Published on October 18th, 2018 | by William Charles28
CIT Bank Does It Again – Creates New 2.15% Account To Avoid Raising Rates
CIT Bank offers a number of high interest accounts. At the start of the year they launched Premier High Yield Savings Account and this offered a 1.55% APY, then in March they launched a new money market account offering a 1.75% APY rate (now 1.85%). They have now added a third account ‘Savings Builder Account‘ this time offering a 2.15% APY account, this account requires a balance of $25,000 or a $100 monthly deposit to earn this 2.15% APY rate.
In my opinion there is absolutely ZERO reason to sign up for this account for two reasons:
- 2.15% APY isn’t the highest high yield savings account rate currently being offered. You can actually get up to 2.5% APY currently.
- Based on CIT Bank’s track record they won’t raise rates for existing account holders in the future, I suspect in another six months we will see a fourth account added with a new higher APY
I believe it’s important to call it out when financial institutions pull these types of tactics. There are better accounts out there.