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CIT Bank offers limited-time savings account bonus

By Susan Ladika · Bankrate.com
Friday, December 16, 2016
Posted: 9 am ET


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CIT Bank's limited-time promo offers savers 0.95 percent and a bonus of up to $200 for opening and funding one of its high-yield savings accounts by Dec. 31, 2016. But it comes with some requirements.

To qualify, you must make a hefty minimum initial deposit of $25,000. And it must be new money — not cash already on deposit at CIT Bank or its OneWest Bank division.

RATE SEARCH: Shop savings account rates.

Bonus by average monthly balance

The California-based bank will pay a bonus of $95 if you have an average monthly balance of $25,000 to $49,999, a $125 bonus for an average balance of $50,000 to $99,999 and a $200 bonus for balances of $100,000 or more.

If you maintain the balance for three monthly statement cycles, the cash bonus will be deposited into your account within 30 days. That means you'll get the bonus in the fourth month of opening an account.

CIT Bank Bonus Amount by Required Monthly Balance
Balance Range Required Bonus Amount
$25,000 to $49,999 $95
$50,000 to $99,999 $125
$100,000 or more $200

ADVERTISEMENT: Compare savings accounts on CIT Bank.

Where it's available

CIT Bank is an internet bank. It doesn't have brick-and-mortar locations. Opening an account can be done online on the bank's site. You must be a U.S. citizen or resident alien and 18 or older.

To open an account, you'll need to be able to perform an electronic fund transfer from an outside bank and provide CIT Bank with your routing and account number.

The bottom line

If you don't have $25,000 to deposit and earn this bonus, you can still open a high-yield savings account at CIT Bank and earn 0.95 percent APY. You'll just need a minimum deposit of $100. The account has no monthly maintenance fees.

While CIT Bank’s high-yield savings account rate of 0.95 percent APY is noteworthy, the addition of the bonus makes it especially worthy of consideration.

But before you decide to invest, it's important to comparison shop. Many banks are now offering savings account rates above 1 percent.

RATE SEARCH: Compare the best savings account rates.

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