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CIT Bank Premier High Yield Savings Account review

Enjoy a 0.25% APY with no fees or minimum balances. But it's not available to new customers.

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

Details

Annual percentage yield (APY)0.25%
Fee$0
Minimum deposit to open$100
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6

Review by


Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

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.

How do I open a CIT Bank Premier High Yield Savings Account?

You can open a CIT Bank Premier High Yield Savings Account online by following a few steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Open an account on CIT Bank’s website.
  3. Review the info you’ll need, and select Next.
  4. Select the Premier High Yield Savings Account from the Product list. Select Next.
  5. Indicate whether you’d like an individual or joint account.
  6. Tell CIT more about yourself, including your full name, mailing address, date of birth and Social Security number. Click Next.
  7. Review the information you’ve submitted, and click Verify My Identity.
  8. Review CIT Bank’s account agreements, including its e-sign consent form and taxpayer ID certification. Click Next.
  9. Using your bank account and routing numbers, deposit at least $100 into your new savings account.

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.

Am I eligible?

To be eligible for a CIT Bank Premier savings account, you must:

  • Be a US citizen.
  • Be at least 18 years old.
  • Have a US residential address.
  • Have a Social Security number.
  • Have a valid bank account.

What information is required to apply with CIT Bank?

You need this key information to apply for your CIT Bank account.

  • Primary home address
  • Valid email address
  • Valid phone number
  • Social Security number
  • Driver’s license or valid state ID
  • Names and personal details of any joint account holders or designated beneficiaries

What are the benefits of a savings account with CIT Bank?

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.

  • Solid 0.25% APY. CIT Bank’s tiered interest rates offer 0.25% APY on balances of up to $250,000 and on balances of $250,000+.
  • No minimum balance or monthly maintenance fees. Save as little or as much as you’d like without worrying about any consequences.
  • Interest compounded daily. CIT Bank calculates interest daily so that your money can grow efficiently.

What should I look out for?

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.

  • $100 minimum deposit. You’ll need some money on hand to open this account, although this amount is lower than other lenders.
  • Five-day hold on deposits. Funds are held for five business days from the day of deposit before they’re available for your use.
  • $10 wire transfers. Outgoing wire transfers are subject to a $10 fee.

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.

Compare CIT to other savings accounts

See which account offers the features and APY that you’re looking for, then select Go to site when you’re ready to apply.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.70%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.90%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
3.01%
$0
$0
Daily
Earn a 3.01% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
2.15%
$0
$100
Daily
Interest is compounded daily. No monthly service fees. Competitive rates
Save Market Savings
Bonus
Save Market Savings
Up to 4.46%
0.35% annually (can be waived)
$1,000
Annually
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
Each time you successfully refer a friend, Save invests an extra $1,000 on both of your behalfs. After a year is up, Save keeps the $1,000 and gives you all the earned interest.
A savings account that invests your interest in the stock market where it can earn an average 4.46% return.
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Compare up to 4 providers

How do I deposit or withdraw my money?

The CIT Bank Premier High Yield Savings Account is online only, which means your deposit and withdrawal options are limited to:

Deposits:

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.

  • Online deposit. Transfer funds among accounts from your online account.
  • Mobile check deposit. Upload and deposit a check using CIT Bank’s mobile banking app.
  • Mail a check. Send paper checks to CIT Bank for deposit into your account.

Withdrawals:

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.

How can I get in touch with customer service?

Get help from CIT Bank’s customer service by phone or email:

  • Phone. Call 855-462-2652 weekdays from 8 a.m. to 9 p.m., Saturdays from 9 a.m. to 5 p.m. and Sundays from 11 a.m. to 4 p.m. ET.
  • Email. Email bank forms to CIT Bank at bankingforms@cit.com. Or complete a secure online form on the site for a response from customer service.

Savings account ratings

★★★★★ — 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.

Read the full methodology of how we rate savings accounts.

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