[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $400 Checking Bonus

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Update 2/12/21: Deal is back and valid until 5/13/2021. Hat tip to reader VK

Update 12/10/20: Deal is back and valid until 1/21/21

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull as long as you opt out of over draft protecton.
  • ChexSystems: Mixed data points
  • Credit card funding: None
  • Monthly fees: $9.99, avoidable
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: November 26, 2020

The Offer

Direct link to offer

  • Citizens Bank is offering a bonus of up to $400 when you open a new checking account. Bonus is broken down as follows:
    • Get $300 when you open your first new personal checking account and make a direct deposit of $500 or more within 60 days.
    • Earn $2 for every debit card purchase you make, up to $100 within the next 60 days.

The Fine Print

  • To earn a $300 bonus, open your first new personal checking account between 08/17/20 to 11/26/20 and have at least one 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: Primary signer on the new checking account may not be or have been a signer on any Citizens Bank personal checking account within the previous six months.
  • The new account must be open and in good standing on the payout date stated in the table below to qualify for this offer.
  • Direct Deposit is recurring income electronically deposited into your Citizens Bank checking account and may include salary, pension, and other regular income.
  • Qualified debit card transactions include signature and PIN-based debit transactions in person directly at a merchant location or in app or online merchant sites.
  • Only one debit card per checking account eligible for bonus. Online Bill Payments, Zelle® transactions and ATM transactions 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.
  • Customer should print this screen for their records. Customer will only be paid a one-time bonus for this program.
  • Offers may be withdrawn without notice and cannot be combined with any other checking offer.
  • Payout: Bonus will be deposited to the new checking account by the date stated in the table below and will be labeled as “Balance Builder Bonus”.
  • Bonus will be reported to the IRS for income tax purposes.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Citizens Bank One Deposit Checking Account $9.99 Monthly Fee

The One Deposit checking account comes with a $9.99 monthly fee. Fee is waived by making one deposit each statement period. (According to this comment they really do count any deposit – even a transfer from another Citizens Bank account will trigger this.)

Early Account Termination Fee

As far as we know there is no early account termination fee.

Our Verdict

We’ve seen a $600 bonus in the past, but that required a $15,000 deposit to get the full bonus. This is a better option for those without that extra money sitting around. We will add this to our list of the best bank account bonuses.

Hat tip to reader Rob

Useful posts regarding bank bonuses:





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