I love me some free money, oh yes I do! Citi just offered me $25 to put $100 in a savings account for a week – that is such an incredibly high rate of APR that my brain cannot actually calculate the ROI – it is like figuring out PI to the 23rd decimal at 7am without any coffee.
Yesterday I did some ATM banking at Citibank, and at the end of the transaction was told that there was a ‘special bonus’ for Citigold Customers who open a new savings account, I trotted along to the desk (along with the dog) and was in a state of high excitement what could I possibly get for being Citigold?
Banker “Well Sir, you get 3x interest for the first 90 days”
Saverocity “But isn’t your interest rate terrible?”
Banker “Well the rate is linked to how much you deposit, up to $25K you would get 0.15%, and we would TRIPLE THAT!”
Saverocity “Ugh, bye thank you”
Here is the full savings chart:
| Below $10,000 | 0.05% | 0.05% | |
| $10,000-$24,999.99 | 0.15% | 0.15% | |
| $25,000-$49,999.99 | 0.25% | 0.25% | |
| $50,000-$99,999.99 | 0.25% | 0.25% | |
| $100,000-$499,999.99 | 0.30% | 0.30% | |
| $500,000-$999,999.99 | 0.30% | 0.30% | |
| $1,000,000+ | 0.30% | 0.30% |
Here is what I get with Ally Bank
So Ally gives me more than double, with no need to keep a minimum amount on deposit. I left the bank dispondent and went about my daily chores of walking the dog and getting to the office.
Later in the day though, everything changed and Citi redeemed themselves with the following email:
Were my eyes deceiving me? $25 for depositing $100 into the same checking account that was only offering 3x interest earlier? I read the small print, confirmed it was the real deal and opened up an account online – took less than 60 seconds to apply and fund the account!
Terms
| *To qualify for the $25 cash bonus, enroll in this promotion by visiting a branch and asking a Citibank Representative, calling CitiPhone Banking® and mentioning code CSNE or through the offer email. Customer must open a new Citibank Savings Plus Account with a minimum opening deposit of $100 between 1/2/13 and 2/28/13 and maintain a minimum balance of at least $100 in the new Savings Plus Account for at least seven (7) days immediately following the date that the minimum opening deposit of $100 is made. The $25 cash bonus will be credited into the new Savings Plus Account within 90 days after the customer met qualifying requirements stated for each offer. The Annual Percentage Yield (APY) as of 01/01/13 for a Savings Plus Account opened in branches in NY was: 0.05% for a balance under $10,000; 0.15% for a balance of $10,000 – $24,999.99; 0.25% for a balance of $25,000 – $999,999.99; 0.30% for a balance of $1,000,000 or more. Rates are variable and subject to change after account opening without notice. Fees may reduce account earnings. |
| The Citibank Savings Plus Account can be opened in or linked to any account package except the Basic Banking Package. Customer must be at least 18 years of age to qualify for this promotion. Offer can be modified or withdrawn at any time without notice and expires after 2/28/13. Offer is not transferable and cannot be combined with any other offer. Each reward limited to one per customer and account only. Offer is limited to customer who has a valid U.S. taxpayer identification number. |
| Important Tax Information: The value of the cash bonus will be reported to the IRS as interest in the year received on Form 1099-INT, as required by applicable law. Customer is responsible for any taxes. |
| Consumer accounts only. Deposits are subject to Citibank’s standard funds available schedule. Each Depositor is FDIC insured up to applicable limits. All accounts are subject to approval and applicable terms and fees. Customer’s checking account and new Savings Plus Account must be open and in good standing at the time the bonus is deposited into their savings account. |
| Terms, conditions and fees for accounts, products, programs and services are subject to change. |
I highlighted the important stuff in Red – if you want to apply for this bonus use the code CSNE. Please note than some offers are targetted and therefore you might not get the bonus, but it is only a matter of depositing $100 into savings for 1 week so worst case scenario you will not be out of pocket, and might get a nice bonus on your savings!
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