CIT Savings Account Review: High Interest Rate and Low Bank Fees

Learn if a CIT Bank Savings account is right for you.

Since its entry into the online market in 2011, CIT Bank has grown its online presence. CIT Bank offers a range of deposit accounts and savings accounts, including certificates of deposit and checking accounts to meet your financial needs. Plus, if you like keeping all of your banking in one place, CIT Bank also offers home loans and small business resources. Read on for a review of the CIT online savings account so you can better decide if it’s the best online savings account for you.

CIT Requires Low Minimums to Open an Account

When looking for a savings account, look for an account that does not have minimum savings account balance requirements that can result in being charged monthly fees. The CIT savings account only requires that your initial deposit be at least $100. Going forward, there’s no minimum balance requirement. You won’t be docked minimum balance fees for your high-interest savings account if you tap your savings and need time to rebuild your balance.

Learn: Why Banks Require a Minimum Balance

CIT Bank’s Premier High Yield Savings Account

The CIT savings account offers a 1.35% APY, as of Sept. 14, 2017, on the first $100,000 in your savings account — about 20 times the average rate. The interest rate on any savings above $100,000 is 1.25% APY. You don’t need to meet any qualifications each month to be eligible for that rate. Besides the high interest rates, CIT Bank compounds your interest daily, allowing it to grow faster than with monthly, quarterly or annual compounding.

Find Out: How to Choose a High-Yield Savings Account

Online Access to Deposit Accounts

CIT Bank makes it easy to open a savings account online, so you don’t have to waste your time traveling to and from a physical location. To open an account, you’ll need your Social Security number, driver’s license or other state ID, the name and personal details of anyone else who will be included on the account, and the bank account information for the account you’ll be transferring money from to fund your new account.

All CIT high-interest savings accounts come with online banking at no additional fee. So, anywhere you have a mobile signal, your account information is at your fingertips. You can check your balance, make transfers to and from your account, and even schedule future transfers with your online savings account — literally from the palm of your hand. Online access to your CIT account does not inhibit the safety of your money. Like other banks, FDIC insurance covers up to $250,000 per account category at CIT Bank.

Check Out: 10 Best Savings Account Promotions Available Now

If you’re looking for a straightforward savings account with a solid interest rate on your balance, no fees, and online access, and don’t need a sign-up bonus, the CIT Bank Premier High Yield Savings Account can be a great place to stash your cash.