What To Do With The Money You Don’t Have Invested (Part II)

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Several months ago, I shared a post informing you about different banks that are currently offering outstanding yields on savings accounts. I have some good news – the banks mentioned in that prior post have actually continued to increase their rates quite often since publication.

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So often, in fact, that it has been kind of hard to keep up :). No complaints though – that’s a REALLY good thing. Goldman Sachs Marcus is currently paying 2.05% APY while is Ally is currently at 1.90% on all balance tiers, both as of November of 2018.

In today’s post – I want to share information about another bank which is offering even higher interest rates and that is CIT bank! I am excited to share this because I’ve never seen anything like this when it comes to savings.

By the time I graduated college and had a full-time job, interest on savings was a whopping 0.01%. Hence, why I made it my business to learn to invest ASAP and to find better (yet, still safe) alternatives for where to park the money I was not investing. 

Through their new “Savings Builder” program, CIT bank is offering 2.15% interest on your money as long as you follow the following guidelines:

  1. Open a CIT Savings Builder account.
  2.  Deposit $100 into the account (this is the minimum requirement).
  3. Continue to consistently deposit $100 per month going forward in order to keep up the benefit of 2.15% interest!

For those worried about monthly fees (…and who wouldn’t! Pay the bank to hold my money? I think NOT!) – CIT has no opening, monthly servicing, online transfer or incoming wire fees. However, there is a $10 outgoing wire fee which is why I would recommend only using this account for saving purposes and not for wire deductions of any bills.

The “catch” is simple – if you do not continue to deposit the $100 consistently each month, you’ll fall into a lower interest tier but can get right back up the next month if you proceed to deposit the $100.

This is why I would also highly recommend enrolling in automatic monthly deductions of $100 bucks a month once you open the account.

Also,  CIT is an online savings bank with no checking account option – which means you cannot walk into a branch at any time and withdraw money for unnecessary expenses. It also won’t be as easy to transfer money in and out whenever you feel like it – which is actually a good thing 🙂 – Yay for built-in accountability! 

Wondering about how safe your money is at CIT? Check out their FDIC insurance information page. You can also check out the bank rating page on Bankrate.

I hope you enjoyed this post and find that this bank can help you accelerate your emergency fund or non-invested funds a WHOLE lot faster than if you had them sitting at one of those traditional big banks paying you 0.01% interest. The nerve.

Ready to accelerate your savings? Click here.

Cheers to Health, Love, Success, and Profits!

Mabel

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Already have your savings on track and are ready to graduate into investing? Join the waiting list for the next edition of the Stock Market Investing Bootcamp for Beginners! 

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