Citibank : Business Checking Account
- Bonus Amount
- up to $2000
- Account Type
- Business Checking
- Available In Your Area?
- Yes
- Offer Expires In
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- Bonus Requirements
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- Open a new Citibank business checking account in-branch.
- Within 30 days, deposit $5,000 to earn $200, $15,000 to earn $500, $25,000 to earn $700, $50,000 to earn $1,000, $100,000 to earn $1,500, or $200,000 to earn $2,000.
- Maintain that balance for 60 days.
- Hard Credit Pull?
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- Monthly Fees?
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- Open Online?
CitiBusiness if offering up to $2,000 when you open a new business checking account in-branch and make a minimum deposit within 30 days.
This is a tiered offer, where the more you deposit the more you earn (starting at a $200 bonus for $5,000, up to the full $2,000 for depositing a cumulative $200,000).
If you have the cash and live close to a physical branch, this is a solid welcome bonus. The lowest tier represents a 12% effective rate on your savings – not bad!
How To Earn The Bonus
The Citi Business Checking Account promotion requires you to deposit and maintain a minimum balance in order to earn the $2000 bonus. Full requirements to receive this bonus are:
- Open a new Citibank business checking account in-branch.
- Within 30 days, deposit $5,000 to earn $200, $15,000 to earn $500, $25,000 to earn $700, $50,000 to earn $1,000, $100,000 to earn $1,500, or $200,000 to earn $2,000.
- Maintain that balance for 60 days.
Open an account now before the bonus expires on June 30, 2021
The fine print
- Offer not available to current CitiBusiness business checking account customers, or to those who have had a business checking account at any time during the previous 180 days.
- The bonus will be credited to your account within 90 days from the end of the month in which you complete all requirements.
- Your new account must be open and in good standing at the time the bonus is credited.
- Accounts that are inactive or have maintained a $0 balance for more than 45 days are subject to closure.
- Deposits can be cumulative (IE: you don't need to deposit the entire amount in a single transaction) to hit the higher tiers.
Why Citibank?
Citibank is headquarted in South Dakota and has about 700 physical locations in the U.S. (and another 1,800 overseas). They're best known for their credit cards, but they offer just about every product you'd expect from a big national bank – covering banking, lending, investing, and wealth management.
For their consumer banking, they offer a slight twist to the typical separation of checking and savings accounts, instead offering "banking packages" that include a checking account and a linked savings product, with a monthly service fee (waivable) that covers both.
Ultimately, there's certainly nothing to complain about with Citi, but there's also not much to really set them apart. They offer fewer physical branches than the other national brands, but the same low rates. What we like about Citi are the the consistent welcome bonuses, available nationwide.
Learn more in our Citibank review
CitiBusiness® Streamlined Checking
Citi's simplest business checking account, which gives you free access to their 60,000+ ATMs, includes 250 free transactions each month, and allows up to $10,000 in deposits each month.
This is a good basic account for new business owners, and gives you access to Citi's large footprint of physical branches and their suite of online tools. But if you're growing, you'll quickly need to look at one of CitiBusiness's higher products.
Fees
CitiBusiness® Streamlined Checking does charge a monthly fee of $15, but there are several ways to get this waived:
- Maintain a monthly balance of $5,000.
CitiBusiness® Flexible Checking
A step up from Citi's Streamlined Checking account, the CitiBusiness Flexible Checking account doubles the transaction and deposit allowances to 500 transactions and up to $20,000 cash deposits each month.
Fees
CitiBusiness® Flexible Checking does charge a monthly fee of $22, but there are several ways to get this waived:
- Maintain a monthly balance of $10,000.
CitiBusiness® Analyzed Checking
One of Citi's small business checking accounts, which advertises the ability to offset your banking fees by earning credit (the rate is variable and based on the 90-day U.S. Treasury Bill interest rate) for every month that your accounts hold a combined balance of $5,000 or more.
This is not to be confused with an interest-earning account, however, since this credit is only to offset fees and cannot be carried over month-to-month.
Fees
CitiBusiness® Analyzed Checking charges a monthly fee of $24.
CitiBusiness® Interest Checking Account
Citi's premium small business checking account will earn interest on the cash in your account, but the fees can add up for businesses with a high number of transactions or cash deposits. These allowances cap at 25 transactions (which include check writing and payroll!) and $10,000 in deposits.
That said, if those constraints work for your company, this account gives you convenient access to Citi's large footprint of physical branches and ATMs, easy-to-use online tools, and solid security and fraud protection.
Fees
CitiBusiness® Interest Checking Account does charge a monthly fee of $30, but there are several ways to get this waived:
- Maintain a monthly balance of $10,000.