CIT Bank Platinum Savings $225/$300 Bonus + 4.10% APY (New and Existing Customers) — My Money Blog

Update 3/20/25: This solid deposit bonus is still available (full details below), but I also have a few updates. First, the rate on the Platinum Savings account is now 4.10% APY (as of 3/20/25) with a balance of $5,000 or more. I have updated the original post below as well. Next, CIT Bank has sent me follow-up e-mail confirmations about the status of my bonus, although they took a few days longer than I expected.

Finally, in the past CIT Bank has offered special, higher retention rates via popup window if you tried to make a large withdrawal out to an external account. Reader PT and several commenters in this Doctor of Credit post report that you may be able to get a retention offer of 4.75% APY for 12 months (maybe less now?) if you make a transfer attempt or call in and ask. Some data points suggest that the account needs to be open for at least 3 months. This is not guaranteed and your mileage may vary, but I thought it was worthy of mention. If you are turned down now, it’s still something to keep in mind for later.

Original post:

CIT Bank has a new limited-time $225/$300 Platinum Savings deposit bonus. The bonus depends on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 4.10% APY (as of 3/20/25) with a balance of $5,000 or more.

New deposit bonus details. For new customers, you must first open a new account with at least $100 and promo code PS2025 at this special offer link. You’ll get multiple confirmations that you are enrolled in the promo during the application process.

If you already had an CIT Bank existing account as of 2/26/25, you still need to first officially enroll in this offer via the “Start savings now” button and then logging into your CIT Bank account. If you have other CIT Bank accounts already, but need to open a new Platinum Savings account, you can do that easily as well.

There are only two tiers for the bonus, either $25,000 or $50,000. Qualifying funds must come from an account outside of CIT Bank. (Transfers from existing CIT Bank accounts will not qualify for this promotion.)

• A new deposit of $25,000 to $49,999 within 30 calendar days of your open/enrollment date will get you a $225 cash bonus.
• A new deposit of $50,000+ within 30 calendar days of your open/enrollment date will get you a $300 cash bonus.

There is a limit of one Platinum Savings promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.

All customers who qualify for the $225 or $300 bonus offer will receive the bonus in the enrolled Platinum Savings account within 60 days after the 30-day funding period. The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify. You can fund all at once or in multiple transfers, it just has to be done within the 30-day window.

Importantly, there is no minimum holding period. You just need to fund within the 30-day period after your opening/enrollment date. Although not explicitly required in the terms, I choose to be extra careful and make sure to time it such that the money is through the 30-day mark. After that, your account just needs to be open at the time of the bonus payment, which is another 60 days after the 30-day mark. You do not have to maintain the balance during those additional 60 days, although you could choose to keep it there until the bonus arrives.

Effective APY rough numbers. The lack of minimum holding period makes the potential effective APY theoretically sky-high. For the sake of rough numbers, if you assume you keep the money there for 30 days, here are the effective interest rates you could get as either a new or existing customer:

• For a new/existing customer earning the $225 bonus on $25,000 in new deposits with a 30-day hold period, which also qualifies you for the current 4.10% APY tier, that works out to a total 14.9% APY for 30 days (10.8 + 4.10).
• For a new/existing customer earning the $300 bonus on $50,000 in new deposits with a 30-day hold period, which also qualifies you for the current 4.10% APY tier, that works out to a total 11.3% APY for 30 days (7.2 + 4.10).

You can see that the $25k tier works out to be a higher percentage, but you get more absolute money if you have enough fund for the $50k tier.

The Platinum Savings account has no minimum balance fees, no monthly service fees, no inactivity fee. Make sure you keep $5,000 in there to qualify for the highest interest rate tier.

Bottom line. CIT Bank has really good limited-time deposit bonuses from time to time, and they are also usually available to existing customers. Right now is one of those times, with a new up to $300 Platinum Savings deposit bonus and it is indeed open to both new and existing customers. The bonus is on top of the interest rate, currently 4.10% APY (as of 3/20/25) with a balance of $5,000 or more.

This offer is for a limited-time only, and they may end it at any time if their goals are met.

I am doing this offer, and as an existing CIT account owner, enrolling and funding was very easy as my other bank accounts were already linked and ready to go. My fund have arrived and they have confirmed my bonus by e-mail. They are also pretty solid as a transfer hub.