Update 6/30: CIT Bank has raised the rate on their free year of Amazon Prime promo to 1.00% APY, remaining competitive with the major online savings accounts plus a free year of Amazon Prime worth $139, resulting in now an estimated effective 4.71% 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 new Amazon Prime deposit promotion: 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:
- Open a CIT Bank Money Market account 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.
- It appears that existing CIT Bank members are eligible, but you do 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 a 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 a competitive 1.00% APY as of 6/30/22. This total of roughly 4.71% APY over 90 days makes it a great short-term rate at that balance size when compared to my latest update of best interest rates. 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.