bank rates

CIT Bank Keeps The Great Deals Coming

CIT Bank logoIt was pure manna from heaven. The best deal yet I’ve received from CIT Bank.

And I didn’t have to do anything to get it.

The bank has sent me an email saying it has unilaterally raised the rate on a 5-year IRA term CD I opened earlier this year, from 2.20% to 2.35% APY.

That beats the current highest nationally available bank 5-year CD rate, as shown on our CD Rates Leaderboard.

Plus, the new rate applies retroactively to my initial CD funding date.

When I asked a customer service representative to explain the unexpected bump-up, he said it related to posted rate increases occurring around the time I opened and funded my CD.

But, to my knowledge, there were no such increases – and certainly none involving a 2.35% APY on 5-year CDs.

But I’m not complaining.

Whatever was behind this rate increase, it just gives me (and other similarly situated customers) another reason to have a warm and fuzzy feeling about this online bank affiliate of CIT Group, a provider of financing to small businesses and middle-market companies.

It’s amazing what CIT has been doing lately to cement customer relations. Here are things I know and have previously posted about:

  • In late 2013, existing customers were offered rates higher than the posted rates when opening IRA jumbo CDs.
  • This year, customers were offered special deals above posted rates to renew maturing certificates into CDs for longer terms.
  • Last month, existing customers were offered special offers to open “new money” CDs, again with posted rate bump-ups.

And now this – a unilateral, retroactive rate increase!

When will it all end?

Hopefully, never.

I admit I only know of deals CIT has made available to me as a customer having a specific CD portfolio there.

It’s quite possible the bank has made other deals available, of which I’m unaware, to other customers owning CDs with different balances and maturities. (Bank personnel are reluctant to discuss the specifics of deals that may have been offered to other customers).

What I’m much more interested in, however, is whether other banks and credit unions are getting the larger message that CIT is sending out: Treat your loyal customers right by giving them better rates, and you’ll be rewarded in turn.

It’s a message with which I wholeheartedly agree.

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