It’s no surprise that now that the Fed has started raising interest rates, retail banks are going to start raising their rates as well - and start competing for your business again.
Over the years I’ve come to love CIT Bank. Their CIT Bank Money Market account is consistently near the top of the pack for rates, and they are now launching a cool bonus offer to go with it.
Let’s break it down. Or skip right to the CIT Bank bonus offer here >>
CIT Bank Bonus Offer
CIT Bank currently has a promotion for customers who open a new money market account and deposit at least $15,000.
You can earn one year of free Amazon Prime membership - which is currently valued at $139! This offer is valid for both new and existing Amazon Prime members.
When you combine the bonus offer with their top-notch 0.70% APY rate, it's tough to find a better bonus offer out there.
Here’s how the bonus offer works:
- Just open a Money Market account using the promo code AMZN22.
- Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period.
- Within 30 days following the end of the funding period, if you’ve fulfilled the requirements, CIT Bank will send you an email with your Prime membership code.
APY + Bonus Offer Math
While there are accounts out there that offer higher APYs, when you combine a top-notch APY with a solid bonus offer, it’s hard to beat.
Let’s do some math and break it down. (Note: these rates may not match the existing rate, but math...)
If you deposit $15,000, you’d get Amazon Prime ($139 value) plus 0.45% APY. If the APY stays consistent for 1 year, you’d earn $67.50 in interest, plus that $139 bonus! That would be equivalent to 1.38% APY (assuming rates stay consistent over this time period).
That’s solid and tough to beat!
Sign up for a CIT Money Market account here >>
CIT Money Market Account Requirements
The CIT Money Market account is a solid choice, but it does have some important requirements you need to meet.
The account has a $100 minimum to open.
The only bummer is the bonus offer. You do need to have at least a $15,000 deposit to get the bonus.
Final Thoughts
We love the CIT Bank Money Market account, and with the bonus offer, it’s hard to beat versus other accounts out there.
Open a CIT Bank Money Market account here, and get your bonus today >>
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.