Updated May 12, 2017
CIT (Commercial Investment Trust) Bank is an online bank that offers some of the best savings account interest rates on the market. All deposits at the bank are insured by the FDIC, up to the legal maximum. The bank has just re-named and re-launched a special savings account, called the Spring Savings Account. You can earn 1.15% APY and up to a $400 bonus.
In order to open the Spring Savings Account, you need an initial deposit of at least $100. There are no account opening or maintenance fees. The account pays a flat 1.15% APY.
CIT is also offering a special spring bonus. If you open the account before June 30, 2017 you will be eligible to earn a bonus of up to $400. The amount of the bonus will be based upon the lowest average monthly balance during the first three months that the account is open. Here are the details of the bonus:
- Earn $100 if the lowest average monthly balance is between $15,000 and $99,999
- Earn $250 if the lowest average monthly balance is between $100,000 and $299,999
- Earn $400 if the lowest average monthly balance is $300,000 or more
The methodology for determining the average monthly balance is relatively easy. The end-of-day balance is recorded every day during the month. At the end of the month, the average of those end-of-day balances are calculated. To determine the bonus, the lowest average monthly balance of the first three months is used. You need to fund the account within 30 days of opening in order to be eligible for the bonus.
This savings account is one of the best savings accounts in the market. 1.15% is one of the highest rates available. And the bonus adds a nice boost to the return.
Interest on the account is compounded daily.
- Money can be funded and withdrawn in three ways: external transfer (free), wire (free), or mail check (free)
- A 1.15% APY interest rate is one of the best in the market
- The account has eliminated almost every annoying fee found in traditional savings accounts
- Interest in compounded daily
- There is no minimum monthly account balance. Just deposit $100 to open the account, but there are no concerns later.
- CIT Bank does not offer checking accounts. Some people like to keep all of their accounts in one place (although you can often get much better deals if you are willing to have multiple accounts in multiple locations).
- Although interest is compounded daily, interest is credited monthly
- This bank is not well-known. This may be a problem for someone who feels comfortable only when depositing money into a major institution. CIT Bank was established in 2000, although it is owned by a Fortune 500 company and insured by the FDIC.
CIT Bank has no fees except for an early withdrawal fee on CDs. There are zero fees on savings accounts.
Like with all savings accounts, you’re limited to six withdrawals per month and you can’t go over, not even for a fee. You are also obligated to paper-free banking, which means you will get electronic statements.
Who It’s Best For
This account is best for someone who is okay with no physical branch locations. These accounts are also good for someone who already has a good checking account and they would just like a competitive savings account with no fees.
How to Open an Account
Fill out the application form and deposit at least $100 to open. Deposits can be as an electronic transfer (free), wire transfer (free), or via paper check (free).
Other Savings Accounts to Consider
Synchrony Bank: 1.05% APY and no minimum balance and ATM access
- 1.05% APY
- No minimum balance to open the account
- No monthly service fees
- Unique for an internet-only bank: you will get an ATM card for easier access to your money
GS Bank Savings Account
- 1.05% APY
- $1 to open the account, and no minimum balance
- This is the new online savings account offered by Goldman Sachs – the large investment bank
CIT Bank has created one of the highest paying savings accounts in the country. The 1.15% APY is higher than market leaders like Synchrony and GS Bank. And with a bonus of up to $400 for people who open accounts before June 30, this account is hard to beat.