Businesses Offered Free Checking By Citibank (NYSE:C)

Citibank (NYSE:C) announced today they're offering businesses free checking for existing and new business customers for 1 year.

Terms of the deal are businesses will have to open an account like a CitiBusiness Streamlined or Flexible Checking account, or another cash management product for a year to receive the free checking service. They also must deposit at least $500 in a new account to qualify.

Finally, they can also choose to pay five bills with CitiBusiness Online as an alternative way to qualify.

For businesses with existing accounts at Citibank, they qualify by enrolling in one of the bank's cash management services.

Citigroup, the parent of Citibank, broke through the $5.00 mark today, trading at $5.03, up $0.09, or 1.72 percent, as of 11:34.