Update: It appears that Citibank has dropped this offer down to a $50 bonus instead of a $100 bonus. Everything else in this post still applies, however.
A few months ago, Citibank offered a $100 bonus for opening an “Ultimate Savings Account” with them. I snapped at the offer, even though the accounts 4.75% APY is slightly lower than many online savings accounts. And now, Citibank is handing out this $100 bonus offer once again.
If you interested in an easy $100 like I was, you might be interested in what I learned from my experience:
~ You need to have never held a bank account with Citi before in order to qualify for the bonus. As far as I know, this refers to checking and savings account, but not credit cards.
~ The account is pretty standard as far as online savings accounts go. There is no minimum balance required and no monthly fees. I used $1 as my opening deposit and just left it there.
~ They ask for an awful lot of information when you’re opening your account. It’s been a few months, but I seem to remember having to run out of the room to track down paperwork and look things up. Also, they will do a hard credit pull (a credit check that will slightly lower your credit score for about a year).
~ The offer says the bonus may take as long as 90 days to appear in your account. I recommend marking your calendar three months from the day you open it, and if you don’t receive the bonus by then, to start writing some emails or making some phone calls. My $100 took 45 days to appear in my account.
~ The current offer expires on 8/31/07, so if you’re planning to take advantage of the offer, be sure to apply for your account before that deadline (probably at least several days before, just to be sure).
Now that my $100 bonus is finally in my account, I’m going to buy a Wii! Just kidding. I’m probably going to let it sit in the account for as long as I can, let it earn a little interest, and then throw it at my debt. Yep, I’m boring and practical like that.