This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

CIT Bank is offering a limited-time cash bonus (offer ends Nov. 30, 2016) that turns its middling 6-month CD rate into something special.

The top rate for nationally available 6-month certificates comes from TAB Bank, which is paying 0.95% APY. Compared with that, CIT’s 0.72% yield could be called mediocre.

But for savers who open a 6-month CIT certificate with $25,000 or more, a $72 cash bonus will be added to the earnings upon maturity.

Doing the math shows that $25,000 invested with TAB will earn about $119 over the course of six months. In contrast, the CIT certificate will return about $90 plus the $72 bonus, for a total return of $162.

That’s the same as earning 1.30% APY on a 6-month certificate, which is virtually unheard of for CDs this short. In fact, you’ll be hard-pressed to earn more than 1% over 6 months.

CALCULATE: Finding out how much interest you’ll earn on any certificate is easy with our CD Calculator.

CIT specifies that savers can earn as many of these bonuses as they’d like, so long as each certificate meets the $25,000 investment minimum.

CIT is the online consumer bank of CIT Group Inc., a New York-based commercial lender that finances small and midsize companies.

Its certificates of deposit can be opened online by any saver nationwide.

RATE SEARCH: Compare CDs on Bankrate.

*The rates above were gathered October 5, 2016. Quoted top national CD rates for various CD terms are based on a daily survey of banks, credit unions and community banks.

This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty.

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