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finder.com’s rating: 4.3 / 5.0
★★★★★
Existing customers enjoy minimal fees and an APY that’s over double the national average for savings accounts.
0.25%
APY
$0
Fee
$100
Minimum deposit to open
Annual percentage yield (APY) | 0.25% |
---|---|
Fee | $0 |
Minimum deposit to open | $100 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Review by
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
The CIT Bank Premier High Yield Savings account isn’t available for new customers to open. If you already have this account, you’ll earn a solid 0.25% APY, over double the national average savings rate at 0.10% APY.
This FDIC-insured account also offers no associated fees to keep you from drawing from your savings unnecessarily.
However, you need some money on hand before you open your account, whereas many savings accounts don’t require an opening depost. You also have to wait five days to access new deposits.
All in all, you can find accounts with similar features and a higher APY than this one, including at CIT Bank.
You can open a CIT Bank Premier High Yield Savings Account online by following a few steps.
To ensure that your funds are secure, CIT deposits two small amounts into your funding account, followed by a single withdrawal. Then, you’ll get an email within three business days that detail how to verify the deposits made to your account.
After you’ve verified the test deposits, your new CIT Bank Premier savings account is funded and activated.
To be eligible for a CIT Bank Premier savings account, you must:
You need this key information to apply for your CIT Bank account.
CIT Bank is a direct bank that conducts business without the traditional network of bank branches, also called an online-only bank. Given the reduced overhead that comes with online banking, direct banks can offer more competitive rates than your traditional brick-and-mortar bank, not to mention flexible mobile banking and FDIC insurance up to $250,000.
Look out for a few times when you’ll pay extra up front or when you may not have as much access to your money.
If you’re in love with CIT Bank products, you can open its Money Market account with the exact same opening deposit and a higher APY. Other CIT Bank products include its high-APY Savings Builder account, term CDs, jumbo CDs and money market account.
Otherwise, consider Quontic Bank’s High Yield Savings for one of the highest APYs we’ve seen and no monthly fees, plus an ATM card.
See which account offers the features and APY that you’re looking for, then select Go to site when you’re ready to apply.
The CIT Bank Premier High Yield Savings Account is online only, which means your deposit and withdrawal options are limited to:
Electronically transfer funds from an externally linked account or make a deposit by wire transfer. You can also mail a check to CIT Bank for deposit into your account.
The main way to use money from your CIT Bank Premier High Yield Savings Account is to make online or mobile transfers to other accounts.
Otherwise, you can make wire transfers out of the account.
Get help from CIT Bank’s customer service by phone or email:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
CIT Bank Premier High Yield Savings Account is not currently available on Finder
Have you considered BrioDirect High-Yield Savings?
Keep track of your savings with online and mobile banking. No monthly fee.