$100 Citibank e-Savings Bonus: Good News & Bad News

Got this offer in the email this morning.

First, the good news is you can get a $100 bonus if you open a Citi e-Savings account and fund the account with $5,000 before March 31, 2007. Conditions to qualify for the $100 bonus are:

$100 offer is only available for first-time Citibank deposit (checking or savings product) account customers, and will be paid only once to any individual. Persons who currently have or at any time have had a deposit account at Citibank (or any of its predecessor banks) are not eligible. To receive this offer you must: 1.) make a single application for both a new regular checking and e-Savings Account in the EZ Checking package and open both accounts by 03/31/07 and fund the account with a minimum initial deposit of $5,000. $100 will be credited to your regular checking account within 90 days of the end of the statement period in which you meet all of the above requirements.

So you are still interested in getting an account, use this link and the promotion code CS2G.

Now, the bad news. Citi e-Savings now only pays 4.75% APY! I am not aware of when they slashed the rate, but they used to offer $100 bonus for an account with 5.00% APY. It seems that when banks like HSBC is trying to lure more customers with a temporary 6.0% APY, Citi decides to go the opposite direction by lowering its rate. Maybe they just don’t want to “play the rate game” as ING does.

Update: This offer has expired, but you can still get up to $100 bonus when opening a new bank or broker account. Also check out the latest online savings and checking account interest rates to find the best rate from major online banks.

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