One of the ways that savers are trying to make the most of a low-rate environment is to turn to high yield accounts. A variety of banks offer high yield accounts, and among the most competitive is CIT Bank.
What is CIT Bank?
CIT Bank is owned and operated by CIT Group, a bank holding company founded in 1908. While CIT Bank has only recently become widely known amongst consumers, it?s nice to know that the bank has a history spanning more than 100 years.
While CIT Group does offer business services, and some lending services, the main focus of CIT Bank is on consumer savings products, particularly high yield savings accounts and CDs.
CIT Bank Savings Account
The high yield savings account from CIT Bank offers an APY of 0.90% as of this writing. You do need $100 to open and maintain your savings account. There are no maintenance fees, and you can receive incoming wire transfers. A Preferred Rate of 1.00% APY is available for balances of $25,000 or more. You can also send wire transfers for free if you have a balance of at least $25,000 in your account. If your balance isn?t that high, you are charged $10 per wire transfer, which really isn?t too bad.
The 0.90% APY (or a 1.00% Preferred Rate on balances of more than $25,000) is quite competitive, offering one of the higher yields. The terms are fairly easy to meet, make this an attractive option.
CIT Bank CDs
You can also choose to keep your money in a CD offered by CIT Bank. The bank offers jumbo CDs as well as regular term CDs. These offerings are fairly standard. What really sets CIT Bank apart is the Achiever CD.
The Achiever CD provides a yield of 1.05% on a one year CD, and a yield of 1.20% on a two year CD. In order to open an Achiever CD, you need $25,000. If you don?t have that amount, you can put your money in a term CD, only requiring $1,000.
What sets the Achiever CD apart is the fact that you can lock in a higher rate one time during the term of the CD if rates rise. Another nice touch is that you can add more money to the CD once during the term of the Achiever CD. You can have your CD renewed automatically when it matures.
Bottom Line
For the serious saver, CIT Bank offers some attractive products with competitive rates. The bank is FDIC insured, so you know your money is protected. Consider your situation, and then decide if CIT Bank might work for you.
