[Expired] CIT Bank High Yield Savings Account $100 Bonus + 1.35% APY – Requires $100,000 Deposit

This has expired, view the best savings rates here. Alternatively view the best savings account bonuses here.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Deposit Required: $100,000
• Deposit Length: 3 statement cycles
• APY: 1.35% on balances up to $250,000 and then 1.30% APY on balances up to
• Hard/soft pull: Soft
• ChexSystems: Unknown 
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None
• Expiration date: December 21st, 2017

The Offer

Direct link to offer

• Open a High Yield Savings Account with CIT Bank using the direct link above to get $100 bonus and a 1.35% APY rate on balances up to $250,000. To receive the $100 bonus you must meet the following requirements:
  • Enter promo code: FALL17 at the time of account opening.
  • Must deposit $100,000 and maintain that balance for 3 months.

The Fine Print

• Account must be opened with Promotional Code “FALL17” by December 21, 2017
• Account must be funded within 30 days of account opening
• Funds used to qualify for bonus must be new funds, not already or recently on deposit with CIT Bank or OneWest Bank
• Must maintain a minimum $100,000 monthly balance for the first 3 full monthly statement cycles.
• Limit one Premier High Yield Savings account bonus offer per customer. If multiple accounts are opened by a customer, only one account will be eligible for the bonus.
• Customers who received a CIT Bank bonus payment or enrolled in another CIT Bank bonus offer between January 1, 2017 and October 2, 2017 (regardless of whether the bonus has yet been paid) are not eligible for this Premier High Yield Savings account bonus offer.
• A $100 bonus will be deposited to the Premier High Yield Savings account of the qualified customer within 45 days of the end of the third full statement cycle following account funding. For example, a customer who qualified for the bonus on a Premier High Yield Savings account funded on October 10, 2017, would receive a statement credit of $100 no later than March 15, 2018.

Avoiding Fees

There are no monthly fees and no early account termination fee.

Our Verdict

Requiring a deposit of $100,000 for 3 months for a bonus of only $100 is kind of crazy. In the past it required a deposit of $15,000, or they offered bigger bonuses for bigger deposits (e.g $250 for $100,000). The best savings rate is currently 1.5% APY so this is competitive in that respect. Putting $100,000 into this account for three months would earn you a total of $437.5:

• $100 from the bonus
• $337.5 from interest

If you put that into a 1.5% account you’d earn $375 (and the 1.5% accounts do have a limit of $35,000). But most people will be either focusing on savings account bonuses that are more lucrative or rewards checking/savings accounts that earn up to 5% APY. Because of that and the fact they have offered better bonuses in the past, I wouldn’t recommend this one.

Hat tip to flyingspaghetty on /r/churning

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• 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?
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