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Our quick reception: The Citi Priority checking account offers an exceptional bonus of up to $ 700, although there are high deposit requirements. But the account comes with mobile and online banking access, and Citi operates more than 65,000 toll-free ATMs nationwide.
- Earn a $ 700 deposit bonus with a minimum of $ 50,000 that will be transferred to Citi and held for at least 60 consecutive days.
- Citi Mobile Banking features and online bill payment.
- Access to over 65,000 toll-free ATMs in the US.
- Recommend friends and family for more bonus money.
- A large new money deposit of $ 50,000 or more is required to earn the bonus.
- You must have an average minimum balance of $ 50,000 to avoid a $ 30 monthly service fee.
- The $ 700 bonus will be reported to the IRS as interest to the first signer of the account.
Best for: People with high net worth who have a large supply of cash to park and who want to earn a sizeable bonus for opening a new checking account, as well as those who want convenient access to toll-free ATMs almost anywhere in the country.
Learn how to qualify for a $ 700 cash bonus when you open a new one Citi priority Checking account.
If you have a significant amount of cash and are looking for a new checking account that pays out a big bonus, the Citi Priority Account Package is worth a look. Currently, through June 30, 2021, you can earn a cash bonus of $ 700 when you open a new Citi Priority checking account, deposit at least $ 50,000 in funds from a non-Citi account within 30 days of opening the account, and then use that amount for maintain at least 60 consecutive calendar days.
That’s a high deposit threshold to meet, but it can be doable for those willing to send their emergency funds to Citi, as well as people looking to save on large costs. However, the account will also charge a monthly fee of $ 30 unless you hold at least $ 50,000 in the account beyond the original offer period. So you need to plan to keep your money in the account for the long term to avoid being charged.
Open a new one Citi priority Checking account with a potential cash bonus of $ 700.
The biggest benefit of opening a Citi Priority checking account is the potential of $ 700 in bonus funds. You will need to transfer a significant amount of new money ($ 50,000) to the account to qualify, but you can get those funds back relatively quickly. At this point you can decide whether to proceed with the account.
Another benefit of the Citi Priority Account is the vast network of ATMs that includes 65,000 toll-free ATMs across the country. For those who still prefer to bank in person, Citi has a significant global presence with over 2,600 branches in 19 countries, including nearly 700 in the United States. Although the bank’s ATMs are widespread, their branches are concentrated in only a handful of states.
With 65,000 toll-free ATMs, you can easily access your money from a Citi Priority checking account.
But even if you don’t have a branch nearby, the Citi Priority account also gives you easy access to Citi’s mobile banking features, including online bill payment. Citi also has a referral program that will help you make more money by referring friends to Citi and they also open a new account.
Finally, Citi Priority offers some world-class travel and banking benefits. For example, account holders receive select fee waivers for stop payments, incoming transfers, money orders, and more. Members also do not enjoy international transaction fees for purchases made with the Citi Priority debit card.
Get access to over 65,000 toll-free ATMs with a new one Citi priority Account.
By far the biggest downside to this account is the huge amount of money you need to deposit and manage in order to earn the bonus and avoid monthly fees. Even after you have deposited at least $ 50,000 in your new account within 30 days and kept it there for at least 60 days to receive the bonus of $ 700, you must have at least $ 50,000 in balance in order to receive the monthly maintenance fee of $ 30 Avoid USD.
If you instead opted to just keep paying the monthly fees, they would quickly eat up the bonus you earned for opening an account. In fact, at $ 30 a month, you’d be billed $ 700 in fees in just 23 months. So you really need to either plan to keep the money in this account or decide quickly whether the account is worth it.
The small print on this offer is also rather stiff. For example, the Terms and Conditions state: “If your Minimum Balance drops below the required balance for your Eligible Package for even one day during the Maintenance Period, you will not be eligible for this promotion.” So you need to be extremely sure that you have 60 days Don’t go below the $ 50,000 mark after you’ve deposited the funds for the first time.
Also, according to the terms and conditions, the $ 700 cash bonus will be paid out within 90 calendar days of the completion of all required activities. This means that you can stay loyal to this account for up to 180 days as you have up to 30 days to deposit the $ 50,000 first, you have to hold it for another 60 days and then it can take another 90 days to get the bonus actually received.
Finally, remember that the $ 700 verification bonus must be reported as interest income on your tax return. That makes it a little less valuable compared to credit card rewards, which are usually viewed as a discount and therefore are not included in the income tax calculation.
Connected: How to choose the best checking account.
Keep in mind that Citi currently has a few other checking account offerings that can earn bonus money, although requirements vary. The table below shows the bonus offers and requirements for each account type, along with other details.
As you can see, if you want to earn a cash bonus but don’t have $ 50,000 to meet the minimum deposit requirement for the Citi Priority account, the Citibank account package might be worth a look. In the meantime, the Citigold account package could be a good solution if you want to keep a large amount of cash in a checking account and don’t want to worry about paying a monthly fee.
If you are currently looking for a new checking account and have $ 50,000 to deposit for at least several months, the Citi Priority account is worth considering. Remember that once you have earned the $ 700 bonus, you need to proceed with at least $ 50,000 in your account to avoid a $ 30 monthly account fee.
These are some big requirements that you need to meet and keep in mind that many other checking accounts with bonus offers have lower minimum deposit requirements. Before opening a new account, make sure that the bonus is worth tracking and that you meet the requirements to earn it easily.
Learn more about the Citi priority account package and how to earn a $ 700 bonus.
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