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CIT Bank Review and Bonuses

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CIT Bank bonus offers can be very rewarding. We track these bonuses and CIT rates, which currently are the best you’ll find for an online savings account.

cit bank review and cit bank bonus

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. However, they are hanging with the likes of GS Bank and Ally by offering an excellent online savings account rate of 1.35%. Tack on a great set of returns on their CD products and CIT ranks as one of our favorite online banks.

CIT Online Savings Account

CIT Bank’s high-yield online savings account offer competitive perks, including the obvious–a great APY–as well as $0 maintenance fees on your account.

CIT currently offers a 1.35% APY for all bank balances under $250,000. Beyond $250,000, the APY decreases slightly to 1.30%. The minimum deposit required to open a CIT online savings account is only $100 and there are no account minimums to maintain.

To be clear about the APY, the rate you receive depends on your total balance. If you have $100,000 in your savings account, you’ll receive the 1.35% rate. If you have $300,000 in your account, you’ll receive the 1.30% rate. You will not receive the higher rate for the first $250,000 in your online savings account–the APY is for your full account balance, not any partial amount.

CIT Certificates of Deposit (CD’s)

CIT not only provides a great rate on their high yield savings account, but they also have a great line of CD’s. In fact, CIT has five different CD products to choose from.

  1. High Yield CDs–Ranging from 6-months to 5-years, you can invest in a CIT CD with standard terms. To be blunt, these are the weakest of the CD’s offered by CIT. The interest rates are not as strong as they are with other banks and the term lengths are boring. The minimum deposit amount is $1,000.
  2. No-Penalty CD–CIT offers customers a no-penalty CD for a period of 11 months. This CD allows you to withdraw your balance plus interest any-time you wish, after the first six days without an interest penalty. The current APY on this 11-month term is 1.55%, slightly better than the savings account. Minimum deposit to open a no-penalty CD is $1,000.
  3. RampUp CDs–One of the more intriguing CD options, the RampUp Plus CD allows you to increase your CD rate once per term. If during your term CIT is offering a higher rate than your current rate, just tell ’em and they’ll ramp it up! CIT currently offers this type of CD in a three year term at a 1.20% APY and a four year term at a 1.38% APY.
  4. RampUp Plus CDs–Similar to the RampUp CDs, there are two stark differences to the RampUp Plus version. First, the CD terms are shorter. The 1-year CD has an APY of 1.26% and the two year CD has an APY of 1.27%. Second, you can increase your deposit once as well. Ramp up your CD rate once, and ramp up your deposit once.
  5. Jumbo CDs–If you have at least $100,000 to deposit with CIT, you can take advantage of higher CD rates. Higher than what you might ask. Well, higher than their standard high yield CD rates. Once again however, the rates are still not up to par. For example, a 2-year Jumbo CD has an APY of 1.45%. Why not just park your money into an 11-month no penalty CD, which currently offers the same rate?

CIT Bonus Offers

Sorry to say that CIT currently has no bonus offers available. Earlier this year, they were offering up to a $400 deposit bonus for new accounts so it’s always smart to check back every so often. If you’re specifically in need of a savings account with a bonus offer, check our best bank promotions page.

Is CIT Bank 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. CIT consistently ranks as the best or one of the best banks for high interest savings. If you’re looking for a deposit account and can’t find one with CIT, you’re likely doing it wrong!

Updated November 8, 2017 and originally published November 6, 2017.

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About the author

Stephanie is the managing editor at Consumerism Commentary, as well as a contributing writer. She graduated from Baylor University with a Biology degree, but has since found a passion for personal finance. She also writes for a number of other sites -- including Dough Roller, Five Cent Nickel, and allCards -- in addition to running her small business, Pink Orchid Press. Stephanie lives in Washington, DC with her two sons and a German Shepherd. View all articles by .

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