If you’re interested in a high yield savings account with no monthly service fees, then CIT Bank is your answer. CIT Bank’s Premier High Yield savings account’s current’s API is several times the national average. For example, the savings account offers a 2.45% APY, which 15+ times better than the average rate of 0.09%. You just can’t beat that.
In this article, we’ll discuss several reasons why an online savings account with CIT Bank is the best bank to get a savings account with high interest. Those include:
1. A High 2.45% APY;
2. No opening or maintenance fees;
3. Daily compounding interest, paid monthly;
4. Low minimum deposit of $100.
While saving money online with CIT Bank will not make you rich, getting a 2.45% APY on your savings is probably a way better option than what your current savings account is offering. And it is a way better option than having your money under your mattress.
Signing up with CIT Bank is easy. Simply create an online savings account and start earning high interest on your savings. All you need is $100 to open the account.
What is CIT Bank and its Premier High Yield Savings Account?
Basically, CIT Bank is an online-only bank. That means there are no physical CIT Bank locations. In other words, every transaction is done online and is available 24/7. Also CIT Bank is not the same as Citibank; they are two different banks. In fact, CIT Bank stands for Commercial Investment Trust. And like most banks, CIT Bank is federally insured up to $250,000.
The Premier High Yield savings account is the only savings account CIT Bank offers.
Here are several reasons why CIT Bank’s Premier High Yield savings account is the best savings account for your hard earned money:
1. It has one of the highest APYs.
Opening an online savings account with CIT Bank will allow your savings to grow exponentially. The account offers a high 2.45% APY. You just can’t beat that. APY or annual percentage yield tells you how much you’ll earn with compound interest over the course of a year. In case of APY, higher is always better.
Ask yourself, how many brick and mortar banks or online savings banks are offering this kind of APY? The answer is none. The closest online savings bank I can think of is Synchrony bank which offers a 2.5% APY on its savings account or Barclays which offers a 1.85% APY. None of these online high interest savings accounts can beat CIT Bank 2.45% APY. So a savings account with a 2.45% APY means that you can earn more on your money and meet your savings goals faster.
2. There is no maintenance fee.
Although, you will need $100 to open a savings account with CIT Bank, you won’t pay any maintenance fees. Most savings accounts out there require you to pay a monthly maintenance fee if you have insufficient funds in your account. With CIT Bank’s high yield savings account, you pay no monthly fees.
3. There is daily compounding.
Another reason why CIT Bank Premier High Yield savings account is the best online savings account out there is that it provides daily compounding. Interest compound daily to maximize your earning and savings potential. How compound interest works is that you earn interest on the money you deposit (the principal), and you earn interest on the interest you have already earned. So you earn interest on interest.
So if your money is earning compound interest, your savings will grow significantly faster than a regular savings account.
4. CIT Bank is federally insured.
In addition to offering the highest APY, CIT Bank is federally insured. So that means you can sleep better at night knowing that your hard earned money is safe. CIT Bank is backed by the maximum allowable FDIC guarantee of $250,000. So if it defaults, the US Government would repay you every dollar you had in the account, up to $250,000. So this makes CIT Bank a great place to keep emergency funds or funds for short term savings goals.
Bottom line is, if you don’t mind an online bank only, but want a high APY on a savings account with no monthly fees, then CIT Bank Premier High Yield Savings account is a good fit for you.
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