Citibank's $750 or $1500 new checking account bonus offer

[QuarterMillionMan]

I may opt for the $750 bonus offer with a minimum $30,000 initial deposit. The $1500 bonus requires $200,000 which I could do but not proportional to the $30,000 deposit which to me is a better deal.


Earn up to $1,500 with a Citi® checking account

[jenn_jenn]

Oh nice. I’m glad you posted this. I might do the $30k offer as well.

I just had my annual bonus hit my checking account and I was debating where to stick it for a short period of time so this is nice timing.

[QuarterMillionMan]

The terms of it looks easy enough. No direct deposit needed. And not a lot of hoops to jump through as well. And good benefits such as no monthly fees, free official checks or money orders, no foreign transaction fees, etc.

[myrdale]

1) Open an account.
2) Within 45 days deposit qualifying amount.
3) Day 45 eligible amount is determined.
4) Maintain the minimum amount ($30k) in account.
5) This applies for $30k OR $200k

OK so here is my thoughts.

The choices are $30k for $750 OR $200k for $1500. If you keep $100,000 in the account you're only going to get $750.

You must maintain the amount for the full 45 days aster day 45. Your balance dropped to $29,999.99 for one day, sorry you're getting nothing. And if you have $199,999.99, yep $750.

I guess the credit equal to 2.5% interest for 90 days isn't bad but the interest rate drops to 0.75% if you can put back the full $200,000?

And now lets talk taxes lol, there goes half your earnings.

I just can't get excited about having to go through the hassle for the "free money".

[disneysteve]

You must maintain the amount for the full 45 days aster day 45. Your balance dropped to $29,999.99 for one day, sorry you're getting nothing.

Why would your balance drop if you don't withdraw any money?

And now lets talk taxes lol, there goes half your earnings..

How so? Tax on interest is not 50%.

I don't bother with these sorts of offers as I prefer to keep things simple and not jump through hoops and shuffle money around like that but it's a perfectly legit offer.

[QuarterMillionMan]

Tax on interest is approximately 25% for my tax bracket. Last year in 2024 in interest income I had $10,000 on my 1099-INT. When I plugged it in to my 2024 tax software I will pay $2500 out of that $10,000. That's a big chunk but nothing I can do about it. So the $750 x 25% tax = $187.50 will go to pay the tax, $562.50 will be my net gain for 45 days which is pretty good. This could go into the passive income thread. Easy money.