
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
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.
0.50%
APY
$0
Fee
$100
Minimum deposit to open
Review by
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.
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.
To be eligible for a CIT Bank Premier savings account, you must:
CIT Bank’s high-yield savings account comes with several perks:
The CIT Bank savings account has profitable benefits but also a few potential drawbacks:
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.
The CIT Bank Premier High Yield Savings Account is online only, which means your deposit and withdrawal options are limited to:
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.