Citizens Bank Bonuses: April 2024

You could get up to $400 when opening a new account

Reviewed by Michael J Boyle

Citizens Bank occasionally offers valuable bonuses for opening new accounts and meeting certain requirements. We’ll show you exactly how to earn a Citizens Bank bonus and what you need to know about each account option. 

Citizens Bank: Citizens Quest Checking – $300–$400

• Bonus Amount: $300–$400
• Promotion Expiry: April 11, 2024
• Qualifications: Direct deposit, transactions

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How to Get the Bonus 

1. Open a new Citizens Quest Checking account. Use the special link for new Citizens Bank incentives to make sure you earn the bonus, and print out the page for your records. There’s no minimum opening deposit but you will need to fund the account with at least some amount of money. In order to earn the bonus, your account balance must stay above $0 until the promotional offer is paid out. 
2. Have at least $500 in direct deposits to your account to earn $300. You’ll have 60 days to complete this requirement from the time you open your new account. Direct deposits include regular payments that you get from outside sources, such as government benefits or employment income. 
3. Earn $2 per debit card purchase, for a bonus up to $100. To earn the second optional part of the bonus, you simply have to use your debit card to make purchases. You’ll have 60 days to use your debit card. Each time you swipe it, you’ll earn $2 toward your bonus payout, up to a maximum of $100 (or 50 purchases). For a purchase to count, it either need to be a signature-based or PIN-based transaction, so things like Zelle transfers don’t count. 
4. Keep your account open and in good standing. If you close your account or the balance drops to $0 or less before you earn the bonus, you won’t receive the payout.

Bonus Restrictions and Account Fees

• Not eligible if you were the primary account holder on any Citizens Bank personal checking accounts within the past six months
• Must live within one of the 14 states (and Washington D.C.), including areas where Citizens Bank operates, mostly along the East Coast 
• $25 monthly fee unless you meet one of two waiver requirements: have at least $5,000 deposited into your account each month, or have a combined balance of $25,000 or more across all of your Citizens Bank deposit and investment accounts
• Citizens Bank waives some of the fees for this account, including out-of-network ATM charges. But you may still face other fees with this account, including overdraft charges ($35) and sustained overdraft fees ($30) for not promptly fixing overdrawn balances.

Citizens Bank: Citizens EverValue Checking – $300–$400

• Bonus Amount: $300–$400
• Promotion Expiry: April 11, 2024
• Qualifications: Direct deposit, transactions

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How to Get the Bonus

1. Open an account through the promotional page. Print out the Citizens Bank bonus page for your records, and open the account through that online application. There isn’t a minimum opening balance requirement, but you will need to keep your account balance above $0 until you earn the bonus, so it’s a good idea to open it with some amount of cash.
2. Have at least $500 in direct deposits to earn the $300 bonus. Update your direct deposits to send them to this new account. You’ll have 60 days after you open the account to make sure you receive at least $500 in direct deposits. Remember, direct deposits are different from other deposits you or friends make on occasion, like ACH transfers and PayPal payments. 
3. Use your debit card at least 50 times to earn the $100 bonus. You’ll have the same 60-day period to earn this bonus. Each time you use your debit card during this period to make a PIN- or signature-based transaction (i.e., not via other methods, like PayPal or Venmo), you’ll earn $2 towards your bonus. The maximum you can earn is $100 for making 50 debit purchases.
4. Keep your account open and in good standing. If you close your account or the balance drops to $0 or less before you earn the bonus, you won’t receive the payout.

Bonus Restrictions and Account Fees

• The Citizens EverValue Checking account charges a $5 monthly fee, and there is no way to waive this. 
• You’re not able to overdraft this account but you may pay other fees, including an out-of-network ATM fee ($3) and a fee for receiving paper statements ($2 per month).
• The bonus isn’t available if you were the primary account holder on any other personal checking accounts at Citizens Bank within the past six months. 
• The bonus isn’t available if you live outside of Citizens Bank’s service area, which only includes 14 states and Washington D.C., including districts in the Eastern U.S.

Citizens Bank: One Deposit Checking from Citizens – $300–$400

• Bonus Amount: $300–$400
• Promotion Expiry: April 11, 2024
• Qualifications: Direct deposit, transactions

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How to Get the Bonus

1. Open a new checking account. Make sure you use the “Open Account” link on the Citizens Bank new customer promotions page, because if you don’t, you won’t receive the offer. Citizens Bank also recommends printing this page for your records. To earn the bonus, your account balance must be above $0 for the entirety of the qualification period, so you’ll need to make at least some sort of deposit into your account to get things started. 
2. Receive $500 in direct deposits to earn the $300 bonus. After you open your account, you’ll have 60 days to receive at least $500 in direct deposits into the account. Direct deposits are regular payments like from your employer, not deposits you make on your own via ACH or other methods.  
3. Make at least 50 debit card purchases to earn a bonus of up to $100. This is the optional part of the bonus. If you use your debit card to make a purchase, you’ll earn $2 per transaction, up to a limit of $100—in other words, 50 debit card purchases. Just as with the direct deposit, you’ll have 60 days to complete this requirement, and other types of purchases like Zelle or online bill payments don’t count. 
4. Keep your account open and in good standing. If you close your account or the balance drops to $0 or less before you earn the bonus, you won’t receive the payout.

Bonus Restrictions and Account Fees

• Not available if you live outside of the 14 states (and Washington D.C.), including districts that Citizens Bank operates in
• Not available if you were the primary account owner on any other Citizens Bank personal checking accounts within the last six months
• $9.99 monthly account fee, which Citizens Bank will waive if you make at least one deposit during the month
• Citizens Bank charges several other fees for this account, including a fee for using non-Citizens ATMs ($3), overdrafts ($35), money orders ($5), and more. 

Citizens Bank: Citizens Private Client Checking – $300–$400

• Bonus Amount: $300–$400
• Promotion Expiry: April 11, 2024
• Qualifications: Direct deposit, transactions

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How to Get the Bonus

1. Open the account if you meet deposit requirements. This account is only available for people who have (or will be keeping) a combined balance of $200,000 across all of their Citizens Bank investment and deposit accounts. This bonus amount is a pittance compared to that, but if you’re still interested in earning the cash, you’ll need to sign up through the special bonus offer link. Print the page out for your records as well. 
2. To earn the $300 bonus: Have at least $500 in direct deposits. If you receive at least $500 in direct deposits into your account within the first 60 days after opening it, you’ll receive the first bonus offer. Remember, transfers that you make yourself, such as ACH deposits, don’t count. Only direct deposits from employers, benefit providers, etc., will count. 
3. To earn up to $100 additional bonus: Use your debit card. Within that same 60 days after opening the account, you can also earn a second bonus offer. Simply use your debit card to make PIN- or signature-based purchases and you’ll receive $2 per transaction, up to $100 total. This means you’d need to use your card at least 50 times. 
4. Keep your account open and in good standing. If you close your account or the balance drops to $0 or less before you earn the bonus, you won’t receive the payout.

Warning

It’s best to keep your deposit account balances below $250,000 with any one bank in order to stay under the protection limits for FDIC insurance. 

Bonus Restrictions and Account Fees

• You must live within one of the 14 states (and Washington D.C.), including districts where Citizens Bank operates, primarily along the East Coast. 
• You must be opening a new Citizens Bank account, or at least not be listed as the primary owner on another Citizens Bank personal checking account within the last six months.
• You’ll need to keep your total deposits and investments with Citizens Bank above $200,000 to stay eligible for this account.
• Citizens Bank waives most other fees with this account except for overdraft fees ($35) or account research fees ($30/hour), and a few other scattered random fees.

Citizens Bank: Student Checking – $300–$400

• Bonus Amount: $300–$400
• Promotion Expiry: April 11, 2024
• Qualifications: Direct deposit, transactions

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How to Get the Bonus

1. Open a new account through the promotional page. There is no minimum opening deposit required, but in order to earn the bonus, you’ll need to keep your account balance above $0. For that reason, we recommend making at least a small deposit. 
2. Receive at least $500 in direct deposits within 60 days. Direct deposits generally come from your employer or some other benefits provider. Other deposits, like ACH transfers or Zelle payments, won’t count. You’ll need to meet this requirement in order to earn the $300 bonus. 
3. Make up to 50 debit card purchases within 60 days. You can boost your bonus up to another $100 ($400 total) by using your debit card. For 60 days after you open the account, every time you use your debit card to make a PIN- or signature-based purchase, you’ll earn another $2 toward this second bonus amount. To earn the full $100, you’d need to make 50 debit card purchases. Keep in mind that some debit card transactions, like linking your debit card through Venmo to make payments, won’t count. 
4. Keep your account open and in good standing. If you close your account or the balance drops to $0 or less before you earn the bonus, you won’t receive the payout.

Citizens Bank recommends printing out the bonus offer page for your records. It’ll also serve as good proof in case any questions arise later. 

Bonus Restrictions and Account Fees

• The bonus offer isn’t available if you were listed as the primary person on another Citizens Bank account in the last six months. 
• This account is only available for people under age 25, and who live in one of the 14 states (and Washington D.C.), including districts where Citizens Bank operates. 
• There are no monthly maintenance fees with this account, but once you’re older than 25, Citizens Bank will convert this into a One Deposit Checking from Citizens account, which does carry a $9.99 monthly fee if you don’t receive any deposits for the month. 
• This account does charge a few other miscellaneous fees, such as for getting a money order made ($5) or putting in a stop payment order on a check ($35).

Compare Citizens Bank Promotions

Frequently Asked Questions

How Do I Avoid Fees at Citizens Bank?

Some of the checking accounts at Citizens Bank charge monthly maintenance fees, but the requirements to have the fees waived are fairly easy to meet. One exception is the Citizens EverValue Checking account, which charges a non-optional $5 fee each month.

Are Citizens Bank Promotional Bonuses Taxable?

Yes. The bonus that you earn is taxable right along with any interest you earn on Citizens Bank account. At the end of the year, Citizens Bank will send you a Form 1099-INT that you can use to report that as income on your tax return.

Are Citizens Bank Accounts Available Nationwide?

No. Citizens Bank only operates branch locations in 14 states and Washington D.C. areas: Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, D.C. You will need to live within its service area to open an account.

Is Citizens Bank Black-Owned?

No, Citizens Bank is a publicly owned bank. However, the similar-sounding Citizens Trust Bank has been led by Black bankers primarily for Black customers since its founding in 1919. Today, Citizens Trust Bank’s board still consists entirely of Black bankers and its president and CEO, Cynthia N. Day, is a Black woman.

Read the original article on Investopedia.