bank rates

CD Bonus Boosts CIT Bank Customers

CIT Bank continues to promote CDs, at premium rates, to its current customers.

It’s displaying those “exclusive offers,” along with the usual personal account information, on each customer’s online banking page.

The customer sees the offers once he or she signs in. There’s even a link there to open a new account.

In my case (which I suspect is the same for everyone), there are offers to bump-up rates:

  • 0.05% on 1-year RampUp Plus CDs to 1.30% APY.
  • 0.08% on 2-year RampUp Plus CDs to 1.48% APY.
  • 0.10% on 5-year Jumbo CDs to 2.37% APY.

All of those rates exceed the best nationally available deals from the banks on our CD Rates Leaderboard but require significant minimum investments – $25,000 for RampUp Plus CDs and $100,000 for Jumbo CDs.

Emails from the bank state that savers “can open as many promotional accounts as you like” and indicate that IRA CDs are included.

CIT added the “exclusive offer” feature in April, at the same time it launched a customer-only promotion for most of its suite of CD products. The April promotion has lapsed, but the more limited offers appearing on individual customer banking pages have continued.

Unfortunately, key details – such as how long CIT will keep this exclusive offer feature and whether the certificates of deposit or rate premiums offered will change from time to time – remain unclear. I’ve been unable to obtain additional information from customer service reps.

Hopefully, these promotions will become a regular part of the customer’s online banking experience.

CIT is the online consumer bank of CIT Group, a provider of financing to small and medium-sized businesses.

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