What’s better than opening up your checking account? Getting $400 in the process. One of the simplest ways to get a bank bonus from a major bank is getting a checking account set up in Citizens Bank, yielding you a $400 bonus upon completion. Let’s take a look at how this works in the article below.
About Citizens Bank
Citizens Bank is the 17th largest bank in the whole of the United States out of 4,374 banks in the nation as of December 2020. It is the largest bank in the state where it is headquartered in Providence, Rhode Island.
With its prominent name and A+ health rating, you can be confident in the variety of accounts that can be made available to you as one of their customers.
- Citibank can be found in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, & VT. You can also consult their bank locator to find branches near you here.
- You can find their list of routing numbers here.
- You can contact their customer service hotline on this number: 1 (800) 922-9999.
| Pros | Cons |
| Large range of products and services | Lower interest rates than most online banks |
| 2,900 ATMs for banking convenience | Must have deposits of at least $25,000 to get the best interest rates |
| User-friendly online interface and app | Branch locations only in 11 states |
Citizens Bank Bonuses and Promotions
Bank bonuses are a common thing you’ll see when you decide to work with a bank. However, there are a few you can look forward to when opening a Citizens Bank account, as well as some of the expired Citizens Bank promotions that may inform future bonuses.
Related: Best Bank Bonuses
1. Citizens Bank $400 Checking Bonus by Opening a Citizens Bank Personal Checking Account
If you open a new checking account with Citizens Bank and meet specific criteria, Citizens Bank is offering up to a $400 bonus you may be entitled to.
This is comparable to similar offers from other banks that give bonuses for opening entry-level checking accounts.
Citizens Bank has a similar offer There’s also a different Citizens Bank promotion where you can get up to $600 by opening both a checking account AND a savings account. That deal requires you to have $15,000 available to transfer though, so this $400 one is easier for most. Find out more the differences between checking and savings account.
Citizens Bank $400 Checking Bonus Breakdown:
- What you’ll get: $400 Bonus
- Eligible account: Checking
- Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
- Credit Inquiry: Soft Pull
- Household Limit: None. Any number of family members can get the bonus.
- Direct Deposit Requirement: $500 or more
- Early Account Termination Fee: None
- Monthly fee: Varies by account, the information is detailed below
- Expiration: 9/2/21
Depending on your chosen type for your new personal checking account, you may also look forward to the following features:
- One Deposit Checking:
- Any amount to open
- An overdraft occurs due to a transaction of $5 incurs no overdraft fees
- 24/7 account access to view accounts online and via mobile app
- Platinum Checking:
- Personalized advice
- Fewer fees and Platinum rates
- Preferred service at Citizens Platinum Services
How to Earn the Citizens Bank $400 Checking Bonus
- Earn a $300 bonus, open your first new personal checking account between 5/24/21 to 9/2/21, and must make a single direct deposit of $500 or more post to your new checking account within 60 days of account opening
- To earn up to $100: Get paid $2 per qualified debit transaction (up to $100) that post and clear your new checking account within 60 days of account opening.
Qualifications:
- The primary signer on the new checking account may not be or have been a signer on any Citizens Bank personal checking account or personal savings account in the last six months.
- To qualify for this offer, the new Citizens Bank checking account must be open and in good standing on the specified payout date.
- The direct deposit is recurring income electronically deposited into your Citizens Bank checking account. This may include salary, pension, and other regular income.
- Qualified debit card transactions can include all signature and PIN-based debit transactions, whether made in-person at a merchant location, in-app, or online merchant sites.
- Only one debit card is allowed per checking account eligible for the bonus.
- Zelle transactions, ATM transactions, and Online Bill Payments do not qualify.
Eligibility:
- Customer must open their first new checking account via Citizens Bank’s online account opening system accessed by clicking on one of the links on this page.
- Customers should ensure the information is printed to include in their records.
- The bonus is a one-time payment for the program.
- Offers may be withdrawn without notice and cannot be combined with any other checking offer.
Payout:
- The bonus will be directly deposited to the new checking account by the payout date stated and will be labeled as “Balance Builder Bonus.”
- The bonus will be reported to the IRS for income tax purposes.
2. Citizens Bank $1000 CollegeSaver Savings Bonus
A college savings account allows you to set up an automatic monthly payment of money for your child’s education. Once set up, you can use the money on whatever type of school your child attends plus any other eligible educational expenses (tuition, housing, books, etc.)
- Account Type: Saving
- Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
- Direct Deposit Requirement: Yes
- Hard/Soft Pull: Soft pull
- ChexSystem: Mixed data points
- Credit Card Funding: None
- Monthly Fee: None
- Early account termination fee: None
- Household limit: None
CollegeSaver Account features
- Mobile & Online Banking. 24/7 access to account information on the go
- Location. More than 3,100 ATMs and 1,100 branches, some of which are open longer than others
- Safety & Security. Your online and mobile banking experience is secure and private. You are protected by the FDIC’s CollegeSaver insurance policy
- Support. Help and assistance for customers
- Reminders. Assuring you stay on track with monthly notifications
How to Earn the $1000 CollegeSaver Savings Bonus
- Make sure your child has a CollegeSaver account by the time he or she turns 12.
- Ensure that you save at least the minimum amount per month. Children under the age of 6 are charged $25; children 6 to 12 are charged $50.
- Upon your child’s 18th birthday, you’ll receive a bonus of $1,000 in addition to interest.
Additional Information:
- Withdrawal limitations apply, as well as terms and conditions.
- Ideally, the child’s account should be opened by his or her 12th birthday.
- Your annual savings must equal the minimum monthly amount to receive the $1,000 bonus plus interest.
- A failed deposit is allowed once per year.
- A bonus can only be redeemed if the account is open.
- A child is allowed only one account.
- In addition to the bonus, any interest accrued will be credited to your CollegeSaver account within 45 days following a child’s 18th birthday. You will see this credit on your statement as “CollegeSaver Bonus.”.
- Beneficiaries at the age of 18 will receive a bonus if their account balance is at least a certain amount. An account owner will be required to report interest to the IRS (e.g., a parent or a child for the UTMA (Uniform Transfers to Minors Act)).
3. Citizens Bank $10 Amazon Gift Card Bonus (Expired Offer)
Check out Citizen Bank’s student loan refinance rate and you could receive a $10 bonus. This is great news for people who have been struggling to pay their student loans.
- Account Type: Student Loan
- Availability: Nationwide
- Direct Deposit Requirement: None
- Hard/Soft Pull: Not applicable
- ChexSystem: Unspecified
- Credit Card Funding: None
- Monthly Fee: Not applicable
- Early account termination fee: None
- Household limit: Not applicable
Acquisition:
- Accomplish a rate quotation between Feb 1st 2019 and Feb 28th 2021, for a Citizens Education Refinance Loan
- Gift cards will be emailed after the promotional period is over, which can take up to 2 weeks.
Additional Information:
- Existing Citizen Education Refinance Loan customers are not eligible for this offer.
- Each person can only get one gift card.
- Gift cards will be available between February 1st and February 28th, 2021, pending gift card supply availability.
4. Citizens Bank $600 Checking Bonus (Expired Offer)
New account holders of Citizens Bank will have the opportunity to earn up to $600 when opening a checking and savings account and meeting the eligibility requirements. This is the earlier version of the current $400
- Account Type: Checking
- Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
- Direct Deposit Requirement: A direct deposit of $500 and above within 60 days of account opening
- Hard/Soft Pull: Soft pull (provided you don’t use overdraft protection)
- ChexSystem: Mixed data points
- Credit Card Funding: None
- Monthly Fee: $9.99 (avoidable)
- Early account termination fee: None
- Household limit: None
Acquisition:
- Up to 600 bonus points can be earned if you do the following:
- Make a direct deposit of $500 into the checking account within 60 days and earn $300 when you open a new checking account.
- Your account will receive an additional $200 if you open and maintain a new savings account with a balance of at least $15,000, provided it is maintained over the course of three months.
- You can get $100 extra by doing both.
Account features:
- Online & Mobile Banking. Easily manage your finances, pay bills, send money, and transfer funds.
- Citizens Mobile DepositTM. Deposit a check anywhere, anytime.
- Debit Card. You will be able to carry a simple, secure debit card for everyday use.
- Tap to Pay. Take advantage of Tap to Pay for convenient and quick transactions.
- Security. Misplaced cards can be frozen directly from their mobile app in case of loss.
Additional Information:
- One Deposit Checking Account: A one-time fee of $9.99 per statement is waived for a single direct deposit per month
- Platinum Checking Account: $25 fee will no longer be charged when deposits total $25,000
- Citizen personal checking and savings accounts must not be or have been open within the previous six months of the primary signer.
- In order to qualify for this offer, the new account(s) must be open and in good standing at the time of payout.
- Paychecks, pensions, and other regular income may be deposited into your Citizens checking account via direct deposit.
- You need to open your first checking and/or savings account online using Citizens’ online account opening system.
- A one-time bonus will be given to customers who sign up for this program. Occasionally, offers may be discontinued without prior notice and may not be combined with any other offers for checking.
- Bonuses are deposited into new checking accounts with the label “Balance Builder Bonus.”
- An income tax report will be sent to the IRS if a bonus is received.
How to Avoid Citizen Bank Checking Fees
The checking accounts have a monthly fee between $0 and $25 that can be waived if you meet the requirements:
1. One Deposit Checking Account
The $9.99 monthly fee can be waived if you make a deposit of ANY amount each during the monthly statement period.
2. Citizens Bank Student Checking Account
No monthly fee as long as you’re under 25 years old.
3. Citizens Bank Platinum Checking Account
The $25 monthly fee is waived if you have combined monthly balances (in all deposit and investment accounts) of $25,000 or more.
4. Citizens Bank Platinum Plus Checking Account
The $25 monthly fee is waived if you have combined monthly balances (in all deposit and investment accounts) of $25,000 or more AND Make a deposit of at least $5,000 in your primary checking account each statement period OR maintain an average daily checking balance of $10,000 or more.
Terminology
1. Checking Account
The term checking account typically refers to an account that is primarily used for deposits and may hold any combination of money, monetary instruments, securities (such as stocks, bonds, and currencies), and other items, including traveler’s checks and money orders.
2. Savings Account
The primary function of a savings account is to help bring together all your savings in one place, reducing stress on your wallet and increasing your ability to make budgeted purchases when times are tight.
3. Direct Deposit
A direct deposit is a type of electronic funds transfer. This funds transfer service is provided by various financial institutions. This type of money transfer may be performed through the Internet or mobile phone services.
4. Hard Pull
A hard pull may be an important step in gaining access to a more advanced credit product. It is a formal request made by a creditor to obtain information from your credit file in order to evaluate your creditworthiness.
5. Soft Pull
A soft pull is a type of targeted inquiry that is part of a larger assessment of your creditworthiness. Soft pulls don’t include hard inquiries or any other type of direct contact with creditors. Instead, they permit creditors to ask questions about your payment history and activity on other credit accounts, but they don’t put a lot of pressure on your part with regard to forthcoming payments.
6. ChexSystem
It is one of the most trusted companies in the world because it takes serious steps to help people manage their credit cards and identify potential problems before they escalate to the authorities. Problems can range from purchases that seem questionable at the time, financial fraud to more concrete financial issues like overspending on gasoline or home repairs.
The Bottom Line
- If you are under 25 years old and are looking to get the bonus, the Citizens Bank Student Checking is the best option as you also do not incur monthly fees automatically.
- Keep track of the related terminology, so you don’t find yourself lost when you open an account.
- Any account that triggers a soft pull will not harm your credit score.
- Decrease your expenses by making sure you can waive the monthly fee.
You can find both existing and expired Citizens Bank promotions and offers. They are no doubt ideal for an upfront amount and are worth checking out, especially if you’ve already been planning to open with Citizens Bank anyway.
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