On Tuesday, Citi opened its new Citi Priority Account, a no-annual-fee debit card aimed at people with good credit scores who have been turned down by their main bank. The card’s $1,500 sign-up bonus (which is only available once) is a great way to get your foot in the door for the card, but it’s not enough to justify opening a new checking account. First, the card will have a $9.95 monthly fee, and the annual percentage yield (APY) of the card is 1.01%. That means you’ll receive 1.01% in rewards on your money over a year, while paying 10.95% per year in fees.
In these tough economic times, many Canadians are looking for ways to save money. Unfortunately, the value of the Citi Priority Account (also known as the Citi Express® Rewards Credit Card) has been declining over the past few years.
Citi continues to cut some of its perks for new customers. The bank is now offering a new $1,500 Citigold checking bonus to new depositors, but there are some catches: you need to open a Citi Priority Account before October 5, 2017, and you have to make a minimum of $10,000 over the first three months or six months, whichever is longer. If you’re new to Citi, the bonus is offered on the $100 Citigold account—which has no monthly fee or minimum balance—and it’s not available on other deposit products.
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Our immediate thoughts: The Citi Priority checking account comes with a generous incentive of up to $1,500, but there are strict deposit restrictions. However, the account comes with mobile and internet banking, as well as access to Citi’s national network of over 65,000 fee-free ATMs.
Pros:
- Maintain a minimum qualifying balance and perform specified activities to earn a cash incentive of $300, $700, or $1,500.
- Citi offers mobile banking and online bill pay.
- There are over 65,000 fee-free ATMs in the United States.
- More bonus money may be earned by referring friends and relatives.
Cons:
- To qualify for the bonus, you must make a large new money deposit.
- To avoid a $30 monthly service charge, qualifying accounts must have an average minimum balance of $50,000.
- The bonus will be reported to the IRS as interest to the account’s original signer.
Best for: People with a high net worth who have a big stockpile of cash to park someplace and want to receive a significant bonus for establishing a new checking account, as well as those who desire fee-free ATM access virtually everywhere in the nation.
When you establish a new Citi Priority checking account, you may earn up to $1,500 in cash incentives.
The Citi Priority account is worth considering if you have a large sum of money and are searching for a new checking account with a high incentive. You may receive a cash bonus of $300, $700, or $1,500 right now, until October 4, 2021, if you maintain a minimum qualifying balance and perform specified activities.
The incentive is based on how much money you deposit from a non-Citi account during the first 30 days of establishing a Citi Priority checking account. This is how it’s broken down:
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The amount of your Citi Priority bonus is determined by how much fresh money you deposit and keep in your account.
Individuals are hefty deposit requirements to achieve, but they are achievable for those willing to transfer their emergency savings to Citi as well as those saving for a major purchase. The first bonus tier, worth $300, needs just a $15,000 new money deposit during the first 20 days.
To be eligible for the bonus, you must keep your balance for at least 60 calendar days after depositing it. However, unless you maintain at least $50,000 in qualifying linked Citi deposit, retirement, and investment accounts after the first offer period, the account levies a $30 monthly fee, so you’ll need to plan on maintaining at least that much in your accounts for the long term to avoid being charged.
Open a new Citi Priority checking account for a chance to win $1,500 in cash.
The greatest benefit of establishing a Citi Priority checking account is the possible bonus cash of up to $1,500. To qualify, you’ll need to deposit a substantial sum of fresh money into the account, but you’ll see a return on those funds rather soon, after which you may decide whether or not to keep the account.
Another advantage of the Citi Priority account is its extensive ATM network, which includes 65,000 fee-free ATMs throughout the country. Citi has a large global presence, with over 2,600 branches in 19 countries, including over 700 in the United States, for individuals who still want to bank in person. While the bank’s ATMs are widely distributed, its branches are concentrated in just a few states.
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You’ll have no trouble accessing your money from a Citi Priority checking account thanks to 65,000 fee-free ATMs.
Even if you don’t have access to a branch, the Citi Priority account gives you quick access to Citi’s mobile banking services, such as online bill pay. Citi also offers a referral program that allows you to earn extra money by referring friends to the bank and having them create a new account.
Finally, Citi Priority comes with a number of exclusive travel and banking privileges. Stop payments, inbound wire transfers, money orders, and other costs are waived for account holders. Purchases done with the Citi Priority debit card are likewise free of international transaction fees.
With a new Citi Priority account, you’ll have access to over 65,000 fee-free ATMs.
The greatest disadvantage of this account is the large amount of money you must deposit and maintain in order to qualify for the bonus. Plus, even if you deposit enough money into your new account during the first 20 days and keep it open for at least 60 days to qualify for the bonus, you must maintain a minimum balance of $50,000 in all of your qualifying Citi accounts to avoid the $30 monthly maintenance charge.
If you choose to pay the monthly fees on a regular basis, the bonus you received for establishing the account will be rapidly depleted. In fact, if you pay $30 each month, you’ll owe $300 in fees in only ten months, so you’ll either need to maintain enough money in your qualifying Citi accounts to avoid the cost or make a quick judgment on whether the account is worth it.
This offer’s small print is also a little stifling. For example, the terms and conditions say that “your Maximum Bonus will alter if your Balance falls into a lower Balance Tier for even one day during the Maintenance Period.” As a result, you must be very cautious not to fall below the barrier for the first 60 days after depositing the funds.
Also, according to the terms, the cash bonus is paid within 90 calendar days after you complete all required activities, which means you could be committed to this account for up to 180 days, since you have up to 30 days to deposit the money, then another 60 days to maintain it, and then another 90 days to receive the bonus.
Finally, keep in mind that this checking bonus will need to be recorded on your tax return as interest income. When compared to credit card rewards, which are usually regarded a rebate and therefore aren’t included when computing income taxes, it’s a bit less beneficial.
How to Choose the Best Checking Account is a related topic.
The Citi Priority account is worth considering if you’re searching for a new checking account and have at least $15,000 in the bank that you can maintain on deposit for at least a few months. Just keep in mind that if you want to avoid a $30 monthly account charge, you’ll need to have at least $50,000 in your qualifying Citi accounts once you get the bonus.
These are significant criteria to fulfill, and bear in mind that many alternative bonus checking accounts have lower minimum deposit requirements. Make sure the offer is worth pursuing and that you can easily fulfill the criteria to receive it before you create a new account.
Learn more about the Citi Priority account and how you may receive a bonus of up to $1,500.
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Citi’s Priority Banking Card is a no-fee, tiered supplementary card that can earn you a $1,500 sign-up bonus when you spend $3,000 in the first three months. Although the card has a $5,000 spending limit, it offers generous rewards and benefits that are worth the annual fee for new cardholders.. Read more about citibank savings account bonus 2021 and let us know what you think.
Frequently Asked Questions
Does Citibank offer sign on bonus?
Citibank offers sign on bonuses for new customers.
How do I get 700 from Citibank?
Citibank is a bank that provides financial services. To get 700 from Citibank, you would need to deposit $700 into your account.
How do I qualify for Citi priority?
Citi Priority is a rewards program that allows you to earn points for every dollar spent with Citibank. You can then redeem them for travel, gift cards, and more.
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