For that, CIT Bank is your answer.
There is a minimum opening deposit of $100, though its pretty reasonable given the banks high rates.
There are also no monthly fees or incoming wire transfer fees.
However, certain fees can be assessed under specific circumstances.
We suggest you take a look at signing up for both simultaneously.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Plus, unlike the Savings Builder account, this CIT Bank savings account has no hoops to jump through.
You just put your money in and receive the 1.55% APY.
Combined with no monthly fees, we love the ease of earning it offers.
Unlike some other money market accounts, the CIT Money Market account is limited to electronic transfers only.
But we think for most, these little inconveniences are worth the decent annual percentage yield.
You do have to deposit $100 to get started but from there, the savings start building.
Plus, we like the ability to deposit checks on CIT Banks great mobile app.
Linking these two accounts provides you great savings potential and access to a debit card.
Check out the other services available from CIT Bank that might fit your needs below.
TheTerm CDsoffer between 0.30% to 5.00% APYs depending on the CDs term.
Theres no maintenance or opening fee, but it does have a $1000 minimum.
With a $100,000 minimum, theJumbo CDsare definitely channeling a specific jot down of customer.
These term lengths are longerbetween 2 to 5 yearsand have 0.40% 0.50% APYs depending on the length.
So do we believe CIT Bank CDs are worth it?
Home Loans
CIT Bank offers home loans for new home mortgages and refinancing.
Small Business Banking
CIT Bank focuses on personal accounts and doesnt offersmall business checkingand savings accounts.
They do have somesmall business financing options, specifically focusing on Equipment, Working Capital, or Franchise financing.
The terms vary in length and rates, but all can be funded in as fast as 1 day.
Pros and Cons of CIT Bank
So whats the breakdown of CIT Bank overall?
Frequently Asked Questions (FAQ) About CIT Bank
Still have a few questions?
Below weve tracked down the answer to the most common questions people ask about CIT Bank.
All CIT Bank savings and checking accounts are FDIC insured against bank failure and theft.
You should feel safe and secure using CIT Bank, knowing its backed by the FDIC.
CIT Bank does offer home loans and small business financing with relationship pricing mortgages and competitive rates.
CIT Bank prides itself on being an online bank with no monthly or opening services fees.
If youre worried about a specific fee, check out CIT Banksfee schedule.
Jamie Cattanach and Whitney Hansen are contributors to The Penny Hoarder.
Both are experienced writers in personal finance, banking and investing.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
