You’ll want to invest your savings safely as you begin to save. CIT Bank’s online savings account can be an excellent option.
The interest rates offered by most banks and credit unions are pretty low. I’m talking fractions or well below 1%.
Yikes!
There are some online banks which offer better saving options. This will allow you to continue working towards your financial goals while your money is being put to good use.
You can learn more below about CIT Bank’s Savings Builder and other options that the company offers to its members.
CIT Bank is a bank I recommend to put your money to work. It has an 8.5/10 rating. Open a savings account to save money, get better interest rates and avoid bank fees.
Table of Contents
What is CIT Bank?
CIT Banks Savings Build-Up
What else does CIT Bank offer?
CIT Bank Pros and Cons
What is CIT Bank?
It’s important to know a little bit about this online bank before I go into the details of how it can help you with your finances. You can skip the sections if you’re not interested and just want to get the good stuff.
CIT Bank, a leading national institution, is dedicated to helping individuals and businesses save money. CIT Bank offers some of the most innovative financial products to help you reach your goals.
CIT Group Inc., a financial holding company, has over a hundred years of experience and approximately $50 billion of assets at the end of June 2019. It also operates CIT Bank N.A., a major bank subsidiary. (Member FDIC, Equal Housing Lender).
CIT’s Consumer Banking segment includes CIT Bank (its national online bank) and OneWest Bank (a Southern California branch), which are both insured by the FDIC.
The bank has won many awards over the years. Here are a few of them:
Monitor’s Top 50 Leasing and Bank Finance Companies in the U.S.
FinTech Breakthrough Award: Best Personal Finance Company
SmartAsset Names the Savings Builder as a Best Savings Account for 2019
GOBankingRates 10 Best Online Banks for 2019
CIT Banks Savings Build-Up
Savings Builder, as CIT Bank calls it, is one of the reasons I chose to mention CIT Bank.
The top annual percentage yield (APY) or interest rate you receive on your money is offered by this online savings account to help you save.
As I said in the introduction, most banks and credit Unions offer very low interest rates on your savings.
How low can you go?
According to ValuePenguin, the average interest rate on checking accounts is 0.06%. The average interest rate on savings accounts is 0.09%. And the average interest rate in money markets is 0.16%.
CIT Bank Savings Builder offers you a great rate of interest. This is a huge jump compared to the big banks and credit unions.
The Savings Builder: Features and Benefits
You want to protect your money when you save it. This money is usually for an emergency fund, or to buy a home.
Your money is not going to be invested and exposed to volatility. But you still want it to be working for you.
Savings Builder by CIT Bank is a great solution. Here are a few benefits and features.
Earn 25 times the average national savings rate
$100 minimum opening deposit
From the opening of the account to the first Evaluation Day, you can enjoy a stable interest rate.
No fees for account opening or maintenance
Earn more money with daily compounding interest
Limit of six transactions per statement cycle
CIT Bank Mobile App allows you to deposit checks and make transfers remotely.
You’ll need to choose between two options to keep earning the solid interest.
You must keep a minimum balance of $25,000, and this may prove to be more difficult. You may have thought, “Well, that’s not a problem!”
There is another option for those who are just starting out or do not have a high enough balance. Make a deposit of at least $100 per month. That’s it!
CIT Bank’s Savings Builder can be a great option if you want to save money consistently and are looking for a way to reward yourself.
You can accumulate your money safely and watch it grow over time. This is the perfect way to reach any financial goal.
Are you interested in opening an Savings Builder Account? Start in just three simple steps. Register Here.
What else does CIT Bank offer?
CIT Bank offers a variety of options to invest your money.
If you want to improve your personal finances, you might be interested in some of the features below.
Money Market
CIT Bank offers money market accounts with up to 1,85% APY. Money market and savings accounts are similar. A money market account, however, is a hybrid account that combines both checking and savings.
You can read more here about money market account.
CIT Money Market Features
Earn 20x more than the national average
Easy and quick access to your funds
No monthly service fee
Secure 24/7 banking with award-winning service
FDIC insured
Limit of six transactions per statement cycle
CIT Bank Mobile App allows you to deposit checks and make transfers remotely.
Open A Money Market Account
CDs
CIT Bank offers CDs in addition to their money market and savings builder. CIT Bank offers a variety of CD terms and rates to help you reach your savings goals.
These might also be good options for you, depending on your goals and views.
Choose from a few CDs
Term CDs are a great way to lock in a rate of interest and not worry about the market fluctuations.
No-penalty 11-Month CD : You get the security of CDs while still being able to access your money.
Buy Jumbo CDs to maximize your investment and return.
RampUp CDs
Open A CIT Bank CD
Home Loans
Most banks offer mortgages and home loans. Always compare quotes for these types of loans when you are doing your research.
CIT Bank might not be your best option after diving in, but it could be an excellent one. Your credit score, your loan history and whether you use other CIT Bank services will all determine how much money you can save.
You can lower your mortgage rate by opening a Savings Builder Account. Saving on your mortgage while also collecting money to earn a high APY is a win-win situation.
CIT Bank Pros and Cons
In the past few years, online bank accounts have grown in popularity. Many people have switched to online bank accounts because of their high APYs, ease-of-use, and other features.
You should understand the terms of CIT Bank’s products to be able to obtain the highest APY, the best CD rates, etc.
On their website they have some simple tables that break down the information.
CIT Bank: Here are a few quick pros and con’s.
Pros:
Savings Builder offers one of the highest APYs available.
Savings Builder encourages you to save money by forcing you deposit $100 every month to receive the highest APY.
No monthly charges are required.
Flexible CD Options
FDIC insured up to $250,000
Cons:
Checking Accounts NOT Available
Savings Builder has a minimum balance of $25,000 (if you do not deposit $100 each month). This is the highest minimum balance requirement to earn the best APY.
