Citibank Business Checking Bonus: Up to $2,000 for New Accounts

If you’ve been thinking about opening a business checking account, Citibank might make it worth your while. Right now, they’re running a promotion that can put up to $2,000 in your pocket just for moving some money into a new account. The catch? You’ll need to visit a branch to get it, and the bigger your deposit, the bigger your bonus. Let’s break down how it works, what to watch out for, and whether it’s worth your time.

How the Bonus Tiers Work

The bonus is tiered, so the more you deposit, the more you get back. Here’s the breakdown: deposit $5,000 and you’ll earn $300. Bump that to $20,000 and the bonus jumps to $500. At $50,000, you’re looking at $1,000. If you can swing $100,000, that’s $1,500. And for the top tier, a $200,000 deposit gets you the full $2,000.

One thing to keep in mind: the return on your money shrinks as you go up the tiers. For example, the $5,000 tier gives you a 6% return, but the $200,000 tier only gives you 1%. So if you’re deciding how much to deposit, think about whether the extra cash is worth tying up for the required period.

What You Need to Know Before You Head to a Branch

This offer is only available in person, so you’ll need to visit a Citibank branch. Not every branch may be participating, but it’s worth asking. One reader reported success just by walking in and asking if they had any current promotions for new accounts.

There’s no direct deposit requirement, which is nice. But you do need to keep the balance in the account for 60 days after the deposit. That means you can’t just move the money in and out right away.

Also, be aware that the bonus is considered taxable income. You’ll get a 1099-INT or similar form, so plan accordingly.

Avoiding Fees and Other Fine Print

The CitiBusiness Streamlined Checking Account is the easiest way to keep things fee-free. It has a $15 monthly fee, but that’s waived if you maintain an average monthly balance of $5,000 or more. Since you’ll likely be depositing at least that much to get the bonus, you should be fine.

There’s no early account termination fee, so if you decide to close the account after the bonus posts, you won’t be penalized. Just make sure you wait until the 60-day period is up to avoid any clawback.

It’s also worth noting that this offer can stack with other promotions, like the Lunar New Year deal, if you’re eligible. That could mean even more cash back.

Should You Go for It?

If you have the cash sitting around and you’re in the market for a business checking account, this is a solid deal. The bonus is generous, especially at the lower tiers, and the requirements are straightforward. Just remember to factor in the 60-day hold and the fact that you’ll owe taxes on the bonus.

On the other hand, if you don’t have a business or you’re not comfortable tying up that much money, it might not be worth the hassle. But for those who qualify, it’s a nice little windfall.

Bottom Line

• Bonus tiers range from $300 to $2,000 based on deposit amount.
• No direct deposit required, but you must open in branch.
• Keep the balance for 60 days to earn the bonus.
• Monthly fee is avoidable with a $5,000 average balance.
• Bonus is taxable income.

Common Questions