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CIT Savings Review: Savings Accounts |
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| Solid account best for those looking for highest APY; requires $100 to open and maintain | |
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CIT Bank is an FDIC insured, US-based bank founded in 2000 that is a wholly-owned subsidiary of CIT Group Inc. Currently, their online savings account offers an APY of .90%, and is the second highest yielding out of all the savings accounts we review, second to Ally, which is offering .95%. With the CIT Savings account, interest is accrued daily and credited monthly. If you deposit $25,000 or more into your CIT Savings account, you will be granted an APY of 1% and an added bonus of no fees for wire transfers. If you want to open a custodial account for your child, the rate is also 1%. There are no monthly fees or minimum balance to maintain; however, they do require $100 to open the account. Also note that as with all online savings accounts, due to federal regulations users are not allowed more than 6 withdrawals per month. If you ever need assistance with your account, their customer support options include an online form, as well as a call center available from 8 a.m. to 9 p.m. Eastern time on weekdays, 9 a.m. to 5 p.m. Eastern time on Saturdays and 11 a.m. to 4 p.m. Eastern time on Sundays.
The CIT Savings account puts a lot of emphasis on security, as a bank should. Like most online savings accounts, there is a multi-factor authentication login process and automatic logout of your session after inactivity. They also boast 128-bit SSL encryption to create a secure browser connection when you log in. Their application is standard and is comprised of 5 steps: applicant information, beneficiary information, reviewing your information and a statement of qualification. Be sure to have your identification, current bank account number and social security number ready when applying. Though there is a $100 opening deposit requirement, if you are looking for a savings solution with a high APY, and an even higher APY if you maintain a balance of $25,000, then CIT Bank is a great choice for you. |
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| APY: | .90% 1% on $25,000+ |
| Monthly Fees: | None |
| Minimum Balance to Maintain: | $0 |
| Minimum to Open Account: | $100 |
| Maximum Withdrawals Per Month: | 6 |
| Deposit and Withdrawal Methods: | Electronic transfer, wire, check |
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CIT Bank is headquartered in New York City, but because they are an online bank, there are no branches. While this is different from a traditional... - Where are CIT Bank locations?
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Here is NextAdvisor's review of CIT Savings: http://www.nextadvisor.com/savings_acco ... review.php
