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Customer Loyalty Pays Again At CIT Bank

CIT Bank logoCIT Bank is once again demonstrating that it pays to be a customer.

We’ve previously reported on special IRA CD deals offered exclusively to existing depositors of this online bank.

Now, CIT has launched at least two other customer-only CD promotions.

The promotions are described in a pair of emails I recently received from the bank.

The first offers owners of a “2-year CD product” that matures in May a bonus over current posted rates for renewing it into a 3-, 4- or 5-year term or jumbo CD.

The second offers current customers (not just maturing CD owners) bumped-up rates for opening a new 2-, 3-, 4- or 5-year CD during May with funds not currently on deposit at CIT.

Here are the special rates for the first promotion, compared with CIT’s posted rates:

For owners of a ‘2-year CD product’

CD Term Posted APY Promotional APY
3-year jumbo 1.40% 1.50%
4-year 1.70% 1.85%
4-year jumbo 1.80% 1.95%
5-year 2.25% 2.30%
5-year jumbo 2.30% 2.40%

The second promotion offers customers identical rates for opening new 3-, 4- and 5-year CDs. In addition, it offers the following special rates for opening new 2-year CDs:

CD Term Posted APY Promotional APY
2-year 1.17% 1.25%
2-year Achiever 1.20% 1.28%
2-year jumbo 1.25% 1.33%

CIT Bank is the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies ( It is based in New York.

CIT requires a minimum balance of $1,000 for a standard CD, $25,000 for an Achiever CD and $100,000 for a jumbo CD.

Achiever CDs have both “add-on” and “step-up” features, permitting the customer to add to the balance once and increase the rate once during the CD’s term.

The first promotion applies to both non-IRA and IRA CDs.

According to a customer service rep I spoke with, CIT has offered similar promotions to maturing CD owners each month since the beginning of the year.

It’s not clear to me, though, whether CIT is making – or has previously made – promotional offers to owners of maturing CDs other than 2-year Achiever CDs (which is what I own).

It’s also unclear whether the second promotion applies to IRA CDs as well as non-IRA CDs.

So far, CIT has declined to respond to my requests for further information.

If you don’t qualify for this promotion, you should know that CIT’s standard rates compare favorably with what you’ll find on our CD Rates Leaderboard.

If you become a customer today, perhaps you’ll qualify for a future good deal.

While there’s no commitment to make similar offers in the future, I sure hope CIT does.

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