Savings Accounts 1.35% Interest Twenty Two Times National Average!
Here’s a well-known fact, interest levels on Savings Accounts are incredibly low. In fact, the average is hovering around 0. 06%. Compare that to the pre-2008 financial crisis, and it’s depressing.
Low fees might not have been an issue before the crisis, but many things have changed
With a 0.06% interest rate, you will be asking yourself, “Why even have a personal savings account? What say I just place my hard-earned money under the mattress?
I wouldn’t blame you.
However, if you did put your money under the mattress, you’d probably be leaving money on the table (or under your bed).
There is a much better savings account option that can earn you twenty-two times the average rate of 0. 06%. I searched everywhere to find the best account. In my search, I came across a few that stand above the rest.
You’d probably be in good hands if you had any of these accounts, but after some thorough analysis, one of these genuinely earns the name of best savings accounts. I was a little confused when I first saw the numbers. You might be saying to yourself, 1.35% (as of 11/10/2017) interest? Why didn’t my spouse, and I hear of this bank account sooner?
You Already Knew This
Anyway, the bank is CIT Bank.
CIT Bank APY is higher than most banks. A top APY is not the only thing you should consider when considering a bank savings account. It is able to maintain its high APY rate due to its wholly online system, there are no physical branches.
This one’s pretty simple.CIT has no monthly fees regardless of balance. There is a minimum of $100 to open a savings account.
Your Interest is compounded daily and will be credited to your account monthly.
Some banks require $300 in your account to avoid a monthly charge. When you’re looking for high yield savings account from a “No Fee” bank, CIT Bank is a perfect fit.
When thinking about your money, security is always a concern. CIT Bank is backed by the maximum allowable FDIC guaranteed by law. If the bank defaults, the US Government will repay you all the money in your account, up to $250,000.
Pick Your Savings Accounts Account
California based CIT’s motto is to give as much money back to the consumer as they possibly can, in the form of interest!
Besides high-interest savings accounts, CD’s (as of 11/8/2017 APY 1.55% on 11 month CD) and IRA CD’s are also available. You won’t find anything out of the ordinary with them except; you’ll just get more money in your pocket every month.
Electronic fund transfer, make opening an account a breeze. If you like, accounts can be opened by wire transfer or check. Online account management for viewing and updating your account make banking simple.
Customer Service and Ease of Use
CIT has excellent customer service according to online reviews. 3-star reviews don’t sound great for a restaurant, but for an industry that’s suffering from an image problem, 3-star ratings are one of the best scores you can receive.
When it comes down to it, CIT offers arguably the best product out there. They have one of the highest interest rates available, virtually no fees (once you open the account), and an excellent reputation to boot. So, after all, is said and done, CIT Bank is a winner with the best savings account! At 1.35%, CIT Bank’s interest rate is higher than Chase, Bank of America, Wells Fargo, and a bunch of other banks.
See for yourself, banking online has its benefits.
If you are interested, CIT stands for Commercial Investment Trust”, This was an earlier corporate name they used before they became CIT Bank.