CIT Bank Premier High Yield Savings Account review
An online bank offering 0.5% APY with no fees or minimum daily balances.
finder.com’s rating: 4.3 / 5.0
Whether you’re putting money aside for an investment or simply a rainy day, a high-yield savings account can help you meet your financial goals. And while you won’t find CIT Bank down the block, this online bank can help you maximize your savings potential with a high APY, minimal fees and the protection of the FDIC.
Minimum deposit to open
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
The CIT Bank Premier High Yield Savings account is best for those looking to earn a competitive rate on their savings balance. This FDIC-insured account is a solid way to save. It offers 0.5% APY with no associated fees and daily compounded interest.
But while the $100 initial deposit to open is easy enough, you’ll need to wait five days to access new deposits.
What are the benefits of a savings account with CIT Bank?
CIT Bank’s high-yield savings account comes with several perks:
- High 0.5% APY. CIT Bank’s tiered interest rates offer 0.5% APY on balances of up to $250,000 and on balances of $250,000 or more.
- No minimum daily balance. Save on as little or as much as you’d like.
- No fees. Open this account for free and pay no maintenance fees.
- Interest compounded daily. CIT Bank calculates interest daily so that your money can grow efficiently.
- Mobile app. Download CIT Bank’s mobile banking app for Android and iOS to check your account balance, transfer funds and deposit checks.
- Security. Deposits of up to $250,000 are insured by the FDIC.
What should I look out for?
The CIT Bank savings account has profitable benefits but also a few potential drawbacks:
- $100 minimum deposit. It’s not much, but you’ll need an initial deposit of $100 to open this account.
- 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 want a high yield savings account that allows you to make free outgoing wire transers, you’ll want to keep looking. As always, compare your options when considering a savings account.
Compare CIT to other savings accounts
How do I open an account?
1. Go to CIT Bank’s website and click Open an account.
2. Review the info you’ll need, and click Next.
3. Select the Premier High Yield Savings Account from the Product list. Click Next.
4. Indicate whether you’d like an individual or joint account.
5. Tell CIT more about yourself, including your full name, mailing address, date of birth and Social Security number. Click Next.
6. Review the information you’ve submitted, and click Verify My Identity.
7.Review CIT Bank’s account agreements, including its e-sign consent form and taxpayer ID certification. Click Next.
Next, you’re asked to provide the bank account number and routing number of your funding account. You will need to deposit at least $100 into your new CIT Bank Premier savings account.
To ensure that your funds are secure, CIT deposits two small amounts into your funding account, followed by a single withdrawal. After that, CIT emails you within three business days with instructions 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?
- 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
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:
- 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.
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 email@example.com. Or complete a secure online form on the site for a response from customer service.
Common questions about CIT Bank
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.