CIT Bank Promotions

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 one is the best bank for your specific 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’m going to 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.

Let’s dive right in!

CIT Bank: A Brief Overview

CIT Bank is the online bank of CIT Group, which was founded more than 100 years ago, all the way back in 1908. The publicly-traded company has over $50 billion in assets and more than 3,000 employees. The company also has over 60 brick-and-mortar locations spread across southern California, which operate under the name OneWest Bank.

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

CIT Bank Promotions

Here is a list of CIT Bank’s current offers, ranked according to what I think are the best deals. Of course, everyone’s financial situation is different, so you might want to prioritize these according to your own 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.

Money market accounts have many of the same features as savings accounts, but they typically offer higher interest rates compared to the national average. As with other accounts, your money market account is FDIC-insured. You can also remotely deposit checks into your money market account — right in the CIT Bank app. (Side note: The app is very well rated at 4.6 stars out of 5 in the App Store and 4.1 stars out of 5 in the Google Play Store.)

The downside to a money market account is that—like an HYSA—it’s not designed for everyday banking transactions. There’s a limit of 6 transactions per statement cycle, which is actually common for many savings accounts. If you exceed six transactions, you’ll be hit with a $10 fee for each transaction, with a maximum monthly fee of $50. It’s not the end of the world, but it’s definitely something to keep in mind because you should always try to avoid fees.

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 that 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 thinking about buying a car, a money market account might be a good way to accrue a little bit more interest.

How To Qualify

Sign up for a new money market account and deposit at least $100.

Bottom Line: CIT Bank’s money market account might be a solid option for you to store your emergency savings fund or to build 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

Those looking for maximum flexibility will probably want to check out CIT Bank’s Savings Connect Account, which offers 4.65% APY on deposits.

While the APY is slightly lower than CIT Bank’s other products, there’s no minimum deposit required to open an account, and no minimum balance to keep the account in good standing.

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

3. CIT Bank No-Penalty CD: 4.90% APY

CIT Bank’s No-Penalty CD offers decent APY on deposits, and the minimum opening deposit is $1,000. Here’s how it works.

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.)

There are no monthly maintenance fees, and your funds are FDIC-insured. Your APY is locked in for an 11-month term. Since you can withdraw the funds without a penalty, though, that 11-month term isn’t necessarily something that should concern you.

How To Qualify

Sign up for a CIT Bank No-Penalty CD account and deposit at least $1,000.

Bottom Line: The CIT Bank No-Penalty CD offers a slightly lower APY than their Savings Builder and money market accounts. Personally, I would probably look into those options first — unless you’re really set on having a CD.

4. CIT Bank Term CDs

CIT Bank offers a range of CD options. 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: November 27, 2023
Product APY Min Deposit
CIT Bank 6 Month CD5.00% APY$1,000
CIT Bank 13 Month CD4.65% APY$1,000
CIT Bank 18 Month CD4.60% 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 really see a point in the 6-month term, because you can earn more in a HYSA during the same time period (assuming the interest rates attached to those accounts stay in the same neighborhood as they are right now).

How To Qualify

Sign up for a CIT Bank CD and deposit at least $1,000. Once you fulfill the opening balance requirement, you’ll automatically earn the advertised rate for the term you select. It’s an easy way to juice up your savings a bit without incurring much risk.

Bottom Line: 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 that has no monthly service fee and where you won’t be tempted to spend it, this could be a great option for you.

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, and there are no account opening fees. Not bad!

To qualify for the top rate, you either need to maintain a minimum monthly balance of $25,000 or deposit at least $100 monthly. (My two cents: The $100 monthly deposit approach feels more practical, unless you are sitting on a ton of cash and have that much lying around for a rainy day!)

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.

When you need to access your funds, outgoing ACH transfers are free, and you can also request for CIT Bank to mail you a check at no charge. If you need to wire funds domestically, you’re looking at a $10 fee — but I don’t see any reason to take that route. The $10 wire fee is waived, however, if your account balance is over $25,000. So, if it’s possible, try to get to $25,000 because then you won’t have to worry about depositing money or paying wire fees in the event you need to wire funds across the country.

How To Qualify

Sign up for a CIT Savings Builder account and deposit at least $100. The APY that you earn may depend on how much you deposit or other qualifying activities.

Bottom Line: 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 of the HYSAs that 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.

CIT Bank Promo Code (Expired)

CIT Bank is currently offering a welcome bonus up to $300 for new Savings Builder accounts. To receive the bonus, Millennial Money readers can use our link below and enter the code “SPRING20” during the signup process.

To qualify for the $150 bonus, you need to deposit at least $25,000. To get the top $300 bonus, you need to throw a cool $50,000 into your account.

To get the cash bonus, you would have to deposit the required amounts of money in your account within 15 business days and leave it in there for at least 90 days.

While those rewards aren’t necessarily that enormous, if you have the money lying around, why wouldn’t you try to make an extra $300?

Are CIT Bank Promotions Really 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’re adding to your net worth each day.

You’re putting money away that will grow without any effort from your end, thanks to daily compounding interest. 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 each time you save money rather than spend it, you’re one step closer to financial independence.

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 that 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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