I know many people are trying to save money money this year than they did last year. However with rates looking pretty anemic at many brick and mortar branches, it seems that stashing your cash is pointless.
When I first started blogging about personal finance years ago, online banking was uncommon for many couples. Keeping your money with bank that had no local branches was considered risky. Now though, online banking has hit the main stream, as more people are weighing different options available. It has become easier to find the banking option that is best for you right from your own home.
For people looking for a place for their short-term savings (3 years or less), one of the better looking choices is CIT Bank with their savings and CD accounts. They not only higher interest rates than their competitors, but they can be an incredible addition to your financial system.
With many online banks, you can simply set up an automatic transfer from your existing checking account, making saving easy. CIT has no transfer fees. That means you keep your money in the account for savings, not for fees.
Along with the ease of use, many online banks have higher rates than their brick and mortar competition. This is because they have less overhead expenses to take care of like having various branches around the country. As of now, CIT Bank is offering .90% for savings with a minimum deposit of $100 and 1.00% for those who are depositing $25,00 or more.
CIT Savings accounts are fully insured by the FDIC for up to $250,000 per person just like the big banks.
Open a CIT Savings Account
If you want to go ahead and open a savings account with CIT Bank, click here to start. It takes about 10-15 minutes to set up and all you need is:
- Your Social Security number
- Your driver’s license or other valid photo identification
- A check or bank account number to electronically transfer money into your new CIT Bank account
Interest accrues daily and it deposited into your savings monthly so you’re maximizing your savings without stressing over it day to day.
Thoughts on Using CIT Bank for Savings
How many of you have a high yield online saving account? If you used CIT Bank for your savings, please share your thoughts and input in the comment section below.
Photo Credit: Gnerk