CITI offer. Legit?

I see that CITI is offering $1,500 to drop $200,000K in a checking account (yes a checking account) for 60 days and then you can transfer out. Off the top of my head that's like 3.5% annualized, no? Anyone have any experience doing this with them? I ask only because I have found some of these offers, like one from Merrill Edge to be partially bull-s-it.

 

Your arithmetic needs a little help. More like 4.5% annualized.(1500/200,000 = .75% x 6 = 4.5%)

Citi is banking* upon those with a "handy $200K" are flush and are likely big spenders... where Citi can capture CC fees on substantial purchases to offset their "$1500 sign-up" bonus. Most offered the "out" after 60 days likely will not exercise it.

My Costco Visa CC is at Citi.
FWIW..

*pun intended

 

Actually, the offer I got from Chase was better. I believe I had to drop 15K in checking and got $500.00. Pay a certain amount of bills through it and keep it active for something like 6 months. I believe TD has a similar offer.

 

That's more of a common deal. Even more common, "spend $5000 in 90 days and earn a credit of ___. ($500?) A couple of times I've taken advantage of such to pay my annual insurance package bill of currently ~ $7,000. But having to deposit $200K?", ... that's different.

 

Thanks all. Glad to know I'm not the only guy who shops around for ways to get money on cash nowadays.

 

No shame in having your money work for you.

 

You think "that's shopping"... check out auto and homeowners insurance. The premium difference can be HUGE* between companies offering the same coverage.

*Example... The General quoted me $4,995** annual for my 2 cars. Hartford quoted $1,360. The diff in homowners was even greater. Shop carefully if you want your "money's worth" when it comes to insurance.

**The General's TV commercials say, "go online and save some time". Well, you might save some time but you're unlikely to save any $$$. The General was not the only one in the $5,000 quote range, either. I used to be an all-lines insurance broker, so I know how to shop. I'm sure I piss-off nearly every company and broker when I'm shopping around. No Worries on my part... I'm the one paying the premium.

 

I've done well with Progressive.

 

The Hartford starts you out with low rates, then substantially raises them at renewal time. AAA insurance rates (home and auto) stay relatively low.

 

Think about all the money you'll lose having that capital tied up at a measly 4.5% for two months.