Note: This offer is paused as of April 11, 2020.
It’s no surprise that the Fed has lowered interest rates, which means retail banks are forced to lower theirs, too. But not to worry! There are still plenty of places to stash your cash.
Over the years I’ve come to love CIT Bank. They launched their Savings Builder product last year which offered top-notch APY and reasonable balance requirements. People across the country rushed to open a Savings Builder account with CIT Bank and have been very satisfied with the experience.
So even though rates have been lowered, CIT Bank wants to serve you. And they are making a very attractive offer in hopes you’ll check them out.
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 both new and existing customers to get up to a $300 bonus!
This bonus has two tiers - a $300 bonus and a $150 bonus.
When you combine the bonus offer with their top-notch 0.40% APY rate, you won’t find a better offer out there right now.
Here’s how the tiers break down:
- $150 if you deposit between $25,000 and $49,999
- $300 if you deposit $50,000 or more
For new customers, you must enter the bonus code Spring20 when you fill out the application, deposit the required amount for the bonus within 15 days, and keep the money in the account for at least 90 days.
For existing customers, enroll in the promotion here, meet the “new money” requirements, deposit the required amount for the bonus within 15 days, and keep the money in the account for 30 days.
Get your bonus here >>
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 $25,000, you’d get $150 plus 1.85% APY. If the APY stays consistent for 1 year, you’d earn $462.50 in interest, plus that $150 bonus! That would be equivalent to 2.45% APY (assuming rates stay consistent over this time period).
That’s solid and tough to beat!
Sign up for a CIT Savings Builder account here >>
CIT Savings Builder Requirements
The CIT Savings Builder account is a solid choice, but it does have some important requirements you need to meet.
To get the highest APY, you need to either maintain a balance of $25,000, or you need to have a $100 deposit each month. The second option is great for a lot of savers, given that you can start with just $100 and still earn a great interest rate.
The only bummer is the bonus offer. You do need to have at least a $25,000 deposit to get the $150, and $50,000 to get the $300.
Final Thoughts
We love the CIT Bank Savings Builder account, and with the bonus offer of up to $300, it’s hard to beat versus other accounts out there.
Open a CIT Bank Savings Builder 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.