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Citi Preferred Account Review: $1,500 Sign Up Bonus


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Grab our quick: the Priority Citi The checking account offers a special bonus of up to $1,500, although high margin requirements apply. However, the account has online and mobile banking capabilities, and Citi operates more than 72,000 toll-free ATMs nationwide.

Advantages:

  • Earn $300, $700 or $1,500 bonus when you maintain minimum qualifying balance and complete required activities.
  • Features of Citi mobile banking and online bill payment.
  • Access over 72,000 toll-free ATMs in the US.
  • Refer friends and family for extra bonus.

Defect:

  • High new deposit requirements to earn bonus.
  • An average minimum balance of $50,000 must be maintained on eligible accounts to avoid a $30 monthly service fee.
  • The bonus will be reported to the IRS as interest to the first signer on the account.

Best for: People with a high net worth, people who have a large amount of cash to deposit somewhere and want to earn a big bonus when opening a new checking account, as well as those who want convenient access to the machines ATMs are free almost anywhere in the country.

See how to qualify for a cash bonus of up to $1,500 when you open new Priority Citi check account.

If you have a substantial amount of cash and you are looking for a new checking account that pays a great bonus, Citi Priority Account well worth a look. Right now, through July 17, 2022, you can earn $300, $700, or $1,500 cash bonuses when you maintain a minimum qualifying balance and complete mandatory activities.

The bonus amount is tied to the amount you deposit from a non-Citi account within the first 20 days after opening a new account Priority Citi check account. It breaks like this:

Those are high deposit thresholds to meet, but they are doable for those willing to transfer their emergency funds to Citi, as well as those in the process of saving for a large expense. In particular, the first bonus level of $300 only requires a new deposit of $15,000 in the first 20 days.

You must also maintain your balance for at least 60 consecutive calendar days starting from the 21st day of your deposit (i.e. after the initial 20-day funding period) to earn the bonus. However, the account charges $30 monthly unless you maintain at least $50,000 in eligible linked Citi deposit, retirement, and investment accounts beyond the initial offer period, as so you’ll need to plan to keep at least that amount in your account for the long term to avoid being charged.

Open a new one Priority Citi test account with a potential $1,500 bonus.

The biggest advantage that comes with opening a Priority Citi Checking account is a potential bonus of up to $1,500. You will have to move a substantial amount of new funds into the account to qualify, but you can get a return on those funds relatively quickly, at which point you can decide whether to continue with the account. account or not.

Another benefit of Citi Priority Account is a huge network of ATMs, including more than 72,000 toll-free ATMs nationwide. For those who still prefer to bank in person, Citi has a significant footprint worldwide, with more than 2,600 branches in 19 countries, including nearly 700 in the United States. However, while bank ATMs are rampant, bank branches are concentrated in only a few states.

But even if you don’t have a branch nearby, with Citi Priority Account, you also get easy access to Citi’s mobile banking features, including online bill payments. Citi also has a referral program that allows you to earn extra cash when you refer friends to Citi and they also open new accounts.

Final, Priority Citi comes with some elite banking and travel benefits. For example, account holders receive a number of fees waived for payment stops, incoming bank transfers, money orders, and more. Members are also not charged a foreign transaction fee when making purchases with a Citi Priority debit card.

Get access to over 72,000 free ATMs with the new machine Citi Priority Account.

By far the biggest downside of this account is the substantial amount you need to deposit and maintain to earn the bonus. Also, even after you deposit enough money into the new account within the first 20 days and keep it there for at least another 60 days to earn the bonus, you must maintain a balance of at least $50,000 on the accounts. your eligible Citi account to avoid the $30 monthly maintenance fee.

Instead, if you decide to simply pay the monthly fees on an ongoing basis, they will quickly eat up any bonus you earn for opening an account. In fact, at $30 a month, you’ll be charged $300 for just 10 months, so you really need to plan on keeping enough money on your eligible Citi accounts for the exemption. charge or decide quickly whether the account is worth it.

The fine print on this offer is pretty stiff too. For example, in the terms and conditions it states that “if your Balance falls into a lower Balance Tier even for one day during the Maintenance Period, your Maximum Bonus will change.” So you need to be extremely sure not to fall below the threshold for 60 days after you make your first deposit.

Also, according to the terms, the cash bonus will be paid out within 90 calendar days after you complete all the required activities, so that means you can commit to the account This is for a 180 day period, as you have up to 20 days to make your first deposit, then you have to maintain it for another 60 days and then possibly another 90 days before you actually get the bonus.

Finally, keep in mind that this check bonus will need to be reported as interest income on your tax return. That makes it a bit less valuable when you compare it to a credit card bonus, which is often considered a discount and therefore doesn’t count when calculating income tax.

Those who can reach the top Priority Citi bonus tier with at least $200,000 deposit might want to consider Citigold® Checking Account as an alternative. Right now, through July 17, 2022, you can also get a bonus of up to $1,500 for opening a Citigold® account and depositing and maintaining a combined average monthly balance of at least $200,000 la in eligible linked investment, retirement and deposit accounts.

However, you will receive additional perks with your Citigold® status. Chief among those perks is a dedicated team of financial planners who can provide investment guidance and resources from Citi Personal Wealth Management, including a Director of Wealth Relations and a Wealth Advisor. Management for Citi Personal Wealth.

You’ll also get preferential prices on select deposit products, waived fees (including no foreign transaction fees with your Citigold® debit card when you travel), and access to Citigold® Concierge, along with all the other benefits normally found in Priority Citi Parcel. And Citigold® Checking Account no monthly service fees when you maintain at least $200,000 in combined balance.

Note that like Priority Citi bonus offer, you must maintain your $200,000+ balance for at least 60 consecutive calendar days starting from the 21st day after the first 20 day deposit period to earn the full bonus amount $1,500 Citigold®. The bonus will then be paid out within 90 calendar days after you have completed all required activities.

Earn up to $1,500 bonus when you deposit and maintain $200,000 or more in a new account Citigold® Checking Account.

If you are currently looking for a new checking account and you have at least $15,000 that you can keep a minimum deposit for several months, Citi Priority Account well worth considering. Just remember, once you earn the bonus, you’ll have to go ahead with at least $50,000 on your eligible Citi accounts to avoid the $30 monthly account fee.

These are some of the big requirements to meet, and keep in mind that many other checking accounts with bonus offers come with lower minimum deposit requirements. Before you open a new account, make sure that the bonus is worth pursuing and that you can meet the requirements to earn it easily.

Learn more about Citi Priority Account and how to earn up to $1,500 bonus.

Get all the latest personal finance deals, news and advice at CNN Suberscored Money.

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