CIT Bank Savings Builder $300 Bonus – New and Existing Customers (2020)

(This promotion is expired. The interest rate for the CIT Bank Savings Builder account is 0.40% APY as of 2/22/21.)

Expired info for reference:

CIT Bank has refreshed their Savings Builder Account deposit bonus. The bonus has increased to up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 1.75% APY (as of 2/4/20) at their top tier for qualifying accounts. Unfortunately, if you did an earlier bonus, you are not eligible for this one:

PLEASE NOTE: Existing Customers enrolled in a Savings Builder bonus promotion prior to January 17, 2020, are not eligible for this promotion.

New deposit bonus details. For new customers, you must first open a new account with at least $100 and promo code Spring20 at this link. If you already had an existing account as of 2/19/20, you need to first officially enroll in this offer via the “Let’s get started” button at this link for existing customers. After doing that:

• A new deposit of $25,000 to $49,999 within 15 calendar days of your open/enrollment date will get you a $150 cash bonus.
• A new deposit of $50,000+ within 15 calendar days of your open/enrollment date will get you a $300 cash bonus.

New accounts will have to maintain this balance for 90 calendar days following the end of the 15-day Funding Period. However, existing accounts will only have to maintain this balance for 30 calendar days following the end of the 15-day Funding Period. The shorter holding period for existing customers is nice, but remember it has to be additional money new to CIT Bank. This is their definition of “starting balance” when measuring new deposits for existing customers:

The balances of all the customer’s individual Savings Builder accounts, any joint Savings Builder accounts in which the customer has ownership, if not already enrolled in the bonus promotion by another joint owner as of February 18, 2020.

They will deposit your bonus within 1 to 5 business days after the Funding Period, but it will be on hold (can’t withdraw) until 7 days after your minimum holding period of 30/90 days to make sure you satisfy the requirements.

Effective APY. Here are the effective interest rates you could get as either a new or existing customer:

• For a new customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.75% APY rate, that works out to a total 4.15% APY for 90 days (2.4 + 1.75).
• For an existing customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.75% APY rate, that works out to a total 8.95% APY for 30 days (7.2 + 1.75).

Note this is somewhat optimistic as you will probably add a several days of holding time unless your deposit lands at the very end of the 15-day funding period. Still, it’s always nice to stack a cash bonus on top of an already competitive interest rate. This promotion is scheduled to last through May 30, 2020. There are no minimum balance fees, no monthly service fees, no inactivity fee.

Savings Builder high interest qualifications reminder. This a unique savings account with two ways to qualify for their highest interest rate tier. You need ONE of the following in each Evaluation Period:

• Maintain at least one single monthly deposit of $100+, OR
• Maintain a balance of $25,000+.

Everyone earns the top tier rate for the first monthly “Evaluation Period”. Then, if you meet one of the requirements listed above during the first Evaluation Period, you’ll earn the top rate for the next monthly Evaluation Period. If you don’t meet a least one of the requirements, you will receive the base interest rate during the next Evaluation Period. They have an indicator in your online account that confirms that you have qualified.

One option that I did is to set up an automatic monthly transfer from my checking account to this account for $100 and satisfy the requirement on auto-pilot. (I can always transfer additional funds in or out as needed.) More details in my previous full review.

Bottom line. CIT Bank has refreshed their Savings Builder Account deposit bonus with a bigger bonus. You can get up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. Unfortunately, if you’ve done a Savings Builder bonus already, you are not eligible for another one. The bonus is on top of the interest rate, currently 1.75% APY (as of 2/4/20) at their top tier for qualifying accounts. These types of bonuses help me earn higher interest rates even when rates are dropping.