CIT Bank $150/$300 Savings Bonus + 1.75% APY; New & Existing Customers ($25,000/$50,000 Deposit Required)
Update 2/20/20: Deal is back and valid through 5/30/20. Much better than the $100/$200 deal, with the same deposit requirements. New link. New promo code is Spring20. (hat tip to readers Lori and @Chase-ing UR points)
Update 11/13/19: Reposting as the bonus is much better for existing customers than we originally thought.
Offer at a glance
- Maximum bonus amount: $300
- 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:
December 31st, 2019May 30, 2020
Contents
The Offer
Direct link to offer | New link for 2020 offer
- CIT Bank is offering both new and existing customers a bonus of $150 or $300. You need to reach a certain deposit requirement and maintain that balance for 90 days. New users must use promo code
Bonus19Spring20 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 $150 when you deposit $25,000 to $49,999
- Receive a bonus of $300 when you deposit $50,000 or more
- Update: Existing customers only need to have the funds deposited for 30 days after the enrollment period
The Fine Print
- Offer valid on new Savings Builder accounts opened between October 4, 2019 and December 31, 2019
- 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.
- 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 awarethere is no early account termination fee.
Our Verdict
Update 11/13/19: Existing customers only need the funds in there for 30 days, making the effective interest rate 9.05% so significantly better.
Account earns 1.85% 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 ~$114 in interest and the $150 bonus
- $50,000 you’ll earn ~$228 in interest and the $300 bonus
Effective interest rate works out to be ~4.25% if I’m not mistaken. Good deal, but not outrageously good when compared to other high interest savings accounts. CIT Bank also has a history of creating new account types when rates are increasing, thus avoiding passing on rate increases to existing customers and still being able to attract existing customers. That’s less of an issue with rates on the down swing though, also the 1.85% rate is introductory rate and will then drop to 0.995%.
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
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Just finished the Marcus 50k bonus. Maybe I’ll just on this one next unless there’s any other better option for 50k now or in the near future?
Try Citi $700/50k. 90 days, but higher bonus. Also can earn interest through Accelerate.
It’s not higher than this one though. This one is $300 + relatively high interest for only 30 days. This is the best one I’ve seen yet.
Only if you are an existing or previous customer.
it applied to both new and existing customer
Really? Is this confirmed???
Also, as an existing CIT Bank user without a Savings Builder, it repopulates the code as Bonus19X, similar but a little different with the “X” automatically added at the end.
“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.”
Does that mean it’s good to open now.. but better to wait to fund the account closer to December 31?
From my understanding, the funding period is 15 days from the account opening date, and not the enrolment period Oct 4 – Dec 31.
“The account must be funded with a minimum of: $25,000 for a $150 bonus or $50,000 for a $300 bonus within 15 calendar days from the account opening date (the “Funding Period”).”
However, if you want your bonus to count towards 2020 income, you may want to wait closer to Dec 31, so the bonus will be credited in early Jan 2020 and count towards 2020.
No, The bonus holding period starts 15 days after you enroll in the offer
For existing user, i think we just need to maintain the fund for 30 days.
“Maintain the minimum balance requirement for the desired bonus for 30 calendar days.”
That equates to a much better return for existing customers
Enrolled as Existing Customer. This what the confirmation screen looks like:
You will receive an email confirming your enrollment.
You will have until 11/28/2019 (15 calendar days from enrollment date) to add additional funds if necessary that will be considered for this promotion.
You must maintain the minimum balance through 12/28/2019 (30 calendar days after the Funding Period) to qualify for the bonus.
The 30-day funds maintenance requirement for “existing customers” equates to a 9.05% effective APY. Keep in mind that you don’t need an active CIT account to be an active considered an existing customer. You just need your login credentials from an open or closed CIT account.
This one was quick and easy to open. Just some clarification, I had an account I had closed in the past so wasn’t sure if I was considered an existing customer, but the fine print says:
Existing Customer: A customer with a valid CIT Bank User ID that was created prior to October 4, 2019.
So I was able to use my old user ID and made this process easier I think. The difference being you only have to hold the funds for 30 days vs. 90 for new customers. Not sure if this means the bonus will pay out faster after the 30 days instead of 90, but one can hope. I guess might determine if you have to claim this on this years taxes or next years. I’m also moving funds over from Marcus. Thanks DoC!
FYI, Just repeating what others have validated! Great for us existing customers!!!
New accounts will have to maintain this balance for 90 calendar days. However, existing accounts will only have to maintain this balance for 30 calendar days. The shorter holding period for existing customers is nice, but remember it has to be additional money new to CIT Bank. This is their definition of “starting balance” when measuring new deposits for existing customers:
I recently moved out money from CIT…. don’t how do they count new money in my case?
I’ve got experience with prior CIT promotions. DO NOT transfer money back in from the bank that took it out (or from where CIT sent it). The system will not recognize that money as new funds under that scenario. I had to squawk all the way up and down the chain of command to finally get my bonus. Don’t put yourself through that. Bring the money back in from ANOTHER bank.
I have no problem to bring more money another bank. But I am afraid they will minus the money out 10 days ago so that I either need more money or not qualify for it in the end.
The Starting Balance is the account balance at the end of October 3. You need to deposit $25k/$50k more than the Starting Balance and maintain for 30 days.
That definition leaves a little to the imagination.
If it’s indeed 30 days for existing customers that’s good, otherwise not worth doing. CIT cust service is terrible, the less contact you have with them, the better.
Since about july I’ve left practically nothing in the account. Been transferring $100.x every month to retain the higher rate, then a few days later would pay a bill that brings the balance down to $1-2.
So if I’m understanding this correctly, I need to deposit $25K or $50 and keep it in there for 60+ days after enrolling in the promo?
So to confirm, it’s better/possible to open a CIT account without the promo code, then enroll as an existing customer to be subject to the shorter 30-day maintenance period (vs 90 days for new accounts?)
Has to be opened prior or Oct 9th
Not unless you have a means to time travel “prior to October 4, 2019.”
Time machine is in the shop, oh well..
I opened a new account today and then applied promo code. It says “You must maintain the minimum balance through 12/28/2019 (30 calendar days after the
Funding Period) to qualify for the bonus.”
Sam, thanks for the heads-up. Did you put promo code as you are filling the new customer application? Or did you not put in promo at first?
Did you open a CIT account without the promo code, and then enroll as an existing customer to be subject to the shorter 30-day?
Yes Lisa. I had an account in the past but I closed it long back. So this time I logged in and added a new savings builder account in my profile and then logged our and then added bonus19.
Thanks Sam. Other users mentioned that if they had accounts in the past they were considered existing customers.
Thanks Sam. I know. I’m not an existing customer but you mentioned you opened a new account then applied the promo code. But you had an account before so I think you are considered an existing customer so that’s why you only need to hold the balance for 30 days.
Awesome for everyone except people that already have the Savings Builder (although mine is almost emptied out since their rate went so low) :-/ I might be a bit jealous!
It’s a fine deal for those with current Savings Builder accounts, under some circumstances. I had $500 in my accounts on Oct 3. $300 now. So I need to put in $50,200 for the maximum bonus and I get that bonus after 30 days of having my money at CIT.
Of course, in your case, if your Oct 3 balance was very high, putting all the money back in might not be as attractive an offer.
I used to have an account which was closed. I do not remember when. Read the fine print and called to verify. Yes, I am an existing customer per them as I already have a log in. The CSR told me that I need to move money with 15 calendar days and then keep for 30 days and after that CIT bank will keep the funds for additional 7 days on a hold. Then I will get bonus. She wanted me to be clear that I need to plan 7 extra days after 30 days. Opened one as finished my Marcus bonus recently and Simple wont approve me. Will take whatever I get!
First of all, thanks once again to DoC for doing an amazing job of giving us access to great opportunities. The timing on this could not have been better, as many of us just received the Marcus bonus and knew we would need a better home for those funds. Crossing my fingers that for prior CIT customers we get the quick payout. I haven’t had negative experiences with CIT but have had more than my share with EBSB and Popular Direct, so YMMV but wishing everyone who participates luck.
This is such a good deal. 🙂
p.s: anyone know if there are transfer limits from CIT? once I verify my trial deposits.. I was gonna try to do 50k transfer in one day.
You can pull or push 50k from cit. I was able to do more than that.
I opened my CIT Savings Builder account several months ago.
How can I qualify for this offer?
Thanks.
Hi, Joe, thank you for your question. For the existing users, you must enroll in the program via the link below, add funds within 15 calendar days of your enrollment with new money from an external financial institution and fulfill the program requirements. To get going, please visit http://ow.ly/kdhf30pT9jA. Thanks and have a great day.
I opened the account (new account) with $100 opening deposit (which was the minimum deposit). Do I still have 15 days to reach the balance requirement or did I loose the offer by not funding the account with an initial deposit of $25K? Please let me know.
Is this bank chex senstive?
Doesnt seem to be.
oops – wrong thread – dont know about chex for CIT