CIT Platinum Saving has added a new account-opening bonus. With the saving boost, you can earn up to 4.25% APY! This boosted rate lasts for 6 months, after which it reverts to 3.75% APY. Most high-yield accounts currently offer only around 3.5% APY, so this account is quite compelling. Note that the extra interest and higher APY only apply to the portion of your balance above $5,000, but if you are opening the account for the high interest rate, you probably would not deposit only that amount. FDIC insurance is up to $250,000 per account, so it is best not to exceed that amount.

Also, each time CIT runs a new extra-interest boost promotion, both new and existing customers can activate it. So in theory, after six months, you may be able to keep getting 4.25% APY. If you cannot activate it online, call customer service, and the representative can activate it for you based on the promo code available during that period.

This rate is excellent, and I have also added it to our high-yield bank account ranking.

According to CIT’s official website, existing customers can also use BOOST50 to activate an additional 0.5% APY. Give it a try.

If you open a CIT Self-Invest account now, you can receive an account-opening bonus of up to $750. You must already have an eChecking or Saving account.

The specific requirements are as follows:

  • The deposited funds must be New Money. They cannot be funds already in a CIT account; they must be deposited directly from another bank or wired in.
  • Only the amount of the first transfer is counted, and the funds must be maintained for 60 days.
  • The bonus will be paid within 30 days after meeting the requirements. Based on reader data points, the bonus has been paid quite promptly.

The bonus tiers are as follows. Calculated based on holding the funds for 60 days, starting from the $100 tier, the annualized returns are 6%/2.4%/2.1%/1.8%.

  • $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+

About CIT Bank

CIT Bank has a 100-year history in the United States. Currently, the bank has about $50 billion in assets and $30 billion in deposits. It also operates OneWest Bank, which has a relatively larger presence in California. For more information about the bank, see:

This type of bank does not have as many branches as Chase or BofA. However, for a savings account, you generally do not need a physical branch; you can simply transfer money online. Of course, you should still have another checking account as your primary account for handling other needs.

CIT eChecking (No Bonus Currently)

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

CIT Bank Platinum Saving

  • Application link: CIT Bank Platinum Saving
  • Account-opening bonus: See the beginning of this post
  • Eligible areas: Available nationwide in the U.S.
  • Annual interest: 4.1% (requires a deposit of more than $5,000)
  • Hard/soft pull: Does not pull your credit report, but it does check ChexSystems, a reporting system for checking accounts
  • Credit card funding: Not allowed
  • Monthly fee: None
  • Early account closure fee: None
  • Deposit insurance: FDIC coverage up to $250,000 per account

Account-Opening Bonus

See the beginning of this post for details.

Interest Rate

CIT Bank currently offers a savings account with an annual interest rate of 4.1%, which is much better than the nearly nonexistent rates at major banks such as Chase and BofA. If you have idle cash and do not want to invest in stocks, you can put it here to earn interest. Details are as follows:

If you have enough funds, you can simply transfer $5,000 into the account. However, I suggest not keeping more than $250,000 in the account, because FDIC insurance only covers up to that amount. To transfer money, you can use the transfer feature from another bank’s checking account, or deposit a check through CIT Bank.

Important Notes

  • Tax reporting: Unlike credit card rewards, bank bonuses are usually treated as income, generally interest income, so they need to be reported for tax purposes. Of course, whether you need to pay tax also depends on your status in the U.S. The general advice is that nonresidents do not need to pay, while others do. Please consult a tax attorney for specifics.
  • Plan ahead: A savings account is different from a checking account and only allows a limited number of outgoing transfers per month, usually 6. If you exceed the limit, your account may be closed. So if you need to make payments, estimate the number of payments you will need to make, or estimate how much money you need to transfer back to checking.

Application Links