Update 2024.10: New offer is $325/$450, Enhanced Direct Deposit required amount is $3,000/$6,000. Because Citi’s “Enhanced Direct Deposit” is very simple to implement, we recommend everyone take advantage of the $450 offer.
Update 2024.1: This bank account recently changed its name, and now offers a super easy to obtain $300 bonus.
Application link
Benefits
- $325/$450 sign-up bonus! Please read below the requirements to get this bonus. Offer ends: 2025.01.07.
- There is a monthly maintenance fee of $15. Please read below how to avoid monthly fees.
- No early termination fees. You can close your account at any time, but we recommend converting your account to the Citi Basic Banking plan to avoid high monthly balance requirements.
Bonus conditions
- This bonus is only available to new customers. Those who currently have a Citi checking or savings account, or who have closed an account within 365 days are not eligible for this offer. Citi credit card holders are not exempt from this offer.
- $325/$450 Offer Requirements: Deposit at least two “Enhanced Direct Deposits (EDDs)” directly into your new checking account within 90 calendar days of account opening. Your combined enhanced direct deposit total must be $3,000/$6,000 or more. I will explain what “EDD” is in the next chapter. It is very easy to meet this requirement.
What is Enhanced Direct Deposit (EDD)?
Enhanced Direct Deposits (EDD) is a word created by Citi and it is different from Direct Deposit (DD). The official definition is:
An EDD is an electronic deposit through the Automated Clearing House (“ACH”) network of payroll, pension, Social Security, government benefits, and other payments into your checking or savings account. Enhanced direct deposit also includes all deposits through Zelle® and other P2P payments when made via ACH using providers such as Venmo or PayPal. Over-the-counter deposits, cash deposits, check deposits, wire transfers, transfers between Citibank accounts, ATM transfers and deposits, mobile check deposits, and P2P payments using a debit card are not considered enhanced direct deposit.
So the following methods all count for EDD: Zelle, Venmo, PayPal, and regular ACH transfers. So it is very easy to meet this requirement.
How to avoid monthly fees (meet one of the requirements below)
- At least $250 in enhanced direct deposit (EDD) each month.
Different Citi checking accounts
Here’s a compare and contrast from the official website.
Summary
The welcome offer is very easy to get, so it’s worth opening. This account is also a basic Citi checking account that can be a good downgrade option.