[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, 2017July 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.
-
Offer valid on High Yield Savings accounts opened between March 31, 2017-June 30, 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., 5/1/17 to 5/31/17. The average monthly balance for each full statement cycle is calculated as follows: at the end of each day, the High Yield 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 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.
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:
- A Beginners Guide To Bank Account Bonuses
- 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
I deposited $15,000 in July and held it until November 2, when I removed most of it (the three full months were August, September, and October). However, the bonus that just posted was $100, not $125.
Anyone else experience this?
Being the data point I want to see, I contacted CIT to ask about this. Here is their response:
—-
Thank you for contacting CIT Bank. We apologize for any inconvenience this may have caused. There was a known technical issue with bonuses applied to accounts opened in July. Your additional $25 bonus will be applied to your account by the end of today.
We hope to have addressed your questions or concerns. We are here to help! Please let us know if we can be of further assistance.
Thank you for choosing CIT Bank, N.A.
I messaged them too and received the same response.
same happened to me. At first, I messaged them. I was told only $100 for the promo. I shared a link (google drive) showing the $125. Let’s see what they say.
Opened 7/12, 100K deposit, no sign of the $250 bonus. Sent SM yesterday, they said to wait 45 days from the end of the 3rd full cycle (so, around Dec 15th). All I’d asked for was confirmation that I’d completed the requirements, not a manual credit, but ok guess we’re playing the waiting game. Interest rate has started to lag, relatively speaking, so hopefully they don’t drag it out forever.
$250 posted 11/30
Opened account 5/23 and deposited $15k+.
$100 bonus posted 9/29. Problem is I should have received a $125 bonus.
I know there were/is two ongoing bonus promotions: $100 for a Premier Savings account and $125 for a Spring Savings account. I have the Spring Savings account and my account is still earning the 1.15% APY Spring Savings rate rather than the higher rate for the Premier Savings account.
I’ve contacted customer service and will update what they say.
Same here. Received $100 instead of $125. Hopefully they give the other $25 without issue.
They said I didn’t apply the $125 bonus promo code. I remember there was a $100 bonus around the same time but I can’t recall which bonus I applied for. Lesson learned to keep better records.
I received $125 and wife received $100. We both had signed up for $100 promo and later messaged them to match to $125. I have SMed them to honor the previous communication and will update you guys with the result.
An update to my wife’s case. She was given the remaining $25 after sending them SM.
Although we both had signed-up for $100 promo, I SMed them soon after asking to match to $125 promo and they agreed to it. I now used that SM as reference to make them honor the original deal.
They said I didn’t apply the $125 bonus promo code either, which I know is BS but they said their inquiries are generated from the system so if they don’t see the promo code in my file, that must mean I didn’t enter it and so I am out $25. I distinctly remember that the $125 promo was short lived and that it went back to $100 shortly after. Looks like if you want to convince them, you need to furnish a screen shot of promo code entered when you apply for the account. No wonder many people hate this bank.
That and the stupid game with the “premier” savings account getting a different rate than “spring” savings.
Account opened May 23, $15,000 reached May 31, bonus paid out September 29, 30 days after the requirements were met. Now opening a Premier savings account since this one still pays the 1.15%.
On 27 April 2017,I opened the High Yield Saving Account and did an ACH transfer of 100,150.00.I have taken nothing out,just accrue interest.May,June ,July were my 3 statement months to have over 100,000.00.Now we have the 45 days to credit my account with with the 250.00 due me. August and Sept 14.Yesterday was the 45th day.I called CIT this morning and asked when my bonus money would post.The nice lady,checked with someone and came back and said”it will post the last day of the statement date”,along with interest.I told them that is not the deal,bonus would be posted within 45 days per their website.I told them would turn this over to my Senator and Congressman.Will keep everyone posted to updates.Meanwhile,Run Away from this BANK.
Why is this bonus posted in the September best bonuses list if it expired in July?
Haven’t updated that page fully just yet, removing this bonus now though.
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?
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
I got the bonus after 3 statement periods. I can close the account now without penalty, correct? How did you close the account? Thanks.
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%.
Thanks, will look into this.
https://www.doctorofcredit.com/cit-bank-high-yield-savings-account-100-bonus-1-3-apy-nationwide/
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.
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.”