August 1, 2017 in Banking

Savers, you have to check this out: CIT Bank offers stunning 1.30% on savings plus $100 bonus

**This post was written as part of CIT Bank sponsorship of Bankrate. The following post contains references to products from CIT Bank, a paying advertiser from whom Bankrate receives compensation.**

CIT Bank is offering a limited-time bonus of $100 for funding its Premier High Yield Savings Account, which is offering a highly competitive APY of 1.30% for balances up to $100,000.

The APY and bonus combined make this deal especially worthy of consideration.

To qualify for the bonus, you must make a minimum initial deposit of $100 by using the promotional code “PREMIER” By Sept. 8. And it has to be funded with new money — not with funds already on deposit with CIT Bank or its OneWest Bank division.

An APY of 1.30% is nothing to sneeze at – it puts the CIT Bank savings account yield in the top 5 for nationally available savings account rates – and with the $100 bonus you can receive, you have the potential to double your initial deposit of $100.

A couple things to note: You must fund the account within 30 days from the opening date and maintain a minimum balance of $15,000 for the first three full monthly statement cycles.

If all requirements are met, the $100 bonus will be deposited in your account within 45 days from the end of the third full statement cycle.

APY by tier

There are two separate APY tiers for this account. The California-based bank will pay 1.30 percent APY on balances of $0 to $100,000. On balances of $100,000.01 or more, the APY is 1.25 percent.

Both of those rates are nearly a full percentage point and a quarter more than the current national average of savings accounts, which is 0.09 percent. That’s right – a full 1% more!

ADVERTISEMENT: Learn more about CIT Bank’s Premier High Yield Savings Account 

CIT Bank APY and Bonus by Tier

Tier Range APY Bonus
$0 to $100,000 1.30% $100
$100,000.01 or more 1.25% $100

Great! How do I sign up?

Stay online: CIT Bank is an internet bank without brick-and-mortar locations. U.S. citizens or resident aliens who are 18 or older can open an account online via the bank’s site.

To open an account, CIT Bank requires a check or the routing and account number of the account you’ll be using to deposit funds. CIT Bank also requires your Social Security number and your driver’s license or other valid state identification.

This bonus isn’t available if you’ve already received a CIT Bank bonus or enrolled in another CIT Bank bonus offer between Jan. 1, 2017, and July 14, 2017.

The bottom line

Even if you can’t maintain a deposit of $15,000 for the first three months to earn the $100 bonus, you can still open an account and earn 1.30 percent APY on your balance. You’ll only need a $100 minimum to open. There are no fees to open or maintain the account.

But the APY and bonus combined make this deal especially worthy of consideration.

ADVERTISEMENT: Learn more about CIT Bank’s Premier High Yield Savings Account