• filter:

Citi Special Savings Offer Question

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
I received this offer from Citi and wonder if this is a good offer.

Earn up to $700 cash with this special savings offer*.

Dear John Doe,

There’s nothing quite like watching your savings grow. And you can watch it grow faster, by earning a cash bonus up to $700 after you upgrade to The Citi Priority® Account Package and fund a Citibank® Savings Plus Account or Citi Savings Account. Here's how it works:

1. Enroll in this promotion and upgrade to the Citi Priority Account Package by clicking here.

2. Make a qualifying deposit into a new or existing eligible savings account with a minimum of $25,000 in new-to-Citibank funds between 4/15/17 and 5/31/17.

3. Maintain the minimum deposit until August 31st and you can earn a cash bonus, up to $700*. Fund your Savings Account with a deposit balance of*: $25,000 - $49,999  - Earn a cash bonus of*: $200. $50,000 - $99,999  - Earn a cash bonus of*: $300. $100,000 - $249,999  - Earn a cash bonus of*: $400. >=$250,000  - Earn a cash bonus of*: $700.

We appreciate your business, and look forward to welcoming you to Citi Priority. This is a limited-time offer, so don’t wait to make the most of your savings.

Member Summary
Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
$200 to park $25k ?  Hardly a deal.

rated:
thanks OP. in for 2 of the $700 bonuses.

rated:
It's a shiti offer.

rated:
I remember when I was younger - would never dabble into any stocks. Just line up at the bank for a CD - stocks were so foreign.  And I suspect that there are others like that.

I don't see anything wrong with the deal. Let use understand this - keep 250 K from 5/28 to 8/31 - i.e. for 90 days and you get $700. So that is almost like a 3% return for 90 days. Annualized, that would be 12% return. Who the hell gives 12% return with 100% guarantee these days?

The only gotcha might be dealing  with the exact dates - i.e. if you don't get  your bonus on 8/31, do you withdraw  your money on 9/2 or do you wait until you get your bonus. But other than the gotcha, seems like a pretty good interest rate. But if you wanted to invest your money for the long term, TDAmeritrade will give you similar bonus for 250K - $600 and then you invest your money for the longer term.

rated:
PrincipalMember said:   I don't see anything wrong with the deal. Let use understand this - keep 250 K from 5/28 to 8/31 - i.e. for 90 days and you get $700. So that is almost like a 3% return for 90 days. Annualized, that would be 12% return. Who the hell gives 12% return with 100% guarantee these days?
 

  You are off by a decimal. The return is 0.28% over 90 days or ~1.12% APY. There are regular savings accounts that pay close to that.

rated:
PrincipalMember said:   The only gotcha might be dealing  with the exact dates - i.e. if you don't get  your bonus on 8/31, do you withdraw  your money on 9/2 or do you wait until you get your bonus. But other than the gotcha, seems like a pretty good interest rate. But if you wanted to invest your money for the long term, TDAmeritrade will give you similar bonus for 250K - $600 and then you invest your money for the longer term.
 

You can withdraw the money but if you fall below 50k, a $30/month service fee would apply.
 linky
Fine print said: Waived monthly service fees on your checking account by linking accounts. There's no monthly service fee for the first two statement periods. After that, we'll continue to waive the monthly service fee if the combined average monthly balance of your eligible linked accounts for the prior calendar month is $50,000 or more in eligible linked deposits, retirement accounts, and investment balances Otherwise, a $30 monthly service fee will apply.
 


 

rated:
fwuser12 said:   
PrincipalMember said:   I don't see anything wrong with the deal. Let use understand this - keep 250 K from 5/28 to 8/31 - i.e. for 90 days and you get $700. So that is almost like a 3% return for 90 days. Annualized, that would be 12% return. Who the hell gives 12% return with 100% guarantee these days?
  You are off by a decimal. The return is 0.28% over 90 days or ~1.12% APY. There are regular savings accounts that pay close to that.

  
Good catch - I have made that mistake a few times but fortunately, I don't do bank investments anymore - so hasn't hurt me.

rated:
PrincipalMember said:   But if you wanted to invest your money for the long term, TDAmeritrade will give you similar bonus for 250K - $600 and then you invest your money for the longer term.
 


Reminds me - one of my friends took advantage of the TD offer and did a  2 year brokerage CD with TD. They did have competitive rates plus you had this additional bonus thrown in top of that. They also threw in a bunch of free trades.  

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017