CIT Bank is known for offering competitive interest rates to its customers.
Even in a low-interest rate environment, every increase in APY can add up. But with the recent interest rate hikes by the Fed, retail banks will be able to start increasing their rates to compete for the privilege of holding on to your savings.
CIT Bank is setting itself up to win the race for your savings account by raising its offered APYs. But it’s upped the stakes with a limited-time bonus offer that includes a free year of Amazon Prime. We're partnering with CIT Bank to share what they have to offer.
If you want to skip right to it - check out CIT Bank’s Money Market Account here, and get one year free of Amazon Prime >>
CIT Bank's Money Market Account
Before we dive into the new promotion, let’s take a look at CIT Bank’s money market account. After all, you want to make sure that the account is solid before jumping aboard for a limited time offer.
The good news is that CIT Bank’s money market account consistently lands in our top ten picks of money market accounts available. That’s because the account often has one of the highest interest rates available to consumers.
As of now, you can get 0.70% APY¹. Since the national average APY for money market accounts is 0.08%², there is a big opportunity to build savings.
You won’t run into any tiers or minimums with this account that offers a consistently high APY. It’s clear that you’ll find a worthwhile place to stash your savings in this money market account.
CIT Bank Offers Free Amazon Prime
Now that you know the CIT Bank money market account is worth signing up for, it’s time to talk about a new perk offered to new customers. You can get a free year of Amazon Prime membership, which is valued at $139³.
Even if you already have Amazon Prime, you can take advantage of this offer for the next year.
Here’s how to get the bonus.
Open A CIT Bank Money Market Account
First things first, head over to CIT Bank to open a money market account. During the signup process, use the promo code AMZN22.
It should only take 5 minutes to open your new account. But be prepared to provide your phone number, home address, email, and Social Security number. Additionally, track down your funding account's account number and routing number.
Fund Your Account
In addition to opening a CIT Bank money market account, you’ll also need to fund your account within 15 days with at least $15,000. The requirements don’t stop there. You must maintain a minimum balance of at least $15,000 for 60 days following the 15 day funding period.
If you fund the account with just the minimum opening balance of $100, you’ll still get access to the attractive APY. But you’ll miss out on the free Amazon Prime membership.
With the rather hefty required deposit, this could be a great place to stash your emergency savings or the money you’ve set aside for a major goal.
Enjoy Your Prime Membership
After the 60 days following the 15 day funding period, CIT Bank will take a look to see if you’ve met the requirements for the free Amazon Prime membership.
Accountholders that meet the requirements will receive an email with their Amazon Prime membership code. You can take that code over to your Amazon account for your free year of Prime.
Beyond tapping into a free year of Amazon Prime, you’ll also be able to watch your savings grow within the CIT Bank money market account. With an above-average APY, you can tap into some earning potential instead of allowing your savings to collect dust in a traditional low-yield savings account.
Bottom Line: Should You Work With CIT Bank?
CIT Bank offers customers a suite of accounts with relatively high yields and low fees. Even without the enticing free Amazon Prime membership, CIT Bank is worth considering as a long-term solution to your banking needs.
If you want to learn more about CIT Bank as a whole, check out our full review. But if you are ready to sign up for the CIT Bank Money Market Account, then move forward now.
DISCLOSURES¹Money Market interest rates are variable and may change without notice. As of March 30, 2022, Money Market earns 0.55% Annual Percentage Yield (APY) on all balances. A minimum deposit of $100 is required to open the account. Fees may reduce earnings
²Based on comparison to the national average Annual Percentage Yield (APY) on money market accounts as published in the FDIC Monthly National Rates and Rate Caps, accurate as of March 21, 2022.
³This limited time offer of a one-year Amazon Prime membership is available to Customers who open a new CIT Bank Money Market account and enter the promotion code “AMZN22” at the time of account opening. The promotion can end at any time without notice. Customers who are already Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year.
Customers will receive a one-year Amazon Prime membership1 provided that the following three requirements are met:
1. Open a new CIT Bank Money Market account and enter the promotion code “AMZN22” at the time of account opening.
2. Deposit at least $15,000 to the account within the first 15 calendar days following account opening (the “Funding Period”). The $15,000 used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify.
3.Maintain an end-of-day account balance of at least $15,000 each of the 60 days following the end of the Funding Period. If the end-of-day balance falls below $15,000 at any time during this 60-day period, you will not qualify for the Amazon Prime membership offer.
There is a limit of one Money Market promotional offer per account and per customer. If multiple Money Market accounts are opened, only one account will be eligible. Custodial accounts are not eligible. This offer is non-transferable.
Customers meeting all of the above requirements will be sent an email with instructions on how to activate their one-year Amazon Prime membership. This instructional email will be sent to the email address on file for the primary account owner approximately 30 days after the end of 60-day period specified in requirement #3, above. The account must remain open for the instructional email to be sent.
For complete disclosures, visit https://www.cit.com/cit-bank/money-market-promo-22.
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.