cit bank savings

These include individual retirement accounts, certificates of deposit, savings accounts, and more. CIT Bank's online savings accounts are designed with. Sign-up today for our favorite high interest online bank! Introducing the CIT bank savings builder account offering a 2.4% APY. In this review of the CIT Bank Savings Building Account, we discuss the pros and cons of this savings account and how it can fit into your. cit bank savings

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CIT Bank Savings Builder Account Review 2019: 1.75% APY

Want to make 230x more interest on your savings with no extra effort? Then keep reading!

I know that is quite possibly the scammiest sounding opening to a blog post of all time. I feel a little dirty even writing it.

But it’s true.

Today I’m going to help you make one decision that will have a huge impact on your finances.

I’m sure you’ve heard how compound interest is the most magical force of all time–the 8th wonder of the world according to Einstein–the holy grail of all things personal finance.

Yeah, compound interest is amazing in theory, but the problem is that most banks don’t pay you more than pennies in interest. The national average for interest rates on savings account is a pitiful .06%.

That’s not 6%.

That is 1/100 of 6%.

That means for every $10,000 you have in your savings account, you’ll earn $6 in interest.

If you let that interest compound over 20 years, your final balance will be $10,120.

That’s $120 in interest over 20 years.

That is NOTHING.

You need to be earning more interest.

You deserve to be making more interest.

I demand that for your sake, for your kids’ sake, for the sake of all things good in the world, today YOU are going to sign up with my favorite high interest online bank, CIT Savings Builder account. 

If you take my advice, you’ll be making 1.75% in interest on all of your savings!

That is about 50x the national average and it is 175 as much as my crappy Wells Fargo account that I’ve had for the last three years.

Savings Builder

What is the CIT savings builder account?

CIT is the online banking subsidiary of CIT group who has been financing small businesses for over 100 years.

In 2008, CIT group recognized a growing trend in the banking industry and launched CIT bank, which offers personal and business banking services all across the United States. They’ve been in business for over 10 years and have over $50 billion in assets.

They’ve been steadily increasing their interest rates and just recently launched the CIT Savings Builder account–one of the hottest banking options to hit the industry. The CIT savings builder account was recognized by Nerdwallet and Bankrate as the best savings account in 2018.

You can sign up right here: CIT Bank Savings Builder Account

Here are 4 highlights of the CIT Savings Builder account:

  • 1.75% interest rate
  • No monthly fees
  • No transfer fees
  • Interest compounds daily
  • Incredibly easy to transfer funds in and out of

If you want to check out some other options, here are some more online-only banks!

How does the CIT savings builder work?

The CIT Savings Builder is pretty simple.

Most banks are structured so that the more money you have, the more benefits cit bank savings get. The rich get richer, right?

With the CIT savings builder account, the playing field is evened out.

CIT is on a mission to help people build their savings. You don’t need a crazy high account balance to qualify for their highest tier interest rate. All you have to do is get in the habit of depositing at least $100/month!

If you can meet that monthly minimum, they’ll reward you with a 2.30% interest rate!

In order to qualify for the 2.30% interest rate, you have two options.

  1. $100 opening deposit with $100 monthly deposit
  2. $25,000 account balance

The CIT savings builder account is a tiered interest program so there are actually three levels. If you don’t have at least $25k or contribute $100 a month, then you won’t qualify for the 1.75% interest rate. 

Why we LOVE the CIT Savings Builder

My wife and I have been using the CIT savings Builder for six months now and have been incredibly impressed.

First off, CIT makes it incredibly easy to sign-up and get your account started. It took us about 15 minutes to get set up and then once approved, we were able to fund it with the initial $100 minimum.

The user interface isn’t robust or overly impressive, but it doesn’t need to be. We use it to store money and make more interest and it does that exceptionally well.

We’ve made more interest in six months than we have in three years of banking with Wells Fargo.

Making the switch to a higher interest rate won’t make us rich by itself. But as our savings grow, the impact of a high interest rate will only continue to grow.

We aren’t the only ones who love the CIT Savings Builder account. They’ve received multiple awards the past few years: 

  •, which rated CIT Bank 5 out of 5 stars in its “Safe & Sound” rating that measures banks in terms of relative financial strength and stability.
  • American Banker and the Reputation Institute that ranked CIT Bank in the Top 5 in Performance and in the Top 15 in Overall Reputation Rankings.
  • that selected CIT Bank as one of the Best Online Banks

How to use the CIT Savings Builder account

The CIT savings builder account is by far one of the best accounts out there if you have a sizable amount of cash you’re holding onto.

Any cash you have sitting in a regular bank account is earning next to nothing in interest. When you factor in inflation, the money you have saved actually loses value every year.

The CIT savings builder helps you fight that inflation by earning a whopping 2.3% in interest. If you have any savings goals, the extra interest will help you get there faster.

Here are a few different ways to use the CIT savings builder account:

  • Emergency fund
  • Downpayment savings
  • College fund for kids
  • Vacation fund
  • Long-term savings goals
  • Business account
  • Tax set asides for self-employment

Signing up for the CIT savings builder account is super easy and only takes 3 steps. 

CIT Bank Savings Builder Account FAQ 

Is CIT trustworthy?

Yes. CIT is a FDIC insured bank. It’s normal to be a bit nervous about online banks, but they are just as safe as physical locations. If anything were to ever happen or if the bank shut down, you would be insured by the Federal Government up to $250,000. 

Is CIT a real bank?

Absolutely. CIT bank is a relatively new subsidiary of CIT group who have in the banking industry for 100+ years.

Are online banks safe to use?

Yes. As long as you take precautions to keep your log-in information secure, an online bank is just as safe as a brick and mortar location.

Is CIT bank and Citi bank the same?

Nope! They’re different. CIT group and citibank are separate entities and compete with each other

Is a high yield savings account worth it?

Yes! Even if you don’t have a ton in savings, getting a better interest rate is just good stewardship. As your money grows, the impact of this change will get bigger. 

Big Takeaway: Sign-up for the CIT Savings Builder Account

If you don’t already have a high yield savings account, you need to sign up with one today. I highly recommend and use the CIT savings builder account because of their 2.3% interest rate and easy to use platform. I have recommended CIT to dozens of friends and they’ve all loved it so far.

Sign up here and lock in that 1.75% rate! 

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Filed Under: Budget like a Pro, Investing


CIT Bank Savings Builder $300 Deposit Bonus

(This promotion is expired. The interest rate for the CIT Bank Savings Builder account is 0.40% APY as of 2/22/21.)

Expired info for reference:

CIT Bank still has their Savings Builder Account deposit bonus. The bonus has increased to up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. The bonus is on top of the interest rate, currently 1.70% APY (as of 4/9/20) at their top tier for qualifying accounts. Unfortunately, if you did an earlier bonus, you are not eligible for this one:

PLEASE NOTE: Existing Customers enrolled in a Savings Builder bonus promotion prior to January 17, 2020, are not eligible for this promotion.

New deposit bonus details. For new customers, you must first open a new account with at least $100 and promo code Spring20 at this link. If you already had an existing account as of 2/19/20, you need to first officially enroll in this offer via the “Let’s get started” button at this link for existing customers. After doing that:

  • A new deposit of $25,000 to $49,999 within 15 calendar days of your open/enrollment date will get you a $150 cash bonus.
  • A new deposit of $50,000+ within 15 calendar days of your open/enrollment date will get you a $300 cash bonus.

New accounts will have to maintain this balance for 90 calendar days following the end of the 15-day Funding Period. However, existing accounts will only have to maintain this balance for 30 calendar days following the end of the 15-day Funding Period. The shorter holding period for existing customers is nice, but remember it has to be additional money new to CIT Bank. This is their definition of “starting balance” when measuring new deposits for existing customers:

The balances of all the customer’s individual Savings Builder accounts, any joint Savings Builder accounts in which the customer has ownership, if not already enrolled in the bonus promotion by another joint owner as of February 18, 2020.

They will deposit your bonus within 1 to 5 business days after the Funding Period, but it will be on hold (can’t withdraw) until 7 days after your minimum holding period of 30/90 days to make sure you satisfy the requirements.

Effective APY. Here are the effective interest rates you could get as amazon prime instant video gift card a new or existing customer:

  • For a new customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.70% APY rate, that works out to a total 4.10% APY for 90 days (2.4 + 1.70).
  • For an existing customer earning either the $150 bonus on $25,000 or $300 bonus on $50,000, which also qualifies you for the 1.70% APY rate, that works out to a total 8.90% APY for 30 days (7.2 + 1.70).

Note this is somewhat optimistic as you will probably add a several days of holding time unless your deposit lands at the very end of the 15-day funding period. Still, it’s always nice to stack a cit bank savings bonus on top of an already competitive interest rate. There are no minimum balance fees, no monthly service fees, no inactivity fee.

Savings Builder high interest qualifications reminder. This a unique savings account with two ways to qualify for their highest interest rate tier. You need ONE of the following in each Evaluation Period:

  • Maintain at least one single monthly deposit of $100+, OR
  • Maintain a balance of $25,000+.

Everyone earns the top tier rate for the first monthly “Evaluation Period”. Then, if you meet one of the requirements listed above during the first Evaluation Period, you’ll earn the top rate for the next monthly Evaluation Period. If you don’t meet a least one of the requirements, you will receive the base interest rate during the next Evaluation Period. They have an indicator in your online account that confirms that you have qualified. Now, if you’re going for this bonus, you’ll already have $25,000 in there so you will qualify for the higher interest rate.

One option that I did is to set up an automatic monthly transfer from my checking account to this account for $100 and satisfy the requirement on auto-pilot. (I can always transfer additional funds in or out as needed.) More details in my previous full review.

Bottom line. CIT Bank has refreshed their Savings Builder Account deposit bonus with a bigger bonus. You can get up to a $300 cash bonus depending on deposit amount, and it is open to both new and existing customers. Unfortunately, if you’ve done a Savings Builder bonus already, you are not eligible for another one. The bonus is on top of the interest rate, currently 1.70% APY (as of 4/9/20) at their top tier for qualifying accounts. These types of bonuses help me earn higher interest rates even when rates are dropping.

Last updated: February 22, 2021
My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. is also a member of the Amazon Associate Program, and if you click through cit bank savings Amazon and make a purchase, I may earn a small commission. Thank you for your support.


CIT Bank Savings Builder: 0.40% APY and No Fees in November

If you’re ready for your hard-earned money to work even harder for you, the CIT Bank Savings Builder pays a healthy APY (average percentage yield) when account holders make either a qualifying monthly deposit of $100 or more or maintain a $25,000 minimum balance. The current CIT Bank APY is a 0.40% rate of return on your savings.

CIT Savings Builder

Offer Details

Secure application on issuer’s website.

APY: Up to 0.40% APY
Monthly Fees: None
Minimum Opening Balance: $100
Daily compounding interest
No account opening or maintenance fees
FDIC insured

Quick Navigation


The CIT Savings Builder account offers a high yield that’s 10 times the average you can get elsewhere in the U.S. So if you’re looking for a place to put your emergency fund, down payment fund or other short-term savings, the Savings Builder can be an excellent way to get more value out of your savings balance.

If you’re also looking for a checking account, the bank’s eChecking account chase bank customer care contacts a solid interest rate, ATM fee reimbursements and more. Before you apply with CIT Bank, though, make sure you research and compare multiple options to make sure you find the right fit, especially online banks — and that includes CIT Bank’s money market account.

Types of Savings Builder Accounts

CIT Bank’s Savings Builder are interest-bearing savings accounts with tiered interest rates. The interest you accrue is compounded daily and credited to your account on a monthly basis. CIT Bank offers two types of Savings Builder accounts that qualify for the current 0.40% APY:

  • High-Balance Savers Account: Must maintain a balance of $25,000 or more.
  • Monthly Savers Account: $100 minimum deposit to open the account, and a $100 monthly deposit after that.

That’s comparable or even better than some CD rates. If you don’t meet one of those requirements, you’ll earn an APY of just 0.30%. Just keep in mind that the bank’s APYs are variable and subject to change without notice.

APY and Tiered Interest

Earning a 0.40% APY may not sound like a lot. But that rate is 10 times the national savings rate of 0.05% in Nov. 2020, according to the Federal Deposit Insurance Corporation (FDIC).

You’ll earn 0.28% interest on balances less than $25,000. However, that APY soars to 0.40% when you have a monthly deposit of $100 more. It pays to save. Similarly, balances of $25,000 or more also earn 0.40% APY without needing a $100 or more monthly deposit. So, a Savings Builder account is a good place to earn high interest on a chunk of your savings without worrying about monthly deposits.

As SlicksterDealer points out, “CIT opens a new type of account with a better interest rate about every year and starts dropping the interest rates on their existing accounts. So watch the interest rate like a hawk.”

TierBalance RequirementAPYInterest Rate
Base Tierless than $25,0000.28%0.250%
Upper Tierless than $25,000, but with monthly deposit of $100 or more0.40%0.399%
Upper Tier$25,000 or more0.40%0.399%

Evaluation Date

Also, the account technically gives you a 0.40% APY  from the day you open your account until your first “Evaluation Day,” regardless of whether you qualify for that rate based on your balance or monthly deposits.

The Evaluation Date occurs at the end of your first “Evaluation Period,” which begins on the third business day prior to the end of the month after the month of account opening and ends at 4:00 pm PT on the next month’s Evaluation Day (the fourth business day prior to the end of the month). After that, you’ll earn the base tier rate of 0.28% APY or the upper tier rate of 0.40% APY.

We know that’s a little complicated, but the good news is that the difference between the introductory rate and the ongoing upper tier rate is negligible.

CIT Bank Savings Builder Fees and Minimums

Like most high-yield savings accounts from online banks, the CIT Bank Savings Builder doesn’t charge a monthly maintenance fee or an account opening fee. The bank does charge some fees, however, including:

  • $10 for outgoing wires unless you have a balance of $25,000 or more (then it’s free).
  • $10 for returned deposit items.

Also, there is a minimum deposit of $100 when you open the account. And like any other savings account, there’s a limit of six withdrawals per statement period. That said, the bank doesn’t appear to charge a fee for excess withdrawals.

How to Access Your CIT Bank Savings

CIT Bank allows its account holders to access their money via the following methods:

  • Free electronic banking transfers (ACH) between your Savings Builder and an account at another bank
  • Outgoing wire transfers ($10 fee for accounts with balances under $25,000)
  • A mailed check

According to CIT Bank’s website, its Savings Builder accounts have “a limit of six pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle.” With that said, if you make a withdrawal or transfer request by mail or telephone, and then have the money mailed to you as a check, it won’t count toward the limit.

Slickdealer deringer praised the bank’s ACH policy on our forums: “I opened a CIT Bank account a year ago to make an emergency savings account (finally) and have been moving money in and out to help pay for my daughter’s college. Never run into an issue ACHing, except that it takes the full 3-5 business days to move. If you can handle that, then go for it.”

How to Use Your CIT Savings Builder Account

High-yield savings accounts like the Savings Builder from CIT Bank are perfect for most short-term savings goals. It’s especially a good option for an emergency fund because a savings account is safe (there’s no investment risk like there is with a. brokerage account) and liquid (you can access the money anytime you need it).

You may also choose to use the CIT Savings Builder account to save money for a down payment on a home, a family vacation, dedicated savings for the holidays and more. If you have longer-term goals like saving for your child’s college education, you’ll want to look at other options that can give you a better return in the long run.

And because the APY is better than CD rates and there are no penalties for withdrawals, you don’t have to worry about getting access when you need to.

Pairing the CIT Savings Builder with a CIT eChecking Account

If you’re tempted to get the CIT Savings Builder account and keep your checking with your current bank, you may want to think twice about that. Getting a high-yield savings account is nice, but a high-yield checking account is even better.

The CIT eChecking account offers a 0.25% APY if you maintain a balance of $25,000, or 0.10% APY for balances that do not meet the threshold. That may not sound like a lot, but the average rate on an interest checking account in the U.S. is 0.04%, according to the FDIC. So you’ll get double the value with CIT’s eChecking account.

Another feature that could make the account appealing is $30 per month in ATM fee reimbursements. If you get cash from the ATM often, not many banks will give you more value than this one.

Some other CIT eChecking features include:

  • No monthly fees.
  • EMV-enabled debit card.
  • Compatible with Zelle, Apple Pay and Samsung Pay.
  • Unlimited withdrawals and disbursements via the CIT Bank mobile app.
  • Overdraft fee of $30.
  • International transaction fee of 1%.

The CIT Bank eChecking account pairs well with the bank’s Savings Builder because of its high APY compared with traditional banks and even credit unions, many of which don’t offer interest checking at all. We wouldn’t suggest going for the 0.25% APY, though, if you can get double that by stashing your cash in the savings account instead.

CIT Bank Savings Builder vs. CIT Bank Money Market

Slickdeals updates average percentage yields periodically. These rates are accurate as of October 2021

In addition to a high-yield savings account, CIT Bank also offers a money market account, which comes with a slightly higher APY at 0.45%. The money market account requires the same $100 minimum deposit when you open the account, but it’s a lot less complicated when it comes to earning interest — you’ll get the 0.45% APY regardless of your balance. Also, you don’t have to meet certain monthly requirements to keep earning it.

CIT Money Market account also offers more flexibility. For example, you can send money to others via Zelle or PayPal (subject to limits) and write checks using your balance.

But, like the CIT Savings Builder account, there’s a six-withdrawal limit, and the money market account does charge a $10 fee for each excess withdrawal. It also charges $25 each time you overdraft your account.

So which one’s better? It really depends on how you use it. If you simply want an account where you can park your money and don’t plan to take withdrawals very often, the money market account may be a better choice. It can especially be worth it if you can’t meet the deposit or balance requirements to get the higher APY on the savings account. You can use CIT Bank online offers to make sure you get the best rates for your new account.

However, it’s important to keep the money market account’s fees in mind. Even if you get charged just one fee in a year, it could defeat the purpose of the higher interest rate. Read our full review of the CIT Bank Money Market account.

Other Products and Services from CIT Bank

In addition to checking, money market and savings accounts, CIT Bank offers a handful of other products and services for its customers.

CIT Bank CDs

The bank offers a variety of CDs ranging from six months to five years, including no-penalty CDs with a term of 11 months and no fee if you withdraw early. That said, the bank’s CD rates are no better than what you’d get with the Savings Builder account.

College Savings

You can also open a Uniform Transfers to Minors Act account, which is one way to set aside money for a child’s college education.

Mortgage Lending and Refinancing

On the lending side, CIT Bank offers home purchase and refinance loans.

Unfortunately, that’s all you’ll get, though. Unlike many other banks and credit unions, CIT Bank doesn’t provide other forms of loans, such as personal, auto or home equity loans. It also doesn’t offer credit cards or investment accounts.

So if you’re looking for a bank where you can do all of your financial management under one roof, you’ll want to look elsewhere. But if you just need a savings account or savings and checking, CIT Bank is an excellent choice.

What if You Already Have a CIT Bank Account?

If you already have an account with CIT Bank, you can still take advantage of this offer. While you will have to open a new account, the process is quick and relatively simple.

Slickdealer nuffstylez noted that they, “called up today to see if I could switch my account from a High Yield Savings to a Savings Builder, but they said I had to open a new account and either close out the High Yield or keep it also. The nice gentleman on the phone walked me through all the steps doing it online on my computer, took less than five minutes total. I was able to move the funds to the new account, and he closed the other one for me.”

Bottom Line

CIT Bank cit bank savings offer the top APY out there, but it’s important to note that deposit rates are changing constantly. So while you may get a better rate somewhere else, that doesn’t mean that bank or credit union will always have the best rate. As such, it’s important to consider all of an account’s features, as well as other products and services the account offers, to make a decision.

Also, while you may find similar or even better interest rates at other banks, our community strongly recommends reading the fine print. This is especially relevant when it comes to the rules surrounding withdraws and transfers.

Finally, you may want to consider whether it’s worth it to move some or all of your banking away from your current bank. Some financial institutions offer relationship bonuses and benefits to customers who maintain a certain balance, and you may lose access to those if you transfer most of your money to another bank.


Read More CIT Bank Articles


Bankrate's guide to choosing the right savings rate

Online banks tend to offer higher rates than brick-and-mortar banks. They are able to do this because they usually have fewer overhead costs. Online banks also need a way to attract your money, so they tend to offer higher yields than banks with branches.

Banking with an online bank that’s a member of the FDIC, can be a great way to earn a higher rate and ensure your money stays protected. Just make sure you’re within the FDIC’s limits and guidelines.

Guide to choosing the best savings account table of contents:

Bankrate's experience on financial advice and reporting

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Best online savings accounts and rates of November 2021

Here are Bankrate's selections for the best widely available savings account rates from top online banks:

*Minimum balance of $25,000 or a monthly deposit of $100 required for APY.

Note: The annual percentage yields (APYs) shown are as of Nov. 18, 2021. Bankrate's editorial team pioneer bank meridian this information regularly, typically biweekly. APYs may have changed since they were last updated and Bankrate's editorial team may occasionally update these APYs after that update. The APYs for some products may vary by region.

1. Best Overall Rate: Comenity Direct - 0.55% APY, $100 minimum to open account (no ATM access)

Savings interest rates from Comenity

Overview: Comenity Direct was created in 2018 and launched its High-Yield Savings Account in April 2019. Comenity Direct is a brand of Comenity Capital Bank. Comenity Bank is best known for its co-branded, private label and business credit card programs. Comenity Bank and Comenity Capital Bank partner with more than 160 retailers worldwide on those credit cards.

Perks: Comenity Direct has one of the highest APYs available. Comenity Direct also has customer service representatives available on the phone Monday through Friday from 7 a.m. to 11 p.m. Central. On weekends and most holidays, the phone hours are 9 a.m. to 5 p.m. Central. Comenity Direct also has the Comenity Direct mobile app, which allows you to make deposits and withdrawals, contact customer service and check your balance.

What to watch for: The account doesn’t offer an ATM card or a debit card for ATM access. But you are able to initiate free ACH transfers.

2. High Rate: Vio Bank - 0.51% APY, $100 minimum balance to open (no ATM access)

Best savings rate from Vio Bank

Overview: Vio Bank, established in 2018, is the national online division of MidFirst Bank. MidFirst Bank has been an FDIC-insured bank since 1934 and was established in 1911, according to the FDIC. Vio Bank offers both central texas state parks High Yield Online Savings account and CDs.

Perks: Vio Bank’s High Yield Online Savings account has one of the top yields around, and all balances receive this APY. It also has a low minimum requirement of $100 to open the account. The account has no monthly fee. There is no charge for incoming domestic or international wire transfers. There also aren't any fees for outgoing or incoming external transfers. But the cost of sending a domestic wire transfer is $30.

What to watch for: You’ll be charged $5 each month for opting to receive paper statements for your account. After you make six withdrawals during your monthly statement cycle, you’ll incur a $10 fee for every withdrawal after that.

3. High Rate: Ally Bank - 0.50% APY, no minimum balance needed for APY and a free checking account (no ATM access)

High-yield savings from Ally Bank

Overview: Ally Bank started in 2004 and is headquartered in Sandy, Utah. In 2009, GMAC Bank was transformed into Ally Bank. It has 2.3 million deposit-account customers, according to its 2020 annual report.

Perks: You can deposit checks remotely with Ally eCheck Deposit. The Online Savings Account also has no monthly maintenance fees. Ally Bank also has 24/7 live customer care.

What to watch for: Like many online banks, you won’t be able to deposit cash into this account. If you only have the Online Cit bank savings Account you won’t be able to get an ATM or debit card. You’re only able to deposit $50,000 in a day and up to $250,000 every 30 calendar days via eCheck Deposit.

4. High Rate: Barclays Bank - 0.50% APY, no minimum balance needed for APY (no ATM access)

Savings interest rates from barclays

Overview: Barclays is often known for its credit cards, but it also offers a consistent high yield on its savings products. Products from Barclays are only available online in the U.S. Barclays offers a competitive, high yield on its savings account.

Perks: Among the perks of an online savings account at Barclays, you'll find a very competitive interest rate, no minimum to open, 24/7 access to funds, online transfers to and from other banks and direct deposit. Additionally, Barclays has a mobile savings app that also allows you to deposit/transfer funds.

What to watch for: If you're looking for a full-service banking institution, Barclays isn't a great option. The bank doesn't offer a checking account option, an ATM network, or branch locations. It's best for those who like to bank online and want an outside institution for its savings options.

5. High Rate: Citibank - 0.50% APY, $0 minimum opening deposit/$1 minimum for APY (ATM access)

high-interest savings from citibank

Overview: Citibank, the retail banking arm of Citigroup, launched a high-yield savings account called Citi Accelerate in 2019. The account pays well above the national average as well as higher than many of the savings rates offered by some of the nation’s largest banks. There’s no minimum balance requirement to earn the APY and no minimum to open an account. But the APY is only available in select markets.

Perks: If you’re already a Citi customer or you’re looking for an account at a bank that has a large national presence, this high-yield savings account may be worth considering. The APY is among the top yields you’ll find at a big bank, and the no minimum balance required to earn the APY makes it easy for anyone to start saving.

What to watch for: The account carries a monthly service charge fee of $4.50 if you open the Citi Accelerate Savings account in a Basic or Access Account package. If you choose one of those packages, the fee can be waived by keeping at least a $500 average monthly balance.

6. High Rate: Marcus by Goldman Sachs - 0.50% APY, no minimum balance to earn APY (no ATM access)

Savings account from marcus by goldman sachs

Overview: The well-known investment firm Goldman Sachs opened Marcus as its consumer banking arm. Marcus has built a reputation for having a competitive APY. In addition, Marcus has an easy account opening process and it’s also simple to transfer money to accounts at other banks.

The savings account option from Marcus requires no minimum deposit to open and no minimum to earn the APY. In addition to savings products, Marcus also offers a range of personal loan options, from debt consolidation to home improvement.

Perks: Along with a high interest rate, the savings account product from Marcus comes with easy-to-meet requirements and the benefits of an online bank. You can access your account at any time, and you'll pay no fees for transactions. Marcus’ contact center is open seven days a week.

Marcus' savings account doesn’t have a minimum deposit amount, so it’s easy for anyone to open this account. Marcus by Goldman Sachs now has an app available on iOS and Google Play, where you can schedule recurring deposits into your account.

What to watch for: You won't find any branches at Marcus. There's also no checking account option at Marcus, limiting your liquidity options.

7. High Rate: Synchrony Bank - 0.50% APY, no minimum balance needed for APY (ATM access)

Best savings rate from synchrony bank

Overview: Synchrony Bank provides a range of depository products for consumers, including savings and money market accounts and a number of CDs. As an online bank, it has limited overhead cost, which means it can return those savings to customers in the form of higher rates. Indeed, its savings account and other depository products are consistently among the top-paying accounts. Synchrony also has a highly rated customer service department available by online chat or by phone seven days a week.

Perks: Customers get a lot of perks, including complimentary identity theft resolution as well as travel and leisure discounts. You'll even get a dedicated customer service number as a "Diamond" customer. You also have three free wire transfers per statement cycle and unlimited ATM reimbursements.

What to watch for: Synchrony Bank doesn't offer a checking account. It's not a full-service bank. So, if you're looking for liquidity, you might want to stash your cash elsewhere.

8. High Rate: Popular Direct - 0.45% APY, $5,000 minimum balance needed for APY (no ATM access)

Overview: A Popular Direct Ultimate Savings account is opened through Popular Bank. Popular Bank is an FDIC-insured bank that was established in 1999, according to the FDIC.

Perks: Popular Direct offers a competitive APY on its Popular Direct Ultimate Savings account, which debuted in July 2019. You can deposit a check into your Popular Direct Plus Savings account using your mobile device.

What to watch for: Popular Direct has a higher minimum balance requirement than some other banks. But there are also banks that have higher deposit requirements as well. ATM cards are not available for a Popular Direct savings account, but you can make an external transfer via ACH.

There are some fees to be aware of. There’s a $25 fee if you close your account within the first 180 days. Also, if your balance goes below $500 for any day during your statement cycle, there’s a $4 fee.

9. High Rate: American Express National Bank - 0.40% APY, no minimum balance needed for APY (no ATM access)

Best savings account from american express bank

Overview: American Express is best known for its credit cards. But it also offers a competitive savings account. The account also has no fees and lets you link your external bank account. The company also offers a variety of CDs.

Perks: The online high yield savings account from American Express provides a competitive rate. It doesn't charge any monthly fees, and it doesn't require a minimum balance. The ability to link current bank accounts offers an easy solution if you have outside accounts that you'd like to view on one platform.

What to watch for: American Express doesn’t have a checking account, so you’ll need to bank elsewhere to get one. Similar to other online banks, American Express does not have any branch locations. And there's no mobile check deposit option — American Express reserves mobile apps for its credit card customers.

10. High Rate: Capital One - 0.40% APY, no minimum balance needed for APY

Best Savings rates from capital one 360

Overview: In addition to its credit cards, Capital One also provides a range of banking and lending products. Besides the 360 Performance Savings account, which made its debut in September 2019, Capital One also offers CDs, a savings IRA and a checking account.

Perks: The 360 Performance Savings account at Capital One doesn't have a monthly fee and doesn't require a minimum balance when you open the account. Also, you don't have to maintain a minimum in this account and all balances earn the same APY.

What to watch for: There are some accounts at online banks that offer higher yields on savings accounts.

11. High Rate: Discover Bank - 0.40% APY, no minimum balance needed for APY (no ATM access)

Best savings rate from discover bank logo

Overview: Discover Bank has been offering deposit products online since 2007. Discover is best known for its credit cards. But it also offers a savings account, money market account, checking account and CDs.

The Discover Online Savings Account isn’t the highest-yielding account. But it offers a very competitive APY and it has no minimum opening deposit and no monthly fee.

Perks: Discover Bank is a good option for an online bank that offers the most popular types of deposit products.

Not many online banks offer checking, money market accounts, savings and CDs. But Discover Bank offers all four and has competitive products in each category. It also offers a competitive yield on its savings account. Discover Bank might be for you if you want your checking and savings at the same online bank.

What to watch for: The Discover Bank Online Savings Account has a consistent APY. But there are higher-yielding accounts available.

12. High Rate: Citizens Access - 0.40% APY, $5,000 minimum balance to earn APY (no ATM access)

Best savings account from citizens access

Overview: Citizens Access is the online bank division of Citizens Bank. It offers a high-yield online savings account and CDs with terms between six months and five years. The online savings account doesn’t have a maintenance fee.

Perks: Citizens Access has a competitive savings account yield near the top of the available offers from Bankrate. Additionally, there are no sign-up or monthly fees.

What to watch for: There is a $5,000 minimum balance to get the highest APY. Citizens Access doesn’t have a mobile app, but you can deposit a check by signing into your account on your phone. Also, balances under $5,000 earn only 0.1 percent APY.

13. High Rate: PurePoint Financial - 0.40% APY, $10,000 minimum balance to earn APY (no ATM access)

high-yield savings from purepoint financial

Overview: PurePoint is a cit bank savings of MUFG Union Bank NA. PurePoint Financial is consistently among the top-APY savings accounts. The Online Savings account isn’t meant for those who are just starting to save, since it has a higher minimum balance requirement compared with other savings accounts.

Perks: The PurePoint Online Savings account doesn’t have a monthly service charge. Interest is paid monthly with this account. The PurePoint savings account offers one of the most competitive savings APYs around.

What to watch for: If your balance drops below $10,000, the account only earns 0.1 percent APY. ATM cards aren’t available for PurePoint’s Online Savings account. PurePoint doesn’t have a mobile app. But it does have mobile banking through your phone’s web browser — which has mobile check deposit abilities.

14. High Rate: CIT Bank - up to 0.40% APY, $25,000 minimum balance or $100/month deposit to earn APY (no ATM access)

High-yield savings from cit bank

Overview: CIT Bank is a nationwide direct bank and is a division of CIT Bank NA, which is a subsidiary of CIT Group Inc., a financial holding company founded in 1908.

Perks: CIT offers competitive yields on its accounts and has a couple of options for savers. The Savings Builder – as long as you open it with at least $100 and keep making at least $100 in monthly deposits – earns a competitive APY.

What to watch for: There are two ways to earn the top APY. You need to either maintain a $25,000 balance, or you can open an account with at least $100 and make deposits of at least $100 each month. You’ll earn a much lower variable rate if your balance goes below $25,000 or if you don’t make monthly deposits of at least $100.

You’d earn that APY if you opened your account on the 15th of the month and didn’t make a qualifying deposit of $100 after opening the account. Your actual APY may be higher or lower, depending on the day of the month that you open your account.

Even before you look at the APY offered on a savings account, make sure you have enough money to open the account and can maintain the minimum balance requirement (if there is one). Also, check to see if the bank charges account fees. Even if it’s a high-yielding account, monthly maintenance fees can cause you to lose interest earnings or even some of your principal.

The good news? It’s easy to find an account that will help you earn a high APY without getting hit with costly fees. Here are some other items to look at in your next high-yield savings account:

  • High APY: Aim for the best APY that will generate the most payout on your savings. But if that account isn’t a good fit for you, there are plenty of competitive yields at other banks to consider. Usually, the best rates are offered by online banks, which have lower overhead costs than brick-and-mortar banks.
  • Low fees: Find an account that doesn’t charge fees. Or if it charges fees, make sure that you’ll be able to meet the requirements to avoid paying them and getting them waived.
  • Easy withdrawals and deposits: A savings account is meant for growing your money. But your money needs to be accessible when you need it. Banks will let you access your savings in different ways. For example, some banks offer Zelle, which lets you send money to people you know through an app. Some banks provide ATM cards to access your money.
  • FDIC-insured: Your money should be in an FDIC-insured account. Always make sure your bank is insured by the FDIC and confirm you’re within FDIC insurance limits and guidelines.
  • Bank account bonus: Some banks offer new customers a cash bonus if they open a new account. Those offers may require you to fund the account with “new money,” which means the money comes from outside of the bank.

Important online savings account terminology

  • Compound interest: Method of calculating interest where interest earned over time is added to the principal. Compounding is usually done on a daily or monthly basis. The more often the compounding, the faster your savings will grow.
  • Interest: Money that you earn for having your funds deposited with a bank.
  • Interest rate: A number that doesn't take into account the effects of compounding.
  • Annual percentage yield (APY): Takes into account the effects of compounding during the year. The best way to compare yields is to use this number, rather than comparing interest rates. The higher the APY, the more income you’ll earn on your cash.
  • Minimum balance requirement: The amount you have to keep in a savings account in order to avoid a monthly maintenance fee.
  • Money market account: A type of savings account that may offer an ATM card for ATM withdrawals and/or checks. Here is more information on the best money market accounts.

What is a savings account?

A savings account is a type of financial account found at both banks and credit unions. These federally insured accounts typically pay interest, but often at lower rates than other interest-bearing financial products insured by the government, like certificates of deposit (CD).

In exchange for lower rates, savings accounts offer more liquidity, allowing for up to six types of withdrawals or transfers per statement cycle (and potentially more). That makes savings accounts ideal for stashing money you may need access to if unexpected costs arise.

Savings accounts can play a crucial role in your financial health. Unlike a CD, which forces you to lock up your money for a specified period of time, there’s no set term for maturity with a savings account. So, it’s a good spot to park your emergency fund.

And safety — and preservation of your principal — is the name of the game with these savings products. Savings accounts are insured up to at least $250,000 at banks by the FDIC and at (National Credit Union Administration) NCUA credit unions, which operate and manage the National Credit Union Share Insurance Fund (NCUSIF).

Is money safe in a savings account?

The money in a savings account is safe if it’s deposited at either an FDIC bank or at an NCUA credit union and your balance doesn’t exceed the deposit insurance amount. The standard FDIC deposit insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. At NCUA credit unions, the standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.

What are the different types of savings accounts?

Generally speaking, there is only one type of savings account. Some savings accounts may be called high-yield savings accounts; however, that doesn’t necessarily mean that they offer a higher APY. Money market accounts also fall under the official definition of savings deposit accounts.

Some banks may also offer special savings accounts for children. Other institutions may have one account for everyone, but may allow the account to be titled so that it can be a custodial savings account.

Here are some possible titling options to designate the owner(s) of a savings account. Some banks don’t allow all of these types. Potential titling options include:

  • Individual account: An account owned by a single person. No one else is allowed to access this account. (An exception can be if someone has a power of attorney for the individual account holder.)
  • Joint account with rights of survivorship: If two people have a joint savings account — with no other beneficiaries on the account — and one of the joint owners dies, the account is paid to the living account holder.
  • Payable on death (POD): If an individual savings account has one or more beneficiaries listed and the account owner passes away, these beneficiaries will receive the balance of the account. Appropriate proof, generally a death certificate, is needed. A beneficiary on a joint account, listed as POD, wouldn’t obtain a right to this account until the last account owner passes away.
  • Uniform Transfers to Minors Act/Uniform Gifts to Minors Act (UTMA/UGMA): Typically, these types of accounts will have one custodian and one minor. The custodian manages the account for the minor until the child reaches age 18 or age 21, depending on the state. Availability of UTMA/UGMAs will depend on the state.

Not all savings accounts are created equal. If you pay close attention to the yields and fees associated with different accounts, you’ll notice that many online banks pay higher yields than their brick-and-mortar counterparts, for example.

When obtaining financial advantage by deception commonwealth a savings account, consider APY, minimum deposit requirements and your financial goals. The best savings accounts will provide a competitive APY, but also give you the flexibility to securely withdraw or transfer money each statement period.

How do savings accounts work?

Savings accounts are liquid bank accounts that usually offer a higher APY than checking accounts. Savings accounts are referred to as liquid because they let you access your money at any time. This feature separates savings accounts from certificates of deposit. A CD requires you to keep your savings in it for a certain term, such as one year or five years, and usually charges you with an early withdrawal penalty if you take your money out early.

Keep in mind that while it's possible to withdraw cash from a savings account, doing so diminishes the amount of interest you earn. The longer you're able to keep from touching your savings, the more the power of compound interest will work in your favor. Compound interest — or earning interest on interest — allows even small deposits to add up to bigger amounts over time.

That feature makes it crucial to compare APYs when choosing a savings account (because APYs include compound interest you earn during the year). APYs are the best way to compare how much interest you're currently earning or could be earning.

You can use our compound interest calculator to calculate your potential earnings on a savings account.

Online savings accounts vs. traditional savings accounts


Bonus Offer

Offer is valid on new accounts only. To qualify, company must spend $3,000 within the first three months of account opening to receive the bonus. 10,000 bonus points will be credited within 60 days of qualification under the description: Commercial Spend Bonus.

Earning Points

Base Rewards Tier: Earns (i) one (1) point for each dollar you spend for net retail purchases (gross retail purchases less any returns or credits), (ii) three (3) points for each dollar you spend for net retail purchases in the follow rewards category: gas stations (2 additional points on top of the 1 point per dollar earned on net retail purchases), (iii) two (2) points for each dollar you spend for net retail purchases in the following rewards categories: restaurants and travel (airlines, auto rental, and lodging) (1 additional point on top of the 1 point per dollar earned on net retail purchases).

Rewards Categories: Merchants who accept Visa credit cards are assigned a cit bank savings code, which is determined by the merchant or its processor in accordance with Visa procedures based on the kinds of products and services they primarily sell. We group similar merchant codes into categories for purposes of making reward offers to you. We make every effort to include all relevant merchant codes in our rewards categories. However, even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category. When this occurs, purchases with that merchant won't qualify for rewards offers on purchases in that category.

Businesses may earn up to 10,000 points per calendar month, excluding bonus points. Points earned are available for redemption for a 3 year term. Points expiring during the year will be cleared from the Program Account on the last day of the month in which they expire.

Rewards Redemption

Businesses in the Base Rewards Tier may redeem points for (i) cash back to a First Citizens checking or savings account or credit card statement credits, (ii) credit towards a First Citizens personal loan or mortgage principal, (iii) Pay Me Back statement credits, (iv) travel rewards, including airline tickets, hotel, car rentals, cruises and tours, (v) retail gift cards and certificates and (vi) merchandise and (vii) donations.

These Terms are only a summary. Other restrictions and requirements apply. The full First Citizens Rewards® Program Rules will be provided upon enrollment and are accessible via the program website at at log in.

Program Rules are subject to change or cancellation without notice.


CIT Bank Review: What To Know About The Popular Online Bank

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Switching banks can be a good move to avoid annoying account fees and earn a higher interest rate. If you don’t need local branch access, an online bank can be your best option. CIT Bank is one of the most popular online banks offering a plethora of fee-free and interest-bearing banking options.

There are many online banks to choose from, so why choose CIT Bank? Two reasons include the few fees and low initial account minimums. This CIT Bank review will help you decide if this bank’s checking, savings, and CD accounts can meet your banking needs.

cit bank review

What CIT Bank Offers

Perhaps this is the first time hearing about CIT Bank. However, CIT’s roots go back to 1908. CIT Bank is an online-only bank with corporate headquarters in Pasadena, California. They offer personal checking and savings accounts, as well as home loans. If you’re a business owner, CIT Bank also has small business and commercial banking solutions.

This CIT Bank review focuses on your personal banking options. CIT Bank currently offers these bank products:

  • eChecking account
  • Savings accounts
  • Money market account
  • Certificates of deposit

These accounts are online-only but you can easily deposit cash with online transfers or mobile deposits. The checking and savings accounts only require a $100 initial deposit. Most new CIT Bank Certificate of Deposits (CD) require at least $1,000. Your first $250,000 in CIT Bank has FDIC Insurance.


What is eChecking exactly? It’s CIT Bank’s free online checking account option.

An eChecking account has no monthly service fees and a $100 minimum initial deposit.

Some of the key account benefits include:

  • Entire account balance earns interest
  • No in-network ATM fees
  • Up to $30 in monthly non-network ATM fee reimbursements
  • Zelle® bank-to-bank instant money transfers

One difference from other online checking accounts is that eChecking is entirely paperless. CIT Bank doesn’t offer or permit you to order paper checks from another third-party. You will need to pay your bills using online bill pay or a third-party payment app or using your debit card.

You may appreciate access to Zelle®, a money transfer platform for most large banks. It’s possible to transfer money in minutes to other friends whose bank is a Zelle® partner. These Zelle® transfers can be quicker than using third-party apps like Venmo or the Cash App.

The CIT Bank app offers mobile check deposit when your employer and friends cut you a check. You can also make unlimited withdrawals each month but account overdrafts cost $30 per incident.

If you have a large stash of cash to deposit, check out the best checking account bonuses. You can earn bonuses as high as $500 while avoiding monthly service fees.

CIT Bank Savings Accounts

You have two different savings account options through CIT Bank. The option depends on whether or not you plan to make recurring monthly deposits. Neither account charges a monthly service fee.

Premier High Yield Savings Account

The information for Premier High Yield Savings Account has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by bank of america bryan tx card issuer.

The Premier High Yield Savings Account doesn’t require recurring deposits or minimum average daily balance.  You only need to make a $100 minimum deposit and your balance earns a competitive interest rate. As this is a high-yield bank account, you can only make up to six monthly withdrawals.

CIT Bank Savings Builder High Yield Savings Account

One of the most exciting online savings accounts options is a CIT Bank Savings Builder High Yield Savings Account account. Your entire deposit earns interest. But you earn a higher rate each month with a minimum $100 monthly deposit or keep a minimum $25,000 daily account balance.

There are no account opening fees or monthly service fees. Like other online banks, you can make up to six monthly withdrawals.

Money Market Account

You might also consider opening a CIT Bank Money Market Account as it can earn a higher interest rate than the High Yield Savings or Savings Builder. An initial account deposit of at least $100 opens your account. There are no monthly service fees but account overdrafts cost $25 each.

Unlike usa holidays 2020 bank money market accounts, this one doesn’t give you a debit card. But you can link this account to payment apps like Zelle® and PayPal. You can make up to six monthly withdrawals so a checking account can be the better option for paying bills and debit purchases.

There are also some external transfer limits to know about:

  • PayPal: Up to $50 per transaction/$50 per day
  • Zelle®: $300 per transaction/ $600 per day
  • ACH electronic transfers: $2 million per transaction/ $2 million per day

As interest rates can fluctuate, you may consider opening a savings and money market account. Having dual accounts lets your transfer funds to the account with a better interest rate.

Certificate of Deposits (CDs)

CIT Bank currently offers three different certificates of deposits. The CIT Bank Certificate of Deposits (CD) include:

  • No Penalty 11-Month CDs
  • Term CDs
  • Jumbo CDs

The CIT Bank No Penalty 11-Month CD and the Term CDs are the most appealing options as the minimum initial deposit is only $1,000. Jumbo CDs require a $100,000 deposit with similar interest rates.

These CDs can be a good place to put the cash you won’t need for at least one year but don’t want to invest in stocks and bonds.

No Penalty CD

You might consider the CIT Bank No Penalty 11-Month CD to earn a higher interest rate than a high yield savings account without the early withdrawal penalties that standard Term CDs charge. CIT’s only no penalty term is for 11 months. You only need to deposit at least $1,000 to open a CD.

You can withdraw your cash before the 11-month maturity date without forfeiting interest or paying a fee. However, this CD yield is lower than a standard term CD.

Term CDs

A Term CD can earn a higher interest rate than CIT Bank’s other bank accounts. Here are your current term options:

  • 6 months
  • 13 months
  • 18 months
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years

The minimum deposit for each term is $1,000.

Once again, only deposit cash you do not plan on needing until the CD cit bank savings ends. You will forfeit a portion of your earned interest or principal if you make an early withdrawal.

Wrapping It Up: Should You Use CIT Bank?

Here’s is a quick review of CIT Bank’s positives and negatives:


  • No monthly service fees or account opening fees
  • Initial $100 deposit ($1,000+ for term CDs)
  • Up to $30 in monthly ATM fee reimbursements (eChecking account)
  • Competitive interest rates for checking, savings, and money market accounts
  • Zelle® instant money transfers
  • FDIC Insurance up to $250,000


  • eChecking account doesn’t permit you to write paper checks
  • No local branch access
  • Overdraft fees up to $30 for eChecking account ($25 for Money Market Account)
  • No signup bonus


CIT Bank is an attractive banking option as it has low initial deposit minimums, no monthly service fees and competitive interest rates. Being able to have an online checking and savings account at the same bank is convenient. However, you may consider a brick-and-mortar bank if you need local branch access.

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The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.


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Bank With The Highest Savings Interest Rate: CIT Bank

Paper Airplane Out Of Dollar Bill - highest savings interest rate

CIT Bank is consistently an online and with the highest savings interest rate. The reason why is because CIT Bank has no expensive retail chains or large overhead. As a result, savers like you and I can take advantage.

Thanks to policies by the Federal Reserve, savings account interest rates are WOEFULLY light. The average saving interest rate is around 0.1%. That is pretty pathetic as an investment return. That said, the purpose of a savings account is NOT for investment purposes!

The purpose of a savings account is for liquidity and capital preservation cit bank savings. It’s inappropriate to compare a savings interest rate return to a stock, bond, structured note, or even a CD. The appropriate comparison to a savings account is another savings account or a checking account.

I’ve currently got about $80,000 in a savings account yielding just 0.2% because I’ve got property taxes to pay, trips to take, and a reserve just in case the stock markets get very ugly so I can invest. The problem is, I hate it when my money isn’t working for me.

It hit me how pathetic my 0.2% savings interest rate is after I noticed just a $197 interest return for the entire year with an average balance of $100,000. As a result, I’m moving my money to CIT Bank this year!


CIT Bank currently offers around a 0.4% saving account interest rate. I’m not going to get rich off of a 0.4% return, but at least I’ll make much more in a interesting checking account. Further, I’m not risking my money in more growth stocks and other risk assets.

CIT Bank Online Savings Account Fees

A CIT Bank account doesn’t require as many fees due to the lack of overhead given it is an online bank. There’s no branch to maintain, so the savings can be passed down to the account holder in the form of fewer fees and a higher interest rate. In fact, CIT Bank doesn’t charge any fees at depending on balance.

cit savings account review - highest savings interest rate

CIT Bank Savings Account Rate

Even though this account is basically free to maintain, it still offers one of the most competitive interest rates currently available for comparable accounts. CIT Bank consistently has the highest savings interest rate I’ve seen.

Do know that the 0.4% APY is the “Preferred” rate, which you obtain by maintaining a balance of $25,000 or more. The standard rate on the CIT Bank savings account for balances under $25,000 is still 0.4% APY, or 4X the national average.

How Do I Transfer Money In And Out Of An Online Savings Account?

One of the things that tends to scare people away from online savings accounts is the fact that there’s no physical branch to visit. They wonder columbia state community college scholarships it’s possible to make deposits without putting a check in the mail, or fear that withdrawing money when it’s urgently needed will take too long. While some online savings accounts are definitely less than convenient, the CIT Bank savings account makes transferring money very easy and fast.

By linking an existing checking account to the CIT Bank savings account, you can electronically transfer money in and out of the account whenever you want. The checking account doesn’t have to be a CIT Bank account either. After linking the checking account, call and request an activation of outbound transfer. I’ve got accounts open with multiple banks due to the $250,000 FDIC limit, hence access to cash is quite easy.

You also have the option of requesting a check be mailed to your home by calling. Outgoing wire transfers are also available and free for CIT Bank savings accounts with a balance of $25,000 or greater. This is one of the highest savings interest rate today.


To build wealth, you’ve got to be persistent in looking for the best deals to earn you more and save you more. The internet makes finding the best rates easy. A 1% difference compounded over 30 years makes a huge difference to the amount of money you’ll end up with.

I’ve been sitting on $75,000 cash at 0.2% because I was just too lazy to move money away from my existing bank. Before the internet, it was a pain to move money. Now it just takes several clicks of a button. If someone were to ask me whether I’d like an extra $700 for 10 minutes of work, I would say hell yeah! Now that I’m no longer working, every basis points counts!

The key really is to take stock of all your cash during volatile times and optimize your cash for the best returns possible while you wait. We’re at the tail end of a 7-8 year bull run since 2009. Returns are much harder to come by.

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