CIT Bank $100/$200 Savings Bonus + 1.8% APY – New & Existing Customers ($25,000/$50,000 Deposit Required For 90 Days)

Update 2/20/20: CIT has a new offer for $150/$300 with the same requirements; new promo code and new signup link. Not sure if they’ll match it for those who enrolled in the old one.

Offer at a glance

• Maximum bonus amount: $200
• Availability: Nationwide
• APY: 1.85% with a deposit of $25,000+
• Additional requirements: Use promo code
• Hard/soft pull: Soft
• ChexSystems: Yes 
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None
• Household limit: None
• Expiration date: April 30th, 2020

The Offer

Direct link to offer

• CIT Bank is offering a bonus of up to $200.  Works for new & existing users. You need to reach a certain deposit requirement and maintain that balance for 90 days for new users and 30 days for existing users. New users must use promo code Bonus20 and existing users need to increase their balance by the deposit requirements with new money (e.g transferring out and then in won’t work).
  • Receive a bonus of $100 when you deposit $25,000 to $49,999
  • Receive a bonus of $200 when you deposit $50,000 or more

The Fine Print

• New CIT Bank Customers: Offer valid on new Savings Builder accounts opened between January 16, 2020 and April 16, 2020 by consumers who, at account opening, did not have a valid CIT Bank User ID that was created prior to January 16, 2020 (a “New Customer”), provided that the following requirements are met:
  • The Savings Builder account must be opened with a valid Promo Code by New Customer. The Promo Code will appear on the enrollment web page for the Savings Builder Account Bonus Promotion.
  • The account must be funded with a minimum of: $25,000 for a $100 bonus or $50,000 for a $200 bonus within 15 calendar days from the account opening date (the “Funding Period”).
  • All funds used to qualify for bonus eligibility must be new funds. Funds on deposit with CIT Bank, N.A. are ineligible.
  • Customer must maintain the required minimum balance for 90 calendar days (the “Review Period”) after the end of the Funding Period.
  • Joint Accounts: Enrollment in the promotion will be attributed to the primary account owner. Any additional Savings Builder accounts opened by the primary account owner will not be eligible for the promotion.
• Existing CIT Bank Customers: Offer valid for Savings Builder accounts owned or opened by customers with a valid CIT Bank User ID that was created prior to January 16, 2020 (an “Existing Customer”), which Savings Builder accounts are enrolled in the promotion between January 16, 2020 and April 16, 2020. Customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion.
• Bonus will be credited to the account 1-5 business days after the end of the Funding Period. A hold will be placed on the bonus amount during the applicable Review Period plus 7 calendar days.
• Customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

As far as I’m aware there is no early account termination fee.

Our Verdict

Account earns 1.80% APY as long as you have $25,000+ in the account and deposit $100, otherwise it will earn 1.17%. If you deposit exactly:

• $25,000 you’ll earn ~$110 in interest and the $100 bonus
• $50,000 you’ll earn ~$220 in interest and the $200 bonus

For new users. Obviously the deal is even better for existing users as you only need to tie up the funds for 30 days instead of 90 days. It’s not as good as the recent $150/$300 deal they just had though. Keep in mind existing customers can’t do this deal if they have already done the previous deal so it might make sense to wait for the bigger bonus to return – but there are no guarantees that will be the case. I will add this to our best bank bonus page.

Hat tip to reader nik & Charles mann

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times