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Citi Bank Bonus: Earn $2,000 for Opening a Checking Account

Get up to $2,000 in cash for switching your banking to Citi.

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Currently, you can earn up to $2,000 in cash bonuses when you sign up for a new Citi Priority Checking Account, from our partner Citi, and deposit at least $10,000. This bonus can go even further if you open a Citi® Accelerate High-Yield Savings Account as well.

Citi often offers bank account bonuses and other benefits to incentivize new customers to open an account, and if you have a high net worth, you could take advantage of a big cash bonus.

If you’re thinking about opening a new account, here’s what you need to know about some of its most valuable banking products. 

In this article:

Citi Priority Checking Account Bonus

Offer Details

Secure application on issuer’s website.

Citi Priority Checking Account

Monthly Fees: $30 with options to waive
Minimum Opening Balance: None
Features:
Earn a cash bonus up to $2,000 with required activities
Higher limits on debit card purchases and ATM withdrawals

In the past, this financial institution has offered some valuable bank account bonuses, and the current Citibank checking promotion is no exception. Keep in mind, only new-to-Citibank customers are eligible for this offer.

If you open a new eligible checking account by January 9, 2023 and make a qualifying minimum deposit, you could earn up to $2,000. The size of your cash bonus will depend on the opening minimum deposit.

Citi Priority Account Bonus Tiers

Deposit: $10,000 – $29,999Bonus Cash: $200
Deposit: $30,000 – $74,999Bonus Cash: $500
Deposit: $75,000 – $199,999Bonus Cash: $1,000
Deposit: $200,000 – $299,999Bonus Cash: $1,500
Deposit: $300,000 or moreBonus Cash: $2,000

How to Get Your Citi Priority Account Bonus

In addition to the account-opening deposit, new-to-Citi customers must also meet other qualifying criteria to be eligible for their cash bonus.

Bonus Qualifications

  • Upon opening the account: Your opening deposit must be new-to-Citibank funds, so you can’t just transfer money from another Citibank or investment account.
  • Within 20 calendar days: Fund your Citi Priority account with the minimum balance requirement for the bonus amounts of $200, $500, $1,000, $1,500 or $2,000.
  • For 60 consecutive days: On the 21st day after opening your account, maintain the minimum balance requirement.
  • Bonus payment timing: The bonus is paid to your Checking Account within 90 days of successful completion of the required activities.
  • If you withdraw money:
    • Within the first 60 days: You can still be eligible for a bonus, but you must keep a minimum balance of at least $10,000 to earn the $200 bonus; at least $30,000 to earn the $500 bonus; at least $75,000 to earn the $1,000 bonus; at least $200,000 to earn the $1,500 bonus and at least $300,000 to earn the Citibank $200,000 bonus.
    • Within the first 90 days: Once you’ve completed the required activities within the first 60 days of account opening, you no longer need to maintain the minimum balances listed above to qualify for your bonus. However, if your Checking Account maintains a zero balance for 90 calendar days, it is subject to closure at Citibank’s sole discretion, so it’s wise to keep your account funded until you receive your bonus.

Citi Priority Checking Account Package Qualifications

You’ll also need a combined monthly average balance of at least $30,000 across eligible linked deposit, retirement and investment accounts to be able to open a Citi Priority Account Package.

About the Citi Priority Checking Account

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Credit: iStock

The Citi Priority Checking Account offers a suite of benefits for high-net-worth customers. You can get preferred pricing on certain loan products, investment benefits and more. The account has a monthly fee, but it can be waived if you maintain a high enough balance.

Citi Priority Checking Account Benefits

Citi Priority Package Account holders will get several VIP benefits from the bank, including:

  • Preferred pricing: You’ll qualify for waived fees and discounts on select deposit products and services. You can also get relationship pricing on home loan products, including home equity loans and lines of credit. Finally, when you travel, there are no Citi ATM fees on international withdrawals, and you’ll also pay no foreign exchange fees on your debit card.
  • Investment benefits: You’ll have access to both self directed and on-demand financial guidance from Citi Priority Advisors, waived annual fees and commission-free online and mobile exchange-traded fund (ETF) trades through Citi Personal Wealth Management, and other valuable benefits.
  • Other banking perks: The account offers higher limits on ATM withdrawals and debit card purchases, as well as certain everyday banking fees waived. That includes overdraft protection transfer fees and charges for standard checkbook orders, incoming wire transfers, money orders and stop payments.

Citi Priority Checking Account Fees

This particular Citibank checking account has a $30 service fee each month, but you can get that fee waived if you maintain a combined average monthly balance of at least $30,000 across all of your eligible deposit, retirement and investment accounts.

In contrast, many competing banks that charge monthly maintenance fees require you to maintain a certain balance in your checking account alone. So for those who want to earn a higher rate of return from interest-bearing and investment activities, it may be more prudent to take advantage of Citibank’s high-yield savings and investment accounts.

Citi® Accelerate High-Yield Savings Account

Offer Details

Secure application on issuer’s website.

Citi® Accelerate High-Yield Savings Account

Monthly Fees: $4.50 with options to waive
Minimum Opening Balance: None
Features:
$1 minimum to earn APY
No limit to how much customers can earn
Member FDIC insured up to FDIC deposit limits

If you can qualify for the Citi Priority Account Package bonus, but you want to maximize the interest you earn on your deposits, consider pairing the premium Citibank checking account with a Citi® Accelerate High-Yield Savings Account.

Citi® Accelerate High-Yield Savings Account APY

With a Citi® Accelerate High-Yield Savings Account, you’ll get an APY of 2.00%, which can compete with some of the top savings rates currently in the market. There’s no minimum balance you have to maintain to earn this rate, and it doesn’t phase out after you reach a certain threshold like some other interest-bearing accounts do.

And, as previously mentioned, not only can you use this interest-earning account to maximize your savings, but its balance will also count toward the Citi Priority Package Checking balance requirement.

Citi® Accelerate High-Yield Savings Account Features

Your Citi® Accelerate High-Yield Savings Account comes with an assortment of added benefits. Features include:

  • Auto Save: You can set up automatic transfers between your savings and checking accounts, which can help you grow your wealth without having to manage your recurring transfers manually.
  • Overdraft protection: If you’re worried about overdrawing your checking account, you can set up automatic transfers from your interest-earning savings account to keep your balance from staying in the negative. Normally, there’s a $10 fee for overdraft transfers, but the Priority Account Package waives that fee.
  • No minimum opening deposit: You’ll need to open the Citi Accelerate High-Yield Savings Account as part of a Citi banking package (which means you can’t open one without a checking account), but there’s no minimum opening deposit to get your account set up. 

Citi® Accelerate High-Yield Savings Account Monthly Fee

The account has a $4.50 service fee each month, but if you’re opening it with a Priority Account Package, you’ll opt out of that monthly cost.

If you’re opening a high-yield savings account with one of several other Citi packages, you can get the fee waived if you maintain an average monthly balance of at least $500. 

Other Citi Bank Accounts

If you’re considering opening a new account, but want to compare other options — here’s a quick summary of some of the other checking products beyond the Citi Priority Account Package.

Citi ElevateSM Account Package

This checking account doesn’t charge Citi fees on non-Citibank ATM withdrawals plus reimbursed third-party ATM fees.

The account charges a $15 monthly service fee, but you can get it waived if you maintain an average monthly balance of $5,000 or more in your checking account.

Citi Access Account Package

Citi’s most affordable banking package has a monthly fee of $10, which you can get waived when you maintain an average combined balance of $1,500 each month in eligible linked accounts, or make at least one qualifying direct deposit or bill payment per statement period.

The account also doesn’t charge overdraft fees, which is becoming more common among online bank accounts. However, this is a checkless account — so purchases and bills will need to be paid with a debit or credit card.

Citi Basic Banking Package

This Citibank account offers unlimited check-writing privileges, and it also won’t charge you a Citi fee on non-Citi ATM withdrawals if the first-listed account owner is 62 years or older.

This Citibank basic banking package charges a $12 monthly service fee. But you can get it waived if you maintain an average combined monthly balance of $1,500 in eligible linked accounts or make at least one qualifying direct deposit or bill payment per statement period.

Alternatively, you can get the fee waived if the first-listed account owner is 62 years or older or it’s a joint account with a minor.

Citibank® Account Package

This Citibank account package offers some more robust benefits than other standard Citi checking accounts. For starters, you’ll get Citi ATM fees waived on out-of-network withdrawals if you meet certain balance requirements.

The account has a $25 monthly fee attached, but you can get it waived if you maintain an average combined monthly balance of $10,000 or more across eligible linked deposit, retirement and investment accounts.

Citigold® Account Package

Offer Details

Secure application on issuer’s website.

Citigold® Checking Account

Monthly Fees: None
Minimum Opening Balance: None
Avg. Monthly Balance Requirement: $200,000+ in eligible linked accounts
Features:
Earn a cash bonus up to $2,000 with required activities
Unlimited ATM fee refunds at non-Citibank ATMs worldwide.

The next level of premium banking, the Citigold® Account Package requires that you maintain a minimum combined average monthly balance of $200,000 or more in eligible linked accounts.

For that, you’ll get a lot of the same perks that you can get with the Citi Priority Account Package, plus:

  • Unlimited refunds of non-Citi ATM fees.
  • Exclusive travel services like Citigold Home Connect and access to the Citigold Lounge.
  • International travel services like World Wallet foreign currency delivery and access to emergency cash.
  • A dedicated team to help you with your banking needs, including a wealth relationship manager and wealth advisor.

While this is largely a fee-free account, you will need to maintain the $200,000 combined average monthly balance to keep your status.

Citigold Private Client

If you can maintain at least $1,000,000 in average combined monthly balances across eligible linked accounts, you can qualify for the Citigold Private Client Package.

This is the most exclusive Citibank account, and it comes with a suite of premium benefits that go above and beyond the regular Citigold Account Package.

Like the other Citigold account, there’s no monthly service fee, but you will need to maintain the minimum balance to retain your status.

What do I need to open a Citibank checking account?

Whether you’re opening a new account online or in-branch, you’ll typically need the following information and documentation:

  • Personal information, including an up-to-date phone number and mailing address
  • Social Security number
  • Verification of employment status and income (tax return, W-9 form or W-8BEN form)
  • Valid ID (state ID, driver’s license or military ID)

Apply for the Citi Priority Checking Account Bonus

The Citi Priority Account bonus is one of the biggest bank account bonuses you can get. If you can meet the requirements to maximize the cash bonus, consider making the switch and start taking advantage of the benefits that Citi has to offer. 

Make sure you read the fine print of the bonus before applying for an account so you don’t miss out on the money. Also, make sure to open a Citi® Accelerate High-Yield Savings Account alongside your new checking account to maximize the return on your savings.

Citi Bank Bonus FAQ

Which accounts can I open with a Citi Elevate package?

The types of accounts eligible for the Citi Elevate Accounts Package include interest checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), IRAs, Roth IRAs, and investments held in your linked Citigroup Global Markets Inc. accounts (CGMI) and annuity positions shown on linked CGMI statements (except for tax-qualified annuities, which includes annuities that qualify under sections 401, 403, 408 and 457 of the Internal Revenue code).

What is Citi Personal Wealth Management?

Citi Personal Wealth Management is an investment and advisory service that provides portfolio management and financial planning to Citi’s banking clients. According to its website, Citi Personal Wealth Management offers a lineup of investing options and dedicated one-on-one support with a Citi Relationship Manager. Further, Citi says it provides clients with a Citi Personal Wealth Management Wealth Advisor who designs bespoke financial planning strategies to help households meet both long-term and short-term goals.

Are Citi sign-up bonuses taxed?

Citi sign-up bonuses for opening bank accounts are considered taxable income by the IRS, and the bank will issue you a Form 1099-INT for the year that you earned your bonus. Similarly, non-U.S. persons who received a Citi sign-up bonus will be issued a Form 1042-S. However, sign-up bonuses for rewards credit cards are not generally considered taxable income because cardholders are required to spend money to earn the promotion. Note: Slickdeals does not provide tax advice. This material has been prepared for informational purposes only. Always consult a tax professional.

When should I expect my Citi sign-up bonus if I’m approved?

Once you are approved for your Citi sign-up bonus, it will be deposited into your checking account within 90 days after successful completion of required activities.

What do I need to open a Citibank checking account?

To open a Citibank checking account, you will need the following: legal name, date of birth, residential address, citizenship status, country of residence, country of citizenship, government-issued identification (such as a driver’s license or passport), social security number (or individual taxpayer identification number for nonresidents). Note that two forms of identification are needed for nonresidents who wish to open a Citibank checking account.

More About Current Bank Offers and Promotions:

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ben Luthi
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

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