The post is updated as of 01/07/2019
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.
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 2.25% APY while is Ally is currently at 2.00% on all balance tiers, both as of January 2019.
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 2.45% 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 2.45% 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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