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Citi bank account upgrade bonus offer question

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rated:
I received the following offer to upgrade my account. I wonder if this is worth trying?

There’s nothing quite like watching your savings grow. Now, after you upgrade to The Citi Priority® Account Package, you can take your savings even higher by earning a cash bonus, between $200-$700, when you enroll and make a qualifying deposit in an Eligible 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 $25,000¹ in new-to-Citibank® funds between 7/1/17 and 8/31/17. See chart below.  3. Maintain the minimum deposit until November 30th and you can earn a cash bonus, up to $700*.  * Fund your Eligible Savings Account with a deposit amount indicated below and maintain that balance pursuant to the Terms and Conditions:

Earn a cash bonus of:     $25,000 - $49,999  $200¹  $50,000 - $99,999  $300  $100,000 - $249,999  $400  >=$250,000  $700 See Terms and Conditions below for complete offer details.

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.

Terms and Conditions:

WHO IS ELIGIBLE FOR THIS OFFER?   Enrollment in Citibank’s Tiered $200-$700 Cash Offer ($200-$700 Cash Offer) is available only to Citibank customers who (1) are at least eighteen (18) years of age, (2) have a valid W-9 or W-8BEN on file with Citibank, (3) are first signers on an existing consumer checking account in The Citigold Account Package or The Citi Priority Account Package (Eligible Checking Account), (4) are first signers on a new or existing Citi Savings Account or existing Citibank Savings Plus Account in The Citigold Account Package or The Citi Priority Account Package (Eligible Savings Account), and (5) have received a direct communication from Citibank inviting them to participate in the $200-$700 Cash Offer (Eligible Customer). If an Eligible Customer does not have an Eligible Checking Account, he or she is encouraged to open such an account by 8/31/17 to qualify for this $200-$700 Cash Offer.    Fiduciary, estate, business and or trust accounts, that are not Living Trusts, are not eligible for this $200-$700 Cash Offer, even if they otherwise meet the definition of Eligible Checking or Eligible Savings Account. All accounts subject to approval.

WHAT IS BEING OFFERED IN THE $200-$700 CASH OFFER?   If you are an Eligible Customer and enroll and fulfill required activities (see required activities below), the Cash Bonus will be credited to your Eligible Savings Account within ninety (90) calendar days from the date when you complete all requirements. For example, if the deposit requirement is met on 7/15/17 and maintained through 11/30/17, you will earn the applicable Cash Bonus by February 28, 2018. See chart above for tiered Cash Bonuses which are based on qualifying deposit amounts.    As of 6/14/17, the Annual Percentage Yield (APY) for CA Citi Savings Accounts or Citibank Savings Plus Accounts in The Citigold Account Package or Citi Priority Account Package was 0.06% for a balance of $25,000 - $49,999.99; 0.08% for a balance of $50,000-$499,999.99; 0.10% for a balance of $500,000 or more. As of 6/14/17, the Annual Percentage Yield for Citigold Interest Checking and Interest Checking opened in a Citi Priority Account Package in all markets is 0.03% for all balances. Rates are variable and subject to change without notice after account opening.    All accounts subject to applicable terms, fees, and charges. Fees may reduce earnings.¹    The $200-$700 Cash Offer may be modified or withdrawn at any time without notice.

IF I AM ELIGIBLE, HOW DO I ENROLL IN THIS PROMOTION?   Between July 1 and August 31, 2017 (Offer Period), Eligible Customers can enroll in the $200-$700 Cash Offer by clicking Click here to enroll and following the process, by visiting a Citibank branch and asking a Citibank Representative to enroll you, or by contacting a Citibank representative by telephone (1-866-458-9211) and mentioning the Promotion Code (48Y5SWHWCV) to enroll. Enrollment and participation in this promotion does not guarantee eligibility. Promotion Code may only be used by Eligible Customers once. The $200-$700 Cash Offer is not transferable.

AFTER ENROLLMENT, HOW DO I QUALIFY TO EARN THE $200-$700 CASH OFFER?   The $200-$700 Cash Offer is a savings account offer with an Offer Period from July 1 to August 31, 2017. During the Offer Period, Eligible Customers must deposit the minimum amount of funds, as indicated in the chart, in new-to-Citibank funds into an Eligible Savings Account and maintain that deposit until 11/30/17. New-to-Citibank funds are funds not currently held by Citibank and must be deposited via ACH, Direct Deposit, cash, and/or via checks or wires from non-Citi institutions. At the time the Cash Bonus is to be credited to the Eligible Savings Account, both the Eligible Checking Account and Eligible Savings Account must be open and in good standing.    Speak with a bank representative for more details.    Important tax information: The bonus will be reported to the IRS as interest, in the year received, as required by applicable law. Bonuses received by U.S. persons will be reported on IRS Form 1099-INT for the year received. Bonuses received by non-U.S. persons will be reported on IRS Form 1042-S for the year received. Customer is responsible for taxes and consulting a tax advisor. To be eligible for the bonus, a U.S. person must have a valid Form W-9 on file, and a non-U.S. person must have a valid Form W-8BEN on file, and the account must not be subject to back-up withholding

CAN I ENROLL AND FULFILL MULTIPLE SAVINGS AND CHECKING OFFERS DURING THE OFFER PERIOD?   Yes, with the following limitations. Customers are limited to one savings account offer during the Offer Period. If you enroll in multiple savings account offers during the Offer Period and fulfill multiple savings account offers in the same month, you will be awarded the offer with the highest bonus value. If you enroll in multiple savings account offers during the Offer Period and fulfill multiple savings account offers across different months, you will awarded the bonus of the first savings offer to qualify. Customers may be enrolled in a Citibank retail banking checking promotion and savings promotion during the same promotion period unless expressly prohibited; however, each promotion must be funded separately.     Only one Eligible Savings Account is eligible for the $200-$700 Cash Offer.    ¹ A monthly service fee of $30 applies to the checking account in The Citi Priority Account Package if combined average monthly balances of $50,000 or more is not maintained. For details on consumer account package requirements and fees, see the Citibank Marketplace Addendum or visit www.citi.com/compareaccounts.    Terms, conditions and fees for accounts, products programs and services are subject to change.

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rated:
This is basically the old Citigold package before they changed the Citigold minimum balance $200K and eliminated the option to pay $30/month for Citigold if the old minimums weren't met.  They simply renamed the old Citigold to whatever they're calling it now.

They're giving you $700 on $250K for 3 months. That works out to an annual interest rate of approximately 1.12%. You decide if that's worth it to you.

$200 bonus on $25K for 3 months works out to about 3.2%. That looks much better.

rated:
These are percentages for 250K/100K/50K/25K:
((700/3)*1200)/250000=1.12%
((400/3)*1200)/100000=1.60%
((300/3)*1200)/50000=2.40%
((200/3)*1200)/25000=3.20%

And for 25K your take-home is much less after fees:
A monthly service fee of $30 applies to the checking account in The Citi Priority Account Package if combined average monthly balances of $50,000 or more is not maintained.

So if you get 1.30% at PurePoint, then:
(25000*(3.20-1.30)/1200)*3=$118.75
118.75-30*3=$28.75 (Net after fees for 3 months & before taxes)

rated:
This offer has been around for a while. I can get the same benefit on a lot less cash.

See DoC Best Bank list - some of them accept new application deposit by credit card.

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