Update 2: CIT Bank also has an at 2.15% APY as of 8/25/22. The benefit the No-Penalty CD is that your rate can’t go back down (as it could with a savings account), but you can still close it if rates keep going up. Here’s how to if the rate rises, all within CIT Bank.
In addition, the CIT Bank is at 2.10% APY as of 8/25/22 and no longer requires a “connected” checking account. This Amazon Prime offer below requires $15,000 to remain in their Money Market account for the first 90 days and is much better for those first 90 days, so do it first! But after the required holding period, you can transfer your funds over to this savings account or the No Penalty CD for the higher rate.
Update 8/25: CIT Bank has raised the rate on their to 1.40% APY, remaining competitive with the major online savings accounts plus a free year of Amazon Prime worth $139, resulting in now an estimated effective 5.11% APY for 90 days (details below). As an existing CIT Bank customer, I was able to sign up for this offer very easily and quickly. I just used my existing login and could even use an existing external linked bank account to fund. Here’s a screenshot from the last page of my initial application:
Original post (updated maths with new APY):
CIT Bank is an FDIC-insured bank (now a division of First Citizens Bank) that has offered competitive interest rate options to savers in the past including the Savings Builder and No-Penalty CDs, so you may already have an account with them.
The CIT Bank Money Market account has launched a : when a new or existing customer makes a deposit of $15,000 from an external funding source and keeps it there for at least 60 days, they get an additional bonus of a 1-year Amazon Prime subscription (cash value of $139). Additional details:
- using the promo code AMZN22.
- Fund your account with at least $15,000 within 15 days and keep a minimum balance of at least $15,000 for 60 days following the 15-day funding period.
- Within 30 days following the end of the funding period, if you’ve fulfilled the requirements, CIT Bank will send you an email with your Prime membership code.
- Yes, this works for existing Amazon Prime users. Customers who are already Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year.
- Existing CIT Bank members are eligible, but you have to open a new Money Market account (you can have more than one) and fund with “new money” outside of CIT Bank.
Bonus math. If you assume the bonus is worth $139, this is a ~0.93% bonus on $15,000. Let’s assume an overly-conservative minimum holding period of 90 total days, which makes it the equivalent of ~3.71% APY annualized. The bonus is on top of the standard interest rate, currently 1.40% APY as of 8/25/22. This total of roughly 5.11% APY over 90 days makes it a great short-term rate at that balance size when compared to my . CIT Bank also has a decent history of offering competitive products and promotions on their savings account and CD products.
I plan on grabbing this year of Amazon Prime – I already have accounts at CIT Bank and I already have idle liquid cash elsewhere sitting at effectively the same base APY. Nice to see another bank itching to gather deposits.
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