonus.
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Qualifications: Your new or existing accounts must have a balance greater than zero and remain open and active through the payout date stated in the table below to qualify for this offer. Savings account must maintain the required balance until September 30, 2024. Money market accounts, CDs, and Citizens Access accounts are excluded.
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Eligibility: Customer will be paid only one, one-time bonus for this program. Only one savings account is eligible for a bonus. Offers may be withdrawn without notice. Offer eligibility is determined at Citizens’ sole discretion.
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Payout: Bonus will be deposited to the checking account by the date stated in the table below and will be labeled as “Balance Builder Bonus”. If your checking account is closed prior to payout date stated in the table below, then your savings account will also no longer be eligible for this offer. Bonus will be reported to the IRS for income tax purposes.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fee as long as you have a Quest checking account.
For One Deposit savings account, you can maintain a $200 minimum daily balance to waive the monthly maintenance fee. No monthly maintenance fee while you’re under 25 or over 65. Account will automatically receive a waiver on the first 4 monthly maintenance fees.
Early Account Termination Fee
As far as we know there is no early account termination fee.
Our Verdict
We just saw the public $300 offer expire. This offer is bonus is better, though remember the downside in the lack of interest earning and the 5 month lockup. Still a 5% earn in just 5 months is a solid return (it equals around 12% APY) and well worth considering.
I have a Citizens Bank checking and tried to open a savings account with the online link, but am having trouble adding the savings account. I’m a bit confused how to enroll in this offer – perhaps any customer who adds $5,000/$10,000 to their savings account will get the bonus, without the need to signup for the offer in any way. Let us know if you get this to work.
Hat tip to Mark from ToP and to reader Sylvester The Lone
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
They are giving me the run around. I never received any bonus on 10/31. Called CSR and told them I fulfilled all requirements for the $500 bonus but didn’t get anything. They saw I did and opened an investigation for the marketing team. Fast forward to today 11/15, I checked my account and saw $250 bonus posted yesterday but not the full $500. I just got off the phone with another CSR and they saw I completed everything, talked to someone from marketing and now they are saying since I didn’t maintain the previous days savings balance before the 10k deposit that they are giving me a one time courtesy of $250 because of that. Well, I told the CSR that wasn’t in the terms that I read. These are the terms in the new bonuses. I told him that I have the previous stated terms for the bonus I completed and it didn’t state that. I asked him to open up another review for the additional $250. He said I should hear something within the next two weeks. If not, I’ll call back and then open a CFPB complaint. Wish me luck.
Got the extra $250 today.
Never got an email but finally got the other $250 yesterday now time to consider getting out of Citizens because if they can screw up their own offer like they did…not sure they can be trusted any longer with my hard earned $$$ . .
I received both the $400 checking and the $500 savings bonus. I zeroed out the accounts early last week then closed the account two days later, but the accounts do not show any signs of being closed.
I called CSR and they state that the system shows that the accounts are closed but no such information is available on the website when I login, nor did I ever get any emails or snail mail stating that the accounts are indeed closed.
Has anyone else had issues closing their citizens accounts and did you receive some sort of confirmation that they are indeed closed?
This is normal for me the last couple of years. I believe the accounts disappear after 60 days, but this doesn’t affect your actual close dates.
For a DP, last year I closed end of May, and the accounts stayed visible with no indication of being closed for a couple months. This year I opened a little over 180 days from my actual May close date, not the account-disappearing date, and bonuses still posted as expected.
Got an email stating that they’d deposit the extra $250 by 11/15/24. I utilized chat to contact them last week.
Same here. Got the same response via email today.
…same here… (o:
I didn’t get any 🙁
I did not get any email either .
I also only received $250.00 of the $500.00 promised by Citizens Bank after making the $10,000.00 deposit going to start looking into filing a complaint . I actually called corporate
to try and escalate the issue ……………..NO RESULTS NO RESPONSE YET.
Anybody who kept their balance over $10,000 for the duration but only received $250 hear back from Citizen’s customer service yet? I have heard nothing after they said they would make up a ticket and have the back office review.
Better file a complaint with CFPB while it still exists, lol
I got a call from some manager stating they escalated to Sales team for research on 11/4. Nothing afterwards.
I got the same line of bull you did HAVE HEARD NOTHING YET
There are a few DPs of existing customers having received a new $400 targeted email offer on 10/30 and 10/31. It requires depositing $10,000 into savings by 11/16 and maintain through 12/12. Has anyone else received this offer AFTER 10/31?
I have not received the email and just wonder if I should wait a bit longer until 11/16 to see if I receive it or simply close my Citizens’ accounts since I got the bonus already
get up to $400* When you maintain a required savings balance through February 12, 2025.1 For a limited time only.
*You must have a personal Citizens Checking Account to receive the cash bonus.
1 To Earn Bonus: You must, 1) have an existing personal Citizens checking account and, 2) have an existing or open a new personal Citizens savings account between 10/29/24 and 11/6/24 and, 3) have one single deposit of at least $5,000/$10,000 or more in new money post into one personal Citizens savings account by 11/15/24 and, 4) your savings balance as of the end of the day prior to the qualifying single deposit plus qualifying single deposit ($5,000/$10,000) must be maintained through 2/12/25. The qualifying deposit of $5,000.00-$9,999.99 is eligible for a $200 bonus, or qualifying deposit of $10,000.00 or more is eligible for a $400 bonus. If the qualifying deposit at the end of the retention period drops into the lower tier, you will be eligible for the lower bonus.
Qualifications: New money is external funds that are not currently on deposit with Citizens or Citizens Access. The participating personal Citizens savings account must remain open and active AND the participating personal Citizens checking account must have a balance greater than zero and remain open and active through the payout date stated in the table below to qualify for this offer.
Eligibility: This offer is only available to the individual addressed on this email. Retain this email for your records. Only one customer on the savings account is eligible for a bonus. Customer will only be paid a one-time bonus for this program. Offers may be withdrawn without notice. Offer eligibility is determined at Citizens’ sole discretion.
Payout: Bonus will be deposited to your personal Citizens checking account by the date stated in the table below and will be labeled as “Balance Builder Bonus”. If your personal Citizens checking account is closed prior to payout date stated in the table below, then your personal Citizens savings account will also no longer be eligible for this offer. Bonus will be reported to the IRS for income tax purposes.
I wish I got this email. I never get emails from citizens
Is there a link?
Would not trust Citizens I did the $10,000. deposit in April and still have only received $250 of the $500 not only that but have not received any email …phone call NOTHING at all as to when I will or will not get the balance and I have been in touch with them 3 different times now .
I got only $250 bonus credited. My balance never went below 10k during the promotion period. Did this happen to anyone else?
yup, same here. i contacted cs through chat. the agree that my balance never went below 10K. they referred it for investigation.
This happened to me as well. I had $1500 in the savings prior to the promotion. I called and asked the bank in person if it was ok to remove this $1500 after depositing $10k, and both said yes, I’d still get the $500 bonus. But, I only got $250. Did you make any withdrawals at all?
Same here. My balance never dipped below 10K. Called them and opened ticket for investigation.
Also btw can we again deposit 10k for the new offer email that came – 400 bonus for 10k deposit by 11/15 and maintain funds till Feb 12.
Your logic makes sense. I did make withdrawals but maintained the balance.
Now that many of us have raised the ticket, I believe there shouldn’t be an issue in honoring the promised bonus.
Good luck, Marcus caught many people with similar traps and rarely paid.
Notice on the new savings offer they said “new money”… so there will be a new batch of upset people next round.
Undoubtedly, lol
I have a feeling that the targeted individuals are those who didn’t withdraw the initial 10K after October 1. Did you get the email?
No, my P2 and I did not get this email.
Did you not withdraw after Oct 1?
I have no horse in this race. My P2 has a checking acct currently, no savings. I have zero accts at the moment.
We didn’t get the targeted email.
I have a feeling that the targeted individuals are those who screwed themselves by withdrawing below the implicit required maintenance balance before October 1.
Yes I made a withdrawal but balance never went below $10,000. The terms mention nothing about withdrawals only that balance must stay over $10,000 for the duration. If you look at the terms of this new $400 offer listed above by Steve the terms state: “…4) your savings balance as of the end of the day prior to the qualifying single deposit plus qualifying single deposit ($5,000/$10,000) must be maintained through 2/12/25.” They are using this condition (which was not listed in the terms of the $500 offer) as an out for not paying the $500 bonus.
The terms mentioned nothing about staying over 10k, they only reference the “required balance” and “savings balance” which are never explicitly defined but logically included any existing funds despite the CSRs misinformation.
From the chart, as of end of day on 4/30 your “savings balance remains on balance until 9/30”.
My scenario is same as yours. I had 1500 in my Savings account (min balance to avoid monthly fees). After making the deposit of 10K, a month later I pulled out the 1500. Since then I consistently maintained 10K in the account.
Are any of planning to apply for the new offer that came in (the 400 dollar bonus)?
I wasn’t targeted for the new $400 offer, unfortunately. I would participate in it if so though.
Citizens CS said we should here the verdict Friday 11/8/24
Ok thanks for the heads up.
…and nothing from them this past Friday. Must have been a CS rep who did not want to be bothered. Will wait another week than file CFPB complaint.
Apparently there are a lot of us that got screwed in the same boat as you ………..
ASAP going to close out all accounts .
Got the same thing only received $250.00 of the $500.00 that was promised.
My $500 BALBDR posted on 10/30/24. Thank you Citizens for the free $.