March 11, 2020

CIT Bank Savings Builder Bonus

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You can get up to $300 as a bonus from CIT Bank, whether you're a new or current customer. Keep reading to find out how to grab that bonus before it's gone.

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CIT Bank Bonus Offer

Both new and existing customers can get an up to $300 bonus from a CIT Bank Savings Builder account. That's on top of the account's competitive 1.75% APY rate.

The bonus is either $150 or $300, depending on how much money you have to deposit. The promotion lasts through May 30, 2020.

There are two tiers to the bonus:

  • $150 for deposits between $25,000 and $49,999
  • $300 for deposits of $50,000 or more

The Savings Builder account requires an initial $100 deposit to open but charges no maintenance fees to maintain. CIT Bank is FDIC insured and links with accounts from most other financial institutions for that initial deposit.

How To Get The Bonus

Here's how to get the bonus if you're a new CIT Bank customer:

  1. Open a Savings Builder account and enter promo code Spring20
  2. Make an initial $100 deposit to open the account
  3. Deposit additional money within 15 days
  4. Keep the money in the account for at least 90 more days
  5. Earn your bonus

After opening your account, you then have 15 days to deposit your additional money to be eligible for the bonus. You then need to keep that money in the account for another 90 days before the bonus money is credited to your account.

Here's how to get the bonus if you're an existing CIT Bank customer:

  1. Click here and log into your account
  2. Add money from an outside account within 15 days
  3. Keep the money in your account for at least 30 more days
  4. Earn your bonus

The deposit to earn the bonus has to come from an external financial institution, not a different CIT Bank account. That money has to stay in the account for at least 30 days before the bonus money is credited to your account.

Tip: To keep earning the highest APY for the Savings Builder account, you'll need to either:
  • Maintain a balance of at least $25,000
    OR
  • Deposit at least $100 per month
If you don't meet either of those requirements, the APY falls to 1.15%.

Total earnings

The Savings Builder APY is already one of the best rates available, especially for a free savings account. The bonus money boosts the account's value even more.

Assuming the APY rate stays the same at 1.75%, you could end up earning over $500 in one year, including the bonus money.

You could earn:

  • If you deposit $25,000 with the 1.75% APY, you will earn $441.34 in interest. With the $150 bonus, that equals $591.34 after one year.

  • If you deposit $50,000 with the 1.75% APY, you will earn $882.68 in interest. With the $300 bonus, that equals $1,182.68 after one year.

Bottom Line

CIT Bank bonus offer is a chance to make some extra money if you have at least $25,000 to spare. The account has a substantial APY that, when combined with the bonus, is a great deal for anyone looking to save.

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CIT Bank CD Rates

CIT Bank is known for competitive interest rates on online savings products. How are their CD rates? Check out the current rates and how they compare below.

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