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Citi to offer bonus miles in 2020 for those opening a digital savings account

Nov. 05, 2019
3 min read
Citi to offer bonus miles in 2020 for those opening a digital savings account
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Citigroup announced Monday that it plans to offer a high-interest online savings account to American Airlines co-branded credit card holders in early 2020.

According to CNBC, to encourage cardholders to enroll in "Citi Miles Ahead," the issuer will offer up to 50,000 bonus miles as a welcome bonus and a 25% boost on miles earned through the card (capped at $50,000). Based on current TPG valuations, that welcome bonus will be worth $700.

The new digital savings account will be exclusive to customers who both don't have a physical branch in their area and who also have either the American Airlines AAdvantage MileUp℠ Card card, the Citi® / AAdvantage® Platinum Select® World Elite Mastercard®, the CitiBusiness® / AAdvantage® Platinum Select® Mastercard® or the Citi® / AAdvantage® Executive World Elite Mastercard®.

The information for the Citi AAdvantage Platinum card and CitiBusiness AAdvantage Platinum card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

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In the past, Citi has run account promotions using either AA miles or ThankYou points as enticements. Earlier this year, the bank offered 40,000 bonus AAdvantage miles when cardholders opened up certain types of bank accounts with Citi. In order to be eligible for that offer (which expired at the end of July), cardholders had to be new-to-Citibank banking customers and had to deposit and retain $15,000 in their account for 60 days.

Since the new savings account promotion hasn't officially launched yet, information like the minimum bank deposit required to enroll has yet to be announced. However, if you're looking for 50,000 AAdvantage bonus miles now, the Citi / AAdvantage Executive card is offering exactly that after $5,000 in spending in the first 3 months for new cardholders.

The Citi Miles Ahead account will likely be similar to the existing Citi Accelerate account, minus the lower interest rate and slightly higher welcome bonus. Citi has yet to announce what the exact interest rate will be, but the 2% interest rate offered on the Citi Accelerate online savings account may hint at what we should expect. The bank also uses its state-by-state footprint to determine where the Citi Accelerate account is offered, so we may see the same pattern for this new offering.

Featured image by (Photo by Wyatt Smith/The Points Guy)
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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TPG featured card

Best for American Airlines lounge access
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards

1 - 4X miles
4XFor a limited time, earn a total of 4 AAdvantage® miles for every $1 spent on eligible American Airlines purchases through December 31, 2022. After that, earn 2 miles per $1 on eligible American Airlines purchases.
1X1 AAdvantage® miles for every $1 spent on other purchases

Intro offer

80,000 miles
Earn 80,000 American Airlines AAdvantage® bonus miles after spending $5,500 in purchases within the first 3 months of account opening

Annual Fee

$450

Recommended Credit

670-850
Excellent, Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

 includes a complimentary membership to the American Airlines Admirals Club lounge. Users can also add up to 10 authorized users (for no additional cost), and they get their own access — including two traveling companions. The primary cardmember also enjoys priority check in, screening and boarding for themselves and up to eight travel companions. Other perks include a free checked bag for domestic travel, 25% off eligible inflight purchases and $100 statement credit for Global Entry or TSA PreCheck.

Pros

  • Offers Admirals Club lounge access.
  • Help earning up to 10,000 EQMs that go toward elite status.
  • Priority check-in, airport screening, boarding and a free checked bag for you and up to 8 travel companions.
  • 25% discount on inflight food and beverages.
  • Receive a Global Entry/TSA PreCheck Fee Statement Credit.

Cons

  • No travel protection benefits.
  • Miles redemption limited to American Airlines and its Oneworld partners.
  • 25% inflight credit doesn't include Wi-Fi.
  • Earn 80,000 American Airlines AAdvantage® bonus miles after spending $5,500 in purchases within the first 3 months of account opening
  • Admirals Club® membership for you and access for up to two guests or immediate family members traveling with you
  • No Foreign Transaction Fees on purchases
  • For a limited time, earn a total of 4 AAdvantage® miles for every $1 spent on eligible American Airlines purchases through December 31, 2022. After that, earn 2 miles per $1 on eligible American Airlines purchases.
  • Earn 1 Loyalty Point for every 1 eligible AAdvantage® mile earned from purchases
  • First checked bag is free on domestic American Airlines itineraries for you and up to 8 companions traveling with you on the same reservation
Best for American Airlines lounge access
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards Rate

4XFor a limited time, earn a total of 4 AAdvantage® miles for every $1 spent on eligible American Airlines purchases through December 31, 2022. After that, earn 2 miles per $1 on eligible American Airlines purchases.
1X1 AAdvantage® miles for every $1 spent on other purchases
  • Intro Offer
    Earn 80,000 American Airlines AAdvantage® bonus miles after spending $5,500 in purchases within the first 3 months of account opening

    80,000 miles
  • Annual Fee

    $450
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent, Good

Why We Chose It

 includes a complimentary membership to the American Airlines Admirals Club lounge. Users can also add up to 10 authorized users (for no additional cost), and they get their own access — including two traveling companions. The primary cardmember also enjoys priority check in, screening and boarding for themselves and up to eight travel companions. Other perks include a free checked bag for domestic travel, 25% off eligible inflight purchases and $100 statement credit for Global Entry or TSA PreCheck.

Pros

  • Offers Admirals Club lounge access.
  • Help earning up to 10,000 EQMs that go toward elite status.
  • Priority check-in, airport screening, boarding and a free checked bag for you and up to 8 travel companions.
  • 25% discount on inflight food and beverages.
  • Receive a Global Entry/TSA PreCheck Fee Statement Credit.

Cons

  • No travel protection benefits.
  • Miles redemption limited to American Airlines and its Oneworld partners.
  • 25% inflight credit doesn't include Wi-Fi.
  • Earn 80,000 American Airlines AAdvantage® bonus miles after spending $5,500 in purchases within the first 3 months of account opening
  • Admirals Club® membership for you and access for up to two guests or immediate family members traveling with you
  • No Foreign Transaction Fees on purchases
  • For a limited time, earn a total of 4 AAdvantage® miles for every $1 spent on eligible American Airlines purchases through December 31, 2022. After that, earn 2 miles per $1 on eligible American Airlines purchases.
  • Earn 1 Loyalty Point for every 1 eligible AAdvantage® mile earned from purchases
  • First checked bag is free on domestic American Airlines itineraries for you and up to 8 companions traveling with you on the same reservation