The post is updated as of July 2019.
Several months ago, I shared a post informing you about different banks that are currently offering outstanding yields on savings accounts.
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 2.30% interest on your money as long as you follow the following guidelines:
- Open a CIT Savings Builder account.
- Deposit $100 into the account (this is the minimum requirement).
- Continue to consistently deposit $100 per month going forward in order to keep up the benefit of 2.30% 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 (which is still higher than the national average) but can get right back up the next month if you proceed to deposit the $100 consistently once again.
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!
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!
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