Citizens Financial Group is the 13th largest bank in the U.S. and one of the nation’s oldest financial institutions. The bank has a network of approximately 3,300 ATMs and 1,200 branches across a 14-state footprint in New England, the mid-Atlantic and the Midwest.

Citizens Bank has a welcome offer for a new consumer checking account that’s notable for its low $500 direct deposit requirement and its debit card purchase bonus, which awards extra cash for using your debit card. If you receive at least a $500 direct deposit into a newly opened account and frequently make debit card purchases, Citizens Bank will put $400 in your pocket.

How Can You Earn a Citizens Bank Bonus?

Citizens Bank bonuses are offered to new customers who open an account and receive a direct deposit within a qualifying time period. The bank offers an additional bonus based on the number of debit card purchases you make within the first 60 days after you open your account. You must keep your new account open, with a balance greater than $0 and in good standing, until your bonus is paid.

Here is the current Citizens Bank bonus available to new customers. Details are accurate as of May 1, 2024.

Citizens Bank Promotion for 2024

Citizens Bank Personal Checking Account Bonus Offer: Earn Up to $400

Citizens Bank offers a handful of checking account options to meet your needs. If you just need a debit card and a place to park your cash, One Deposit Checking from Citizens™ offers a basic account with a $9.99 monthly maintenance fee.

Citizens EverValue Checking™ offers a similar basic account with reduced fees for some services, and has a monthly service fee of $5. If you want perks like no-fee personalized checks, money orders, bank checks, wire transfers and more, Citizens Quest™ Checking is available for a $25 monthly maintenance fee.

Younger customers can take advantage of Citizens Bank Student Checking, offered with no monthly maintenance fee to customers under age 25. Customers can access Citizens Wealth™ Checking for a $0 monthly maintenance fee when they maintain a balance of $200,000 or more in combined deposit and investment assets with Citizens Bank.

Each of those Citizens Bank checking account options qualifies for the welcome bonus promotion, offered exclusively online—not at branches.

  • What is the offer? Open a new Citizens Bank checking account and receive at least one direct deposit of $500 or more within 60 days to earn a $300 bonus. Earn additional bonus cash by making qualified debit transactions within 60 days of account opening. Each transaction will earn $2, up to a maximum of $100.
  • What is considered a direct deposit? According to Citizens Bank, a qualified direct deposit is recurring income that is electronically deposited into your account and may include your salary, pension payments or other regular income. For this promotion, your qualified direct deposit must be $500 or more in a single transaction; cumulative direct deposit amounts totaling $500 will not qualify.
  • What debit card transactions qualify? Both signature and PIN-based debit card transactions count as qualifying transactions for the Citizens Bank checking account promotion. Online bill payments, Zelle transactions and ATM transactions do not count as qualified transactions.
  • When do you receive your bonus? Citizens Bank says your bonus will be paid by the last day of the fourth month following your account opening date, provided you meet the direct deposit requirements of the welcome bonus. Cumulative bonuses for debit card transactions will also be paid by this date.
  • Is there a time limit on the offer? This offer expires on June 6, 2024.
  • Can you avoid the monthly service fee? With the exception of the Citizens EverValue Checking™ $5 monthly fee, all Citizens Bank checking account monthly maintenance fees can be waived for customers meeting certain requirements.
    • Avoid the One Deposit Checking from Citizens™ $9.99 monthly maintenance fee by making one deposit each statement period.
    • Avoid the Citizens Quest™ Checking $25 monthly maintenance fee by either making $5,000 in total deposits into your primary checking account each statement period or maintaining $25,000 in balances across your deposit and investment accounts.
    • Student Checking is offered with a $0 monthly maintenance fee to customers under age 25.
    • Citizens Wealth™ Checking allows customers to pay a $0 monthly maintenance fee when they maintain a balance of $200,000 or more in combined deposit and investment assets with Citizens Bank.

What Else Should You Know About Citizens Bank Bonus Offers?

Your Bonus May Be Taxable

Bank account welcome bonuses are typically considered taxable and are reported to the IRS as interest income. Citizens Bank will report the amount of your welcome bonus to the IRS for income tax purposes.

Citizens Bank Bonuses Are for New Customers

Citizens Bank welcome bonuses are available to new customers who do not currently have a Citizens Bank checking account and who have not been a co-signer on any Citizens Bank checking account within the previous six months. If you are a secondary signer on another Citizens Bank personal checking account, you will not qualify for a welcome bonus.

Citizens Bank’s Regional Presence May Be a Drawback

As a regional bank, Citizens Bank may not be a good choice for you if you live or travel frequently outside New England, the mid-Atlantic or the Midwest. Notably, Citizens Bank only reimburses fees charged by operators of non-Citizens ATMs for Citizens Wealth Checking account customers who hold $200,000 or more in combined deposits and investments.

If you will need to use an ATM or access services at a branch bank as part of your banking relationship with Citizens, take a look at the bank’s locations to ensure that you can find an ATM or branch bank that is convenient for you.

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Bottom Line

Citizens Bank offers one of the easiest checking account welcome bonuses available, simply by virtue of its low $500 direct deposit requirement. The bank’s additional bonus offer of up to $100 for debit card purchases is unique and rewards customers who use their cards often.

One of the few drawbacks of banking with Citizens Bank is its regional ATM and branch footprint. If the bank offers ATMs and branch locations where you need them, a checking account with Citizens can be a great option. If Citizens Bank’s geographic limitations don’t mesh with your needs, look at the Forbes Advisor list of best bank bonuses to find a bank that pays bonuses and works for you.