Get Up to $2,000 with Citibank's July 2023 Bonus Promos through Opening a New Account.
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Citibank, a partner of Forbes Advisor and a significant global financial institution ranked in the top 20, is the third-largest bank in the United States. Their objective is to continue expanding their operations. In pursuit of this goal, Citi is offering a lucrative opportunity to attract new customers and secure substantial deposits by providing a potential bonus of up to $2,000 when individuals open an account.
To qualify for Citi.com bonus offers, potential customers are generally required to open a new account using funds from an external source or payee, rather than funds from Citibank itself. Accepted methods include domestic ACH transfers, direct deposits, wire transfers, or checks drawn on other banks. It's important to note that cash deposits and person-to-person transfers using services like Apple Pay, PayPal, Venmo, and Zelle are not eligible for the bonus.
The availability of Citibank bonus offers may vary based on ZIP Code, and the promotions listed below may not be accessible in your particular area. The information provided represents the current Citibank bonuses applicable to the New York ZIP Code 10001 as of July 5, 2023.
Citibank Promotions for July 2023
Citi Checking Account Bonus: Earn Up to $2,000
While Citibank branches are primarily located in major metropolitan areas, customers benefit from access to an extensive network of over 65,000 fee-free ATMs throughout the United States. Additionally, noteworthy is Citi's current welcome bonus for new checking accounts, which stands out since it does not require customers to establish direct deposits.
Multiple checking account packages are eligible for this promotion, with monthly maintenance fees ranging from $0 to $30.
Here are the details of the offer:
- What is the offer?
Open a new Citi checking account package, deposit new funds from an external source within 20 days, maintain the balance for an additional 60 calendar days, and receive a cash bonus based on the deposited amount. The bonus tiers are as follows: deposit and maintain a $10,000 balance to earn $200; deposit and maintain a $30,000 balance to earn $500; deposit and maintain a ,000 balance to earn $1,000; deposit and maintain a $200,000 balance to earn $1,500; deposit and maintain a $300,000 balance to earn $2,000.
- When will you receive your bonus?
Citibank assures customers that they will receive the cash bonus within 30 calendar days after completing the required activities.
- Is there a time limit on the offer?
The new account must be opened before July 23, 2023.
- Can you avoid the monthly service fee?
Customers can potentially waive the monthly maintenance fee by meeting certain requirements. For example:
- Citi Basic Banking Checking account: Avoid the $12 monthly fee by maintaining a combined balance of at least $1,500 or by making one qualifying direct deposit and one qualifying bill payment per statement period.
- Regular Citi Checking Account: Avoid the $25 monthly fee by maintaining a combined balance of at least $10,000.
- Citi Priority Account: Avoid the $30 monthly fee by maintaining a combined balance of at least $30,000.
Citi Savings Account Bonus: Earn Up to $5,000 (Expired)
Citi offers bonuses on various Citibank savings accounts, each with different monthly maintenance fees ranging from $4.50 to $30.
Here are the details of the offer:
- What is the offer?
Open a new Citi savings account, deposit new funds from an external source within 20 days (or 30 days for phone account openings), maintain the balance for an additional 60 calendar days, and receive a cash bonus. The specific bonus amount will vary.
Please note that the information provided is accurate as of the specified date, and promotions may be subject to change or expiration. We recommend verifying the details with Citibank directly.
- Earnings Potential: Citibank presents a graduated system for its savings account bonus based on the sum invested and maintained in your account. Invest and keep a balance of $10,000 to $29,999 to earn $100; invest and keep a balance of $30,000 to $49,999 to earn $150; invest and keep a balance of $50,000 to ,999 to earn $250; invest and keep a balance of $100,000 to $199,999 to earn $500; invest and keep a balance of $200,000 to $499,999 to earn $1,000; invest and keep a balance of $500,000 to 9,999 to earn $2,500; invest and keep a balance of $1 million or more to earn $5,000.
- Receiving Your Bonus: Citi states that your bonus will be added to your account within 30 calendar days after you fulfill the required activities.
- Time Limit for the Offer: This offer expired on Apr. 3, 2023.
- Avoiding Monthly Fees: You can have the Citibank savings account maintenance fees waived by either completing the required activities or maintaining a minimum balance:
- Avoid monthly fees of $4.50 on Access and Basic savings accounts by maintaining an average balance of $500.
- Avoid monthly fees of $10 on Citi Access Savings Accounts linked to checking by making one qualifying direct deposit or bill payment per statement period or by maintaining a combined balance of $1,500 across linked accounts.
- Avoid monthly fees of $12 on Citi Basic Savings Accounts linked to checking by making one qualifying direct deposit and one qualifying bill payment per statement period or by maintaining a combined balance of $1,500 across linked accounts.
- Avoid monthly fees of $25 on The Citibank® Savings Account by maintaining a combined average balance of $10,000 across eligible linked accounts.
- Avoid monthly fees on [specific account] by maintaining a combined average balance of $50,000 across eligible linked accounts.
Citi Business Checking Account Bonus: Maximizing Earnings
Citi offers multiple business checking options, including the entry-level CitiBusiness® Streamlined Checking Account for smaller businesses, the CitiBusiness® Flexible Checking Account for companies with a high volume of monthly transactions, and the CitiBusiness® Analyzed Checking Account designed for businesses with larger balances. These accounts carry monthly maintenance fees ranging from $15 to $30.
- The Offer: Open a new Citi Business Analyzed, Streamlined, or Flexible checking account, deposit new funds to Citibank within 30 days, maintain the balance for an additional 60 calendar days, and receive a cash bonus.
- Potential Earnings: For business banking customers, Citibank provides a tiered bonus based on the deposited and maintained amount in the new checking account. The following tiers are offered: Deposit and maintain a balance of $5,000 to earn $200; deposit and maintain a balance of $15,000 to earn $500; deposit and maintain a balance of $25,000 to earn 0; deposit and maintain a balance of $50,000 to earn $1,000; deposit and maintain a balance of $100,000 to earn $1,500; deposit and maintain a balance of $200,000 to earn $2,000.
- Receiving Your Bonus: The bonus will be credited to your account within 90 days from the end of the month in which you complete the required activities.
- Time Limit for the Offer: The new account must be opened by July 12, 2023.
- Avoiding Monthly Fees: Your fees will be waived if you:
- Maintain a monthly average balance of $5,000 in CitiBusiness Streamlined Checking.
- Maintain a monthly average balance of $10,000 in CitiBusiness Flexible Checking.
- Maintain a monthly average balance of $5,000 in CitiBusiness Analyzed Checking.
Citibank Credit Card Offers
Citi Premier® Card
- Yearly charge:
- Special welcome: Obtain 60,000 points by spending $4,000 on purchases within the first 3 months of opening the account.
- Ongoing rewards: Earn 3 ThankYou points for every dollar spent at restaurants, supermarkets, gas stations, air travel, and hotels. Gain 1 point for every dollar spent on all other eligible purchases. Additionally, receive a total of 10 points per dollar on hotels, car rentals, and attractions (excluding air travel) booked through the Citi Travel℠ portal until June 30, 2024.
Citi Rewards® Card
- Yearly charge: $0
- Special welcome: Obtain 25,000 bonus points by spending $1,500 on purchases within 3 months of opening the account. These points can be exchanged for $250 in gift cards at thankyou.com.
- Introductory APR: Enjoy a 0% introductory APR on balance transfers for 15 months from the date of the first transfer, as well as on purchases starting from the date of account opening. Afterward, the variable APR will range from 18.49% - 28.49%, depending on your creditworthiness. For the first 4 months of account opening, there is an introductory balance transfer fee of either 3% of each transfer or a minimum of $5. Following this period, the fee for each balance transfer will be 5% of the transfer amount or a minimum of $5.
Citi Custom Cash℠ Card
- Yearly charge: $0
- Special welcome: Earn $200 in cash back by spending $1,500 on purchases within the first 6 months of opening the account. The bonus points amount to 20,000 ThankYou® Points, which can be exchanged for $200 in cash back.
- Introductory APR: Benefit from a 0% introductory APR for 15 months from the date of account opening on purchases, as well as on balance transfers completed within 4 months of opening the account. Afterward, the variable APR will range from 18.99% - 28.99%, based on your creditworthiness. There is also a balance transfer fee of 5% of each balance transfer, with a minimum fee of $5.
If you have received a special welcome bonus for Citi Rewards , Citi ThankYou® Preferred (which is no longer available), Citi Premier, or Citi Prestige (currently inactive), within the previous 24 months, you are ineligible for any additional sign-up bonus.
How Can You Obtain a Citibank Checking Account Bonus?
To secure a cash bonus for a new Citibank checking account, you must complete the following steps:
- Open a Citibank®, Citi Priority, Citigold®, or Basic Banking checking account, being mindful of any offer expiration dates.
- Make an initial deposit between $10,000 and $300,000 within 20 days of opening the account.
- Maintain the required minimum balance for 60 days starting from the 21st day of account opening.
The cash bonus you receive will range from $200 to $2,000 and will depend on the amount you deposit and your fulfillment of all other requirements. The cash bonus will be deposited into your checking account within 30 days of satisfying the requirements.
What Else Should You Be Aware of Regarding Citibank Bonus Offers?
1. Your Bonus May Be Subject to Tax
Your Citibank cash bonus will be reported to the IRS as interest income. Citibank will disclose your interest income on IRS Form 1099-INT for individuals in the U.S. and on Form 1042-S for individuals in other countries. Citi recommends consulting with a tax advisor regarding this matter.
2. You May Still Be Eligible Even If You Are Already a Citibank Customer
Citi's welcome offers are accessible to both new and existing Citibank customers, including some who already possess an account similar to one covered by a bonus.
In order to take advantage of Citi's personal checking account promotion, you must not have owned a Citi checking account within the last 180 days. However, the offer terms do not prohibit you from opening a new checking account and receiving a bonus if you have a different type of Citibank account.
The personal savings account offer is more flexible. The fine print states that the bonus is available to new and existing Citibank customers, and the promotion does not mention any restrictions if you already have a savings account with Citi.
The sole constraint on the bonus offered for business checking at Citibank is that you must not have had a Citibank business checking account in the past 180 days.
3. Limitations on Availability of Citibank Bonuses
Citibank bonuses are not accessible in all areas, so it is imperative to review the terms and conditions to ensure that you qualify for the bonus in your specific market.
Citibank's checking account bonuses are available in most regions of the United States.
However, Citibank's welcome bonuses for savings accounts are only offered to customers who open an account at a branch or use a residential address in New York, Connecticut, New Jersey, the District of Columbia, Virginia, Maryland, California, Nevada, or select markets in Illinois and Florida.
Furthermore, Citibank business checking bonuses have even more stringent requirements, as the accounts must be opened at a branch location. Currently, these branches are only available in the following metropolitan areas: Los Angeles, San Diego, San Francisco, Miami, Chicago, Baltimore, Las Vegas, New York, Washington, D.C., and Orange County and Riverside, California.
Discover the Top High-Yield Savings Accounts of 2023
If you are in search of a new checking or savings account and are willing to deposit a substantial amount of money for a few months, you can receive a substantial welcome bonus from Citibank upon opening an account.
However, it is vital to ensure that Citibank aligns with your banking preferences, given its relatively limited retail banking presence. To explore all of your options, check out the most attractive bank bonuses currently available. You may be able to secure a significant sum without having to tie up a large portion of your funds.
Frequently Asked Questions (FAQs)
What is the process to open a Citibank account?You can initiate the opening of a Citibank bank account at a branch, through online channels, or by calling 800-321-2484. To qualify for a Citibank account, you must be a United States citizen or permanent resident who is at least 18 years old. When opening an account, you will need to provide your Social Security number and identification, such as a driver's license or state ID. Additionally, a minimum deposit may be required.
When will Citibank distribute stimulus checks?Throughout the coronavirus pandemic, the Internal Revenue Service issued three rounds of stimulus checks. Citibank customers who were eligible for economic impact payments should have received their checks within a few days or up to two weeks after they were processed by the government. Citibank temporarily waived overdraft fees and other charges to ensure that customers received the full amount of their stimulus checks.
When does Citibank report to credit bureaus?Similar to most banks, Citibank reports your payment activity to the three major credit bureaus - Experian, Equifax, and TransUnion - usually at the end of each monthly billing cycle. If you wish to reduce your credit card balances before they are reported to the credit bureaus, consider making payments on your Citi card before the statement closing date.
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