This Bank Is Offering a $2,500 Bonus to Some New Customers Until July 8

Increased banking competition has had several upsides for consumers, including the increase in bank account bonuses. These are cash rewards banks offer to new customers who open an account during a certain time frame and complete qualifying activities. Usually, these bonuses are anywhere from $100 to $400, but every once in a while, a bank puts up some really big bucks.

Citibank is currently offering a bonus worth up to a whopping $2,500 to new customers who open a checking account by July 8, 2024. But there are a few factors to consider before you rush to sign up.

What do you have to do to get the bonus?

There are three steps you must complete to claim this bank account bonus. First, you must open a new Citibank checking account from this page of the bank's website by July 8, 2024. You cannot take advantage of this offer if you already have a Citibank checking account.

Then, you need to deposit funds into the account within 20 days. The amount you deposit determines the size of your bonus as outlined here:

Finally, you have to maintain the above balance for at least 60 days following the 21st day after account opening. So to earn the top bonus, you must have at least $300,000 in your account from the 21st to the 81st day after opening the bank account.

If you manage to pull this off, Citibank will deposit the corresponding bonus into your checking account within 30 days.

Is the bonus worth it?

The large minimum balance requirements put this bonus out of reach for most customers, but don't let that discourage you. There are plenty of more accessible checking account bonuses out there. Explore a few of these instead.

For those who are lucky enough to have five or six figures in spare cash lying around, it's important to look beyond the bonus. You'll probably have this account for a long time, so you want to make sure you like the features it offers.

With that much cash, you would qualify for Citi Relationship Tier benefits, which include:

• Waived fees for money orders, stopped payments, and more
• Free financial checkups from Citi Personal Wealth Management
• Higher limits for Zelle transactions, debit card purchases, and ATM withdrawals

Those who qualify for the Citigold® tier, which requires a minimum combined average daily balance of $200,000 in Citibank accounts also get:

• Unlimited reimbursement for non-Citibank ATMs globally
• Dedicated team and investment guidance from Citi Personal Wealth Management
• Up to $200 annually in cash back subscription rebates

These are nice perks, but you also need to weigh the bank's customer service and how well it aligns with your banking needs. If your nearest Citibank branch is 100 miles away, for example, it might not be a good choice for you if you want in-person service.

Another thing to note for those planning to go after the $2,500 bonus tier is that the $300,000 minimum balance required would exceed your FDIC insurance for that account. The FDIC insures bank accounts up to $250,000 per person per account type per bank against bank failure. Unless you open a joint account with another person, you'd have at least $50,000 in your account that's not protected under this insurance.

Realistically, it's not likely that Citibank is going to go out of business anytime soon, so there's probably no need to worry about losing your cash. But if you want to be extra safe, you might decide to limit your deposits to $250,000 at most and claim the $1,500 bonus instead.

If you have any questions about this offer, reach out to Citibank for more information. And if you don't think it's the right fit for you, there are plenty of other banks offering checking or savings account bonuses that might suit you better.