CIT Bank savings account review

Do you want to know all the features of the CIT Bank savings account? Responsible Economy thoroughly analyzes all the aspects offered by the CIT Bank savings account, including interest rates, fees, requirements, and everything you need to know. We also provide a comparison with the best savings accounts that you can open in 2023. Welcome!

Explicative video

We have created a video that concisely summarizes all the features of the CIT Bank savings account. If you find our content helpful, consider supporting us with a subscription to receive daily videos:

Features

In this section, we provide a detailed overview of all the characteristics of the CIT Bank savings account:

Fees

The CIT Bank savings account has no monthly commissions, and there are no charges to open the account. You can open the account, never use it, and pay absolutely nothing.

Minimum deposit

The minimum deposit required for this savings account is $100. This amount must be deposited at the time of opening the account. You can transfer funds through electronic transfer, mail-in check, or wire.

Interest Rates

The interest rate offered by the CIT Bank savings account is an appealing 5.05% APY if you have more than $5,000 in the account; if you don’t reach that amount, the interest rate is 4.65% APY.

Comparison with the best savings account 2023

We have prepared a comparison of CIT Bank with the best savings accounts you can open in the United States:

CIT Bank Logo
  • 4.05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 4.30% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 4.50% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 4.35% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 4.30% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 4.30 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Pros and cons

After reviewing the main features of CIT Bank and the best savings accounts, we have compiled a table with all the advantages and disadvantages:

ProsCons
No feesMinimum deposit $100
High yieldsNo branches
Member of FDIC
Pros and cons CIT Bank savings account

In the advantages we have highlighted that it offers an interest rate of 5.05%, has no monthly commissions and is a member of the FDIC.

In the disadvantages we note that it does not have branches and it is mandatory to deposit $100 to open the savings account.

How much money can i earn

The amount of money you can earn depends directly on the terms and the amount of money you deposit. For example, if you deposit $100,000 for a year, you can earn a profit of $4,005.

Requirements

To open this savings account, you need to meet the following requirements:

  • Live in the United States.
  • Must be over 18 years old.
  • Open the savings account online.
  • Deposit $100.

Conclusion

After conducting our analysis, our opinion is that the CIT Bank savings account is one of the best choices available, offering a high 5.05% interest rate and no commissions. The only drawback is the mandatory $100 deposit.

Frequent questions

If you have any lingering doubts, we address all your questions here:

More information about CIT Bank

For further details about CIT Bank, visit their website: CIT Bank Website

InformationDescription
Websitehttps://www.cit.com/
Facebookhttps://www.facebook.com/CITBank/
Twitterhttps://twitter.com/CITBank
Phone1 (855) 462-2652
Interest information about CIT Bank

Finally, we provide related content about savings accounts.

Updated the day 1 September, 2023 by Alfredo Barandiarán

¿De cuánta utilidad te ha parecido este contenido?

Haz click en una estrella para votar

Promedio de puntuación 5 / 5. Número de votos 3

Se el primero en dejar un comentario!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.