High Interest Savings Account
Are you sick and tired of paying high fees for banking services? How about receiving next-to-no interest on your online savings accounts? CIT Bank is an online banking solution designed to address these complaints.
It offers some of the highest-paying interest rates on both savings accounts and certificates of deposit (CDs) available on the web. And what’s more, there are no account maintenance fees for CIT Bank’s banking products. What Is CIT Bank?Now, first things first. CIT Bank is not Citibank. (Yes, it is a bit confusing.) It’s not related to Citigroup at all. Rather, CIT stands for “Commercial Investment Trust” and has its roots in a company founded in 1908.Based in Pasadena, Calif., CIT Bank’s parent company, CIT, has more than $50 billion in assets, and CIT Bank itself has over $40 billion in assets and $30 billion in deposits. In addition to online banking, CIT Bank also offers business services for small businesses, as well as a wide range of home mortgage products.
A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.
Feb 26, 2019 - Consider opening a high-yield savings account, also known as a high-interest savings account, to replace or supplement a standard account. A savings account is a good place to squirrel away some cash for a rainy day. But with so many options to choose from, how do you know which is best to help your money grow? Find out which banks offer the best high interest savings accounts in Canada.
CIT Bank Features. How CIT Bank WorksCIT Bank offers two high-yield savings accounts — the Premier High Yield Savings account and the Savings Builder account — and several different CD products, some of them incredibly innovative. It also offers custodial accounts.But CIT Bank does not offer checking accounts, auto loans, credit cards or IRAs. So CIT Bank functions basically as an online savings bank.
Online BankingCIT Bank provides real-time access. You can manage your accounts online. You can view and download statements and make transfers from other banks, as well as between other accounts you have with CIT Bank. Mobile BankingIf you prefer, you can manage your accounts with a mobile app. You can check your account balances and transaction history, transfer money and deposit checks. The app is available on Google Play and the App Store. CIT Bank SignupYou can open an account on CIT Bank’s website.
You will be asked to provide your Social Security number, your current bank routing and account numbers (as the source account for funding your CIT Bank account), and the name and ID numbers for any joint account holders or beneficiaries of the account. Funding Your Account(s)This can be accomplished by one of three methods:. Electronic funds transfer. By check mailed to CIT Bank’s home office. Wire transfersFunds made by electronic transfer are available in five business days, whereas if you mail in a check, it will take 10 days. Transaction LimitsThere are no limits on the number of payments made directly to you or transfers to other accounts, if the transfer or withdrawal is initiated by mail.Withdrawals by phone are also unlimited, but only if you are requesting that a check be mailed to you. All other types of transfers or withdrawals initiated by phone are limited to six per statement cycle.
To withdraw funds from CIT Bank, you need to contact customer service by either phone or mail, rather than initiating a withdrawal or transfer online. Interest CompoundingInterest on all banking products is compounded daily and credited to your account monthly. Customer ServiceAvailable 24 hours a day, seven days a week, for both Online Banking and Mobile Banking.
High Interest Savings Account 2019
The bank can be contacted by email or by automated telephone banking. However, in this day and age, it’s worth noting that CIT Bank doesn’t have much of a social media presence. So you can’t expect to send a message via Facebook to solve any customer service-related issues you may have. CIT Bank CalculatorsThe bank offers several different calculators to help you save money, prepare for retirement and even manage debt. Calculators are offered for CD laddering, emergency savings, college savings, retirement planning, and several others. Account ProtectionAll account balances are FDIC insured for up to $250,000 per depositor. Bank FeesThis is the really good part.
CIT Bank charges no account fees of any sort, and many of the fees typically associated with banking don’t even exist here. The only fee the bank charges is a $10 per wire transfer fee on outgoing wire transfers, and then only for accounts that have an average daily balance of less than $25,000. CIT Bank Savings AccountPremier High Yield SavingsCIT Bank offers this high-yield savings account with no fees and a low required deposit minimum. Note that CIT Bank does not currently offer IRAs. Available ForTaxable, CustodialAccount FeesNoneSavings Rates. Star trek archer class blueprint. Minimum Deposit $100—Savings Builder High Yield SavingsWith a Savings Builder High Yield Savings account, clients who meet one of two conditions can receive a boosted APY of 2.40%:.
High Interest Savings Account Calculator
Maintain an account balance of $25,000 or more. Make at least one deposit of $100 or more per monthIf you don't meet one of these criteria in any given month, you'll receive an APY of 1.0%. However, it's easy to boost your rate: Deposit $100 or more and you'll return to the higher APY the next month.As an additional bonus, everyone who signs up for the account will receive the 2.45% APY for the first full month, no matter how much they deposit. Available ForTaxableAccount FeesNoneSavings Rates. Minimum Deposit $0—. Minimum Deposit $100—CIT Bank Money Market AccountMoney Market AccountWith a CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
It's an ideal online account for building an emergency fund or saving for a large purchase. Available ForTaxableAccount FeesNoneSavings Rates. Minimum Deposit $100—CIT Bank CD Rates Term CDsAvailable for: Regular and custodial accounts (but not IRAs) TermMinimum DepositAPYMore Info6 months$1,0000.72%1 years$1,0002.20%13 months$1,0002.25%18 months$1,0002.40%2 years$1,0001.40%3 years$1,0001.30%4 years$1,0001.50%5 years$1,0001.70%No-Penalty CDsSpecial feature of this CD: Early withdrawal advantage. You can access your funds early with this CD, subject to certain limitations. No withdrawals are permitted during the first six days after receipt of funds by the bank. But you can withdraw the total balance, including interest earned, without penalty, beginning seven days after the funds have been received.Available for: Regular and custodial accounts (but not IRAs) TermMinimum DepositAPYMore Info11 months$1,0002.05%RampUp CDsFlexible long-term CD designed to protect against market fluctuations.Special feature of this CD: RampUp CD rate advantage.
You have the option to adjust your rate once during the term of the CD, if rates increase. If they fall, you can stay with the original APY.Available for: Regular and custodial accounts (but not IRAs) TermMinimum DepositAPYMore Info3 years$25,0001.20%4 years$50,0001.38%RampUp Plus CDsSpecial feature of this CD: CD rate advantage. You have the option to adjust your rate once during the term of the CD should rates increase. But it also gives you the option to increase the size of your deposit during the term of your CD. Pros. High-Paying Interest — CIT Bank pays some of the highest interest rates available and certainly higher than what you can get at most local banks. No-Fee Banking — Not only does CIT Bank not charge account maintenance fees, but it also skips many of the other fees typical in banking.
Flexible CDs — The No-Penalty CD allows penalty-free withdrawals after just seven days. And the RampUP CD allows you to make a one-time upward rate adjustment if rates increase after you open the certificate.
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Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. A bank savings account earns 0.07% of interest on average whereas our top-rated online savings accounts below (some of which are from our partners) dish out more than 32x the returns of traditional bank savings accounts, and are insured by the FDIC. Simply put, we think most people are missing out on much larger guaranteed returns by letting their money languish in a traditional bank account with a low Annual Percentage Yield (APY). Here are The Ascent's picks of the best online savings accounts for 2019:. Marcus Savings by Goldman Sachs - 2.25% APY. American Express National Bank, Member FDIC - 2.10% APY. Barclays Online Savings - 2.20% APY.
HSBC Direct Savings - 2.30% APY. Ally Online Savings - 2.20% APY. Discover Online Savings - 2.10% APY.
CIT Savings Builder - 2.40% APY (tiered).