CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200


Availability: Nationwide

CIT Bank is offering a cash bonus of up to $200 for opening its High Yield Savings account. The account must be opened and funded on or before December 31, 2016. The minimum initial deposit to qualify for the bonus is $25,000, and this money must be new, i.e. not already be on deposit at CIT Bank or its OneWest Bank division. Existing customers can qualify, but a new savings account must be opened, and it must be funded with new money. There are three bonus amounts ($95, $125 and $200). The bonus amount depends on the lowest average monthly balance that’s maintained through the first three statement cycles as shown below:

    Lowest Average Monthly Balance

    $25,000 - $49,999

    $50,000 - $99,999

    $100,000 or more

    Bonus Amount




As stated in CIT Bank’s promotion page, the calculation of the average monthly balance for each statement cycle is determined as follows:

At the end of each day, the High Yield Savings account balance is recorded. When the statement cycle ends these end-of-day balances are added together and then divided by the number of days in the statement cycle to determine the average monthly balance.

If you qualify for the bonus, it will be deposited to the account within 30 days of the end of the third monthly statement cycle.

Please refer to CIT Bank’s promotion page for the full details and to open the account.

High Yield Savings Account Overview

CIT Bank’s High Yield Savings account currently has a 0.95% APY for all balances with a minimum opening balance requirement of $100. From the time CIT Bank first launched this savings account in April 2012, the APY has ranged from 0.80% to 1.05%. The last rate hike occurred in May 2016 when the APY increased from 0.90% to 0.95%.

0.95%--CIT BankHigh Yield Savings
Accounts mentioned in this post. Rates as of December 4, 2016.

The High Yield Savings account has no maintenance fees. It’s available as an IRA or a Custodial account. CIT Bank offers an ACH electronic funds transfer system that allows you to transfer money for free to and from accounts at other institutions. Once the account is opened, you can set up multiple links to external accounts. According to a CIT Bank CSR, there are no limits to the number of links and there’s no limit to the dollar amount for ACH transfers. The number of ACH withdrawals are limited to six per statement cycle as required by federal regulation.


Headquartered in Salt Lake City, Utah, CIT Bank is an internet bank with no brick-and-mortar branches. Accounts can be opened by people in any state. To open a CIT Bank account, you must be a U.S. citizen or resident alien and be 18 years or older.

Applying for the savings account can be done using CIT Bank’s online application. Funding is done with an electronic funds transfer from an outside bank account. As is typical with setting up an ACH transfer, you provide CIT Bank with the routing and account number of your outside account. You also have the option to mail in a check or perform a wire transfer.

CIT Bank Overview

In 2015 CIT Bank merged with OneWest Bank. The new bank is now a national bank (National Association) with the name CIT Bank, N.A. OneWest Bank will remain, but it’s now a division of CIT Bank, N.A. Deposits at CIT Bank and OneWest will be counted together for purposes of determining FDIC insurance coverage limits. As of June 30, 2016, the combined bank now has assets of more than $43 billion and deposits of almost $33 billion.

The new bank (CIT Bank, N.A.) took the financial history and FDIC Certificate number of OneWest Bank (FDIC Certificate # 58978). CIT Bank, N.A. is currently financially strong. Based on June 30, 2016 data, it has an overall health grade at of an “A+” with a Texas Ratio of 9.49% (excellent). Please refer to our financial overview of CIT Bank for more details.

CIT Bank started offering online CDs in 2011. It’s important not to confuse CIT Bank with Citigroup Inc. which is the bank holding company of Citibank. CIT Bank is one of the businesses that make up CIT Group Inc., a bank holding company best known for providing commercial financing and other services to small and middle market businesses.

OneWest Bank used to be IndyMac Bank. The FDIC completed the sale of IndyMac in March 2009 to new owners who renamed it OneWest. OneWest grew from acquisitions of failed banks. In December 2009, it acquired First Federal Bank of California and in February 2010, it acquired La Jolla Bank.

How This Bonus Compares

Assuming CIT Bank’s High Yield Savings account is opened with the required minimum deposit, and is kept opened for three months to ensure the bonus being awarded, effective APYs can be calculated that combine the savings account APY (0.95%) with the bonus amounts:

  • $25,000: $95 bonus adds 1.52% for an effective APY of 2.47%
  • $50,000: $125 bonus adds 1.00% for an effective APY of 1.95%
  • $100,000: $200 bonus adds 0.80% for an effective APY of 1.75%

These effective APYs are only estimations based on the assumption the current APY of 0.95% holds and on the assumption of a 3-month period. Additional time and larger balances will reduce the effective APYs.

Other Promotions and Bonuses

Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, readers and I also post often on bonuses in the Bank Promotions Forum.

The above rates are accurate as of 12/1/2016.

Anonymous   |     |   Comment #1
Your assumption need recalculating; too high. The bonus is determined based on the first 3-months; the bonus is paid between the 3rd and 4th-month statement cycle. So, I think you need to keep this account OPEN for 4 months to have the bonus.
Anonymous   |     |   Comment #2
Not interested.  They appear to be a bait and switch bank.  The savings rate would probably be gradually lowered just like they have done on their once attractive cd rates.