Update, April 11, 2020. The CIT Bank Bonus offer is currently paused. However, this is still a great bank for those who are looking for an excellent online-only savings account offering some of the highest rates in the nation. Learn more below.
CIT Bank is offering a new Savings Builder Account bonus that is available to both current and new customers. You can earn either a $150 or $300 bonus when they make a qualifying deposit. The CIT Bank Savings Builder Account is their top tier account and offers one of the highest interest rates in the nation.
New and current customers can earn a $150 bonus when they deposit at least $25,000 into a Savings Builder Account by May 30, 2020. They can earn a $300 bonus if they deposit at least $50,000 into their account by the same date.
Let’s go over the details and fine print so you can make sure you earn the bonus.
CIT Bank Deposit Promotion Details
As mentioned above, this offer is available to both current and new customers. To qualify for the bonus, you must use the promo code Spring20 on the promotion page and do one of the following:
- $150 Bonus – deposit at least $25,000 into a Savings Builder Account between February 19, 2020 and May 30, 2020
- $300 Bonus – deposit at least $50,000 into a Savings Builder Account between February 19, 2020 and May 30, 2020
These deposits must be made within 15 days of opening your account or signing up for the promotion. Additionally, you must leave the funds in the account for 90 days (new customers) or 30 days (current customers) in order to receive the bonus.
Current customers must move the funds from a non-CIT Bank account—you can’t simply transfer them from a different CIT Bank account and qualify for the bonus.
Note: Current customers who participated in the Savings Builder bonus promotion prior to January 17, 2020, are not eligible for this current promotion.
About CIT Bank
CIT Bank is an online-only bank that offers the following types of accounts:
- Savings Accounts, Money Market Accounts, Checking Accounts, CDs, Mortgages, Small Business Accounts, and Custodial Accounts.
CIT Bank offers some of the highest interest rates in the nation, making this a great place to stash your emergency fund or long-term savings. The CIT Bank eChecking Account is a free checking account that offers interest – something few checking accounts offer.
The primary downside is that CIT Bank does not have physical locations. So CIT Bank is best used if you don’t mind banking 100% online, or if you want to use it as a secondary online savings account where you plan to park your cash for some time.
If you need a full-service bank account, I recommend looking at our list of top military banks.
But CIT Bank is a great option if you are primarily looking for a place to park your cash to earn higher interest rates or find a bank with competitive CD rates.
About the CIT Bank Savings Builder Account
The Savings Builder Account is CIT Bank’s flagship savings account. It offers CIT Bank’s highest interest rates, which also happen to be among the highest interest rates in the nation.
There is one big detail you need to know about the Savings Builder Account. To earn the highest interest rates, you need to do one of the following:
- Maintain a monthly deposit of at least $100, or
- Maintain an average balance of $25,000
While not everyone has $25,000 to put away, many people can afford to put in an extra $100 a month. So this makes the Savings Builder Account an attainable option for many.
CIT Bank offers great interest rates and is a solid bank for parking your cash in a Savings Builder Account or in a CD. The cash bonus makes this an even better option, provided you have the amount of cash necessary to qualify for the deposit bonus.