Posted by Chuck on May 29, 2017
Bank Account Bonuses

Published on May 29th, 2017 | by Chuck

161

[Expired] CIT Bank High Yield Savings Account Up To $425 Bonus + up to 1.3% APY [Nationwide]

[Originally posted in February 2017. Reposting in May 2017 since the bonus increased a bit. Reposting 7/9/17 due to new offer with 1.3% APY.]

Offer at a glance

  • Maximum bonus amount: $425
  • Availability: Nationwide
  • Deposit Required: See below
  • Deposit Length: 3 statement cycles
  • APY: 1.15%
  • Hard/soft pull: Soft
  • ChexSystems: Unknown 
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None
  • Expiration date: April 28, 2017 June 30th, 2017 July 14, 2017

The Offer

CIT two different signup offers

Direct link to offer (other link without promo code for comparison)

  • Open a High Yield Savings Account with CIT Bank (1.15% APY) and receive a bonus of up to $425 with promo code: BONUS17

The bonus you receive depends on how much you deposit. You’re required to keep that average minimum daily balance for the first three full statement cycles. The tiers are as follows:

  • $15,000-$99,999: $125 bonus
  • $100,000-$299,999: $250 bonus
  • $300,000 and up: $425 bonus

The Fine Print

  • Account must be opened and funded by July 17, 2017.
  • One bonus per customer.
  • Daily ACH withdrawal limit of $25,000
  • If multiple accounts are opened by a customer, only one account will be eligible for the bonus.

Avoiding Fees

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

Our Verdict

Bonus is now $25 better with promo code on the $15k threshold and on the $300k threshold than had been the case in the past.

The nice thing about things account is that it offers a 1.15% APY (close to the top available basic savings account rate). If you have lots of cash on hand, it could make sense to use CIT Bank and get the bonus + good interest rate.

Check out our post on Best Savings Accounts and do the math to compare best rates. For example, if you have exactly $100,000 in funds which will be in a savings account for a year, you’ll do better putting those funds in  a Memory Bank account and getting 1.5% APY for the first year (that would earn you $1,500 compared to $1,425 with this account and bonus). In many other scenarios, you’ll do better with the CIT Bank rate + bonus.

Assuming you have $15,000 in cash sitting an account earning around the 1.15% interest rate, you’ll net $125 by opening this account and moving your money over. Not bad for a soft pull bonus with no requirements. I imagine many people have $15,000 in cash reserves or emergency funds so this bonus might be interesting for many people. We will be adding this to our best savings bonuses.

Hat tip to reader John

Useful posts regarding bank bonuses:



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kk
kk

Anyone have experience with this bank? From reading the reviews on other sites, the verdict seems to be stay away from this bank

ss
ss

Not sure what’s there to “stay away” from this bank. Opening and keeping an online savings account isn’t a formidable task. Neither is it risky – it’s FDIC insured.

artgriego
artgriego

You must never have dealt with HSBC or Citi at their worst…

Jon
Jon

Then you don’t deserve them at their best

Max
Max

What is HSBC’s best? Its excellent relationship with al Qaeda?

Steve
Steve

Note that FDIC insurance is only up to $250,000; so the $425 bonus here for $300,000 isn’t very attractive. So the real bonus options are $125 or $250. But I think the real concern isn’t the bank failing, but rather that some banks are a pain to deal with, so it could be a “formidable task” as you say. e.g., a bank might not give you access to your money for weeks and then say they decided to close your account (in some cases requiring you to submit a CFPB complaint to get your money back); or they could refuse to give you the bonus; or just small things that add up like needing to spend hours on phone calls to get anything done.

Steve
Steve

To clarify, I don’t know if the issues I mentioned apply to this bank; just that in general, the hassle of dealing with some banks may not be worth the small bonus.

Elmer
Elmer

That’s just called life in our world. Everyone in this hobby should know these things happen or CAN happen at any bank. Anyone playing the bank bonus game should be well aware of this.

Nick
Nick

There are situations where two individuals on the same account increase the protection from $250K to $500K. However, the optimal return from this promotion is still a $15,000 balance maintained for as little over the 3 statement cycles as possible.

Kashman
Kashman

I have this bank for a while now (have their 1.05% saving account)… I have had no issues with withdrawing money or adding money via ACH….

I also use this bank to deposit money into Netspend (to avoid that fee) as well as to withdraw via ACH… and no issues to date.

They also offer a nice CD rate of 1.35% for 1 year…

P.S. I asked about them matching the 1.15% to the 1.05%…. waiting to hear back…

Eric
Eric

1.35% for a CD is not a good rate at all. A few banks offer 1.25% for a normal money market checking account and you can withdraw the money any time without penalty.

Ed
Ed

I was told to close the account and open a new one. 1.05% is not especially competitive now. Watching what happens with rates the next few weeks and will take advantage of the $125 bonus starting July 1 if nothing better is available. I believe the funds have to be “new”, so I’ve already pretty much emptied out the 1.05% account and transferred those funds to Memory Bank.

Dave
Dave

CIT is fine, just one of those generic bank web sites that don’t seem very user-friendly. I prefer the sexier Ally site. I have had $$ sitting in there for 6 weeks under the old $100 promotion.

kk
kk

Also, this has been on your and other sites via banner ad for at least 10 days. I’ve kept print outs of the offers and just noticed they revised the bonus tiers yet again from a couple of days ago. There was a $125 bonus tier for accounts opened between 50 and less than 100,000 that was just pulled and so sow only a 100 and 200 tier. Used to be a higher 25,000 minimum to get $95 but they revised to a lower $15,000 minimum for a $100 bonus at the low end. A couple of days ago you needed $100,000 for $200 bonus but they just raised it to $150,000. Al these changes are a red flag if you ask me.

Ken
Ken

They’re trying to find out which promotion brings in the most customers. It’s not a red flag, it’s called split testing.

William Charles

+1

kk
kk

I disagree they should do that using focus groups before they roll it out. Funny how you guys get all upset when other banks reduce the bonuses touted here without no notice.

All the reports of transactions not posting, transactions posting twice, not providing either electronic or paper statements to some customers are problematic if true. Also remember what happened when they went into bankruptcy the first time. Oh well…

I’m thankful for this blog and it is my favorite blog but I also do my own research. Currently there are quite a few highly capitalized banks offering 2%+ plus deals that allow for much higher balances with very little maintenance that haven’t hit the blogs yet. I know some of them prefer to keep their offers quiet even though they can still be gotten online. GLTA.

tt
tt

Also, a note to all the rate chasers out there: More and more banks over the last 6 months are willing to negotiate. I’ve gotten higher and in some cases much higher rates than the promoted rates you read about. Not only are rates rising, more banks are lending and are open to negotiating.

Ken
Ken

@tt – Which banks have you been able to get a batter rate at, and what was the rate and terms?

JT
JT

Hi I am looking for the fine print for all 3 of these offers. Do you still have them? If you do please let me know. Thank you very much.

Ed
Ed

I currently have both a CIT HIGH YIELD SAVINGS account as well as a CD. As far as online banks go I certainly would not rate them as horrible, nor are they exceptional. But their promo rates are well worth the investment. I opened my savings with a prior offer, earned the equivalent of an annual rate of about 2.9% for 3 1/2 months, the balance still there earning the 1.05% until I find a better use for it. Their best product is their Ramp Up Plus CD, which allows you to add funds once and bump the rate up once during the CD term.

CGID
CGID

The key for me is how much CC funding will be permitted. If anybody finds out, lemme know!

William Charles

Be the datapoint you want!

Kyle
Kyle

Just opened an account this morning. There is not even an option for credit card funding in the online application. Should be able to update the main post.

NinjaX
NinjaX

i bet this is Citi in disguise. its a trap.

ss
ss

This offer isn’t as good as the one that they previously had – which was open an account, keep average daily balance of $25k or more and get $95 bonus + 1.05% APY.

The best part was that you could stack it multiple times – opening each account for every $25k you want to put in.

This one is worse because it’s limited to one per customer.

arch
arch

From the wording it looks as though it would be best to open this in the last few days of this month. Opening now would mean you would effectively have to keep it open 4 months. They give the example of 10 Feb but don’t say that before the 10th would be OK.

Nick
Nick

I’m glad you mentioned this point as I almost posted something about it earlier. Be careful in trying to time account openings with CIT. My experience is that it can take longer than expected. True, you technically can’t be much worse off than opening on the 2nd of the month (since you’d have to wait almost a month to start your 3 cycles), But since this isn’t a CD, consider opening now with a very small deposit, THEN transfer the bulk of the funds in the final week of the month, Your bonus is based on maintaining the minimum during those first 3 full months, the opening date is irrelevant.

Berry
Berry

Any data points for Chex pulls? I’m tapped out.
Thanks

Mat
Mat

any reason this wasn’t added to best account for Feb?

William Charles

Will likely add it

M
M

Any data points regarding credit card funding?

lingua
lingua

No CC funding for this: “Thank you for contacting CIT Bank.  The funding methods allowed are Check, Wire Transfer or Electronic transfer from an external bank account.  Unfortunately, Credit Card Funding is not permitted.”

William Charles

Thanks, updated.

Charles Mann
Charles Mann

I have had accounts with CIT and let me warn you: DON’T DO IT! They are completely incompetant and you will be on hold waiting forever to talk to their customer service (???) reps to try to sort out their multitude of errors. There are much better banks than this; I personally would rather go to the dentist than deal with CIT again.

Curmudgeon
Curmudgeon

Promo changed and extended to 6/30/17

$100 bonus for $15,000 – 99,999 deposit
$250 bonus for $100,000 – 299,999
$400 bonus for $300,000 +

https://bankoncit.com/savenow-direct/

GRR
GRR

New Bonus structure and Dates

https://www.bankoncit.com/savenow-direct/

March 31, 2017-June 30, 2017

Lowest Average Monthly Balance Bonus
$15,000 – $99,999 $100
$100,000 – $299,999 $250
$300,000 or more $400

William Charles

Thanks, will update shortly.

Ed
Ed

I opened one of these accounts in mid-January. My 3 full statement cycles will be completed 4/30. I’ll be sure to post how quickly the bonus posts. It will be useful information since and give an idea of the timeframe for planning after completing the requirements. This has been a good one in terms of annualized return if you’ve got 3 months to spare. A rep at CIT said I’m free to open new accounts under similar promos. Make sure if you do so that you bring new funds in. In other words, I might add a new $15,000 account before the end of April rather than closing this one once the bonus posts and reopening. Too much of a risk of disqualification, and banks easily spot these things.

John
John

I suspect your CIT rep was mistaken about bonuses & correct about Interest rate: Note 3 on the offer says, ‘3 Limited-time offer. One bonus per customer. If multiple accounts are opened by a customer, only one account will be eligible for the bonus.’ So you’re certainly free to open multipe accounts and earn the stated interest rate on each, but it says only one account will be eligible for the bonus.

GRR
GRR

I called CIT to see about opening a new account if you already have one. They allow the “old promotion” and “new promotion” to both be earned. So if you need another account, they will allow it.

1st account — Existing account opened xxxxxxxxx through March 30 – 15K for $100 bonus

2nd account — Add additional account under March 30 through June 30 – 15K of additional funds for another $100 bonus

If you have enough funds (30K) you can get roughly

200 / 30000 * 3 = 2% APY if closed at 120 days on each
200 / 30000 * 4 = 2.66% APY if closed at 90 days on each

Add on the 1.05%, that makes it 3% – 3.7% rate.

Assuming two bonuses of 100 each, 30,000 in deposit, close within 90 to 120 days of opening (1/3 of year).

My guess is this will probably create 2 chex inqueries.

Chris M
Chris M

Waiting to hear when your bonus posts. If you get it without any hassle when you are supposed to, I’ll be opening this account.

kai
kai

just got the $250 for 100k deposit

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