For many years now, CIT Bank has been one of the most compelling online banks. CIT Bank has a track record of competing very favorably on savings rates. It is also always competitive in all CD categories, and occasionally comes up with innovative CD products, all of which can be funded directly and easily from your savings account. Most importantly, CIT is constantly rated among the highest in customer satisfaction on BestCashCow surveys. On the online savings table reviews, CIT is one of two banks that gets a perfect 5-star rating from our users.
Now, CIT Bank has made it especially convincing to give their bank a try. If you open a CIT Bank High Yield Savings Account and fund it between now and the end of the year, you will be eligible for a cash bonus as high as $200. You must maintain an average monthly balance in excess of $100,000 in each of the first three monthly statement cycles to receive the $200 bonus. If your average monthly balance is between $50,000 and $99,999, you will be eligible for a $125 bonus; if your average monthly balance is over $25,000 but less than $50,000, you will be eligible for a $95 bonus.
Interestingly, the offer is not limited to new account holders. Existing customers are welcome to receive the offer, but must open a new CIT High Yield Savings Account and must fund it from cash not already on deposit or held by CIT Bank or OneWest Bank (a CIT subsidiary).
CIT Bank’s High Yield Savings rate is currently 0.95%. This ranks among the most competitive of the leading online banks. Synchrony and GS Bank are currently offering 1.05%, and a lesser known bank is currently offering a rate as high as 1.10%. You may also find local banks or credit unions with slightly higher savings rates, depending on where you live.
CIT Bank’s bonus, however, more than makes up for the loss of interest versus its closest competitors. $100,000 earning 1.05% will only make $100 more in interest than the same money earning 0.95% over the course of a year ($50,000 will make $50 more, $25,000 will make only $25 more). In such cases, CIT Bank is more than compensating you for the difference and for giving them a try for 3 months.