CNN Underscored evaluations monetary merchandise comparable to bank cards and financial institution accounts primarily based on their general worth. We might obtain a fee by way of Citi in case you apply and are authorised for an account on this web page, however our reporting is all the time unbiased and goal.
Our fast take: The Citi Precedence checking account presents an distinctive bonus of as much as $1,500, although steep deposit necessities apply. However the account comes with cellular and on-line banking entry, and Citi operates greater than 65,000 fee-free ATMs nationwide.
- Earn a money bonus of $300, $700 or $1,500 while you keep a minimal eligible stability and full required actions.
- Citi cellular banking options and on-line invoice pay.
- Entry to 65,000-plus fee-free ATMs inside the USA.
- Refer family and friends for extra bonus money.
- Excessive new cash deposit required to earn the bonus.
- Should keep a mean minimal stability of $50,000 throughout eligible accounts to keep away from a $30 month-to-month service payment.
- Bonus can be reported to the IRS as curiosity to the primary signer on the account.
Finest for: Folks with a excessive internet value who’ve a big stash of money to park someplace and need to earn a large bonus for opening a brand new checking account, in addition to those that need handy entry to fee-free ATMs nearly wherever within the nation.
See the way to qualify for as much as $1,500 in money bonuses while you open a brand new Citi Precedence checking account.
When you have a major chunk of money and also you’re searching for a brand new checking account that pays out a giant bonus, the Citi Precedence account is value a glance. Proper now, by way of October 4, 2021, you’ll be able to earn a money bonus of $300, $700 or $1,500 while you keep a minimal eligible stability and full required actions.
The bonus quantity is tied to the quantity of funds you deposit from a non-Citi account inside the first 30 days after opening a brand new Citi Precedence checking account. It breaks down like this:
Your Citi Precedence bonus quantity will depend upon how a lot new cash you deposit and keep within the account.
These are excessive deposit thresholds to satisfy, however they are often doable for these prepared to maneuver their emergency funds over to Citi, in addition to individuals within the strategy of saving up for a big expense. Particularly, the primary bonus tier of $300 solely requires a brand new cash deposit of $15,000 within the first 20 days.
You should additionally keep your stability for at the least 60 consecutive calendar days after depositing it with a view to earn the bonus. Nonetheless, the account expenses a $30 month-to-month payment until you keep at the least $50,000 in eligible linked Citi deposit, retirement and funding accounts past the preliminary supply interval, so that you’ll have to plan on holding at the least that quantity in your accounts for the long run to keep away from being charged.
Open a brand new Citi Precedence checking account with a possible $1,500 money bonus.
The most important upside that comes with opening a Citi Precedence checking account is the as much as $1,500 in potential bonus money. You’ll have to maneuver a major quantity of recent cash to the account to qualify, but you will get a return on these funds comparatively rapidly, at which level you’ll be able to resolve whether or not to proceed on with the account.
One other advantage of the Citi Precedence account is its huge community of ATMs, which embody 65,000 fee-free ATMs nationwide. For many who nonetheless desire to financial institution in individual, Citi has a major worldwide footprint, with over 2,600 branches in 19 international locations, together with nearly 700 in the USA. Nonetheless, whereas the financial institution’s ATMs are widespread, its branches are concentrated in only a handful of states.
With 65,000 fee-free ATMs, you may don’t have any issues accessing your cash from a Citi Precedence checking account.
However even in case you don’t have a close-by department, with the Citi Precedence account, you additionally get easy accessibility to Citi’s cellular banking options, together with on-line invoice pay. Citi additionally has a referral program that permits you to make more cash while you refer associates to Citi and so they additionally open a brand new account.
Lastly, Citi Precedence comes with some elite journey and banking advantages. For instance, account holders get choose waived charges on cease funds, incoming wire transfers, cash orders and extra. Members additionally take pleasure in no international transaction charges on purchases made with the Citi Precedence debit card.
Get entry to over 65,000 fee-free ATMs with a brand new Citi Precedence account.
By far, the most important draw back of this account is the numerous amount of cash it’s worthwhile to deposit and keep with a view to earn the bonus. Plus, even after you deposit sufficient into your new account inside the first 20 days and maintain it there for at the least 60 days to earn the bonus, it’s a must to keep a stability of at the least $50,000 throughout your eligible Citi accounts with a view to keep away from the $30 month-to-month upkeep payment.
When you resolve to as an alternative merely pay the month-to-month charges on an ongoing foundation, they’d rapidly eat away on the bonus you earned for opening the account. In actual fact, at $30 a month, you’d be charged $300 in charges in simply 10 months, so you really want to both plan on holding sufficient cash throughout your eligible Citi accounts to waive the payment or making a fast resolution on whether or not the account is value it.
The high quality print on this supply can also be relatively stiff. For instance, within the phrases and circumstances, it states that “in case your Stability falls right into a decrease Stability Tier for even someday through the Upkeep Interval, your Most Bonus will change.” So it’s worthwhile to be extraordinarily positive to not fall underneath the edge for 60 days after you first deposit the cash.
Additionally, in line with the phrases, the money bonus will get paid inside 90 calendar days after you’ve accomplished all required actions, so meaning you possibly can be dedicated to this account for so long as 180 days, since you will have as much as 30 days to first deposit the cash, then it’s a must to keep it for one more 60 days after which it may very well be one other 90 days earlier than you truly get the bonus.
Lastly, do not forget that this checking bonus will must be reported as curiosity earnings in your tax return. That makes it rather less useful while you evaluate it to bank card rewards, that are usually thought of to be a rebate and thus not counted when calculating earnings taxes.
Associated: How to decide on the most effective checking account.
When you’re at the moment searching for a new checking account and you’ve got at the least $15,000 which you can carry on deposit for a number of months at minimal, the Citi Precedence account is value contemplating. Simply do not forget that, when you earn the bonus, you’ll need to proceed on with at the least $50,000 throughout your eligible Citi accounts to keep away from a $30 month-to-month account payment.
These are some huge necessities to satisfy, and remember that loads of different checking accounts with bonus presents include decrease minimal deposit necessities. Earlier than you open a brand new account, guarantee that the bonus is value pursuing, and which you can meet the necessities to earn it with ease.
Be taught extra in regards to the Citi Precedence account and the way to earn as much as a $1,500 bonus.