You want to make your money a workhorse. You have set the visual goals of your financial plan and now you want to find out the best way to make your money work for you – not the other way around.
If you know me, you know that I talk incessantly about high yield savings accounts. Your typical savings account only gets 0.09% at the local bank – pennies. A high yield savings account, on the other hand, can earn 20 times more. The longer you wait to open a high yield savings account, the more money you will lose.
If your money is there, especially in an emergency fund, we'd better work harder for us.
I opened a high yield savings account at CIT Bank last year and after testing it, I am proud to be a member. CIT Bank currently offers a maximum rate of 1.85% APY on your Savings Builder Account. This is about 20 times above the average rate you would get at a physical bank.
To receive this fee, you must have a balance of $ 25,000 or make a qualified initial deposit of $ 100 and monthly deposits of at least $ 100 (the most viable option).
Do you have $ 100 a month to save money? Open a CIT Bank account today to increase your money »
To make it more real, let's say you have $ 10,000 in your account. Even if you did not contribute more over the course of a year, you would have made almost $ 200 from your sitting money, compared to $ 10 from a traditional bank.
Even if you can't raise $ 100 a month, CIT has another high yield savings account option that offers 1.55% APY and has no monthly deposit requirements, far above the 0.09% your physical bank offers. to you.
Banking Professionals with CIT Bank
It is easy to get started. All you have to do is sign up for the CIT website, provide personal information and link to an account from which funds will be transferred.
While Fed interest rates are fluctuating, online banks like CIT will almost always have the best rates in the industry. As they have no brick and mortar locations, they can pass these savings on to customers.
This next pro can also be considered a scam depending on your banking needs. CIT offers very simple banking services, which means there are no fees to open or close an account and no monthly fees.
It offers strictly savings accounts and CDs, making it a fully savings-focused bank. I love it because it means my money is set aside and out of sight, which means I'm less likely to spend it. Also, the more you leave your nest, the more interest it gets.
CIT customer service is always friendly and concerned about your personal safety. Each time I called CIT, the representative made calls and asked me for at least three forms of telephone identification. This shows that the company takes my safety seriously.
Open a CIT Bank savings account today and start earning 1.85% interest »
In addition, CIT has FDIC insurance, which means I know my money is guaranteed up to $ 250,000. And you can transfer money to your regular checking account quite easily with one bank transfer (six transfers per month are free).
The cons of CIT Bank
There are a few things about CIT Bank that someone should consider to make sure it's right for them.
First, the site and backend technology have some quirks: It can be a little slow and clumsy, but once the initial account is set up, it's easier to use.
Website design is not intuitive and takes some getting used to. I had to reset my password a few times because the site was fooling me. You will need patience when setting up.
It is also important to note that other online banks such as Wealthfront and Ally do not require minimum balances or minimum monthly transactions and offer similar interest rates – Wealthfront offers 1.83% and Ally offers 1.80%.
Even with the Federal Reserve cutting interest rates, there are still some online banks that offer more than 2% interest, such as Credit Karma. Interest rates will change as the Fed increases and decreases over time.
Overall, I recommend CIT Bank. Who says no to free money?
Ready to put your money into a high yield savings account at CIT Bank? Start saving today »