Posted by Chuck on January 3, 2019
High-Yield APY Accounts

Published on January 3rd, 2019 | by Chuck

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New Leader: CIT Bank 2.45% Savings Account on Balances $25,000+

Offer at a glance

  • Availability: Nationwide
  • APY: 2.45% on balances $25,000+
  • Hard/soft pull: Soft
  • ChexSystems: Yes 
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None
  • Insurance: FDIC insurance up to $250,000 per account
  • US Citizenship Required: Citizenship or green card

The Offer

Direct Link to offer

  • CIT Bank bumped up the rate on the Savings Builder savings account to 2.45% APY (up from 2.25%). You can get this rate in one of two ways:
    • Maintain $25,000+ in the savings account
    • Make $100 monthly deposit to the savings account

Our Verdict

In the past, we’ve taken issue with CIT Bank’s method of avoiding raising the rate for existing customers by creating a ‘new’ product when increasing the rates. However, reader Walter assures us that those who already had the Savings Builder savings account at the 2.25% rate were automatically bumped up to 2.45%. I’m hopeful they’ve changed ways and will continue to increase rates for everyone.

This leads me to recommend this account as the best high-yield account currently available. There is a 2.50% rate from EBSB, but it’s not clear that they are available nationwide, plus, I like that CIT seems to be intent on keeping themselves at the top of the market, and hopefully they’ll continue to remain at or near the top rate available.



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Scott
Scott

Not as good, but Huntington now has an offer for 2.32% for 12 months with $25k of new money. I also received a targeted email for 2.78% for 12 months.

https://www.huntington.com/mma-sem-copy

mcafeeee
mcafeeee

For those with balances below $25,000, the “growth” account that is packaged as part of the PNC virtual wallet is currently paying 2.35% without any requirements.

devyanks90
devyanks90

Where are you located getting those rates? Nothing close to that in PA.

mcafeeee
mcafeeee

Tennessee

bb182
bb182

Generally PNC offers the good rate in any state that doesn’t have a PNC branch.

quasimodo
quasimodo

terrible website – CIT. Opened an acct with them, didn’t xfr any money. Then just ended up using Amex.

Pete
Pete

Website is no Ally, but it’s not bad when you get the hang of it. Have several accounts with them now and quite happy.

Chris
Chris

Their website used to be really unintuitive, but they did a site upgrade a few months back which makes things a lot better now IMO.

katbern
katbern

I did same thing, opened an account with them but am hesitant to send any money. Wish you stated why you switched to Amex… Please respond. Thx

CIT SUCKS BALL
CIT SUCKS BALL

For your sanity, stay away from CIT bank. Shitty business practices and they’re customer service and user interface is crap. Not worth the headaches for 0.05% more.

Willy Brandt
Willy Brandt

If only this were true, the website is basic, but does it matter? It’s a savings account, you don’t log in every day. Typical response from a melenial who is unable to deal with a website that isn’t shiny. Go back to Ally you arrogant simpleton.

CIT SUCKS BALL
CIT SUCKS BALL

Typical response from a senior citizen who can’t spell millennial correct. Good luck to all who need any customer service from CIT Bank. They employ minimum wage slaves to man the phones.

cody
cody

Pretty sure he is playing off the ME in millennial. If so, that’s pretty funny.

Whoa!
Whoa!

I agree with Willy. These whiners have nothing better to do!!! It’s a SAVINGS ACCOUNT people. If it drops rate, shop around for a higher rate. So be it. Thank you online CIT BANK for raising your rates. Excellent. I’m in.

pato
pato

Can you please note that it’s only available to US Citizens and Green card holders. So international students or foreigners working in the US are not eligible.

Whoa!
Whoa!

And? So what.

Logmeingn
Logmeingn

Thank you. You saved me some time. I was denied @ PNC too saying being USCitizen is a requirement.

William Charles

Will add to post, thanks.

Robert Meier
Robert Meier

No, I am on a H1b visa and I have a Citbank Savings Builder account

Arnold
Arnold

Same here, i opened their CD account last Apr, they didn’t ask about citizenship or green card, and then i opened savings Builder later. I guess this policy is for new customers.

Betelgeuse
Betelgeuse

William Charles they require citizenship or green card. The post says citizenship required so it’s not exactly accurate.

William Charles

Let me update

Mikey
Mikey

The “OR” that qualifies for the 2.45% rate is important, as readers might only see the $25K minimum balance and not read any further. Based on the ease of setting up a monthly $100 ACH from wherever this account is a great option for those not currently at EBSB (and very long hold times calling EBSB, while much easier to connect with CIT, even on the weekend).

Whoa!
Whoa!

EBSB is a regional only bank, not nation wide.

trvl4fs
trvl4fs

I opened EBSB account from California this week.

Mike
Mike

Not seeing this offer on their website does anyone have a link or am I missing something

anthonyjh21
anthonyjh21

If you are going the 25k route and already have All then I’d just go with a 11 month no penalty CD with 2.3%.

cody
cody

Why? You want a lower interest rate? Any Ally is notorious for hosing people, me included and I had 100k in the bank with them. Pulled it all to CIT, happy.

Rick
Rick

Ally hosing in what sense? I’ve been pretty happy with Ally over the last 6 years for checking/savings/CD. Have CIT too and they’re also mostly fine, but yeah, website not as shiny, but usable.

Schmekel
Schmekel

cody – I’d also like to know what the background story is of Ally hosing people including you.

Have only been with them for a month or 2 since the bonus offer, but was planning to stay with them at least as a hub bank.

Thanks.

Whoa!
Whoa!

Very pleased to see this high rate. Transferring funds from my BOA to CIT online bank. 2.45%, so far, beats the rest of the online nationwide high yield savings accounts. I will watch closely that they do not lower their current great rate.

jack
jack

I’m in New York State and get the 2.5% rate. Opened in Oct 2018

jack
jack

Sorry for the incorrect post–not for this bank

Lisa
Lisa

Does Cit only let you add one external account? I’m not seeing a way to add another bank.

Lisa
Lisa

Never mind. I found it. You need to do it from all/accounts.

Jchmonti

Anyone familiar with Ultima Bank Minnesota? They have gone really aggresive at 3.04% APY as of Jan 8, 2019.

John K
John K

From what I can see, the 3.04% APY is only for the SMART account, which is for those under the age of 18. Do you agree Jchmonti? https://www.ultimabank.com/current-rates-savings.htm https://www.ultimabank.com/personal-savings.htm – SMART Savings, which stands for School Money At Right Time, is designed specifically for young adults who are 18 years of age or younger. The interest rate is variable at two and a half (2.5) percentage points below the Prime Rate, as published in the Wall Street Journal, with a floor rate of 2 percent and ceiling rate of 5 percent. Interest is calculated daily, then compounded and credited to your account quarterly. Any withdrawals prior to your 18th birthday may result in a penalty of six months of interest. In short, the SMART Savings account is designed to complement the Student Checking account and thereby encourages sound financial management at an early age. Note that on your 19th birthday, this account converts to a Regular Savings account. *PLEASE NOTE ON ALL SMART ACCOUNTS: Unfortunately, if you are under the age of 18, you can’t apply online. To open an account, please stop in at any one of our UBM locations*

John K
John K

Quick and painless, 100% online set up and was able to use my primary checking login to fund immediately. Thanks for all your legwork, DoC!

Remus
Remus

This requirement seems unnecessarily intricate. For instance, what is the end of the “first evaluation period”

Make at least one single deposit of $100 or more during the first Evaluation Period which begins on the third business day prior to the end of the month the account was opened.
Additional deposits made between the account opening date and the beginning of the first Evaluation Period will not qualify.

al
al

I STOP after seeing this, they only give you $100/m at the high rate, you CAN’T make deposits to earn the high rate.
“Additional deposits made between the account opening date and the beginning of the first Evaluation Period will not qualify.”

vic
vic

From their website (https://www.cit.com/cit-bank/tiered-savings-account-savings-builder-direct/#savingsbuilderfaq) there’s an example

Example: A Savings Builder account opened on January 12, 2019 and funded with an initial deposit of $5,000 would earn the Upper Tier interest rate during the Introductory Period, which begins on the account opening date and ends on the First Evaluation Day, February 25, 2019.

The First Evaluation Period for this account begins on February 1, 2019 and ends on the First Evaluation Day, February 25, 2019. With a balance less than $25,000, in order to continue earning the Upper Tier interest rate during the next Evaluation Period, the customer must make at least one deposit of $100 or more during the First Evaluation Period, February 1 – 25, 2019.

Important: Deposits made prior to February 1, 2019 will not count for purposes of determining the interest rate for the next Evaluation Period unless they result in an account balance of $25,000 or more on February 25, 2019.

Walter
Walter

I was very concerned with the verbiage myself…the explanation is definitely overwrought, but in practice, it’s pretty simple. They explain on the site with the below example

A Savings Builder account opened on January 12, 2019 and funded with an initial deposit of $5,000 would earn the Upper Tier interest rate during the Introductory Period, which begins on the account opening date and ends on the First Evaluation Day, February 25, 2019.

The First Evaluation Period for this account begins on February 1, 2019 and ends on the First Evaluation Day, February 25, 2019. With a balance less than $25,000, in order to continue earning the Upper Tier interest rate during the next Evaluation Period, the customer must make at least one deposit of $100 or more during the First Evaluation Period, February 1 – 25, 2019.

Important: Deposits made prior to February 1, 2019 will not count for purposes of determining the interest rate for the next Evaluation Period unless they result in an account balance of $25,000 or more on February 25, 2019.

Basically, it’s a lot of words to say, if you set up auto deposits of at least $100 for every month between the 1st and the 24th, you’ll always have a deposit that fulfills the evaluation day criteria and you’ll get the higher rate.

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