The Best CIT Bank Bonuses and Promotions of 2023

There is an infinite number of online banks to select from. And it might be difficult to determine which bank is the greatest for your needs because, with almost every online bank providing comparable features — such as mobile check deposits, credit cards, CDs, and savings accounts — finding the right one may be tough.

CIT Bank is a worthy competitor, and are they currently running some lucrative offers for new users.

CIT Bank promo codes and promotions are available nationwide online with some of the highest interest rates available. Remember, all of these high-interest rate accounts have a very low minimum requirement of only $100!

CIT Bank Promotions

CIT Bank’s products are perfect for preparing for unexpected emergencies, growing funds for a down-payment on a dream home, saving up for a loved one’s future, or anything in between.

And with stocks so high right now, it’s the time the perfect time to sell some investments and open a high-earning account.

Note: Interest rates are current as of January 2023.

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

CIT Bank’s Money Market Account is a great way to keep your emergency savings or to accumulate funds for a big purchase. Your cash will continue to grow at a greater rate than in your checking or savings accounts, and there’s no risk or effort on your side once the funds are in.

Highlights:

• CIT Bank is offering you the chance to earn a 1.55% APY Rate that is higher than traditional banks and you can access your money easily.
• With a low minimum opening deposit of $100, it’s an ideal online account for building an emergency fund or saving for a large purchase.
• The money market account has no monthly maintenance fees, you can enjoy 6 transfers per monthly statement cycle and it comes with free People Pay service that allows you to send money to almost anyone with an email address or mobile phone number.

2. CIT Bank Savings Builder: Up to 1.00% APY

A CIT Bank’s Savings Builder account is a great option. There are no fees to maintain the account, and their APY is one of the most competitive among all of the HYSAs I’ve looked at. It appears that because to their strong internet presence, CIT Bank is able to keep costs lower than traditional banks that offer lower interest rates — take advantage.

Highlights:

• Available nationwide set your sights high by opening a Savings Builder account with CIT Bank and enjoy earning 1.00% APY.
• To get started, all you need is a $100 opening deposit and you can start to enjoy earning the high rate that’s over 25x the national average.
• The savings account has no monthly maintenance fees and it comes with free online banking.
• Your money is FDIC insured and the interest is compounded daily to maximize your earning potential.

3. CIT Bank No-Penalty CD: 4.10% APY

• By far one of the best No Penalty CD on the market with this CIT Bank’s 11-Month CD.
• Enjoy a rate of 4.10% APY and withdraw anytime during the 11 months with no penalty!
• There is a minimum deposit of $1,000 to open a CIT Bank High Yield Certificate of Deposit.
• The CD account has no monthly maintenance fees and easy to open.
• Your money is FDIC insured and the interest is compounded daily to maximize your earning potential.

4. CIT Bank Term CDs: Up to 0.50% APY

These are the following rates for CDs from CIT Bank ($1,000 minimum to open):

Product	APY
18-Month	4.75%
13-Month	4.55%
6-Month	3.50%
5-Year	0.50%
4-Year	0.50%
3-Year	0.40%
2-Year	0.40%
1-Year	0.30%

Highlights:

• There is a minimum deposit of $1,000 to open a CIT Bank High Yield Certificate of Deposit.
• The CD account has no monthly maintenance fees and it comes with free online banking.
• Your money is FDIC insured and the interest is compounded daily to maximize your earning potential.

CIT Bank Reviews

I’m “over the moon” with their interest rates, so what’s not to love. With a very minimal deposit you get a great rate. Customer service is also good; easily accessible to get a human who can help you.

Posted by: Joanna D.

CIT Bank is a bank that is advertised as being a great bank. My personal experience with this bank says otherwise. You can, of course, set up standard accounts with them as well as a couple of special investing accounts. As far as bank security goes, that is another story. I got a phone call from the bank one day asking if someone withdrew a large amount of cash out of my account. I, of course, told them no because I was home. Apparently, someone was able to get into the bank’s system and pull the required information to withdraw money from my account along with many other accounts. They did manage to recover my money but it took them months to do so. Afterwards, I ended my account with them and moved onto another bank. Overall, the bank got the job done but it could have been done better.

Posted by: Bettie R.

Here are just some of the things CIT Bank has to offer its customers:

• Security. CIT Bank is a top 50 U.S. online bank and member of the Federal Deposit Insurance Corporation (FDIC), insuring your accounts up to $250,000 per depositor, for each account category.
• Simplicity. Opening an account takes as little as 10 minutes and $100.
• Returns. They work hard for your hard-earned money with interest rates higher than the national average and no opening or monthly service fees.
• Rewards. Savings and Checking accounts earn a competitive rate you can increase with a monthly deposit of at least $100 or by maintaining a minimum balance of $25,000.
• Efficiency. Don’t wait in line at a bank—manage your account, transfer funds, and deposit checks online or through the mobile app.
• Accessibility. Use any ATM with an eChecking debit card without paying any fees—you can receive up to $30 per month to offset other bank’s ATM charges.
• Convenience. Make online payments from eChecking with Zelle^®, Bill Pay, Samsung Pay, and Apple Pay.
• Knowledge. Plan how you’ll meet your financial goals and get a real-time look at personal finances with CIT’s calculators.

CIT Bank offers three main depository product types: savings accounts, Certificates of Deposit (CDs), and IRA CDs.

Each of its products typically comes with one of the top interest rates available nationwide, helped by the fact that the bank does not have the overhead costs associated with operating branch locations because of its wholly online system.

About CIT Bank

Through their nationwide direct bank, CIT Bank offers consumers competitive deposit products to advance their savings strategies, including a range of CDs, a high-yield savings product and IRAs. CIT Bank has been recognized by personal finance sources including MyBankTracker, NerdWallet, and GOBankingRates for its products that drive value for banking customers.

Overview: CIT Bank offers High Yield Savings, Money Market, CDs and Custodial Accounts designed to help you maximize your personal finances.

Perks: CIT has competitive yields on its savings accounts and a variety of options for everyone. Both the Savings Builder and the Premier High Yield Savings accounts have daily compounded interest. But the Savings Builder – as long as you open it with at least $100 and keep making at least $100 in monthly deposits – earns a very competitive 1.00% APY.

What to watch for: In order to get the 1.00% APY on the Savings Builder account, you’ll want to keep a $25,000 balance or simply open the account with at least $100 and make $100 monthly deposits. If you have under $25,000 or don’t make monthly deposits of at least $100, you’ll earn a variable rate.

Best Savings Accounts

If you are looking for a new savings account, check out below our most updated 2022 list of the best saving accounts available to you.

Opening a savings account excites most millennials about as much as collecting the $200 for ‘Passing Go’ in a game of Monopoly. You sink some cash into a high-interest savings account that you will not touch until the proverbial rainy day. If you live in Phoenix, your savings account remains untouched for most of the year (haha). On the other hand, rainy days abound for the Seattle savings account holders.

A savings account sounds like a bland way to stash away money, but you can spice up your finances by considering six features that define the best high-interest savings accounts.

1. Take an Interest in Interest Rates

Consumer Federation recently released a report that stated only four percent of the United States based banks pay interest on savings accounts of more than 0.25. Money market accounts pay higher interest rates, but you have to carry a much higher minimum balance and pay more in transaction and account maintenance fees. Shopping for the best basic savings account rates involves researching what banks pay interest for customers who open online accounts. Many banks, such as CIT Bank offer online savings accounts that pay nearly .45% APY (some of the highest rates in the nation). You will never get rich by opening a savings account, but you still want your hard-earned cash to work for you in the form of the best interest rate.

2. Automatic Deposits

When you accept a new job, one part of the new employee orientation involves completing a form that dictates how you want your paycheck deposited. We all want a large chunk of our pay to go directly into a checking account. Yet, the best savings accounts like Capital One 360 Savings offer a feature that allows for an automatic deposit. “Most people don’t have the time or discipline to make regular contributions to savings on their own,” said Steve Brobeck, executive director of the Consumer Federation of America. Choose a bank that transfers a set percentage of your pay each week to your bank account. Even better, some banks make automatic transfers from checking to savings accounts one time per month.

3. Low Monthly Fees

Savings accounts should not cost banks much money to maintain. After all, the transaction activity for a typical savings account amounts to nothing more than regularly scheduled automatic deposits. However, banks like to collect fees on anything, from withdrawing too much from a checking account to sneezing while you wait in line to make a money market transaction.

Savings account fees vary, depending on the type of account and the average monthly balance of the account.  Consider a bank that charges less than $2 per month in savings account fees and avoid banks that charge a minimum monthly balance fee.

4. Access to Cash

Liquidity, that often thrown around financial term, has relevance for savings account holders. You want to have instant access to your savings account cash via online transfers and withdrawals from ATMs. You might need a substantial amount of money for an emergency that your checking account does not cover. A federal banking law allows only six savings account withdrawals per month. Some banks permit less than six savings account withdrawals a month and on top of that, the banks add transaction fees to give you access to your money.

5. Deposit Insurance

Most people wonder is online banking safe? Savings account deposit insurance is a no-brainer, yet many millennials forget to check a bank’s policy on protecting hard-earned cash. Federal deposit insurance protects savings account balances up to $250,000. Some of the highest interest paying banks have acquired Federal Deposit Insurance Corporation (FDIC) protection for savings account holders. This means you do not sacrifice savings account interest yields for gaining a peace of mind.

6. Open an Online Account

It is not just the convenience of opening an online savings account. A growing number of banks offer free online banking tools that help millennials learn how to save money.

The Final Word

CIT Bank offers three main depository product types: savings accounts, Certificates of Deposit (CDs), and IRA CDs. Each of its products typically comes with one of the top interest rates available nationwide, helped by the fact that the bank does not have the overhead costs associated with operating branch locations because of its wholly online system.

Visit CIT Bank

I hope these tips shed some light on basic money management and features of the best savings accounts. Even though it seems like a lot of information to digest in one go, remember to start slowly, one step at a time. Before you know it, you’ll be managing your personal finances like a boss.

Come check back soon as we will regularly update this post whenever CIT Bank has new promotions! If you are looking for the best savings apps, you can find that here.

Do you know of any CIT Bank Promotions that we may have missed? Let us know!

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