Offer at a glance
- Maximum bonus amount: Free year of Amazon prime
- Availability: Nationwide
- APY: 0.45% with a deposit of $15,000+
- Additional requirements: Use promo code
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None
- Expiration date: No end date listed
Contents
The Offer
- CIT Bank is offering one year of Amazon Prime when you open a new CIT Bank Money Market account and complete the following requirements:
- Use promo code AMZN22
- Deposit $15,000+ within 10 days of account opening
- Maintain a balance of $15,000+ for 60 days
The Fine Print
- This limited time offer of a one-year Amazon Prime membership is available to Customers who open a new CIT Bank Money Market account and enter the promotion code “AMZN22” at the time of account opening. The Promotion begins on March 23, 2022 and can end at any time without notice. Customers who are already Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year.
- Customers will receive a one-year Amazon Prime membership1 provided that the following three requirements are met:
- Open a new CIT Bank Money Market account and enter the promotion code “AMZN22” at the time of account opening.
- Deposit at least $15,000 to the account within the first 15 calendar days following account opening (the “Funding Period”). The $15,000 used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify.
- Maintain an end-of-day account balance of at least $15,000 each of the 60 days following the end of the Funding Period. If the end-of-day balance falls below $15,000 at any time during this 60-day period, you will not qualify for the Amazon Prime membership offer.
- There is a limit of one Money Market promotional offer per account and per customer. If multiple Money Market accounts are opened, only one account will be eligible. Custodial accounts are not eligible. This offer is non-transferable.
- Customers meeting all of the above requirements will be sent an email with instructions on how to activate their one-year Amazon Prime membership. This instructional email will be sent to the email address on file for the primary account owner approximately 30 days after the end of 60-day period specified in requirement #3, above. The account must remain open for the instructional email to be sent.
- IMPORTANT: All customers who qualify for the one-year Amazon Prime membership must redeem it no later than 03/23/2024. Customers who fail to redeem by this deadline will forfeit the one-year Amazon Prime membership from CIT Bank.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about
Early Account Termination Fee
As far as I’m aware there is no early account termination fee.
Our Verdict
In the past CIT Bank has had a $150/$300 checking bonus, the APY was also higher at the time. There are better high yield savings accounts out there currently. But this could still be worth doing just for the Prime bonus as the funds only need to sit in the account for 60 days, you should still be able to redeem the prime membership for Amazon credit instead as well. We will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Did anyone figure out how to convert this useless garbage subscription to credit yet?
not possible
Expired
Updated
For those who are already Amazon prime, when you redeem the code do you get 12 month membership from the date you redeem the code, or from the expiration date of your current Amazon prime membership?
expiration date of the current amazon prime
I just applied the code to my existing Prime account, and did not get one full year of membership. This is a scam…
Datapoint
6.12.22 – opened
7.1.22 – $15,100 transfer posted
9.16.22 – received email with link to redeem Amazon Prime for 1 year
Pretty much exactly 75 days from the day my transfer posted, which lines up with the terms (15 days to fund, maintain for 60 days)
Did you end up getting 1099 for the amazon gift card?
No. Personally I did not even end up using it yet. But it’s good until some time in 2024.
Currently on an EBT/Low Income Amazon Prime membership. Activation link in CIT’s email leads to error message “To redeem this code you must first switch to Prime”. Amazon first tier customer service’s script is no help (Heavy Indian accent: “your code must have been already redeemed sir. That is the only reason possible”. Tried pulling the claim code from the activation link’s URL and that shows invalid, too. Seems like I wasted my time and wasted lost interest.
Hi, Gavin, we’re sorry to hear about your experience. To get your one year of Amazon Prime on us, you will most likely have to switch your current membership to an Amazon Prime membership. Once you’ve switched over, if you have trouble redeeming code, please call us at 855-462-2652 to talk with a digital banker or send us the details and your phone number in a private message on one of our social sites: https://www.instagram.com/citbank/, https://www.facebook.com/CITBank or https://twitter.com/CITBank and we will contact you. Thank you.
so any way of converting this to gift card
Based on what people have stated, no obvious way to cash out or to Amazon GC.
One person reported there is a “no thanks” link, but they were afraid to hit it.
https://www.doctorofcredit.com/cit-bank-free-year-of-prime-15000-deposit-required-0-45-apy/#comment-1433434
I haven’t seen anyone activate it and then request to end the Prime membership. I’d like to think you would get 11 months of Amazon Prime to their GC balance, but would be YMMV.
Any data points about being able to use 2 separate codes on the same Amazon account? (i.e. P1 and P2 doing this promo and getting 2 unique codes). Did it work?
Also curious about this – thanks
The code would just be an ordinary Amazon Gift of Prime/gift card (I think?) so that should work fine
It does not look like normal gift of prime. Seems like an unusual activation link that nobody seems to be able to convert to gift of prime nor amazon gift card
I didn’t get the code when I was supposed to, contacted CITBANK via secure message and they said it was sent back in June and repeated told me to check my email and closed my request. After repeating many times back to them (and reopening the request) that I did check my email and I didn’t get it. They finally copied and pasted the link for me. I was able to redeem it. Note that it doesn’t extend student prime so you’ll need to cancel and get regular prime.
I wish there was a way to convert this to a regular amazon gift card so we can use it on student prime
Got an email from CIT with activation link. I was hoping it would be a code. I’m a part of family Prime. I was hoping I’d be able to exchange the membership from CIT to Amazon credit. Any way to do it?
same situation here. this looks like promo code?
Thanks Doc. Got an email from CIT and was able to activate one year of Prime membership. The email was received between 60-90 days from the day of the account opening (and satisfying the deposit condition).
What are the ach transfer limits in/out of their savings connect account?
Hi, CIT Bank’s ACH transfer limits are $250,000 per day to send funds from CIT Bank to another bank and $500,000 per day to pull funds into your CIT Bank account from another bank. Thank you.