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Over the past year, the Federal Reserve has worked tirelessly to tame a record-high inflation rate. As a result, the federal funds rate has been raised consistently in 25-to-75 basis-point increments in an effort to get the economy running smoothly once again.

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The catch: Raising rates raises the cost of borrowing. But for savers and checking account holders, it’s not all bad news.

Having fewer borrowers means banks look for other ways to reel in new customers, often in the form of higher annual percentage yields (APYs) or lucrative checking account bonuses. One of the highest checking account bonuses available right now now: Citibank’s “New to Citi Checking Cash Bonus Offer.” For a limited time, Citibank is offering a cash bonus of $200, $500, $1,000, $1,500, or even $2,000 to new customers who open a Citibank, Citi Priority, Citigold, or Basic Banking checking account between now and Apr. According to the most recent Survey of Consumer Finances, Americans keep an average of $41,700 in their transaction accounts (that includes checking, savings, money market, call accounts, and prepaid debit cards).

The high minimum deposit requirement to be eligible for the maximum bonus of ,000 is a staggering 0,000, which is likely out of reach for most consumers. Another thing to keep in mind: The checking accounts that qualify for this bonus all charge monthly service fees.

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Granted, these fees can be waived by meeting certain minimum balance requirements, but the lowest requirement is $1,500-plus. And in the grand scheme of things, Citibank is a larger bank with a vast ATM network, a developed mobile and online banking platform, and a long list of financial products and services for individuals and businesses alike. However, if you don’t have at least $10,000 to deposit into your account and a minimum of $1,500 in your account each month to qualify for the minimum bonus offer of $200, it likely makes more sense to explore other bonus opportunities with lower deposit and balance requirements, and potentially higher bonuses.

A bonus can be a nice short-term boost, but a new account is a long-term commitment and should be considered carefully. "Every financial institution you do business with is required to collect nonpublic information, including your Social Security number and details about your employment, assets, and income,” says Herman (Tommy) Thompson, Jr., a certified financial planner at Innovated Financial Group, LLC.   "Each new account is another opportunity for cybercriminals to gain access to your information.  

So, you have to ask yourself if a $500 account opening bonus at a new institution is worth the hassle of keeping track of a new account, a new app on your phone, and more of your data floating around in cyberspace." Checking account bonuses are offered by some financial institutions (usually for a limited time) to incentivize new customers to open an account.

This usually comes in the form of a cash bonus deposited directly into your account after meeting certain minimum balance, direct deposit, or qualifying purchase requirements. But there are other ways to earn money: A lucrative bonus can help kick-start your checking account and be a nice incentive to open a new account, but it shouldn’t be the sole deciding factor in whether to open a new checking account.

EXPIRED Qatar Airways Avios 30% transfer bonus from Citi.

Make sure you understand the eligibility requirements for any bonus being offered, rates, and fees before committing to a new account. Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page.

However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.