Citibank offers up to $400 cash reward for L.A. residents who open new checking account

If you live in the Los Angeles area, you could make as much as $400 for opening a checking account with Citibank.

To start off, anyone who opens a regular checking account with Citibank is automatically eligible for a $200 bonus. Those who open a checking account with the Citibank Account Package (as opposed to the Citibank Checking Package) can earn the full $400. This is a limited time offer that expires August 22.

There are, however, a few limitations to this otherwise fantastic deal. Within the first 60 days after opening the account, you must deposit a minimum of $1,000. Upon initiating the account, you must also make at least one monthly direct deposit for two months.

If you're not a frequent spender, though, you may find yourself losing the $200 to $400 you gained due to another one of the account's restrictions. For the first two months, you must make five or more monthly debit card purchases or pay two monthly electronic bills. Compared to other checking accounts that don't incur monthly fees (although the majority are going to, eventually), this may not be a good deal after all because you'll end up depleting some of the bonus you received.

But, if you regularly have at least five debit transactions a month and have $1,000 free to deposit, the extra money could come in handy. Preferred customers (who have Citibank checking, mortgage, and credit card balances) may also be able to waive monthly fees.

Another advantage to this offer is the Citibank ThankYou Rewards program, which enables customers to claim rewards simply for regular banking activities that they already do anyway. To speak with a Citibank representative about this offer, call (626) 912-1625.

For those who don't live in the L.A. area, Citibank is still offering cash rewards for opening an interest checking account with either the Citigold ($100) or Citibank ($50) account relationship package. This deal also requires customers to deposit and maintain a balance of $1,000 for at least thirty days, beginning within the first month of the account.

For Citibank's special offers page, click here. For other great bank deals, click here.