Open a CIT Self-Invest account now and you can get up to a $750 sign-up bonus. You must already have an eChecking or Savings account.

The requirements are as follows

  • The deposit must be New Money (it can’t be money already in a CIT account; it must come directly from another bank or be wired in)
  • Only the amount of the first transfer counts, and the funds must be kept for 60 days
  • The bonus will be paid within 30 days after the requirements are met (based on user reports, the payout is still pretty prompt)

Here are the bonus amounts. Based on a 60-day hold period, the annualized return starts at 6%/2.4%/2.1%/1.8% beginning with the $100 tier.

  • $25 for $1,000-$4,999
  • $50 for $5,000-$9,999
  • $100 for $10,000-$49,999
  • $200 for $50,000-$99,999
  • $350 for $100,000-$249,999
  • $750 for $250,000+

CIT Platinum Saving has also added a sign-up bonus. With the savings boost, you can earn up to 4.1% APY! This boost rate lasts for 6 months, after which it drops back to 3.75% APY. In fact, most high-yield accounts right now only offer around 3.5% APY, so this one is really generous. Note that the extra interest at the higher APY only applies to the portion of the balance above $5,000, but if you’re opening this for the yield, you’re probably not parking just that much. FDIC insurance is up to $250,000 per account, so it’s best not to go over that amount.

This rate is excellent, and I’ve also added it to my high-yield bank account rankings.

According to CIT’s official website, existing users can also use this CITBOOST to activate an extra 0.35% APY. Give it a try.

About CIT Bank

CIT Bank has been in the U.S. for 100 years. Currently, the bank has about $50 billion in assets and $30 billion in deposits. The bank also operates OneWest Bank, which has more branches in California. For more information about the bank, see

This type of bank doesn’t have as many branches as Chase or BofA. But for a savings account, you usually don’t need a physical branch anyway—you can just handle transfers online. Of course, you’ll still want another checking account as your main hub for handling other banking needs.

CIT eChecking (no bonus yet)

This checking account has no monthly fee and no early closure fee.

CIT Bank Platinum Saving

  • Application link: CIT Bank Platinum Saving
  • Sign-up bonus: See above
  • Available region: Open to applicants nationwide
  • APY: 4.1% (requires at least $5,000 on deposit)
  • Hard/soft pull: No credit report pull, but it does check ChexSystems (a report used for checking accounts)
  • Credit card funding: No
  • Monthly fee: None
  • Early closure fee: None
  • Deposit insurance: FDIC coverage up to $250,000 per account

Sign-up bonus

See above

APY

Right now, CIT Bank offers a 4.1% APY savings account, which is far better than the nearly nonexistent rates at big banks like Chase and BofA. If you have some idle cash and don’t want to invest in stocks, you can park it here and earn interest. Details below:

If you have enough money, you can just transfer $5,000 into the account. However, I’d suggest keeping the balance under $250,000, because FDIC insurance only covers up to that amount. To fund the account, you can use the transfer function from another bank’s checking account, or deposit a check at CIT.

Notes

  • Tax issues: Unlike credit card bonuses, bank bonuses are often treated as income (usually interest income), so they need to be reported for tax purposes. Of course, whether you actually owe tax also depends on your U.S. tax status. As a general rule, nonresidents do not need to pay it, while others do. Please consult a tax attorney for specifics.
  • Plan ahead: Unlike checking accounts, savings accounts only allow a limited number of withdrawals per month (usually 6). If you exceed the limit, your account may be closed. So if you need to make payments, please estimate how many transfers you’ll need, or how much money you’ll need to move back to checking.

Application links