Banks continue to pay bonuses to attract new customers. The latest offer comes in the form of a CIT Bank bonus of up to $400. If you’re looking for a safe place to tuck away your emergency fund or vacation savings,
Everybody needs a safe place to tuck away their emergency fund or vacation savings. A high yield savings account is a great option. Considering that the average savings accounts earn a measly 0.06%, however, you’ll want to make sure to find the absolute highest rate that you can.
This is where CiT Bank comes in. You may not have even heard of them before. The small bank was founded in 2009 and has only 71 branch locations (all clustered in California). However, they are hanging with the likes of GS Bank and Ally by offering an excellent online savings account rate: 1.05%. While one percent doesn’t sound like a whole lot, this is the top of the line right now, folks. But that’s not all.
There’s also a bonus of up to $400.
CiT Bank’s high-yield online savings accounts offer competitive perks, including the obvious – a great APY – as well as $0 maintenance fees on your account. There aren’t any fees to open the account, either, and there’s only a small $100 opening deposit minimum.
Other banks offering the same impressive rate of 1.05% include GS Bank, Synchrony, and Ally Bank.. However, if you’re looking to park your money somewhere with a great rate that will also put a little extra cash in your pocket, CiT Bank’s bonus promotion is an excellent opportunity.
How to Get Your Bonus, Up to $400
All you have to do is open and fully fund an account by June 30, 2017. This need to be new funds, not simply moving those that are already on deposit through CiT or OneWest banks. The bonus itself is tiered, based on the amount you deposit and your average monthly balance for the first three months.
The bonus amounts are $100 (for a monthly average between $15,000 and $99,999), $250 (average balance of $100,000 to $299,999), and an impressive $400 (for balances of $300,000 or more). Again, you have to hold this average monthly balance for three full months after you open the account, or the bonus is forfeited.
Is It Right For You?
If you have some savings that you’d like to tuck away in a high yield, online savings account – such as your emergency fund – CiT Bank is worth a look. This is particularly true if your savings is greater than $15,000 and you can take advantage of the bonus being offered through June 30, 2017.
No promo code is needed, simply visit their website (or, if you’re located in central CA, find one of their 75 branches) and sign up.
Updated May 22, 2017 and originally published May 1, 2017.