How does CIT Bank compare?
| CIT Bank Savings Connect Member FDIC | Marcus by Goldman Sachs Online Savings Account Member FDIC |
|---|---|
| Learn More | Learn More |
| APY 0.50% With $0.01 minimum balance | APY 0.50% With $0 minimum balance |
| Bonus N/A | Bonus N/A |
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.
What is CIT Savings Builder? Savings Builder is a brand new, high-yield savings account option that was just introduced. It aims to not only reward savers with well-beyond-average interest rates, but also encourage them to continue saving each month.
So, this means that, on average, Americans were able to save 8.3% of their disposable incomes. For the next decade or so, the personal savings rate remained more or less the same, in the 7.5% - 8.5% range. In the early 70s, the average savings rate started to spike, hitting a peak of 14.6% in May of 1975.
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.
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.
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 |
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