February 5, 2017

Up to $200 Savings Bonus With CIT Bank

If you are new to earning Checking & Savings bonuses from Banks, please make sure to read The Complete Guide To Banks Checking And Savings Bonuses first. On our blog, we are all about money savings for travel and pick up some extra cash to help with any expenses.

Maximum Bonus: Up to $200
  • Deposit $15,000 - $149,999, receive $100
  • Deposit $150,000 or more, receive $200
Availability: Nationwide
Expiration Date: April 28, 2017
Credit Inquiry: Soft
Up to $200 Savings Bonus With CIT Bank
Requirements:
Open the High Yield Savings account 1.05% APY with CIT Bank.
No promo code needed.
Account must be opened and funded by the offer's expiration date.
For 3 full monthly statement cycles:
Maintain minimum $15,000 average monthly balance to receive $100 bonus.
Maintain minimum $150,000 average monthly balance to receive $200 bonus.

Notes: 
Minimum opening deposit $100.
Daily compounding of interest.
Limited-time offer. One bonus per customer. If multiple accounts are opened by a customer, only one account will be eligible for the bonus. Offer is subject to change at any time.
No account opening or maintenance fees.
No early account closure fee; however, you must maintain the minimum deposit for 3 full monthly statement cycles to receive the bonus.

Our 2 Cents:
First, the requirement to receive the bonus is very easy. But the minimum deposit of $150,000 to receive $200 bonus clearly is outrageous. The minimum deposit $15,000, on the other hand, is worth considering.

Let's break down some math - let's say you deposit $15,000 into that High Yield Savings account for 3 full months. The 1.05% APY interest will give you around $39 extra. So in the end of the 3rd month, once the $100 bonus is posted, you will end up with a balance around $15,139. That comes to around 3.69% APY on a $15,000 deposit for 3 months - not too bad at all.

After that, you can decide whether to keep earning the 1.05% interest or close the account without any penalty fees and invest that money in a different bank that earns more than 1% APY interest instead. The choice is yours.

Always read the fine print on the offer yourself before applying.

This offer has been added to the Bank Cash Bonuses page.



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