Have you put some money aside, and you want to know how to make the most of your savings? If so, read the Cit Bank high yield savings accounts review.
We will see Cit Bank’s opportunities for individuals and businesses to grow their savings faster and make the best of them.
So, let’s first see what Cit Bank is before reviewing in detail the different savings opportunities it offers, and you can how to take advantage of them.
We will also see the pros and cons of such opportunities to help you make an informed decision and minimize the risks of losing your money.
Overview of Cit Bank
|The Name||Cit Bank.|
|Headquarters||Pasadena, California, United States.|
|Parent Company||First-Citizens Bank.|
|Specialties||Online financial services include High Yield Savings, IRAs, Loans, etc.|
|Interest Rates||Up to 4%.|
|Customer Rating||8.2 out of 10.|
What Is Cit Bank About?
Before going further, I want to clarify that CIT Bank is not related to Citigroup to avoid being confused by the two terms that seem similar.
CIT stands for “Commercial Investment Trust,” which was created back in 1908 by Henry Ittleson.
At that time, he was keen to help businesses find the fundings they needed to keep going forward and succeed.
This company was operating only in Louis, Missouri, but it has expanded its activities in and outside the United States over a century later and has millions of happy customers.
Moreover, the parent company First Citizen Bank has made CIT a complete online marketplace where you can find many financial services.
You can find a good range of digital financial products on the CIT Bank website, including banking services, lending, and leasing for small and midsized businesses.
However, this review’s scope will only emphasize banking services, especially the high yield savings opportunities many online investors value.
CIT Bank Savings Builder Account
What Is savings builder account?
To get started with the saving builder account, you must have a minimum balance of at least S25,000 or commit to making a $100 monthly deposit.
This saving account will earn you a 0.40% interest rate from the day you open your account until the first evaluation day.
CIT Bank doesn’t charge the opening or maintenance fee. You can also compound your daily earnings to maximize the profits.
The deposit means accepted by this online banking platform are checks, but you can also use the CIT Bank mobile app depending on what is convenient.
That said, many customers appreciate this opprtunity because it allows them to make the most of their hard-earned money.
CIT Bank promises always to work hard and help you reach your saving goals consistently.
Many online investors like this saving account because it is affordable, especially for those who don’t earn a high monthly income.
For example, the savings builder account can be the right choice for parents or students who want to save for future studies in colleges universities.
How to get started?
The first step is to open an account by filling into a form the required information: your address, email, taxpayer ID or social security number, and phone number.
In the next step, you will fund your account with at least $100. You can do this through electronic transfer, wire, or mail-in check.
Once done, CIT Bank will send you an email confirming that yiur account is up and ready to start earning you the promised interests.
A savings calculator will also help you estimate how much your savings builder account will make yiu in a given period.
CIT Bank Savings Connect Account
Unlike the previous account, the Savings Connect account will enable you to earn tiered higher interest rates as long as you have a qualifying checking account.
In other words, you will need to open at the same time the Qualifying checking account and the Savings Connect account or be the holder of the two accounts.
The requirement to open each account is $100 %, thus $200 for the two. You must also commit to making periodic minimum monthly deposits of $200 in your checking account to stay qualified.
CIT Bank also uses “Evaluation Periods” to check if you remain qualified and calculate the interests gained by your savings during a given period.
Ensure to keep making a minimum of $200 into your checking account every month to stay in good standing for each evaluation period.
Remember that the savings connect account uses tier interest rates, meaning that your interests will increase at the end of each evaluation period as long as you remain in good standing.
How To Fund Your Checking Account?
You can use ACH direct deposit or the CIT Bank mobile app to make monthly eligible deposits of $200 or more if you have enough financial means.
Moreover, CIT Banks offer many other means to fund your account. The owners are always committed to making their customers’ lives easier.
A banner on this page will take you to its official website, where yiu will see the process to open a savings account you want and fund it with the required regular amounts.
You can also open a saving builder account and a saving connect account simultaneously. It will all depend on the goals you want to reach and your financial means.
These are the two types of CIT Bank savings accounts. If you have a small business that needs loans or grants, you may also consider reading the Fundera review.
In addition to loans for small and midsized businesses, Fundera also offers many other financial products.
Cit Bank Savings Accounts Pros and Cons
- CIT Bank offers two opportunities to make savings and plan for yiru future.
- You can invest in one or both savings accounts simultaneously if you can afford it.
- The monthly required savings investments are affordable for many people.
- The more money you will invest, the more savings rates you will get.
- CIT Bank offers high yield interest, and it is trustworthy.
- You can check how much your account has earned at any time.
These online savings opportunities are only available for US residents, unless I’m mistaken. You must also be at least 18 age to open such accounts.
Another thing to point out is that CIT Bank says there are no account opening or monthly service fees for savings.
However, there is also a statement saying that customers may incur fees associated with certain activities without naming them.
So it will help if you check these fees on this company’s documents and forms page on its website to learn more about them and avoid being surprised.
Is Cit Bank A Scam?
Not at all; CIT Bank has been around for more than a century making it one of the most popular financial institutions in the US and wordwide.
Moreover, this company provides many other financial services in addition to the top-rated high yield savings accounts we have reviewed.
You can, for example, apply for loans if you have a business that needs funds to keep growing and succeed. There are also many other attractive financial services.
Just use the banner in the previous section to the CIT Bank website, where you can browse all available financial products and choose the most ideal for you or your business.
The Final Thoughts
Allow me to end the CIT Bank high yield savings accounts review here. I hope this information will help you make the most of your hard-earned money.
You can trust CIT bank as your preferred savings partner. This company will not charge you a penny to open and maintain your savings account.
You can also make a withdrawal request through electronic banking transfers (ACH). You will pay a $10 fee if your account balance is less than $25,000.
Thank you for reading this review. You can ask questions or leave a comment at the bottom of this page. I will reply as soon as possible.