Citi Regular Checking Review (2024.10 Update: $450 Offer!)

physixfan 2024-10-09 2024-10-09

2024.10 Update: The new offer is $325/$450, the required amount of Enhanced Direct Deposit is $3k/$6k.Because Citi’s “Enhanced Direct Deposit” is super easy to do, we recommend everybody to do the $450 offer.

2024.1 Update: This bank account recently changed its name, and now offers a $300 bonus which is super easy to get.

Application Link

Benefits

$325/$450 sign-up bonus! Please read below for the requirement to get this bonus.Offer ends on: 2025.01.07.
There is a monthly maintenance fee of $15.Please read below for how to avoid the monthly fee.
No early termination fee.
You can close your account at any time, but we recommend you to convert your account to the Citi Basic Banking package to avoid high monthly balance requirement.

Bonus Requirements

This bonus is only available for new clients.Those who currently have a Citi checking or savings account, or have closed an account within 365 days are not eligible for this offer.Those with a Citi credit card are not exempt from this offer.
$325/$450 offer requirements: Deposit at least two “Enhanced Direct Deposits (EDD)” directly into your new checking account within 90 calendar days from account opening.Your total combined Enhanced Direct Deposit must equal $3,000/$6,000 or more.
I’ll explain what is “EDD” in the next chapter.It is very easy to satisfy the requirement.

What is Enhanced Direct Deposits (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 to your checking or savings account.An Enhanced Direct Deposit also includes all deposits via Zelle® and other P2P payments when made via ACH using providers such as Venmo or PayPal.

Teller 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 do not qualify as an Enhanced Direct Deposit.

So, the following methods all count towards EDD: Zelle, Venmo, PayPal, and regular ACH transfers.Therefore it is very easy to satisfy the requirement.

How to Avoid the Monthly Fee (Meet Any One of the Requirements Below)

At least $250 Enhanced Direct Deposit (EDD) each month.

Different Citi Checking Accounts

Here is a comparison and contrast on the official website.

Summary

The welcome offer is super easy to get, so it is worth opening.This account is also a basic Citi checking account which can be a good downgrade option.

Application Link

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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.