The Ultimate Savings Account from Citi and $50 Bonus
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Again, I got this email from Citi this morning.
At first, I thought it was an offer similar to the one I got before for their e-Savings account, but with a lowered rate. Then I realized this actually is different, not just the name.
The main difference between the Ultimate Savings account and the existing e-Savings account is that the new savings account is a stand alone product. Unlike e-Savings account, which requires you to have an EZ Checking account (or other eligible checking accounts) with them first before applying for the savings account, the Ultimate Savings account has no such a precondition. But how does requiring a Checking account affect my perception of the savings account?
While the e-Savings account is advertised as an account with no minimum balance, the EZ Checking account it tied to does require a combined minimum balance of $1,500 (balances on checking, CD, money market and Day-to-Day savings accounts are considered) as one of the conditions to waive the $7.50 or $9.50 monthly fee. There are just too many restrictions on a savings account that pays 4.75% APY. The Ultimate savings account, however, has
- No checking account requirement
- No minimum balance
- No monthly service charge
making it much more flexible than the e-Savings account. But what do you have to give up? The 0.1% APY and the ThankYou points.
If this is the right product for you, then you can use this link to open an account before April 30, 2007 with an initial fund of $2,500 or more (the catch) and receive $50 bonus (offer code CYMF). Terms and conditions for this offer are:
$50 offer is only available for first-time Citibank deposit 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 apply for and open a new Ultimate Savings Account by 4/30/2007 and fund the account with a minimum initial deposit of $2,500. $50 will be credited to your Ultimate Savings Account within 90 days from the end of the statement period in which you met the above requirements. Accounts must be in good standing at the time of the $50 credit.
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I think it is very important to read the fine print before opening these accounts. Citi has lots of different promotions out there and they all at first glance look similar or the same. The promotion CS2C which ends 31MAR is for regular checking and e-savings to get $50. This does not require min balance or direct deposit. So long as the accounts both remain open, there is no monthly maint. fee and no monthly min.
It’s true that Citi sent out lots of promotions (I believe I got four already) and each one seems to have different conditions that have to be met in order to receive the bonus. I am fine with conditions such as an initial deposit of $2,500 and maintaining the account for 90 days, but I don’t feel very comfortable when the account is tied to another account that requires a minimum monthly balance otherwise a fee will be imposed. I went through the email I got for this Ultimate savings account and found the offer is quite simple. So I feel it’s a better choice than the e-Savings account, though the rate is slightly lower.
When I click on the link I don’t see anything about the bonus. It doesn’t really matter since I can’t deposit $2500 anyway. Here is a link to my post about a $25 bonus for this same account which doesn’t require a minimum deposit. $25 Citi Ultimate Savings Bonus
Andy: The page from the link didn’t say anything about the $50 bonus, but there’s an offer code at the bottom of the page and that will give you the bonus.
sun,
the CS2C promo (exp 31mar) doesn’t require min or maint fees in either the regular checking and e-savings account for the $50 promo. the only requirement is to open both accounts at the same time, which the CS2C promo acct opening menus have you do, and keep them both open together. As i’ve emailed you, I only keep $1 in both accts.
Don’t forget that citi considers these promo bonuses as interest.