Update 3/20/25: This solid deposit bonus is still available (full details below), but I also have a few updates. The rate on the Platinum Savings account is now 4.10% APY (as of 3/20/25) with a balance of $5,000 or more. I have updated the original post below as well. CIT Bank sent me follow-up e-mail confirmations about the status of my bonus, although they took a few days longer than I expected. Some readers report that CIT Bank has offered special, higher retention rates via popup window if you tried to make a large withdrawal transfer. These are not seen by everyone, and I would read these Doctor of Credit comments for more individual experiences.
Original post:
CIT Bank has a new limited-time $225/$300 Platinum Savings deposit bonus. The bonus depends on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 4.10% APY (as of 3/20/25) with a balance of $5,000 or more.
New deposit bonus details. For new customers, you must first open a new account with at least $100 and promo code PS2025 at this special offer link. You’ll get multiple confirmations that you are enrolled in the promo during the application process.
If you already had an CIT Bank existing account as of 2/26/25, you still need to first officially enroll in this offer via the “Start savings now” button and then logging into your CIT Bank account. If you have other CIT Bank accounts already, but need to open a new Platinum Savings account, you can do that easily as well.
There are only two tiers for the bonus, either $25,000 or $50,000. Qualifying funds must come from an account outside of CIT Bank. (Transfers from existing CIT Bank accounts will not qualify for this promotion.)
- A new deposit of $25,000 to $49,999 within 30 calendar days of your open/enrollment date will get you a $225 cash bonus.
- A new deposit of $50,000+ within 30 calendar days of your open/enrollment date will get you a $300 cash bonus.
There is a limit of one Platinum Savings promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
All customers who qualify for the $225 or $300 bonus offer will receive the bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding period. The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify. You can fund all at once or in multiple transfers, it just has to be done within the 30-day window.
Importantly, there is no minimum holding period. You just need to fund within the 30-day period after your opening/enrollment date. Although not explicitly required in the terms, I choose to be extra careful and make sure to time it such that the money is through the 30-day mark. After that, your account just needs to be open at the time of the bonus payment, which is another 60 days after the 30-day mark. You do not have to maintain the balance during those additional 60 days, although you could choose to keep it there until the bonus arrives.
Effective APY rough numbers. The lack of minimum holding period makes the potential effective APY theoretically sky-high. For the sake of rough numbers, if you assume you keep the money there for 30 days, here are the effective interest rates you could get as either a new or existing customer:
- For a new/existing customer earning the $225 bonus on $25,000 in new deposits with a 30-day hold period, which also qualifies you for the current 4.10% APY tier, that works out to a total 14.9% APY for 30 days (10.8 + 4.10).
- For a new/existing customer earning the $300 bonus on $50,000 in new deposits with a 30-day hold period, which also qualifies you for the current 4.10% APY tier, that works out to a total 11.3% APY for 30 days (7.2 + 4.10).
You can see that the $25k tier works out to be a higher percentage, but you get more absolute money if you have enough fund for the $50k tier.
The Platinum Savings account has no minimum balance fees, no monthly service fees, no inactivity fee. Make sure you keep $5,000 in there to qualify for the highest interest rate tier.
Bottom line. CIT Bank has really good limited-time deposit bonuses from time to time, and they are also usually available to existing customers. Right now is one of those times, with a new up to $300 Platinum Savings deposit bonus and it is indeed open to both new and existing customers. The bonus is on top of the interest rate, currently 4.10% APY (as of 3/20/25) with a balance of $5,000 or more.
This offer is for a limited-time only, and they may end it at any time if their goals are met.
I am doing this offer, and as an existing CIT account owner, enrolling and funding was very easy as my other bank accounts were already linked and ready to go. My fund have arrived and they have confirmed my bonus by e-mail. They are also pretty solid as a transfer hub.
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I had a CIT account when they were paying for Amazon Prime and was pleased with their online experince
Received my notice that I qualified for the bonus
I have an account there as well. Very happy too. I will take advantage of the larger bonus offer. Especially considering how our KING is killing the markets.
hi—how long do you have to maintain the 25 k balance for this promo ?
There is no minimum holding period. You just need to fund within the 30-day period after your opening/enrollment date, and make sure that the money is still there when they check at the 30-day mark.
I don’t think the money even has to be there on day 30, I think it can literally be in on the day after enrollment and out the very next day, (theoretically). If you can point to somewhere in the terms where it says that the funds need to be there on day 30, I would appreciate it. I only see that they will “calculate” the bonus on day 30, but that doesn’t necessarily imply the funds still need to be there at that time.
That is certainly one interpretation of their terms, and it could be right, but I personally would not depend on it. If you wanted to be aggressive, I would simply deposit near day 28 and take it out on Day 32, or something like that.
I sent a secure message to CIT Bank to clarify this information and will report back on what they tell me, (I did not tell them I want to deposit and then withdraw everything in a day or two, I just asked if I were to deposit 50k and withdraw 5K about a week later, but both transactions occurring within the 30 day funding window, if I would still be eligible for the $300.00 bonus in that case). I’m just interested in juggling this offer as much as possible because I want to catch it while it’s still available, but would also like to use the funds for another offer that I am interested in participating in – which is why I would like to have the funds in and out within the 30 day funding window, (I would need them available for me actually exactly 30 days from today for another offer).
Here is the response CIT provided to me via secure message, verbatim:
“The qualified DEPOSIT amount must be received prior to the expiration of the funding period. There is no restriction to withdrawals made from the account”
Hi Jonathan. I have a cit bank platinum account already. Do you think if I withdraw funds from it to another bank and then send the funds from that bank back to cit it would qualify for the offer?
No, I don’t think it would qualify.
Maybe withdraw your funds to bank 1, transfer to bank 2 and then return thru bank 2?
Or do 2-3 withdrawals of lower amounts and then return?
I think this is a good approach
@Alex – Thanks for sharing. That would make it easier to qualify for the bonus.
You’re welcome!
Odd my application was declined, I’ve never had a savings application declined. Anybody else experience this?
I just opened a new Platinum Savings account to take advantage of this offer and had no problem.
Yes my application was declined as well. Strange.
If you decide to stick with CIT after the awarded bonus make sure to track the interest rate closely. CIT has a history of introducing new savings accounts that will have competitive rates and then leaving their other savings accounts to rot with lower rates. Check out the rate on their Savings Builder account for an example of this. The SB account previously had competitive rates and look at it now with a pitiful 1.00%. They are sneaky with this shady practice and they hope you don’t notice.
Yes. I found the same thing with their money market account. It’s a practice that’s becoming more common now. The CFPB called out Capital One on this and sued them, but now that the CFPB essentially no longer exists, banks can get away with these shady practices. The benefit is that bonuses will likely increase, to draw people in.
I noticed that CIT Bank requested a report from CheckSystems when I opened an account. You may need to unfreeze your CheckSystems “credit report”.
Note that the fund you transfer into CIT takes 1~2 business days to show up in the account and 5 more business days to settle (become available for withdrawal). That’s literally a full week, or quite a long wait.
they sent you the followup without any action on your part?
the 4.75 was in relation to the previous rate. I believe it’s a 45bps rte bump, so if it went from 4.3 to 4.1 for the normal rate. the bump went from 4.75 to 4.55
By calling today they bumped me to an APR of 4.75, from 4.1%, based apparently on when I opened the account which was in 2023. They said the rate would last as long as I kept at least $5000 in the account, but that seems unlikely.
The rate bump does not bump it to a specific rate. As I mentioned, if the normal rate drop, so will the bumped rate. The only reason what you described would make sense is if your 2023 account has a constant rate that you added the bump to.
After getting your short-term bonus, move your cash to a standard money market account. Schwab SWVXX pays 4.15% with no minimum, and has fast/easy transfers in and out. Vanguard Federal Money Market fund VMFXX pays 4.22% ($3,000 minimum).