Citi® Checking With Enhanced Direct Deposit Review: Cash Bonus and Easy Electronic Payments
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
Commitment to Our Readers
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GOBankingRates Score
Citibank National Association
-
Fees
3.8
-
Convenience
4.5
-
Relationship Tiers
4.4
-
Bonuses
4.9
Pros
- Open a Citi checking account can earn a $300 cash bonus from Jan. 10, 2024 through Jul. 8, 2024.
- Customers with a combined average of $250 a month in direct deposits can avoid monthly service fees.
- Zelle incoming payments, ACH credits and any other electronic fund transfers such as PayPal or Venmo qualify.
Cons
- You have to complete all required activities to qualify for the bonus.
- Must maintain a minimum balance and deposit amount to waive monthly or retail consumer banking fees and get other services from several Citi account options.
Citi Overview
Citi offers a full suite of financial products and services. GOBankingRates has even ranked Citi among the Best Checking Accounts, Best Premium Checking Accounts and Best National Banks of 2024. Citi’s new Enhanced Direct Deposit feature could be just what you’re looking for in a new account, especially when you factor in the bonus option.
Citi Checking With Enhanced Direct Deposits: Key Features
Fees
Though Citi does have monthly fees for its checking options, there are ways around them. The monthly service fee for your checking account is waived if you make qualifying Enhanced Direct Deposits which can be through Zelle Payments, ACH transfers or even deposits through PayPal or Venmo. The deposits must be $250 or more each month to avoid the fees.
Below are the associated monthly fees with some Citi accounts:
| Deposit Account | Monthly Service Fee |
|---|---|
| Access Checking | $5 |
| Regular Checking | $15 |
| Savings | $4.50 |
Convenience
As Citi offers a variety of ways to reach the $250 minimum in direct deposits, it does make EDDs a convenient option for a majority of your banking needs. The following are some options for your direct deposits and how to set them up.
- Direct Deposits: Search and select your payer from the list Citi provides, add your accounts where you prefer to deposit and review and confirm the account information.
- Zelle incoming payments: Provide your phone number or email address to Zelle, select the Citi account you’d like to deposit in and track your payment in the Citi Mobile® App
- Bank ACH transfers: Choose an amount to transfer, add an external account, and select how often you want to make the transfer if it’s a repeating payment.
- Digital payment apps: Sign up with platforms such as Venmo or PayPal, link your Citi account and request payments.
Thanks!
Relationship Tiers
You can unlock higher Relationship Tiers and benefits when you grow your balance. Here are the options:
- Everyday Benefits: For combined average balances of $0 to $29,999.99. You’ll have access to Citi Mobile® App, online banking and a large fee-free ATM network.
- Citi Priority: For combined monthly average balances of $30,000 to $199,999.99. You get preferred banking with no Monthly Service Fees and access to financial planning and advisement.
- Citigold®: For combined average monthly balances of $200,000 to $999,999.99. You’ll have access to premium banking with waived online wire transfer fees, and a wealth team dedicated to your personal financial needs.
Bonuses
The current bonus associated with Citi’s Checking Enhanced Direct Deposit runs from Jan. 10, 2024, to Jul. 8, 2024. You can get a $300 cash bonus if you open an eligible Citi checking account as a new customer.
How Does Citi Checking EDD Compare?
When it comes to account opening you want to make sure you are having your needs met, receiving the best advice and can access your finances in a convenient way. Whether you are looking for better checking options or just smaller overdraft fees, returned item fees or overdraft protection fees, it’s always a good idea to do some comparison shopping.
Citi vs. PNC
PNC offers a variety of checking options with its Virtual Wallet program and its Spend, Reserve and Growth model. Here’s how PNC checking options compare to Citi:
- Spend: $7 monthly service charge unless you put a $500 direct deposit into your Spend account, maintain a monthly balance of at least $500 in Spend + Reserve or be over age 62.
- Performance Spend: $15 monthly fee unless you meet criteria such as $2,000 direct deposited monthly, $1,000 for WorkPlace Banking or Military Banking customers, $2,000 in Spend + Reserve or $10,000 total in PNC deposit accounts
- Performance Select: $25 monthly fee unless you can maintain $5,000 in monthly direct deposits, $5,000 monthly balance in Spend + Reserve or a combined $25,000 in all PNC accounts, including investment accounts.
Citi vs. Chase
If you open up a Chase Total Checking account as a new customer you can get a $200 bonus. You must also make direct deposits totaling $500 or more within 90 days of coupon enrollment to qualify. This checking account does have a $12 service fee, however you can get that waived if you can do the following:
- Make electronic deposits totaling $500 or more into the account.
- Maintain a balance at the beginning of each day of $1,500 or more.
- Have an average beginning day balance of $5,000 or more in any combination of a Chase account and linked qualifying Chase checking, savings and other balances.
Final Take To GO: Is Citi Checking With EDD Right For You?
The bottom line is if you are looking for a new checking account it is good to have convenient direct deposit options in this digital age. Though Citi Enhanced Direct Deposit does allow you to bank with ease and get access to your funds immediately, make sure to follow the requirements to avoid monthly fees. Plus, if you sign up now for a checking account as a new customer you can also get a cash bonus of $300.
FAQ
- What are enhanced direct deposits at Citi?
- Citi Enhanced Direct Deposits offer options to attach a variety of money transfer and electronic payment options to your Citi Checking account.
- How long does Citi direct deposit take?
- Citi direct deposits of cash or checks typically hit your account the first business day after the day it receives your deposit. Electronic direct deposits will be available on the day you deposit.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Information is accurate as of Jan. 5, 2024.
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