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CIT Bank Promotions

Read our in-depth review of CIT Bank to see why CIT Bank scored 4.5 stars out of 5. We like their high yield, no monthly service fees, and low opening deposits.

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About CIT Bank

CIT Bank offers some of the highest interest rates on the market. It is an online-only bank. Because there is no overhead typical of brick-and-mortar banks, CIT can pass the savings to customers in forms of higher interest rates.

CIT offers interest checking, savings account, money market, and a variety of CDs. There are no maintenance fees on any of the CIT bank accounts.

Best CIT Bank Promotion for May 2020

Offer LinkPromoReview
CIT Savings Builder1.25% APYReview
CIT Bank Money Market Account1.30% APYReview
CIT Bank No Penalty CD1.20% APYReview

How to Get Best Promo and Deals at CIT Bank

  • Wait for cash bonus offers. Occasionally, CIT Bank offers a cash bonus for opening a new account. CIT wants your business. Typically, these will require a large deposit. You can save up somewhere else and then transfer when these CIT promo become available.

  • Start saving with high rates anytime. You can open any account with no CIT Bank coupons needed, anytime you want. You just need $100 to open a savings account and $1,000 for CDs.

How long do CIT Bank coupons last? Sometimes, CIT may offer limited-time cash bonus for opening a new account. This will require coupon codes. Typically, CIT Bank offers are available year-round with no expiration date or promo codes needed. You may apply for the accounts at any time and receive the latest rates.

Pros & Cons of Banking With CIT

PROS:

  • Higher interest rates than traditional banks
  • No monthly service fees on any of CIT's accounts
  • Low opening deposits ($100 for checking & savings account and $1,000 for CDs)
  • Minimal banking fees
  • Remote check deposits

CONS:

  • No physical locations
  • No check writing from the checking account
  • May experience wait times on the phone

What Bank Account to Open at CIT Bank

How do I use CIT Bank coupons? Typically, CIT Bank offers do not require coupons. Just simply access the deal through our CIT page and you will receive the latest rates and promo. In cases of special limited-time promos, we will provide CIT Bank coupons. All applications are online only.

  • Savings. The APY for CIT high yield savings account is solid. You just need $100 to open the account. There are no maintenance fees.

  • Money Market. CIT Bank money market account offers significantly higher APY rates than competitor online banks. The opening deposit is just $100 and there are no maintenance fees. The APY is even higher than that of popular savings account and many CDs. Plus, you get more account access flexibility. You don't need a promo to enjoy the high rate.

  • No-Penalty CD. CIT offers a popular no-penalty CD with an excellent rate. You get the flexibility to withdraw your balance and interest earned without being penalized. There is a minimum deposit of $1,000.

  • eChecking. CIT Bank's new checking account comes with a free MasterCard debit card, free online bill pay, and mobile check deposits. CIT charges no ATM fees, and will reimburse other banks' ATM fees up to $15 per month.

How to save money at CIT Bank? CIT Bank offers several savings and CD accounts with high rates to help you grow your savings faster. You can get the CIT Bank coupons by applying for the accounts through one of our current promotions.

What Not to Open at CIT Bank

  • Term CDs over 2 years. Usually, CDs with longer terms have higher APY. However, CIT's longer term CDs (2 years and above) actually have lower APYs than their 18-month CD. If you're looking for a long-term CD, other banks can offer better rates.

Are Online Banks Safe?

CIT is safe. Even though online banks don't have physical branches, they are FDIC insured like a brick-and-mortar bank. CIT Bank is a member of the FDIC and follows the rules and regulations as traditional banks. This means if CIT Bank defaults, the federal government will pay back what you had, up to $250,000.

CIT Bank Fees

CIT Bank waives many common banking fees. All accounts have:

  • No account opening fees
  • No monthly service fees
  • No account closing fees
  • No fees for incoming wire transfer
  • No mailed check fees
  • No online transfer fees

Some fees you may encounter are:

  • $10 outgoing wire transfer ($0 for accounts $25,000+)
  • $10 excessive transaction (for Money Market Account)
  • $30 bill pay stop payment
  • $30 overdraft fee
  • $10 debit card replacement (1 free card per year)
  • 1% of transaction amount for international ATM withdrawals

CIT Bank Location

CIT is a popular online-only bank with no physical branches. There is only one physical location at their headquarters in Pasadena. However, this is only their business headquarters' office. It's not a place where you can walk in, open accounts, or do banking business.

75 North Fair Oaks Ave
Pasadena, CA 91103

Is CIT Bank the same as OneWest bank?
CIT Group acquired OneWest Bank in 2015, which is a regional bank based in Southern California with over 60 branches. However, CIT Bank is online only and separate from OneWest Bank. You cannot perform any CIT banking operations at OneWest locations.

What Banks Have Promotions

CIT Bank offers some of the best interest rates for savings, money market, and CD accounts. Here are the top banks offering promotions:

Offer LinkPromoReview
CIT Savings Builder1.25% APYReview
CIT Bank Money Market Account1.30% APYReview
CIT Bank No Penalty CD1.20% APYReview
Discover Bank Online Savings Account1.15% APYReview
HSBC Advance CheckingUp to $370Review
HSBC Advance Checking$225Review
HSBC Premier CheckingUp to $700Review
HSBC Premier Checking$475Review
Chase Premier Plus Checking℠$300 BonusReview
Chase Total Checking®$200 BonusReview
Chase You Invest℠ by J.P. Morgan$725Review
TD Beyond Checking$300 CashReview
TD Convenience Checking℠$150 CashReview

    More Information

  • Pricing information from published website as of 05/14/2020
  • For the complete terms and conditions, view the merchant's website. While reasonable effort has been made to maintain accurate and updated information, the information shown on this site may vary, be out of date, or not applicable to you. All information is provided without warranty. Please review the terms and conditions on the merchant's website.
 CIT BankAlly Bank
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CIT Bank

Ally Bank

 

Benefits and Features

SavingsSavings Builder up to 1.25% APY with $25,000+ balance or $100 monthly deposit.
1.25% APY
CDTerm CDs up to 1.40% APY. $1,000 minimum opening deposit.0.50% to 1.50% APY. Terms of 3 months to 5 years. 12-month CD APY of 1.35%
CheckingeChecking: 0.25% APY with $25,000+ balance and 0.10% APY on balances under $25,0000.10% APY under $15,000; 0.50% APY $15,000 or more
Money Market
1.30% APY
0.50% APY
Customer ServiceMonday - Friday: 9:00 am - 9:00 pm (ET)
Saturday: 10:00 am - 6:00 pm (ET)
Sunday: Closed
24/7
ATMs Over 43,000 no-fee Allpoint ATMs
Locations
Online Only
Online Only
 Visit SiteLearn More

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

CIT Bank: Pricing information from published website as of 05/14/2020

Ally Bank: Pricing information from published website as of 05/21/2020.


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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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