Americans could pocket up to $1,500 in bonus cash from Citibank this summer — but time is running out. Part of a wider effort by financial institutions to win over new customers, Citi’s sign-up incentive functions similarly to a direct cash settlement. Here’s what to know.
How the Citibank settlement-style bonus works
Citibank is offering up to $1,500 in cash to new customers who open an eligible checking account and meet deposit requirements.
To qualify for the maximum reward, customers must:
- Open a Citi checking account by July 7, 2025
- Deposit at least $200,000 within 20 days
- Maintain that balance for 45 days
Once the requirements are met, Citibank will deposit the bonus within 30 days.
Why banks are offering large cash incentives
With interest rates on savings accounts and CDs falling, banks like Citibank are shifting toward upfront bonuses to attract long-term customers.
“Promising new customers a concrete amount of money has a stronger draw than higher yields,” said Sam Taube, lead investing writer at NerdWallet.
These bonus programs function like short-term settlements or rebates, offering real money without requiring account fees — as long as you meet the fine print.
Other major bank bonuses in May 2025
Citibank isn’t alone. Several banks are launching similar offers in May:
| Bank | Max Bonus | Deposit Requirement | Deadline |
|---|---|---|---|
| Citibank | $1,500 | $200,000 | July 7, 2025 |
| Chase | $3,000 | $150,000 (Private Client) | July 16, 2025 |
| Wells Fargo | $2,500 | $250,000 (Premier Checking) | Not specified |
| Capital One | $1,500 | $20,000 | Ongoing |
| Huntington Bank | $1,000 (business), $600 (personal) | $25,000+ | Varies by account |
How to avoid losing the bonus
Experts warn that customers should pay close attention to the account terms to avoid clawbacks or disqualification.
Greg McBride of Bankrate advises:
- Keep the account open for the required time
- Avoid early closure penalties
- Follow all direct deposit or transaction activity rules
If the bonus is treated like a settlement, banks may reclaim it if conditions aren’t met.
Is this the result of a real legal settlement?
No — while it’s called a Citibank settlement in searches, this is not part of a class-action or legal payout. The bonus is part of a promotional campaign, not litigation. However, it mimics the structure of direct cash offers often seen in settlements, which explains the terminology trend.
Final steps to claim your Citibank bonus
If you want to receive up to $1,500 from Citibank:
- Visit Citi’s official bonus page
- Open a qualifying checking account before July 7
- Make the required deposit and maintain your balance
- Track the account and wait for your bonus to arrive within 30 days
These offers can change or expire without notice, so acting quickly increases your chances of qualifying.
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