Posted by William Charles on January 20, 2020
Bank Account Bonuses

Published on January 20th, 2020 | by William Charles

32

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:



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Rj
Rj

Where does it say that existing customers who did previous deal cannot do this again?

Yawgoog
Yawgoog

Terms for existing customers: “Customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion.”

Looney Tunes
Looney Tunes

Under the Savings Builder Bonus Promotion Terms of Offer it says:

“Customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020 are not eligible for this promotion.”

CIT Bank

Hi, Rj, thank you for your question. Information in the disclosures include that “customers enrolled in a Savings Builder bonus promotion prior to January 1, 2020, are not eligible for this promotion.” For other questions, please talk to our digital bankers at 855-462-2652. Thanks and have a great day.

AlarmingConsequence
AlarmingConsequence

It is great that CIT is all-digital. Is CIT Bank use/compatible with PLAID?

Charles Mann
Charles Mann

I just did the same bonus promotion last month and it went fairly smoothly. Bonus is paid a few days after the qualifying amount is deposited. CIT Bank can be inconsistent but seems better now.

Joseph
Joseph

Same thing to me, but the bonus is still pending and not available to withdraw. Bonus posted Dec 6th,19.

Tigerlicious
Tigerlicious

+1 my 300 has not been available to withdraw for a month now

das1996
das1996

Terms say the hold on the bonus is released after 7 days following the end of the review period (45 days since signing up for the promo for existing customers).

If it’s been longer than 52 days since initial sign up, I’d contact them to find out what the hold up is. I signed up in the middle of dec, my review ends 1/30, and I expect funds to be available by 2/6 (2/7?).

Charles Mann
Charles Mann

My bonus became available about 39 calendar days after the initial deposit. I withdrew most of my money right after that.

Jeremy
Jeremy

So the APY at threshold only is 2.16% APY? Hardly seems worth it for new customers.

Betelgeuse ㊙️

I think for 50k it’s 3.36 APY but still hardly worth it since the actual dollar amount gained is not much for moving 50k.

Chris
Chris

100% agree

Catapult
Catapult

Reminder that this is open only to Citizens and Permanent Residents

Sam
Sam

Weak, they should offer $500 for the $50K deposit.

Mikey
Mikey

I received the bonus a month ago but tried again today anyway using the link above. After logging in I immediately saw a message saying that I wasn’t eligible. Won’t work for me (obviously) but it suggests for those of you uncertain of your status that if you do NOT see that message you’re probably in good shape.

Alex
Alex

The offer is not that great, but I would still go for it if I was eligible. Too bad I am not, since I did 300/50K offer a couple of months ago.

Appna Desi
Appna Desi

Unfortunately you are not eligible

for this promotion.

You enrolled in a previous Savings Builder Promotion,

which makes you ineligible for this promotion.

AlarmingConsequence
AlarmingConsequence

I have a credit freeze on all three Credit bureaus and I’m concerned that the freeze will prevent application approval. Should I unfreeze Experian, Transunion, or Equifax?

FWIW – a second internet link (besides the DoC link) indicates it is a soft inquiry (not hard), but the link does not identify which credit bureau nor cites a source.
[removed]

BudFlorida
BudFlorida

I had a CIT account in 2017. I tried to enroll as an existing customer but it did not recognize my email. I then went through the process of opening a new account. When I did, and went to external transfers, it had a bank of mine from 3 years ago.
I should still get bonus, just a matter of how long I’ll have to wait.

JohnyBGood
JohnyBGood

After I submitted my enrollment I seen the same offer but with $150/$300 instead of $100/$200. I’ll be calling in shortly to see if I’m able to get the new promo. https://imgur.com/TwC4F93 I see that these numbers were a previous offer. I will still call in to see if I can get it applied since I did see it on the CIT website after I finished my enrollment as a current member.

Grant
Grant

Got bonus already pending which was unexpected. I guess I’ll keep it 90 days so it is not clawed back since the interest rate isn’t awful.

MissMBA
MissMBA

I wonder if it has anything to do with being a new client vs an existing one. Anyone else receive their bonus?

Alan
Alan

I did last week although it is not available.

H XU
H XU

CIT is not going to pay bonus

According to our records, you were in the process of opening a Savings
Builder account and enrolling into the Bonus Promotion. This email is to
notify you that this promotion has been discontinued and your application
has been cancelled however; you are eligible to take advantage of the Spring
Bonus Promotion.

To get complete details about the Spring Bonus Promotion, please click the
button below.

@Chase-ing UR points
@Chase-ing UR points

William Charles Chuck
The $150/$300 bonus is back thru May 30th. Also, APY is now 1.75%

https://cit.com/cit-bank/savings-builder-account-bonus-spring/

H XU
H XU

CIT is not going to pay bonus

According to our records, you were in the process of opening a Savings
Builder account and enrolling into the Bonus Promotion. This email is to
notify you that this promotion has been discontinued and your application
has been cancelled however; you are eligible to take advantage of the Spring
Bonus Promotion.

To get complete details about the Spring Bonus Promotion, please click the
button below.

Chuck

Thanks, posted.

JohnyBGood
JohnyBGood

DP: $100 bonus for existing customers 25k/30 day hold.
01/30/2020 FUNDS TRANSFER 25,000.00
02/21/2020 INTEREST CREDIT BONUS 100.00

JohnyBGood
JohnyBGood

I asked when funds would be available for withdrawal as I want to do the CIBC 25k Bonus does this sound correct or do they mean the $100 bonus is unable to be withdrawn until that date?

Thank you for contacting CIT Bank. The Review Period begins the day after the Funding Period ends. The funding Period ended on 2/13/20, and the Review Period will end on 3/15/20. Funds may be withdrawn after that time in order to maintain qualification of the bonus amount.

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