GOBankingRates

Newest CIT Bank Promotions: Best Offers, Coupons and Bonuses May 2020

BongkarnThanyakij / Getty Images/iStockphoto

CIT Bank is a subsidiary of financial holding company CIT Group and offers online checking and savings accounts along with various other deposit and loan products. This month you can snag a bonus worth up to $300 when you sign up for current CIT Bank promotions.

If you’ve never opened a bank account for a promotion or sign-up bonus, you’re not alone. More than 65% of respondents in a GOBankingRates survey said cash bonuses aren’t enough to convince them to change banks. That’s effectively leaving money on the table.

Unlike many bank promotions, the latest offer from CIT Bank is available to both new and existing customers who have a Savings Builder account. However, you’ll need to make a large initial deposit to qualify.

Here’s what you’ll find in this guide to CIT Bank’s promotions for May 2020:

A Better Way to Bank

CIT Bank Promotions at a Glance

Before diving into the details, here’s a quick rundown of the latest CIT Bank bonuses:

Best CIT Bank Promotions: May 2020
Account Cash Value of Bonus Expiration Date
Savings Builder Account $300 May 30, 2020
Savings Builder Account $150 May 30, 2020

Back to top

Compare: Best Online Savings Accounts for Earning High-Yield Profits

 

Current CIT Bank Promotions, Offers, Coupons & Bonuses

You can save money at CIT Bank by taking advantage of the latest available offers. CIT Bank is continuing its spring promotion for the Savings Builder Account, which lets both new and existing customers get cash bonuses for meeting certain requirements. Keep reading to learn more.

CIT Savings Builder Account: $300 Bonus

The CIT Savings Builder account is designed to maximize your savings through daily compounding interest and a 0.65% annual percentage yield for account holders who meet certain requirements. Here’s how to earn the $300 bonus:

A Better Way to Bank

CIT Savings Builder Account: $150 Bonus

If you don’t have the money to make the initial deposit for the $300 bonus, you can still earn $150 on a CIT Savings Builder Account with a minimum deposit of $25,000.  No matter which bonus you get, once you earn it you’re limited to six convenience transactions per statement cycle. Here’s more:

A Better Way to Bank

Back to top

Read On: The Easy Way To Grow Your Money by 3% While Doing (Almost) Nothing

How To Open a CIT Bank Account

CIT Bank is an online-only bank, so you won’t be able to open an account in person to score the CIT Bank bonuses. Here’s how to open an account online:

  1. Go to CIT Bank’s account opening page. For the Savings Builder promotion, click here.
  2. Select whether you are a new or existing CIT Bank customer.
  3. Follow the instructions to complete the application.

You can also call CIT Bank at 855-462-2652 to open an account. Help is available Monday through Friday from 9 a.m. to 9 p.m. EST and Saturday from 10 a.m. to 6 p.m. EST.

More on Savings: Best Savings Accounts for Your Money

Are CIT Bank Promotions Right for You?

Whether or not CIT Bank is a good choice for you depends on your financial needs. CIT bank is not a full-service bank, so if you prefer branch banking it’s probably not a good choice. The bank also has a limited number of products. Outside of checking, savings, money market and CD accounts, its only other products are loans.

A Better Way to Bank

On the plus side, CIT Bank accounts don’t charge monthly service fees and pay higher-than-average rates. If you don’t mind banking online — and have at least $25,000 to deposit — it might be worth your while to score a nice cash bonus via the Savings Builder account.

Back to top

More on CIT Bank

More Bank Promotions

A Better Way to Bank

This content is not provided by CIT Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by CIT Bank.

This article has been updated with additional reporting since its original publication.