StartinSanDiego

There is a new version of this offer, so, yes, it is still around.

Bank Direct offers 100 miles per month per 1000 in deposits, up to 50K in deposits... so 5000 points per month. In 6 months you would have 30,000 miles, not counting the sign up bonuses, the referral bonus (if some nice FTer refers you), and the bill pay and direct deposit bonuses. Bank Direct costs $12 per month.

The Money Market accounts at Bank Direct earn the same sign up bonuses, but only half the miles per month, and a meager interest rate that might give you a few pennies here and there.

So in 6 months, the Citi Gold account, funded with less than 50K or other requirements, would be 0,0,30,30,30,30=$120 It would be free if you have 50K or more... or meet the other requirements with a loan, etc. Bank Direct would cost less ($12 x6 =$72)and net about the same amount of points, depending on how much you deposited. I can't remember the exact sign up bonuses, but you get points for opening the account and the direct deposit, and bill pay.

I am not planning on swapping one for the other. I got the Citi offer, and might go ahead and apply, in addition to Bank Direct. I'm not closing my Bank Direct account. I like my Bank Direct miles coming in month after month, yet with 100% liquidity for my funds. You'd get the most bang for your buck by opening the Citi, then closing it when the points post, and opening a Bank Direct account with all the sign up goodies. Then, what the heck, go open a Fidelity account when you're done with Citi and Bank Direct.