Citibank is giving its consumers a $25 bonus for opening an Ultimate Savings Account which requires only a starting deposit of at least $1000. To earn the savings bonus, the account holder must maintain a balance of $1000 for the next 3 months after opening the account.

The bonus is only give for first time savings account consumers of Citibank. The bonus will be credited 4 months after satisfying the necessary requirements of the promo. It also requires reporting of the payment to the IRS as part of the yield earned during the year.

The program is expected to run until the end of January 2009. Interested individuals may apply online or by phone. The promo code is CYA8.

The Ultimate Savings is a high yield savings account program that has 2.75% APY and does not require any monthly service fees. Some consumers have commented about the low ACH outbound transfer limits of $2000 per day and $10000 every month. One can go around this limit by opening a money market account with Citi and doing an internal transfer.

It is always best to read the fine prints of the program and call the bank to clarify anything which may not be clear enough to understand. Some consumers have also reported a hard credit pull by the bank when they opened the Ultimate Savings Account.

Citibank is covered by the FDIC through certificate # 7213.