CIT Bank Savings Builder $300 Deposit Bonus – Both New and Existing Customers

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CIT Bank has a new Savings Builder Account deposit bonus. You can get up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 1.85% APY (as of 11/12/19) at their top tier for qualifying accounts. Here are the details.

New deposit bonus details. For new customers, you must first open a new account with at least $100 and promo code Bonus19 at this link. If you already had an existing account as of 10/4/19, you need to first officially enroll in this offer via the “Let’s get started” button at this link for existing customers. After doing that:

  • A new deposit of $25,000 to $49,999 within 15 calendar days of your open/enrollment date will get you a $150 cash bonus.
  • A new deposit of $50,000+ within 15 calendar days of your open/enrollment date will get you a $300 cash bonus.

New accounts will have to maintain this balance for 90 calendar days. However, existing accounts will only have to maintain this balance for 30 calendar days. The shorter holding period for existing customers is nice, but remember it has to be additional money new to CIT Bank. This is their definition of “starting balance” when measuring new deposits for existing customers:

The balances of all the customer’s individual Savings Builder accounts, any joint Savings Builder accounts in which the customer has ownership, if not already enrolled in the bonus promotion by another joint owner as of October 3, 2019.

They will deposit your bonus within 1 to 5 business days after the Funding Period, but it will be on hold (can’t withdraw) until 7 days after your minimum holding period of 30/90 days to make sure you satisfy the requirements.

Effective APY. Here are the effective interest rates you could get as either a new or existing customer:

  • For a new customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.85% APY rate, that works out to a total 4.25% APY for 90 days (2.4 + 1.85).
  • For an existing customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.85% APY rate, that works out to a total 9.05% APY for 30 days (7.2 + 1.85).

It’s always nice to stack a cash bonus on top of an already competitive interest rate. This promotion is scheduled to last until December 31st, 2019. There are no minimum balance fees, no monthly service fees, no inactivity fee.

Savings Builder high interest qualifications reminder. This a unique savings account with two ways to qualify for their highest interest rate tier. You need ONE of the following in each Evaluation Period:

  • Maintain at least one single monthly deposit of $100+, OR
  • Maintain a balance of $25,000+.

Everyone earns the top tier rate for the first monthly “Evaluation Period”. Then, if you meet one of the requirements listed above during the first Evaluation Period, you’ll earn the top rate for the next monthly Evaluation Period. If you don’t meet a least one of the requirements, you will receive the base interest rate during the next Evaluation Period. They have an indicator in your online account that confirms that you have qualified.

One option that I did is to set up an automatic monthly transfer from my checking account to this account for $100 and satisfy the requirement on auto-pilot. (I can always transfer additional funds in or out as needed.) More details in my previous full review.

Bottom line. CIT Bank has a new Savings Builder Account deposit bonus. You can get up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 1.85% APY (as of 11/12/19) at their top tier for qualifying accounts. These types of bonuses help me earn higher interest rates even when rates are dropping.

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Comments

  1. DirtyLilRat says:

    Is there any way to become an existing customer and then go for the promo so that you can take advantage of the shorter time requirement?

  2. Thanks for the post – an additional $50K headed to CIT right now. 🙂

    One question – and I’m sure I’m missing something obvious, but why is the effect interest rate higher for an existing customer vs a new one given that the bonuses are exactly the same?

    • If you held both for 90 days, the effective APY would be the same for both new and existing customers.

      The effective APY is higher for existing customers because you only need to keep the new money there for 30 days. You get a higher effective APY over 30 days, at which point theoretically you can move your money out to the next opportunity.

      I’m basically moving my money from the previous Marcus $500 bonus to this new CIT Bank $300 bonus.

  3. I’m an existing customer, but their rate was 2.45% when I started a year ago. Disappointed to see it drop down to 1.85%. I’m going to have to look at some other options, perhaps including some non-cash options like bonds or some stable dividend producing stocks.. at least for part of my savings.

    My Savings Builder account now shows:
    Interest rate: 1.83%
    Last statement APY earned: 2.10%

    • The rates have definitely dropped, but to be fair they have dropped across the board due to Fed rate cuts. My Ally savings is only at 1.70% APY now, 4-week T-Bills only offer about 1.56% APY, and other bond rates have fallen as well. I think that online banks are having trouble maintaining a significantly higher rate than everyone else, so they are turning to these cash bonuses to try and motivate some movement in deposits. That’s good for folks that are paying attention and willing to take action 🙂

  4. Good find Jonathan!
    but do you know if they run a hard or soft credit inquiry?

  5. If we’re going to deposit that much money, why not go for the Chase 1k bonus offer if you deposit 75k and hold for 90s?

    • This one starts at only $25k in deposits, there definitely seems to be a trend of these types of deposit bonuses. I write about them as they come up and I’ve already done bonuses for Simple, Chase, Marcus, and others that have expired. As for the Chase offer specifically, I should note that it works out to only about 4% annualized for 90 days because they don’t pay any base interest rate on the 75k.

  6. Not a good sign: got this message:
    We’ve received your application, but need some additional information to confirm your identity. A CIT Bank representative will be in touch by email or phone within the next 3-5 business days. Thank you for your patience.

    and when I try to log in with my username it asks for One-Time Security Code and the phone numbers aren’t mine. so looks like they I used the same ID as some existing customer, but instead of letting me chose another one before submitting app. they’re going to need me to wait to verify.

  7. nevermind, that’s not the case.
    if you put in any junk username, it’ll give the One-Time Security Code and some “random” phone number

  8. Thanks, Jonathan! Appreciate you passing on these deals which continue to add up…

  9. Fifth third bank gives 500 if you have $20000. The bonus is more important than the interest rate for these amounts

  10. Thanks for the heads up, Jonathan. It takes a little sting out of their recent drop from 2.10% to 1.85%.

    I do have a question about “They will send you an e-mail reminder if you haven’t made the $100 deposit requirement by mid-month.”

    I have never received such an e-mail. Last month I had two accounts which I did not do the $100 deposit until Oct 23, surely past “mid-month”.

    • Thanks for your comment, I checked my old e-mails and I did get a reminder but it was at the end of the month. The subject was “Savings Builder Monthly Summary” and came from the e-mail address “CITBank@alerts.citbank.com”. I’m afraid I don’t remember where I got the mid-month thing from, will edit the post.

  11. This is much better than the cash bonus CIT offered a couple years ago. At that time a $25K deposit would only get you $100 bonus (+1.05% APY), or in order to get a $250 bonus (same APY) you had to deposit $100K.

  12. Ariel Polanco says:

    Hey Jonathan,

    Love your blog and thank you for sharing these opportunities with us. I have taken advantage of many of these bonuses.

    What do you with the accounts once you move your money to the next opportunity? Do I leave them open or close them?

    Thank you,

    Ariel

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