CIT Bank Promotions: May 2024

There’s an endless amount of online banks to choose from. And with almost every online bank offering the same features — like mobile check deposits, credit cards, CDs, and savings accounts — it can be tricky sifting through the clutter to figure out which bank is best for your situation.

CIT Bank offers all of your standard online banking services. What makes them stand out from the pack is the fact that they have several attractive promotions going on right now.

In this post, I will tell you about the current CIT Bank promotions, which include attractive APY rates on CDs, money market accounts, savings accounts, and even a bonus offer exclusively for Millennial Money readers.

Brief Overview of CIT Bank Promotions

CIT Bank is the online bank of CIT Group, founded more than 100 years ago, all the way back in 1908. The publicly traded company has over $50 billion in assets and over 3,000 employees.

Suffice it to say that CIT Bank is a well-established institution that knows what it’s doing.

Current CIT Bank Promotions

Below is a collection of the current offerings from CIT Bank, highlighting the best deals. Of course, everyone’s financial situation is different, so you might want to prioritize these according to your needs and preferences.

1. CIT Bank Money Market Account Offer: 1.55% APY

If you’re in the market for a money market account, it’s hard to beat the annual percentage yield (APY) that CIT Bank is offering. To get started, there’s a minimum deposit of $100, which isn’t too shabby.

  • 1.55% APY
  • Minimum Deposit of $100 Required
  • Easy Access to Funds
  • No Monthly Service Fees
  • FDIC Insured
  • Limit of 6 Transactions Per Statement Cycle Before a Fee Applies
  • Remotely Deposit Checks and Make Transfers Into Your Money Market Account
  • Not Made for Everyday Transactions
  • A Great Account for Saving Up

If you need to deposit or withdraw money every few days, you’ll likely want to conduct those transactions in a separate account — like your Chase checking account — and only move money into the money market account you don’t need to touch for a while. For example, if you need to save up for a down payment on a house or are considering buying a car, a money market account might be a good way to accrue a little more interest.

CIT Bank’s money market account might be a solid option for storing your emergency fund or building up savings for a major purchase. Your cash will grow at higher rates than in your checking or savings accounts, and there’s absolutely no risk or effort required from your end once your funds are in.

2. CIT Bank Savings Connect: 4.65% APY

If you are just starting on your journey to financial independence, this kind of account may be just what the doctor ordered.

  • 4.65% APY (10x the national average)
  • Minimum Deposit of $100 Required
  • Remotely Deposit Checks and Make Transfers Online and with CIT Bank App
  • Easy Account Opening
  • FDIC Insured

3. CIT Bank No-Penalty CD: 3.50% APY

CIT’s No-Penalty CD functions the same way that a traditional CD account does. But there’s one major difference: You get the benefit of being able to withdraw your funds at any time without paying a penalty. (That is, as long as the funds you’ve deposited have been in the account for at least seven days.)

  • 3.50% APY
  • Minimum Deposit of $1,000 Required
  • Security and Flexibility in Accessing FundsFDIC Insured
  • No Opening or Monthly Maintenance Fees
  • Daily Compounding Interest

The CIT Bank No-Penalty CD offers a slightly lower APY than their Savings Builder and money market accounts. Unless you're set on having a CD, I would probably look into those options first.

4. CIT Bank Term CDs

CIT Bank offers a range of CD options. To qualify you’ll need at least $1,000 to open an account, and as with all CDs, your funds will be FDIC-insured.

Here’s a breakdown of the current CIT Bank CD rates being offered.

CD rates provided by Last updated: May 22, 2024
Product APY Min Deposit
CIT Bank 13 Month CD3.50% APY$1,000
CIT Bank 6 Month CD3.00% APY$1,000
CIT Bank 18 Month CD3.00% APY$1,000
CIT Bank 4 Year CD0.50% APY$1,000
CIT Bank 5 Year CD0.50% APY$1,000
CIT Bank 2 Year CD0.40% APY$1,000
CIT Bank 3 Year CD0.40% APY$1,000
CIT Bank 1 Year CD0.30% APY$1,000

I don’t see a point in the 6-month term because you can earn more in a HYSA during the same period (assuming the interest rates attached to those accounts stay in the same neighborhood as they are right now).

CIT Bank offers solid CD APYs — especially if you won’t need to touch your money for the next two to four years. If you’re looking for a place to store your cash with no monthly service fee and where you won’t be tempted to spend it, this could be a great option.

5. CIT Bank Savings Builder: up to 1.00% APY

CIT Bank Savings Builder is one of my favorite high yield savings accounts (HYSAs). The minimum opening deposit is $100 (just like with a money market account) with no account opening fees. Not bad!

  • up to 1.00% APY
  • Minimum deposit of $100 required
  • Qualifications needed to receive top rate
  • FDIC insured
  • No account opening or monthly maintenance fees
  • Outgoing ACH transfers are free
  • $10 Fee for domestic wire transfers (Waived if balance is >$25,000)

I’m a huge believer in the fact that HYSAs are an essential component of a well-diversified investment portfolio. Your funds are FDIC-insured, and they’re protected against huge swings in the market. While you might not become a millionaire from the interest you’ll earn from your HYSA, you’ll be making way more money than you would if you parked your money in traditional savings accounts.

You can’t go wrong with a CIT Bank’s Savings Builder account. There are no maintenance fees, and they offer one of the most competitive APYs among all the HYSAs I have reviewed. It seems that the bank’s online presence allows them to keep their costs lower than traditional brick-and-mortar banks, the benefits of which are passed along to customers in the form of higher APYs.

When Should You Open a CIT Bank Account?

Best Time to Open an Account

The prime time to open a new bank account is during promotional periods. Oftentimes, different promotions allow customers to earn a few extra hundred dollars or even increase the APY earned on a current bank account.

When looking for an ideal time to open an account, be sure to look for promotions, including:

  • Cash bonuses
  • High annual percentage yields (APY)

Not a Great Time to Open an Account

Opening a banking account often relies heavily on your personal situation rather than the time of year. It might not be a good idea to open a new bank account if you’re going through financial hardship. Prioritizing financial stability above taking on additional financial obligations is a good idea.

When thinking about opening a new bank account, it is best to wait for promotions that are worth it to you. Additionally, as previously mentioned, financial stability is essential, so make sure you wait until you have the funds to set aside in a CD without putting yourself in financial harm. While CDs allow you to earn a higher APY on funds, it is essential to ensure that you won’t need to withdraw money before the maturity date, as it could lead to penalties/fees.

With CIT Bank accounts having low opening deposits and no opening or monthly fees, it can be better accessible for new and current customers. Ultimately, if you believe you are ready to pursue financial independence, CIT Bank is a great first step in the right direction!

Pros and Cons of CIT Bank Promotions


  • Always FDIC Insured
  • Low opening deposits
  • High APY (<10X higher than the national average)
  • No opening or monthly maintenance fees
  • Easily access account information online and with your mobile device with the CIT Bank App


  • No actual checks are being written from the checking account
  • No physical branches
  • Minimum opening deposits

Are CIT Bank Promotions Worth It?

Allow me to be blunt: Absolutely. Any time you open and regularly deposit to an interest-earning bank account, money market, or CD, you add to your net worth daily.

Thanks to daily compounding interest, you’re putting money away that will grow without any effort from your end. Set it and forget it, and watch your hard-earned money grow over time.

CIT Banks APYs are very attractive on almost all of their products. So, if you’re in the market for any of their offerings, they are definitely worth a closer look.

As you build your financial portfolio, remember that you’re one step closer to financial independence each time you save money rather than spend it.

This is not to say that putting away a couple hundred bucks or even a few thousand will get you rich overnight. It’s all about discipline. Come up with a plan you’re comfortable with and stick to it, and you’ll move that much closer to your financial goals. I’m rooting for you!

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