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CIT Bank Accounts Rates High Yield Savings Accounts & CDs
Money Motivation

CIT Bank Accounts & Rates: High Yield Savings Accounts & CDs

Are you looking for a reliable and innovative online banking solution? In this comprehensive review, we’ll delve into the offerings of CIT Bank, a leading financial institution that has garnered attention for its competitive rates and user-friendly online platform.

Whether you’re seeking a high-yield savings account, a secure certificate of deposit (CD), or a flexible money market account, CIT Bank has a range of options to suit your needs.

Join us as we explore the key features, interest rates, minimum balances, and pros and cons of CIT Bank’s various accounts, helping you make an informed decision about your banking choices.

What types of accounts does CIT Bank offer?

CIT Bank offers accounts from high-yield savings accounts to CDs, to eChecking accounts. Here are the accounts that they offer: 

CIT Bank Savings Connect Account:

CIT Bank Savings Connect Account is the account that I recommend if you plan on having under $5,000 in your account (over $5,000, I recommend the Platinum Account)

  • Interest rate: 4.65% APY
  • Account minimum to open: $100
  • NO monthly service fees
  • Mobile banking
  • FDIC Insured
  • Competitive Rates: 11x the National Average
  • Ideal for:
    • Emergency Fund
    • General Savings
    • Sinking Funds
    • Balances under $5,000

>> Click here to open a CIT Bank Savings Connect Account

CIT Bank Platinum Savings Account:​

CIT Bank Platinum Savings Account is the account that I recommend if you plan on having over $5,000 in your account (under $5,000, I recommend the Savings Connect Account).

  • Interest rate:
    • 5.05% APY on accounts with balances over $5,000
    • 0.25% APY on accounts with balances under $5,000
  • Account minimum to open: $100
  • NO monthly service fees
  • Mobile banking
  • FDIC Insured
  • Competitive Rates: 12x the National Average
  • Ideal for:
    • Emergency Fund
    • General Savings
    • Sinking Funds
    • Balances under $5,000

>> Click here to open a CIT Bank Platinum Savings Account

CIT Bank Savings Builder Account

I personally do NOT recommend this account. The Platinum Savings Account or the Savings Connect Account have much better rates. 

  • Interest rate: 1.00% APY (on balances over $25,000)
  • Account minimum to open: $100
  • NO monthly service fees
  • Mobile banking
  • FDIC Insured
  • Competitive Rates: 2x the National Average
  • Ideal for:
    • *Insert sassy remark* Nothing… go with the Savings Connect or Platinum Savings Account

>> Click here to open a CIT Bank Savings Builder Account

CIT Bank Money Market Account

I personally do NOT recommend this account. The Planium Savings Account or the Savings Connect Account have much better rates. 

  • Interest rate: 1.55% APY 
  • Account minimum to open: $100
  • NO monthly service fees
  • Mobile banking
  • FDIC Insured
  • Competitive Rates: 2x the National Average
  • Ideal for:
    • *Insert sassy remark* Nothing… go with the Savings Connect or Platinum Savings Account

>> Click here to open a CIT Bank Money Market Account

CIT Bank No-Penalty CD

A certificate of deposit (CD) is a financial product that allows individuals to deposit a fixed amount of money for a specific period of time, typically at a higher interest rate than regular savings accounts, in exchange for not accessing the funds until the maturity date.

  • Interest rate: 4.90% APY 
  • NO penalty to access funds if needed before maturity
  • Available for up to 11 months
  • Account minimum to open: $1,000
  • NO monthly service fees
  • FDIC Insured
  • Ideal for:
    • Saving for a car, down payment, semi-long-term savings

>> Click here to open a CIT Bank No-Penalty CD Account

CIT Bank 6-Month CD​

A certificate of deposit (CD) is a financial product that allows individuals to deposit a fixed amount of money for a specific period of time, typically at a higher interest rate than regular savings accounts, in exchange for not accessing the funds until the maturity date.

  • Interest rate: 5.00% APY 
  • NO penalty to access funds if needed before maturity
  • Available for up to 11 months
  • Account minimum to open: $1,000
  • NO monthly service fees
  • FDIC Insured
  • Ideal for:
    • Saving for a car, down payment, semi-long-term savings

>> Click here to open a CIT Bank 6-Month CD Account

CIT Bank 13-Month CD​​

A certificate of deposit (CD) is a financial product that allows individuals to deposit a fixed amount of money for a specific period of time, typically at a higher interest rate than regular savings accounts, in exchange for not accessing the funds until the maturity date.

  • Interest rate: 4.65% APY 
  • NO penalty to access funds if needed before maturity
  • Available for up to 11 months
  • Account minimum to open: $1,000
  • NO monthly service fees
  • FDIC Insured
  • Ideal for:
    • Saving for a car, down payment, semi-long term savings

>> Click here to open a CIT Bank 13-Month CD Account

CIT Bank 18-Month CD​​​

A certificate of deposit (CD) is a financial product that allows individuals to deposit a fixed amount of money for a specific period of time, typically at a higher interest rate than regular savings accounts, in exchange for not accessing the funds until the maturity date.

  • Interest rate: 4.60% APY 
  • NO penalty to access funds if needed before maturity
  • Available for up to 11 months
  • Account minimum to open: $1,000
  • NO monthly service fees
  • FDIC Insured
  • Ideal for:
    • Saving for a car, down payment, semi-long term savings

>> Click here to open a CIT Bank 18-Month CD Account

CIT Bank eChecking Account

CIT Bank is one of the only banks to offer interest on your checking account!

  • Interest rate:
    • 0.25% APY with a minimum balance of $25,000
    • 0.10% APY on balances under $25,000
  • No ATM fees
    • Get up to $30 in other bank’s ATM fees reimbursed per month.
  • Debit card with EMV chip technology.Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay.
  • Mobile app: Deposit checks and make unlimited withdrawal and disbursements.24/7 account access online and mobile, plus an automated telephone system.Easily set travel alerts or stop/restrict use on your debit card.
  • Account minimum to open: $100
  • NO monthly service fees
  • FDIC Insured
  • Ideal for:
    • Saving for a car, down payment, semi-long term savings

>> Click here to open a CIT Bank eChecking Account

Tips for Maximizing Earnings with CIT Bank's Platinum Savings Account

To maximize your earnings with CIT Bank’s Platinum Savings account, you should consider setting up automatic transfers to your account. This strategy ensures that you’re consistently contributing to your savings account and, as a result, earning more interest. It’s also important to avoid any fees, such as overdraft or early withdrawal penalties, that can eat into your savings.

How does the interest on CIT Accounts accrue?

The interest on all CIT accounts accrues daily and is compounded daily to maximize your earnings potential.

How does compound interest work with savings accounts?

Compound interest is a powerful tool that can help your savings grow over time. Essentially, it means that you earn interest not only on your original deposit but also on the interest that your account earns over time. For example, if you deposit $5,000 in a savings account with a 4% annual interest rate, you would earn $200 in interest after the first year.

But with compound interest, you would earn interest on the full $5,200 balance in the second year, which would result in slightly more interest earnings than the previous year. Over time, this compounding effect can lead to significant growth in your savings.

Are there any fees associated with CIT's accounts?

There are no account opening or maintenance fees associated with the CIT Accounts. However, there may be fees for certain transactions such as overdrafts or early withdrawals.

Do I have to pay taxes on my high yield savings account?

You only pay taxes on the extra money your account makes in earned interest, not the initial amount you put in. The interest you earn from a high-interest savings account is taxed like regular income. All the interest you make is taxable, and your bank will send you a Form 1099-INT if you earn more than $10 in interest.

This is the same for traditional bank accounts, not just high-yield savings accounts.

How many transfers can I make from my savings account?

CIT Bank savings accounts are subject to federal regulations, which limit certain types of transfers and withdrawals to six per statement cycle. This includes preauthorized or automatic transfers, telephone transfers, and online or mobile banking transfers. However, there is no limit to the number of transfers or withdrawals you can make in person at a CIT Bank branch or ATM.

How can I use the CIT Bank mobile app to deposit checks and make transfers?

The CIT Bank mobile app allows you to easily deposit checks from your mobile device by taking a photo of the check and submitting it through the app. You can also use the app to make transfers between your CIT Bank accounts or to external accounts. The app is available for download on both iOS and Android devices and provides a convenient way to manage your accounts on the go.

How do you make deposits to a CIT Bank account?

Deposits into a CIT Bank account can be made via mobile deposit, funds transfer (ACH), incoming wire with no fee, or by mailing CIT Bank a check. 

If I need to withdraw funds and transfer to another bank account, what is the typical number of days to see the funds at the other bank?

Funds may take up to two business days to be withdrawn or deposited in your CIT Bank account. 

If you need to access your funds immediately, consider opening a CIT Bank eChecking account to transfer between accounts instantly. 

Is my money safe with CIT Bank?

Yes, CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that deposits up to $250,000 per depositor are insured by the FDIC.

What does FDIC Insured mean?

FDIC stands for the Federal Deposit Insurance Corporation, a government agency that provides deposit insurance to protect depositors if their bank fails. When a bank is FDIC-insured, it means that deposits up to $250,000 per depositor are insured by the FDIC. This ensures that your money is protected in the event of a bank failure, up to the insured limits.

Can I withdraw my money from the Platinum Savings account at any time?

Yes, you can withdraw your money from the Platinum Savings account at any time. However, if you withdraw your money before the end of the term, you may be subject to an early withdrawal penalty.

What are the restrictions on CIT savings connect?

CIT Savings Connect is subject to federal regulations, which limit certain types of transfers and withdrawals to six per statement cycle. This includes preauthorized or automatic transfers, telephone transfers, and online or mobile banking transfers. Additionally, to earn the highest interest rate, you must maintain a minimum balance of $25,000 between your Savings Connect account and a linked eChecking account.

What if I don't have $5,000 to open an account?

If you don’t have $5,000 to open a CIT Bank Platinum Savings account, you might want to consider opening a CIT Bank Savings Builder account instead. With a Savings Builder account, you can earn 4.50% APY on balances of $25,000 or less by either maintaining a balance of at least $25,000 or making at least one qualifying deposit of $100 or more per month. This can be a great option if you’re looking to start building your savings but don’t have a large lump sum to deposit upfront.

Why do interest rates on savings accounts fluctuate?

Interest rates on savings accounts can go up or down over time, depending on various factors.

The Federal Reserve, inflation rates, and competition among banks all play a role in determining interest rates. When the Federal Reserve lowers interest rates to boost the economy, savings account interest rates tend to go down.

When they raise interest rates to control inflation, savings account interest rates may increase. Additionally, banks may offer higher rates to attract more customers and compete with other banks.

What is the difference between a high-yield savings account and a CD?

A high yield savings account is a type of savings account that typically offers a higher interest rate than a traditional savings account. You can deposit and withdraw money as you please, and your money is FDIC insured. On the other hand, a CD, or certificate of deposit, is a type of savings account that requires you to deposit money for a set period of time, usually ranging from a few months to several years.

In exchange for leaving your money untouched, CDs typically offer a higher interest rate than a savings account.

However, if you withdraw your money before the CD matures, you may face penalties.

Conclusion

CIT Bank’s Savings accounts are a great option for those looking to maximize their savings with a high APY and no fees. With daily compounding interest and FDIC insurance, your money is in good hands.

If you don’t have the $5,000 minimum deposit for the Platinum Savings account, consider CIT Bank’s Savings Builder account, which still offers a competitive APY with a lower minimum deposit.

Here is a breakdown of all the CIT Accounts: 

If you’re interested in learning more about maximizing your savings with online high-yield savings accounts, be sure to check out our article, “Maximizing Your Savings: Benefits of Choosing an Online High Yield Savings Account Over A Traditional Bank“.

what do you think?