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CIT Bank High Yield Savings Account, Explained

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CIT Bank High Yield Savings Account, Explained

09/09/24 02:49 pm

Some of the very first steps to taking control of your finances is to keep your money where it can earn its utmost of interest.

 

If you've been keeping your savings in a traditional bank with an Annual Percentage Yield, or APY, of less than 1% it may be time for you to switch to a High Yield Savings Account.

 

CIT Bank, a division of First Citizens Bank, offers competitive rates coupled with helpful features that make it a great savings solution. The highest earning potential account is the Platinum Savings Account with an APY rate of 4.85% with a minimum daily balance of $5,000.

 

If you're looking for a high APY rate without meeting that minimum the Savings Connect account offers 4.50% with no minimum balance, and $100 or more for the first deposit.

 

More details:

  1. APY Rate

    1. Platinum Savings Account's APY rate is 4.85% with a mandatory minimum of $5,000 monthly (otherwise APY drops to 0.25%)

    2. Savings Connect Account's APY rate is 4.50% with $0 minimum balance

  1. Fees

    1. There are no fees associated with the savings or checking accounts.

    2. There is no overdraft fee if you overspend on the checking account. Instead you can connect your checking with the savings account, and it will draw from there. Insufficient funds will lead to your card being declined.

  2. Minimums

    1. There is a $5,000 monthly minimum for the Platinum Savings Account to reach its 4.85% APY

  3. Ease of Use

    1. Customers have praised CIT Bank's customer service for being easily reachable and available to help any issues

    2. Comprehensive App and Website for all your online banking needs

    3. No ATM network for deposits or withdrawals, however there is a $30 monthly reimbursement for ATM fees 

    4. Zelle compatible to send or receive money from friends and family (available with checking account)

 

CIT Bank's savings and checking accounts have a lot to offer, with great APY rates and flexibility of usage. Users who are more cash flush would benefit from the Platinum accounts which requires a $5,000 monthly deposit to unlock 4.85% APY, while the Savings Connect account's 4.50% APY would be available to anybody with $100 to open to the account.




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