CIT Bank Savings Builder $200 Deposit Bonus – Both New and Existing Customers (New for 2020)

CIT Bank has a new for 2020 Savings Builder Account deposit bonus. This time, you can get up to a $200 cash bonus depending on deposit amount, and it is again 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. Here are the details.

Unfortunately, if you did their 2019 bonus promotion, you are not eligible for this one:

PLEASE NOTE: Existing Customers enrolled in a Savings Builder bonus promotion prior to January 1, 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 using promo code Bonus20 at this link. If you already had an existing account as of 1/16/2020, you need to first officially enroll in this offer via the “Let’s get started” button at the top of 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 $100 cash bonus.
  • A new deposit of $50,000+ within 15 calendar days of your open/enrollment date will get you a $200 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 funds from an external financial institution and not currently in your CIT Bank accounts. 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 January 15, 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 $100 bonus on $25,000 or $200 bonus on $50,000, which also qualifies you for the 1.75% APY rate, that works out to a total 3.35% APY for 90 days (1.6 + 1.75).
  • For an existing customer earning either the $100 bonus on $25,000 or $200 bonus on $50,000, which also qualifies you for the 1.75% APY rate, that works out to a total 6.55% APY for 30 days (4.8 + 1.75).

It’s always nice to stack a cash bonus on top of an already competitive interest rate. This promotion is scheduled to last until April 16th, 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 another Savings Builder Account deposit bonus, new for 2020. You can get up to a $200 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. While not as high as the last one, it’s still a solid bonus. (Unfortunately, if you did their 2019 bonus promotion, you are not eligible for this one.) These types of bonuses help me earn higher interest rates even when rates are dropping.

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