Citi®, a Forbes advisor partner, is a top-20 global financial institution and the third-largest bank in the U.S.—and it wants to keep growing. To that end, Citi is looking to lure new customers and large deposits by offering up to $2,000 if you open an account.

Citi.com bonus offers generally require a customer to start a new account with “new-to-Citibank funds”—money deposited from an external account or payee other than Citibank using a domestic ACH transfer, direct deposit, a wire transfer or a check drawn on another bank. Cash deposits and person-to-person transfers (using services including Apple Pay, PayPal, Venmo and Zelle do not count.

Citibank bonus offers vary by ZIP Code, and the below promotions may not be available in your area. Here are the current Citibank bonuses available using the New York ZIP Code of 10001, with details accurate as of May 1, 2024.

Citi Promotions for May 2024

Citi Checking Account Bonus: Earn Up to $2,500

Though Citibank branches are located only in major metro areas, customers enjoy access to one of the largest ATM networks, with tens of thousands of fee-free ATMs across the U.S. Also noteworthy about Citi is that it’s running a welcome bonus offer for new checking accounts that do not require customers to set up direct deposits, which is a bit uncommon.

Several checking accounts are eligible for the promotion.

  • What is the offer? Open a new Citi checking account, deposit new-to-Citi funds within 20 days, hold your balance for an additional 60 calendar days, and receive a cash bonus: Deposit and maintain a $30,000 balance, earn $500; deposit and maintain a $200,000 balance, earn $1,500; deposit and maintain a $300,000 balance, earn $2,500.
  • When do you receive your bonus? Citibank says you will receive the cash within 30 calendar days after you complete the required activities.
  • Is there a time limit on the offer? The new account must be opened by July 8, 2024. Opening an account does not guarantee that you meet eligibility requirements.

Citi Business Checking Account Bonus: Earn Up to $2,000

Citi offers a slate of business checking options, including a basic CitiBusiness® Streamlined Checking Account account for smaller businesses, a CitiBusiness® Flexible Checking Accountaccount for companies with a high number of monthly transactions and an CitiBusiness® Analyzed Checking Account account geared toward businesses that tend to keep bigger balances. The accounts come with monthly maintenance fees ranging from $15 to $30.

  • What is the offer? Open a new Citi Business Analyzed, Streamlined or Flexible checking account, deposit new-to-Citibank funds within 30 days, maintain your balance for an additional 60 calendar days and receive a cash bonus.
  • How much can you earn? As with its personal account promotions, Citibank offers business banking customers a tiered bonus based on the amount of money deposited and maintained in a new checking account. Here are the tiers: Deposit and maintain a balance of $5,000, earn $300; deposit and maintain a balance of $20,000, earn $750; deposit and maintain a balance of $100,000, earn $1,500; deposit and maintain a balance of $200,000, earn $2,000.
  • When do you receive your bonus? The bonus will be credited to your account within 90 days from the end of the month in which you complete the required activities.
  • Is there a time limit on the offer? The new account must be opened by July 8, 2024.
  • Can you avoid the monthly service fee? Your fees will be waived if you:
    • Maintain a monthly average balance of $5,000 in CitiBusiness Streamlined Checking.
    • Maintain a monthly average balance of $10,000 in CitiBusiness Flexible Checking.
    • Maintain a monthly average balance of $5,000 in CitiBusiness Analyzed Checking.

Citi Credit Card Offers

Citi Rewards+® Card

  • Annual fee: $0
  • Welcome offer: 20,000 bonus points after spending $1,500 in purchases within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com.
  • Intro APR: 0% intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening. After that, the variable APR will be 18.74% - 28.74%, based on your creditworthiness. An intro balance transfer fee of either 3% of each transfer or a minimum amount of $5 within the first 4 months of account opening applies. After that, the amount of each balance transfer will be 5% of each transfer (minimum $5) applies.

Citi Custom Cash® Card

  • Annual fee: $0
  • Welcome offer: Earn $200 in cash back after spending $1,500 on purchases in the first 6 months of account opening. The bonus points come in the form of 20,000 ThankYou® Points that can be redeemed for $200 cash back.
  • Intro APR: 0% introductory APR for 15 months from date of account opening on purchases and from date of first transfer for balance transfers completed within 4 months of account opening. After that, the variable APR will be 19.24% - 29.24%, based on creditworthiness. There is also a balance transfer fee of 5% of each balance transfer; $5 minimum.

If you received a welcome bonus for Citi Rewards+, Citi ThankYou® Preferred (no longer available) or Citi Prestige (card not currently available) within the past 24 months, you are not eligible for an additional sign-up bonus.

How Can You Earn a Citi Checking Account Bonus?

To earn a Citibank cash bonus on a new checking account, you must complete the following actions:

  • Open a Citibank®, Citi Priority, Citigold® or Basic Banking checking account. Be mindful of any offer expiration dates.
  • Make an opening deposit between $10,000 and $300,000 within 20 days of account opening.
  • Maintain the required minimum balance for 60 days from the 21st day of account opening.

The welcome bonus ranges from $200 to $2,000 and depends on your deposit amount and whether you meet all the other requirements. The cash bonus will be deposited in your checking account within 30 days of completing the requirements. Opening an account does not guarantee that you meet eligibility requirements.

What Else Should You Know About Citi Bonus Offers?

1. Your Bonus May Be Taxable

Your Citibank welcome bonus will be reported to the IRS as interest income. Citibank will report your interest income on IRS Form 1099-INT for people in the U.S. and on Form 1042-S for those in other countries. Citi advises that you consult with a tax advisor.

2. You Might Qualify Even If You’re an Existing Citi Customer

Citi’s welcome offers are available to both new and existing Citibank customers, even some who already have an account similar to one covered by a bonus.

To take advantage of Citi’s personal checking account promotion, you must not have owned a Citi checking account within the last 180 days. But the offer terms don’t bar you from opening a new checking account and receiving a bonus if you have another type of Citibank account.

The only restriction on the business checking bonus is that you must not have held a Citibank business checking account during the previous 180 days.

3. Citi Bonuses Are Not Available in All Areas

Citibank bonuses are not offered everywhere, so always check the terms and conditions to be certain you are in an eligible market.

Citi’s checking account bonuses are available within most of the U.S.

But Citibank’s savings account welcome bonuses are available only to customers who open an account in a branch or use a residential address in New York, Connecticut, New Jersey, the District of Columbia, Virginia, Maryland, California, Nevada or select markets in Illinois and Florida.

Citibank business checking bonuses are even more restrictive, as the accounts must be opened in a branch location. Those are currently found only in the following metro areas: Los Angeles; San Diego; San Francisco; Miami; Chicago; Baltimore; Las Vegas; New York; Washington, D.C.; and Orange County and Riverside, California.

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Bottom Line

If you’re looking for a new checking or savings account and have thousands of dollars you’re willing to tie up for a few months, you can receive a hefty welcome bonus from Citibank when you open an account.

But before you move forward, make sure Citibank is a good fit for you, given its rather limited retail banking presence. For all of your options, take a peek at the best bank bonuses to see what offers are currently available. You might be able to score a nice chunk of change without having to sit on a big hunk of your money.

Frequently Asked Questions (FAQs)

How do you open a Citibank account?

You can open a Citibank bank account at a branch, online or by calling 800-321-2484. To be eligible for a Citibank account, you must be a U.S. citizen or permanent resident who is 18 or older. When opening an account, you must provide your Social Security number and identification, such as a driver’s license or state ID. A minimum deposit may also be required.

When will Citibank get stimulus checks?

The IRS issued three stimulus checks during the coronavirus pandemic. Citibank customers who qualified for economic impact payments should have received their checks within a few days or up to two weeks after the government processed the checks.

When does Citibank report to credit bureaus?

Like most banks, Citibank reports your payment activity to the three major credit bureaus—Experian, Equifax and TransUnion—typically at the close of each monthly billing cycle. If you want to lower your credit card balances before they’re reported to the credit bureaus, consider paying your Citi card before the statement closing date.