Citigold Checking Account Review
2024.10 Update: The new offer is $1,500 with $200k deposit requirement. Offer ends on 1/7/2025.
2024.1 Update: The new bonus is $1,500/$2,500 with deposit requirement $200k/$300k. The bonus offer seems nice, but requiring $200,000 in the checking account (not including savings or brokerage account!) is insane in my opinion. Nowadays a simple savings account can give you 5%+ APY, so this bonus is completely not worth it.
Contents
Application Link
Benefits
- $1,500 sign-up bonus! Please read below for the requirements to get this bonus. Offer ends on 1/7/2025.
- No nonthly fee.
- In order to be eligible, you must maintain $200,000 in combined average monthly balance in all eligible deposit, retirement, and investment accounts.
- Free access to non-Citi ATM.
- $0 Early Termination Fee. So you can close your account at any time, or you can downgrade it to the basic version checking account.
- If you have Citigold checking account, the annual fee of Citi Prestige will be lowered from $495 to $350. The $350 annual fee remains even if you close your Citigold account thereafter.
- You are not able to use credit cards to do the initial funding any more.
Bonus Requirements
- This bonus is only available for new clients. Those who currently have a Citi checking or savings account, or have closed an account within 180 days are not eligible for this offer. Those with a Citi credit card are not exempt from these rules.
- Deposit New-to-Citibank Funds into your new checking account within 20 days of account opening. Maintain the required minimum balance in your eligible account for an additional 60 days from the 21st day. See the following table for the relation of bonus and amount of deposit:
Deposit Amount Bonus $30,000 $500 $200,000 $1,500 - Note: only the regular savings account counts, the new product “Citi Accelerate Savings” with higher interest rate does not count.
Different Citi Checking Accounts
- Citigold Account Package (this post)
- Citi Priority Package
- Citibank Account Package
- Basic Banking Package
- Access Account Package
Here is a comparison and contrast on the official website.
Summary
Citigold used to be available to everyone as long as you are willing to pay the monthly fee. However, after Nov. 2016, Citigold requires a balance of at least $200,000 to maintain the account. Now only rich people can consider this account. The $1,500 bonus offer seems nice, but requiring $200,000 in the checking account (not including savings or brokerage account!) is insane in my opinion. The equivalent APY is about 4.5%+ if the fund is in the account for exactly 60 days, and lower if the funds is stuck there for longer. Nowadays a simple savings account can give you 5%+ APY, so this bonus is completely not worth it.