CitiBank $700 Offer

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azianbob
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CitiBank $700 Offer

Post by azianbob »

I have a CD coming due next month, and with the dearth of savings and no penalty CDs available, I was strongly considering this.

You just have to put a combined $50k into savings (0.1% interest currently) or checking at Citi for 60 days and you get $700 bonus 90 days after.

So I figure I would be putting $50k away for 5 months and earn about $20 of interest during that time, plus get the $700 bonus. I don't see anything else out there currently that's much better.

I read through the terms and there seems to be no direct deposit required, and can withdraw after you get the bonus.

Anyone else has done this or considering?

https://banking.citibank.com/cbol/check ... /700/offer
Last edited by azianbob on Mon Jan 11, 2021 8:24 pm, edited 1 time in total.
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Makaveli
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Re: CitiBank $700 Offer

Post by Makaveli »

$30 monthly service fee.

Nevermind, 50k relieves that burden.
ohboy!
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Re: CitiBank $700 Offer

Post by ohboy! »

azianbob wrote: Mon Jan 11, 2021 8:18 pm I have a CD coming due next month, and with the dearth of savings and no penalty CDs available, I was strongly considering this.

You just have to put a combined $50k into savings (0.5% interest currently) or checking at Citi for 60 days and you get $700 bonus 90 days after.

So I figure I would be putting $50k away for 5 months and earn about $100 of interest during that time, plus get the $700 bonus. I don't see anything else out there currently that's much better.

I read through the terms and there seems to be no direct deposit required, and can withdraw after you get the bonus.

Anyone else has done this or considering?

https://banking.citibank.com/cbol/check ... /700/offer
I just completed the one for citi gold. Their customer service is some of the worst. Supposedly the bonus money came through and I closed the account just waiting for the closing check by mail.
TravelGeek
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Re: CitiBank $700 Offer

Post by TravelGeek »

Makaveli wrote: Mon Jan 11, 2021 8:24 pm $30 monthly service fee.

Nevermind, 50k relieves that burden.
Right, make sure to withdraw and close in one fell swoop to avoid these fees.

I have a bunch of Ally CDs mature this year and will look for offers like this.
Last edited by TravelGeek on Mon Jan 11, 2021 8:29 pm, edited 1 time in total.
Topic Author
azianbob
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Re: CitiBank $700 Offer

Post by azianbob »

ohboy! wrote: Mon Jan 11, 2021 8:25 pm I just completed the one for citi gold. Their customer service is some of the worst. Supposedly the bonus money came through and I closed the account just waiting for the closing check by mail.
Do you have to close and get the final check by mail? You can't transfer out your money electronically and then call/online to close the $0 balance account?
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whodidntante
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Re: CitiBank $700 Offer

Post by whodidntante »

I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
drk
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Re: CitiBank $700 Offer

Post by drk »

I did one with Citi a couple years ago. When it came time to pay out the bonus, they didn't do it automatically, so I called and had to submit a ticket to get them to look into it. When they tried to deny the bonus again, I sent over the receipts of the terms, deposits, etc. Eventually they paid up, but it was more work than any other bank bonus I've done.
nalor511
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Re: CitiBank $700 Offer

Post by nalor511 »

I'm still waiting on my bonus for the $400 offer, terms met Sept 4... It's mid Jan.

I probably wouldn't give them $50k on a $700 bonus
TravelGeek
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Re: CitiBank $700 Offer

Post by TravelGeek »

drk wrote: Mon Jan 11, 2021 8:29 pm I did one with Citi a couple years ago. When it came time to pay out the bonus, they didn't do it automatically, so I called and had to submit a ticket to get them to look into it.
I am currently going through the same thing with Amex at the moment for their $25k/25k MR Savings Account offer from last year.

I guess once that is resolved, I can transfer the funds to Citi for the next scam/hassle.
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ChowYunPhat
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Re: CitiBank $700 Offer

Post by ChowYunPhat »

whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Whodidntante, can you reference a post or share how best to close out a Citi account to avoid fees? Appreciate you weighing in on the thread.

CYP
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nalor511
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Re: CitiBank $700 Offer

Post by nalor511 »

ChowYunPhat wrote: Mon Jan 11, 2021 9:41 pm
whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Whodidntante, can you reference a post or share how best to close out a Citi account to avoid fees? Appreciate you weighing in on the thread.

CYP
whodidntante wrote: Sun Aug 23, 2020 5:24 pm
Doctor Rhythm wrote: Tue Aug 18, 2020 7:55 pm
whodidntante wrote: Tue Aug 18, 2020 8:05 am
Doctor Rhythm wrote: Sun Aug 16, 2020 10:58 pm
student wrote: Sun Aug 16, 2020 3:50 pm

Citi is still at 1.05%. (It only applies in certain areas, I think places with no citi branches.)
Citibank also offers a $400 bonus on a $15000 deposit x 60 days with no direct deposit required. We opened two accounts last month. The interest was something trivial though, so we’ll bail out after the bonus materializes.
I just completed this bonus. It went fine for me. People seem to have various complaints about Citi. I just went in assuming they are the worst bank in the world. Low expectations are the key to happiness. :happy

Currently executing a scheme to rescue my 10k (avoid fees) and close the account without visiting a branch. This has been easy at every bank I've dealt with except for a few regionals, but with Citi, you need a plan.
Don’t they simply let you withdraw your remaining balance via ACh after the bonus shows up and then request the account be closed? My plan was just to pull (as opposed to push) the balance back into the CapOne360 account that I originally used to fund the Citi accounts. Would be annoying to have to show face in a branch.
I have successfully closed the account.

Here is what I did was:
0. Drawdown my balances to 10k to avoid fees.
1. Call to convert my interest checking account to a non-interest bearing one. The chat person or successful Turing test could not do it.
2. Move all the money in savings to checking, leaving $0 in savings and 10k in checking.
3. Wait for the interest to post, which happens at the close of a statement cycle.
4. Withdraw all the money, leaving $0 in everything. I used an ACH pull from an outside account.
5. Wait for the transaction to go from pending to posted.
6. Use secure message to close the account.
7. Verify both accounts are closed by logging in the next day.

I will check again next month just to make sure. With most banks steps 4-6 are sufficient. Maybe it is with Citi, too. But data points say otherwise.
Goal33
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Re: CitiBank $700 Offer

Post by Goal33 »

I did it and it went fine.
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calvin+hobbes
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Re: CitiBank $700 Offer

Post by calvin+hobbes »

whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Yep, my current citi accelerate savings account has a monthly withdrawal limit of $10,000 which is absurd. I got a $500 bonus and it's taking months to pull my money out to the account minimum. I think I will just go ahead and close it because it's essentially useless if I actually want to move money around.
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beyou
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Re: CitiBank $700 Offer

Post by beyou »

I would pay them to move my accounts to another bank for me.
7eight9
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Re: CitiBank $700 Offer

Post by 7eight9 »

My wife and I have both done multiple CitiBank bonuses. We always just went to the bank and asked to close the account. CitiBank always provided a complimentary cashier's check.
I guess it all could be much worse. | They could be warming up my hearse.
justsomeguy2018
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Re: CitiBank $700 Offer

Post by justsomeguy2018 »

calvin+hobbes wrote: Mon Jan 11, 2021 9:57 pm
whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Yep, my current citi accelerate savings account has a monthly withdrawal limit of $10,000 which is absurd. I got a $500 bonus and it's taking months to pull my money out to the account minimum. I think I will just go ahead and close it because it's essentially useless if I actually want to move money around.
Lol wow...i didnt realize the withdrawal limit is 10k.

Are you saying you cant transfer more than that to another non-citi account if u wanted to close the account?
justsomeguy2018
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Re: CitiBank $700 Offer

Post by justsomeguy2018 »

azianbob wrote: Mon Jan 11, 2021 8:18 pm I have a CD coming due next month, and with the dearth of savings and no penalty CDs available, I was strongly considering this.

You just have to put a combined $50k into savings (0.1% interest currently) or checking at Citi for 60 days and you get $700 bonus 90 days after.

So I figure I would be putting $50k away for 5 months and earn about $20 of interest during that time, plus get the $700 bonus. I don't see anything else out there currently that's much better.

I read through the terms and there seems to be no direct deposit required, and can withdraw after you get the bonus.

Anyone else has done this or considering?

https://banking.citibank.com/cbol/check ... /700/offer
I've done this bonus before, I will 2nd (or 3rd or 4th) that they are an awful bank to deal with. Just nonsensical in their approach to the customer.

In my case I did get the bonus, transferred the funds and "closed" the account, then this month I noticed the "closed account" had a -$64 balance, they had charged a $30 maintenance fee since there wasn't $50k in it then a $34 overdraft penalty fee because the account had no money in it to pay the $30 maintemance fee.

So I had to call them again to close the account, the rep I spoke with was probably the most competent of any I had dealt with and reversed the fees and closed the account (I think and hope...).
invest4
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Re: CitiBank $700 Offer

Post by invest4 »

I also took advantage of this offer and closed within the last few months.

* Be sure you closely follow the appropriate links and corresponding process for setting up the account

* I always deposit an extra $50 or $100 beyond the requirement for safety (makes me feel better anyway).

* Confirm the account is setup properly (call them)

* As other have noted, customer service is generally poor...thus why I suggest to take some care to ensure it set it up correctly and confirm it.

* Withdrawing funds is not so simple due to limits they place on transfers. I went ahead and paid the fee for a wire which does the trick...well worth it vs the alternative. However, due to the amount you may still be asked to provide some additional information to the fraud dept. before they will send it through. May be as simple as your debit card number or a series of questions from your credit history.

* Closing the account is straightforward enough...call them and close.

* Also, if you have a spouse and sufficient funds, you can double the fun by opening two individual accounts.

Hope the above is helpful. Best wishes.
MikeG62
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Re: CitiBank $700 Offer

Post by MikeG62 »

azianbob wrote: Mon Jan 11, 2021 8:18 pm
...Anyone else has done this or considering?

https://banking.citibank.com/cbol/check ... /700/offer
Nope, not based upon the dreadful reviews of Citibank on this forum and elsewhere.
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calvin+hobbes
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Re: CitiBank $700 Offer

Post by calvin+hobbes »

justsomeguy2018 wrote: Tue Jan 12, 2021 12:33 am
calvin+hobbes wrote: Mon Jan 11, 2021 9:57 pm
whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Yep, my current citi accelerate savings account has a monthly withdrawal limit of $10,000 which is absurd. I got a $500 bonus and it's taking months to pull my money out to the account minimum. I think I will just go ahead and close it because it's essentially useless if I actually want to move money around.
Lol wow...i didnt realize the withdrawal limit is 10k.

Are you saying you cant transfer more than that to another non-citi account if u wanted to close the account?
I haven't had time during business hours to call and close it, so I don't know.

I presume if you close it, they can transfer everything out. Over the summer I wanted to move 30k from Citi to a separate checking account for a large purchase but I literally could not because of their ridiculous limit. Had to pull from other savings accounts instead. It took 3 months of scheduled monthly withdrawals to draw the account down to the required minimum to avoid service fees.
Topic Author
azianbob
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Re: CitiBank $700 Offer

Post by azianbob »

Is there a monthly withdrawal limit if we walk into a branch and close the account? If I drop $50k, wait 5 months and get the bonus, walk into a branch (COVID willing) and close out the account?
SlowMovingInvestor
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Re: CitiBank $700 Offer

Post by SlowMovingInvestor »

justsomeguy2018 wrote: Tue Jan 12, 2021 12:33 am
calvin+hobbes wrote: Mon Jan 11, 2021 9:57 pm
whodidntante wrote: Mon Jan 11, 2021 8:28 pm I've done Citi bonuses before. They are worth it, but Citi is the worst bank in the world. So put your tiger underwear on. And check my post history so you can understand how to close the account without paying a service fee, gleaned from data points on the worst bank in the world.
Yep, my current citi accelerate savings account has a monthly withdrawal limit of $10,000 which is absurd. I got a $500 bonus and it's taking months to pull my money out to the account minimum. I think I will just go ahead and close it because it's essentially useless if I actually want to move money around.
Lol wow...i didnt realize the withdrawal limit is 10k.

Are you saying you cant transfer more than that to another non-citi account if u wanted to close the account?
You can't transfer if you push from Citi. I think you can pull from another account. Or if you have a local Citi, you can visit and get a cashier's check.
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Re: CitiBank $700 Offer

Post by Jack FFR1846 »

I did the $400 one some years ago. They wait to start the clock and require you to stay until their clock runs out. What do I mean? So I open the account and am ready to ACH over the funds. It took a good week for the small deposits and verifications to all clear. Then I ACH over and they hold it for a week. In all, from my actual opening to the "clock starting" meeting all the requirements was a solid month. I don't remember any issues getting all the money out in one withdrawal.
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vbdoug
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Re: CitiBank $700 Offer

Post by vbdoug »

I had a similar deal with CitiBank for 15k about 3 years ago. They messed up and I lost out. I will not deal with them again.
Ron Ronnerson
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Re: CitiBank $700 Offer

Post by Ron Ronnerson »

My wife and I each did a $200 bonus with Citi a couple of years ago. I think we had to deposit $5k into each account to earn $200 per account. So it was a smaller bonus but a better yield. We got the bonuses without issue a few months later.

I had already earned checking account bonuses at just about all the other banks giving bonuses at the time so thought I'd try Citi too. However, they would be among my last choices as people report lots of headaches in dealing with them. Based on those reports, I was prepared to not earn a bonus with Citi.

In my case, I was depositing $5k for 6 months to possibly earn a yield of 8% if the bonus did, in fact, come through. I decided to roll the dice and it worked out fine. A $700 bonus requiring $50k for 6 months results in an annual return of 2.8%. I am not sure the upside of the $700 bonus is worth the downside of the risk that you might get nothing or possibly have to deal with problems trying to get the bonus.

Only you can decide if it's worth it to you to take the chance. In short, CitiBank doesn't exactly have a sterling reputation when it comes to bonuses. If you've already earned bonuses elsewhere, though, and don't have other good places to put the money, perhaps you'll get lucky like I did and actually get the bonus without a problem. If you go for it, I wish you luck (you may need it!).
Buffetologist
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Re: CitiBank $700 Offer

Post by Buffetologist »

We did Citigold back in 2016. I completely documented that we would get the bonus in online chats with representatives and then didn't get it. I couldn't believe it. They said that it was a targeted offer. After a complaint to the Consumer Financial Protection Bureau, with all of the documentation from my online chats, we got eventually got the bonus. This was the one and only time that a bank ever defaulted on an obligation to me. I don't do business with Citibank any more. It took a lot of work to get that bonus. Their offers are attractive until you consider the default risk. This is not a CD.
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