Posted by Chuck on May 29, 2017
Bank Account Bonuses

Published on May 29th, 2017 | by Chuck


[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:

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

  1. kk says:

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

    • ss says:

      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 says:

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

      • Steve says:

        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 says:

          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 says:

            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 says:

          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 says:

      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 says:

        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 says:

        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 says:

      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.

  2. kk says:

    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 says:

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

        • kk says:

          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 says:

            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 says:

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

  3. Ed says:

    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.

  4. CGID says:

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

  5. NinjaX says:

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

  6. ss says:

    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.

  7. arch says:

    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 says:

      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.

  8. Berry says:

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

  9. Mat says:

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

  10. M says:

    Any data points regarding credit card funding?

  11. lingua says:

    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.”

  12. Charles Mann says:

    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.

  13. Curmudgeon says:

    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 +

  14. GRR says:

    New Bonus structure and Dates

    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

  15. Ed says:

    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 says:

      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 says:

      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 says:

      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.

  16. Devin says:

    CIT couldn’t even figure out how to do a trail ACH deposit to my bank. What good is $100 if it takes all kinds of grief and time to get it straight?

  17. Dave says:

    $300,000 for $400… Yeah, I’ll get right on that 🙁

  18. Alex says:

    Any idea if CIT will be able to pull money? And if they’ll be able to pull 100K at once?

  19. David says:

    $300,000 deposit! After reading this post, I realize how poor I am.

  20. Jim Davis says:

    I almost forgot, unless they have fired everyone and hired new staff, these guys are inept.

    Unless you’re a masochist, ignore them

  21. Curmudgeon says:

    Having a hard time getting excited about this one. Even with the minimum deposit of $15,000, the bonus is only an effective 2.667% APR, and that’s if the money is tied up for only 90 days. The effective rate drops the longer the money is tied up or the larger the deposit.

    Add the 1.05% actual APR and get a max of 3.717% at the absolute best case scenario, but I can leave my cash in Legacy Bank at 4% and not have to put out any effort at all and still top the return by more than a quarter point.

    I can only see this having value if your money is sitting in a 1% account anyway, so I’ll skip this one.

    • Eric says:

      Do you have a link to the Legacy Bank deal? Is it available nationwide?

      • Curmudgeon says:

        DoC has a write up here on the site. It’s available to anyone, but you have to go into the branch in one of four small towns in SW Missouri.

    • Jenny says:

      I just googled Legacy Bank, since someone here said they did 4%. Nothing like that at the bank now, but they do offer a 2% on a checking account. Many conditions. It is in OK and appears one can open an account online. I haven’t see 4% or even close for years. Would be very nice!

      • Curmudgeon says:

        Look for the i-profit checking account. Pays 4%.

        If you found it in Oklahoma you had the wrong bank. This one is in southwest Missouri and you have to go into the branch to open.

        • Jenny says:

          Thanks. The OK bank is the same company as the Missouri one, however I do see the 4% at Missouri only. I am going to look into it. The first time I googled Legacy Bank, only OK came up, but when I added Missouri I saw the 4%. Wow!

        • Jenny says:

          Curmudgeon, you are so correct. I called the bank in Missouri and indeed, one has to go in to open the account, but you can live anywhere in country. 4% is good for first 10K, than nothing special. Also many stipulations, such as 10 debit swipes a month, DD, and they ask you close all existing accounts (!) etc. sounds like s good deal for locals who want a primary bank

          • Curmudgeon says:

            They didn’t ask me to close any of my other accounts. I was also able to open two of these high interest accounts, but when I spoke to a rep the other day he told me I wasn’t limited to just two.

            I asked if I could open 40 of them and he said, sure, as long as you can meet all the debit requirements you should be fine. The next time I’m down in that area I’ll stop by and verify this, but at a bare minimum you can open two accounts.

            If you’re in the Springfield area, try Old Missouri Bank as well. They have a 3% checking, up to $25,000 with similar requirements.

        • Jenny says:

          Very interesting, Curmudgeon. Ten debit swipes monthly per account seems like a lot. Online, they provide forms for closing existing accounts. Guess you have to try things to see how they really work. Thanks for the info

  22. Josh says:

    Not worth the hassle to apply and got the message pending to be reviewed. Waited for a few days and got an email to call the bank. Called CS and was told to send in driver license. The second hand up the phone, my application was rejected before I get to send in my DL.

    Called CS again, saying I am not welcomed to apply ever again because I wasn’t calling from the phone number on my application.

  23. Judy Jones says:

    Funny that they list a $300K deposit, when the FDIC only covers up to $250K…. Run Forrest, Run!!

  24. Rick says:

    Now they’re advertising a “Spring Savings Account” (1.15% APY), as opposed to the “High Yield Savings Account” (1.05% APY) referenced in this post. I have the High Yield account, and secure messaged customer service to see why I wasn’t getting the higher rate. They said the Spring Savings account is a separate promotion for new customers, and that I could open a Spring Savings if I want.

    I replied to ask if I’d be eligible for the promotion on Spring Savings as well, despite being due the $100 for promo on the High Yield account at the end of May. No response yet, will update if they reply.

    Not sure I want to park another new-to-CIT $15k for 3mo. to get the new Spring Savings bonus if it’s even possible to get in addition to the HYS bonus, but figured it’s worth asking. And at 1.15% I guess it beats most other current savings rates anyway.

    • Thanks, Rick. Will update post.

    • Rick says:

      Heard back from CIT via secure message:

      “Thank you for contacting CIT Bank. We want to acknowledge your message to us dated 5/11/17 and advise that you are welcome to have both a High Yield Savings account and a Spring Savings account. As these products are part of two different promotions, as long as the criteria to be eligible for each promotion is met for each of the accounts, you will receive the bonus on both accounts.”

      So those of us that opened the High Yield Savings apparently can also get the bonus on a Spring Savings, as long as both meet the $15k-for-3-statements requirement with money that’s new to CIT.

      I haven’t received the bonus for the High Yield account yet, rules state 45 days from completion of requirements, which for me would be 45 days from 5/31. Hopefully it posts sooner than that!

      • MontyFC says:

        Thanks Rick. I had also asked them but they haven’t responded to it yet.Your response gives me confidence to open couple of new accounts.

      • MontyFC says:

        @William Charles

        I don’t know if you consider nominations for best comments for the month, but I want to nominate Rick for his effort here 🙂

  25. Pete says:

    To all loyal readers,

    Speaking of nominating the best post :), I would like to bring to your attention a better offer.

    Through the following link, you can obtain a bonus that is $25 higher for the lower and higher tiers. $125 bonus for a $15,000 minimum deposit is pretty good in my opinion. Be sure to enter code BONUS17 when asked. In case you are wondering, this is not a referral link.

    $15,000 – $99,999 in deposits: $125
    $100,000 – $299,999 in deposits: $250
    $300,000 or more in deposits: $425

    Terms and conditions are below.

    I hope you enjoyed this post and have an enjoyable Memorial Day weekend.
    Remembering those that served…

    Thank you for your support.


    Offer valid on Springs Savings accounts opened between May 4, 2017-July 14, 2017, provided that the following requirements are met:

    The account is opened with a minimum deposit of $100. All funds used to qualify for bonus eligibility must be new funds. Funds on deposit with CIT Bank, N.A. or its OneWest Bank division at any time during the 90 days preceding account opening, are ineligible.

    The account is funded within 30 calendar days from the account opening date.
    An average monthly balance of at least $15,000 is maintained for the first three full statement cycles. A full statement cycle is defined as beginning the first day of a month and ending the last day of that same month, e.g., 6/1/17 to 6/30/17. The average monthly balance for each full statement cycle is calculated as follows: at the end of each day, the Spring Savings account balance is recorded. When the statement cycle ends, these end-of-day balances are added together and then divided by the number of days in the statement cycle to determine the average monthly balance.
    The lowest average monthly balance from among the first three full monthly statement cycles will determine the bonus amount, based on the schedule below.
    Lowest Average Monthly Balance
    $15,000 – $99,999 $125
    $100,000 – $299,999 $250
    $300,000 or more $425
    For example, if a customer funds an account on May 10, 2017, the first of the three full monthly statement cycles will begin on June 1, 2017. The additional two monthly statement cycles will be July 1-31, 2017 and August 1-31, 2017. If the customer’s average monthly balance is $125,000 in June, $90,000 in July and $160,000 in August, the lowest of the three average monthly balances is $90,000, and the customer would qualify for a $125 bonus.

    The account will be deemed ineligible for a bonus payment if the account is not funded within 30 days of the account opening date or is closed prior to the end of the third full statement cycle or if the average monthly balance from any of the first three full statement cycles is less than $15,000.
    Any bonus for which the customer qualifies will be deposited to the account within 45 days of the end of the third full monthly statement cycle.

    Bonus payments are reported as interest earned on IRS form 1099-INT for the calendar year in which it was paid. Recipient is responsible for any applicable taxes.

  26. Nick says:

    A word of caution about CIT: I recently received the bonus for having the funds remain in the account for 3 statement cycles. I hadn’t decided what to do and out of curiosity checked the rate I was earning on my account. It was 1.05%, NOT the 1.15% they currently advertise for their savings.. I examined the rate sheet, assuming there must be more than one savings account. But there isn’t! And here’s the surprise: an agent told me I am grandfathered into a LOWER rate! She said to open a new account to get the 1.15% regardless of whether or not I want to spend another 3 months qualifying for a tiered bonus. That’s the first time I’ve ever found that being grandfathered makes you worse off than a brand new customer with no history. The end result: I pulled the funds out. They’ll get them back later if their promotion is the best available. Grandfathered into a worse rate that isn’t even listed anywhwere, that’s a good one.

    • Chuck says:

      That is a surprising bummer since it means that as interest rates move up you’ll have to keep opening new accounts to get the higher amount.

      • MontyFC says:

        It would be interesting to note what the bank does if the interest rates go down – if the old accounts continue to receive higher rates and new ones get the lowered one.

    • M&M says:

      Thanks for noticing the change. I opened my account with CIT last month and upon logging in saw that I still get the lower 1.05% rate. Any possibility of a class action lawsuit or a CFPB complaint working for us?

      • Eric says:

        Are you being serious? I just went to the link and it says this in the terms: “CIT Bank Spring Savings rates are variable and may change without notice following account opening.”

        I think they’re pretty well covered there.

  27. Marcy Marcus Halberstrom says:

    My current account w/ CIT is the old offer. Can I open this one up as well and receive the bonus?

    • MontyFC says:

      @Marcy Marcus Halberstrom,

      Yes, CSR has confirmed that one can get this promo even if they are enrolled in the other one. So you can get bonus from both High Yield Savings and Spring Savings accounts.

  28. JT says:

    Can I get this bonus again after applying for the bonus on a savings account in February 2017?

    • MontyFC says:


      Yes, CSR has confirmed that one can get this promo even if they are enrolled in the other one. So you can get bonus from both High Yield Savings and Spring Savings accounts.

  29. Ian says:

    How many days does it take for account opening, and initial deposit (from application) to post to the new Spring Savings Account?:)

    • MontyFC says:


      My account was opened on 5/19 and funding was posted on 5/22. I assume you are asking w.r.t. requirement to maintain balance for 3 full months.

  30. Wong says:

    If you put in $300k, the interest and bonus for the three statement periods is effectively a 0.429% ROI. $300,000*0.0115/12*3 + $425

  31. Yu says:

    I am only seeing the $400 bonus after clicking the link.

  32. kt says:

    two separated promos means you can get both bonuses if you fulfill their requirements?

    • zjts says:

      is this correct ? two separated promos for 2 separate spring savings accounts means you can get both bonuses if you fulfill their requirements? $100& $125?

  33. calwatch says:

    Has anyone been able to get CIT to match the $125 offer? Or should I wait until the $100 posts and try to ask for a match then?

    • MontyFC says:

      I have already messaged them asking if it can be matched. I expect a response by tomorrow and would update folks then.

    • John says:

      I just called in and was told that they would not match the offer since I didn’t use the promo code when signing up.

  34. Bob Unferth says:

    The security questions are a real turn off. “What was the middle name of your grandmother’s oldest sibling?”

    I left in disgust; now they’re bugging me to finish my application.

  35. Rick says:

    Any data points yet on how long it takes to receive the bonus?

    I met the requirements for the High Yield Savings account as of 5/31. Their website says it’ll post within 45 days of meeting the requirements, but hopefully it’s sooner.

  36. P says:

    I have same question as KT. If I sign up for $125 offer, can I sign up again and open a separate account for lessor but still ok $100 offer? If so, do I need to wait a minimum period of time before signing up for the other offer? Thanks

  37. MontyFC says:

    I had signed-up for the Spring Saving account without the code. I later messaged them asking if the new promo code can be applied retroactively. The request was forwarded to their marketing department and then responded today that the same will be applied to my account. So if you signed-up for Spring Savings account w/o the code, its worth sending them SM and requesting the same.

    Their response “After reviewing with our Marketing Department we will honor the bonus17 promotional code for your account(enter number). If all bonus requirements and terms are met, you will receive the Bonus17 offer.”

  38. Dave says:

    “opened and funded by June 30” – does that mean funded with $100, or $15,000-plus?

    If the latter, I guess that nullifies the other T/C about funding the account within 30 calendar days from the account opening date.

  39. zjts says:

    cit phone rep kaylin checked with her supervisor 6-9-2017 & told me I would NOT get both bonuses if I opened 2 springsavings offers, 1 with BONUS 17 & 1 without. I thought I read here that this was possible. I tried to say they were different offers with different exp dates, but she said her supervisor was adamant that only 1 bonus would be earned. I think they are wrong, and want to open both… has anyone been told they ARE different promos & both bonuses could be earned?

    • Rick says:

      The only thing they told me for sure is that High Yield Savings and Spring Savings ARE two separate promotions and that you can get the bonus for both. BUT… it does make sense that you can’t get the promo more than once on Spring Savings regardless of whether you used the bonus code.

      High Yield Savings is no longer available as far as I can tell; it was replaced by Spring Savings. But if you opened HYS back in Februrary (or whatever) when it existed, you can open a Spring Savings now, and theoretically get both bonuses.

  40. Sam says:

    Oh boy, after spending 10 minutes filling out forms and gathering account info, verifying etc, I got this:

    Something went wrong
    We are sorry, but seems like we are having a system malfunction. We can contact you once we resolve the issues or you can try again at a later time.
    You can also contact customer service at 855-462-2652.

  41. Sam says:

    Sorry I cannot edit my post above, but I hit BACK and refresh, then it asked me to login again, and I noticed the application resumed where it left off and I got the “You are almost there” message, but I am surprised that CIT has ancient verification system with micro transactions.

    Once your account has been verified, funds may take 2-3 business days to appear in your account. Electronic transfers will also be subject to a 5 business day hold.

  42. az says:

    Did any one get their $100 bonus?

    I opened the account on 2/9. Now 4 months passed, but I still didn’t get the $100 bonus. I sent messages to customer service about this but no response.

    • rick says:

      No bonus for me yet. If you opened on 2/9, then March-April-May should have been your $15k minimum months to meet the requirement. Same for me, and no bonus yet.

      According to their terms, they have 45 days to pay the bonus after you meet the requirements, which for you and me would’ve been 5/31. So they don’t really have to pay out our bonuses until 7/15 per their terms.

      In my experience they’re not hard to get a hold of on the phone (and are polite and helpful) if you want immediate answers. I try to avoid calling banks, but if my bonus isn’t there by 7/15 I’m calling CIT first, and if no meaningful response, then a CFPB complaint is happening.

      Let us know if you hear back from customer service, and I’ll be sure to post here once my bonus (hopefully) arrives.

      • Nick says:

        I have done 2 of these promos with CIT. In each case the bonus posted on or around the last day of the 3 full statement cycles. Unless their system has changed you are justified in being concerned. I know this is obvious, but be sure that your balance did not drop below the tier minimum at any point during the 3 full statement cycles, not even by a penny or a single day.

  43. Ed says:

    Just a general heads up: I spoke with a CIT rep yesterday who told me not to be surprised if a Summer Savings promo pops up in the near future. I’m guessing the rates, terms and tier minimums will be very similar to what we have seen in the past. Once is a coincidence, twice is a pattern, so a new offer for each season is much appreciated, and I’m glad to partake indefinitely.

    • Rick says:

      If Summer Savings does show up, remember to move money *out* of CIT before signing up (unless you need it there to complete a previous promo requirement or already have another $15k somewhere else that you’re willing to tie up), because these promos require money that’s “new” to CIT.

      Can you move it out and then back in the next day, and have it count as “new”? I have no idea; all the terms say is “Funds used to qualify for bonus must be new funds, not already on deposit with CIT Bank or OneWest Bank.”

      • K says:

        Same question – they seem very specific with their definition of “new funds”:

        “All funds used to qualify for bonus eligibility must be new funds. Funds on deposit with CIT Bank, N.A. or its OneWest Bank division at any time during the 90 days preceding account opening, are ineligible.”

        How is this 90-day rule applied exactly?

        How do they determine that the money you brought from say, Chase Bank for your initial deposit to qualify for the bous, was actually once on deposit at CIT Bank at some point in time? It’s not like the money is marked, right? Who’s the say you didn’t get a bunch of new money into Chase that you’re now moving these “new funds” into CIT Bank?

        Or in your specific case, if you move it and back, who’s the say it isn’t “new funds” being brought in?

  44. Ed says:

    Before my Spring savings promo started I had a CIT CD expiring. The rep told me to fully fund the promo account BEFORE the CD matured since I was not rolling it over and wanted the funds transferred to the new savings at maturity. I was concerned that the presence of any CD funds would invalidate the savings promo, and the rep confirmed exactly that. I suggest funding the savings promo with money not in any way associated with CIT or any of its affiliates.

  45. Reg says:

    Any data points on how long it takes the bonus to post after meeting the requirements?

    Does CIT take the full 45 days to pay the bonus?

  46. RIck says:

    Finally got the bonus for the High Yield Savings account.

    2/23: deposited $15k

    Left it in there for March-April-May statements, so completed requirements as of 5/31.

    Bonus posted on 6/30– one statement period after completion of requirements. Statements and interest always post on the last day of the month.

    I moved the $15k used to qualify for the bonus out of the account on 6/2 since I’d met the requirements by then and could get better interest rates elsewhere.

  47. zwynorthern says:

    It is indeed a bit painful to deal with CIT, online banking is dinosaury and funds got posted slow. I opened the spring saving account with code Bonus17 on June 16, just got a welcome letter with term and disclosure today the first tier bonus is $100. Call in, first rep said they did not email me the term and disclosure (???? wht????) and put me on hold for 10 mins. After their research, rep said it was a auto-email and it dose not mean anything (????). Anyway, in the end they said as long as meeting requirement, the bonus will show. Discovery is way easy to get the bonus, quick and clean.

    • Santorini says:

      Same exact thing happened to me with CIT sending a disclosure e-mail today showing only a $100 bonus for the lowest tier, instead of the $125 bonus. I sent an SM to Customer Service and am waiting to hear back about what’s going on.

  48. Ed says:

    Offer is now 1.25%, same 3 statement cycle requirement, bonus is a flat $100 with a 15K minimum AND MAXIMUM of $100K, and then the rate drops. Also, you are ineligible if you have received a bonus for any similar CIT promotion in 2017.

    • Gadget says:

      Direct link above still works… For a few more days. I guess you mean after this expires. I was considering doing this, but believe churning Citibank $300 for 15k is a better deal.

    • Chuck says:

      Ed, I’m seeing 1.3% with the details you mentioned.

      • Ed says:

        1.3 it is, although a 1.25% rate applies on this offer if you exceed 100K balance. I would advise anyone pursuing this promotion to simply deposit exactly $15K and find other better yielding opportunities for anything larger.

  49. Jason says:

    I found 1.35% plus 100 bouns advertisement…Which one is better??

  50. Mike says:

    CIT new offer I saw is 1.3%, not 1.25 and not 1.35.

  51. A says:

    Hi Doc. Here is another link to a different CIT Bank bonus. It’s for $100 but with 1.30% APY. Unfortunately I am not eligible because I already did the $125 / 1.25% APY bonus. Oh well!

  52. Rick says:

    But you can have both a premier and spring savings high yield account and get bonuses for both-right? I assume you just can’t have more than 1 of each account type if you want to get bonus.

  53. steven88 says:

    So there isn’t a separate “Summer” Cit savings promotion? Because this “Premier” one that recently showed up doesn’t allow you to apply if you already did the “Spring” one.

    • K says:

      Yeah, sounds like they’re really targeting true “new customers” at this point.

      Otherwise, this could be the 3rd bonus this year for long-time existing CIT customers.

      Kind of a related question for those applying for BOTH the High Yield and Spring Saver’s Bonus, do you know how they’re applying this 90-day rule in regards to “new funds”?

      “Funds on deposit with CIT Bank, N.A. or its OneWest Bank division at any time during the 90 DAYS preceding account opening, are ineligible.”

  54. Casey says:

    Looks like this bonus has expired, but there is now a $100 one, also for maintaining a 15k bonus for 3 statement cycles. Also, apparently the APY has been raised to 1.30%.

  55. jz says:

    I got the bonus after 3 statement periods. I can close the account now without penalty, correct? How did you close the account? Thanks.

  56. MontyFC says:

    Anyone received bonus recently? I completed 3 statement cycles with 15k balance and was told “Thank you for contacting CIT Bank. Please be advised that if all bonus terms are met, you will receive your bonus within 45 days of your third full statement cycle.”

    So I have to wait 3 statement cycles + 45 days for the bonus now?

    • Johnz says:

      Maybe, maye not. I got their bonus June 30, the last day of full statement cycle after my 3 $15K qualifying cycles of March, April, May

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