Citibank Ultimate Savings Account

Open an account for as little as $1 and get $50 after 90 days.

Here’s a good deal for frugal families on a new savings account. Citibank offers a $50 bonus after 90 days for first-time deposit account customers who open a Citibank Ultimate Savings Account before May 31, 2007.

The minimum deposit is $1; the account requires no minimum balance and no fees, according to Citibank. The bank will run a credit report, which could temporarily lower your FICO score by a few points. Keep that in mind if you’re shopping for an auto loan or mortgage in the next six months.

The Citibank Ultimate Savings Account Web site features online sign up or you can call 1-877-695-9400 and mention the code on the Web site To complete the application, customers need: a U.S. address and social security number, a driver’s license or state-issued ID (account holders must be 18 years of age or older), and personal information, including date of birth and mother’s maiden name. Joint accounts are also allowed and the Ultimate Savings Account is FDIC insured to $100,000.

The $50 sign-up bonus is the big attraction of the Citibank Ultimate Savings Account. The interest rate is respectable, too. No checking account at Citibank is required.