CIT Bank currently offers a competitive APY on its Savings Builder Account - 0.29% to 0.40% APY. ... Even if you can't put away $100 a month, CIT has another high-yield savings account option that has no monthly deposit requirements, and is well above that 0.09% your brick-and-mortar bank is offering you.
You'll start to earn interest with just that $100. For balances below $25,000, you'll earn 0.10% APY, and for balances of $25,000 and higher, you'll earn 0.25%.
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CIT Bank eChecking Account.
| Account Fees | None |
|---|---|
| Interest Rates | Minimum Deposit $100-24,999.99 – 0.10% APY $25,000 and up – 0.25% APY |
Benefits
| Tier | APY | Interest Rate |
|---|---|---|
| Base Tier | 0.42%* APY | 0.399%** Interest Rate |
| Upper Tier | 0.50%*** APY | 0.499% Interest Rate |
Best High-Yield Savings Account Rates
Yes, CIT Bank is FDIC insured (FDIC# 58978). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
They are two independent companies. Check out our CIT Bank review, and see why CIT Bank is usually in our top 10 money market account list. Plus, CIT Bank's new Money Market Account is one of our top picks for savings accounts! One of the best yields out there!
Withdrawal options
You can withdraw money from your CIT Bank Savings Builder account via: Electronic funds transfer. Requesting a mailed check. Wire transfer.
(CIT) is an American financial holding company and bank holding company incorporated in Delaware and headquartered in New York City. CIT Bank, CIT's banking subsidiary, is headquartered in Pasadena, California.
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CIT Group.
| Company logo since 2018 | |
|---|---|
| Type | Public company |
| Area served | North America |
Interest is compounded daily. If you don't meet the minimum balance requirements or monthly deposit amounts for the promotional annual percentage yield (APY), you'll be bumped down to the lower rate.
How much interest can you earn on $1,000? If you're able to put away a bigger chunk of money, you'll earn more interest. Save $1,000 for a year at 0.01% APY, and you'll end up with $1,000.10. If you put the same $1,000 in a high-yield savings account, you could earn about $5 after a year.
What To Consider Before Investing In CDs in 2020. CDs are beneficial for those who have an excess amount of savings and want to invest in something low-risk. CDs have been around since the early periods of banking, and other investment options have come into existence since then.
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