Posted by William Charles on October 18, 2018
Bank Account Bonuses

Published on October 18th, 2018 | by William Charles

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CIT Bank Does It Again – Creates New 2.15% Account To Avoid Raising Rates

CIT Bank offers a number of high interest accounts. At the start of the year they launched Premier High Yield Savings Account and this offered a 1.55% APY, then in March they launched a new money market account offering a 1.75% APY rate (now 1.85%). They have now added a third account ‘Savings Builder Account‘ this time offering a 2.15% APY account, this account requires a balance of $25,000 or a $100 monthly deposit to earn this 2.15% APY rate.

In my opinion there is absolutely ZERO reason to sign up for this account for two reasons:

  • 2.15% APY isn’t the highest high yield savings account rate currently being offered. You can actually get up to 2.5% APY currently.
  • Based on CIT Bank’s track record they won’t raise rates for existing account holders in the future, I suspect in another six months we will see a fourth account added with a new higher APY

I believe it’s important to call it out when financial institutions pull these types of tactics. There are better accounts out there.



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I agree this is more than a tad annoying because they rarely grandfather people into the new yield. However, they offer free outgoing wires, a feature which keeps me involved with them. Therefore, I’m left with no choice but to upgrade the account.

Jeremy
Jeremy

Marcus has free outing wires and has always been bumping their rates

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more info

Marcus’ yield is 1.95% vs CIT now at 2.15%. CIT has mostly been ahead of Marcus, just as long as you play their game. If you’re on this website for long enough, you’re probably willing to play the game (extra phone call or new account every 3-6 months). I keep CIT and do it more along the ways Mikey suggests, but it is a good account to have for certain people (those who have wire needs).

Snuupy
Snuupy

Only external US domestic.

Mikey
Mikey

Stay with them using the $100 transfer option as opposed to the $25K balance which is better invested elsewhere. CIT will eventually offer something competitive, and your wire/external ACH accounts will already be in place.

Alex
Alex

I’m in the process of moving funds from CIT to Ally. Will go back to CIT when they have signup bonus.

Mikey
Mikey

CIT still has an insignificant sum of my money so that I can stay connected and jump back in if and when they offer a good promotion. This obviously isn’t it. You need to dazzle savers now. So, hats off to Ally. They’re the talk of the town and popping champagne corks over the millions that will be flowing in near the end of the month.

CCU
CCU

Why Ally? (Feel I must have missed something!)

Matt
Matt

1% of deposited cash back as a bonus.

Leslie
Leslie

Where do i find it? Searched up on Ally and all i see is 1.9% APY. Please provide link of “1% of deposited cash back as a bonus” which will be in addition to the 1.9% APY i presume.

HarryTheFirstHarry
HarryTheFirstHarry

its here on doc with all the discussion which is better to read than the direct link which you can then follow from the post.
https://www.doctorofcredit.com/ally-bank-deposit-bonus-of-up-to-1000-existing-customers-included/

Joe C.
Joe C.

Thanks for the heads up. Very useful information.

Rahul
Rahul

I’ve 2.27% account at Huntington for funds upto $1 Million to earn that rate for 1 year guaranteed. Ofcourse I don’t have that much but good to park all there until needed for something. Rate seems
One of the best too from review of charts

Davy
Davy

Except that Huntington places funds on hold in transfer longer than any bank I’ve dealt with.

Mathias
Mathias

What bank automatically raises the rates to that high of a interest rate? I don’t have an issue just opening a 3rd and 4th account with a bank as all external banks are already linked and funds transfer instantly between CIT accounts during opening. I just move money if they have a good track record of keeping up with interest rates.
Marcus and Ally offer smaller interest rates (not taking special promotions into account).
So if there is a bank that offers >2.15% and has a track record of constantly raising the interest rates, I’m interested 🙂

Browsing11
Browsing11

Citizensaccess.com is. Mine from 2% to 2.12%, they raised without asking.

Preserve
Preserve

Citizens Access @ 2.12% – they have raised rates already for existing accounts. Free ACHs too and zero fees.

Steve
Steve

Thanks for the post. I didn’t know about this shady bank.

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more info

1) I’ve got no incentive to justify or protect CIT
2) They’re not a shady bank, they’re a legitimate and not terribly small bank that has always been in the business of servicing the subprime folks – this is their step higher, but they’re not designed for people who typically have a 750 credit score – they’ve got a tactic
3) If they raised everyone’s rate with no effort they would have raised the APY to 2.00% instead of 2.15% for anyone willing to put in the effort. I’m OK with that frustration – it’s still a lot easier than doing so many other games needed for high yield checking accounts or other promotions.

Charles Mann
Charles Mann

CIT is a terrible bank on many different levels; AVOID them!

GR
GR

Any evidence?

Charles Mann
Charles Mann

Yes, my personal experiences with them and their totally unprofessional reps. Go on, take the dare and see how much of your time and energy they will waste.

bobo obobo
bobo obobo

does this chex system severely crimp the bank bonus hunters style?

i just signed up for allys $1,000 bonus. Is this a one off or will i be able to continue after 4 or 5 different company promtions or will i be cut off due to bad marks on chex systems?

Deke
Deke

Rate is now up to 2.25%

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