Offer at a glance
- Interest Rate:Â 1.55% APY
- Minimum Balance:Â None
- Maximum Balance:Â None
- Availability:Â Nationwide
- Hard/soft pull:Â Soft
- ChexSystems: Yes
- Credit card funding:Â None
- Monthly fees:Â None
- Insured:Â FDIC
The Offer
- CIT Bank is offering an APY of 1.55% on their Premier High Yield Savings Account
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
The best basic savings rate is currently 1.65% but that requires a balance of at least $50,000. This is the highest APY that is being offered with no balance requirement or any requirements to receive the rate (update DollarSavingsDirect is actually better at 1.6%). There are rewards products that offer up to 5% APY that will be better options for most readers, but this is more a set and forget type of account. Also keep in mind it might make more sense to focus on savings accounts that offer sign up bonuses instead of high APY’s, CIT Bank used to offer a combination of the two but it now looks like they are just focusing on offering the best rate.
It is also worth noting that this is a tiered account, currently both levels earn the 1.55% but I guess it’s possible they will change the lower tier (under $250,000) in the future.
Hat tip to reader SC
