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:
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 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:
| Pros | Cons |
|---|---|
| No fees | Minimum deposit $100 |
| High yields | No branches |
| Member of FDIC |
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
| Information | Description |
|---|---|
| Website | https://www.cit.com/ |
| https://www.facebook.com/CITBank/ | |
| https://twitter.com/CITBank | |
| Phone | 1 (855) 462-2652 |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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