Citi's Wealth Management Bonus: Is $5,000 Worth the Move?

If you've been thinking about consolidating your investments or just want a fresh start with a new advisor, Citi has a pretty compelling carrot to dangle. They're offering a cash bonus for moving a chunk of money into their Personal Wealth Management service. The top prize is a cool five grand, but you don't need millions to get something. Let's break down whether this offer makes sense for your financial picture.

How the Bonus Tiers Stack Up

This isn't an all-or-nothing deal. Citi uses a tiered structure, so the more you bring over, the bigger your reward. The bonus is calculated based on 'New-to-Citi' funds, which means money that wasn't already sitting in a Citi account. Here’s the breakdown of what you can earn.

• $500 bonus for deposits between $50,000 and $199,999
• $1,000 for moving $200,000 to $499,999
• $2,000 for a transfer of $500,000 to $999,999
• $3,000 for bringing over $1 million to $1.99 million
• $5,000 for deposits of $2 million or more

The Nitty-Gritty: Steps to Get Your Cash

Getting the bonus isn't just about transferring money. There's a specific process and a few hoops to jump through. Missing a step could mean missing out on the cash, so pay close attention.

First, you can't just open an account online. You have to start by speaking with a Citi financial advisor to enroll. This offer applies to both brand-new accounts and existing eligible accounts, as long as you're adding new money.

Once enrolled, you need to move your money within the specified funding window. After that, there are two important maintenance rules: you must sign up for electronic statements (eDelivery) and you must keep the new funds in the account for a period defined in the official terms. The exact length of that 'maintain funds' period is critical, so be sure to ask your advisor for the specific date.

Practical Advice Before You Jump

A cash bonus is great, but it shouldn't be the only reason you choose a wealth manager. Here are a few things to think about before you make the switch.

This is a managed account service, not a self-directed brokerage. You'll be working with a Citi advisor, which means there will likely be management fees. You need to understand those fees clearly. A $500 bonus can be wiped out quickly if the annual fees are higher than what you currently pay.

Ask the advisor you speak with to clarify all the deadlines in writing. When exactly do you need to keep the funds until? What happens if you need to withdraw some for an emergency? Get crystal clear on the terms to avoid any surprises.

Finally, consider the service itself. Schedule a consultation to see if their investment philosophy, technology platform, and advisor rapport are a good fit for you. The bonus is a one-time perk; the relationship and the fees are ongoing.

Bottom Line

• The bonus is tiered, making it accessible even if you're not moving millions.
• You must contact a financial advisor directly to enroll—no online application.
• Factor in the account's ongoing management fees; they could outweigh the bonus.
• Get all deadlines, especially the 'maintain funds' date, in writing from your advisor.

Common Questions