High Yield Savings with Flexibility: 1.25% Savings Builder from CIT Bank
Most savings accounts do not earn much interest these days. For example, interest rates of savings accounts in large banks such as Chase, Bank of America, Citibank, and Wells Fargo, are far less than 0.1%, which makes a savings deposit of $10,000 to earn less than 10 dollar in annual interest. How to grow your savings in the era of low interest? To build your wealth, you should consider CIT Bank’s high-interest banking offerings such as 1.25% APY Savings Builder accounts. Your money can grow at a much faster pace with 1.25% annual interest.
CIT Bank’s 1.25% APY Savings Builder Account is a tiered interest rate account with 24/7 digital access. If you open a Savings Builder account with and maintain a balance of at least $25,000, you will earn the higher interest rate of 1.25%. If you don’t have the initial deposit of $25,000, you can still earn the top-tier 1.25% annual interest by making a monthly deposit of $100 or more. CIT Bank gives you two options to earn the top interest rate on your savings. You can choose what works best for you to build up savings.
- Open an account with $25,000 or more and earn 1.25% APY on your money - one of the top savings rates in the nation.
- If you don't have $25,000 in your account, you can still earn 1.25% APY by making at least one single deposit of $100 every month. Start with $100 per month and build your habit of savings - all while getting a top rate.
- It's an ideal online account for saving towards a new experience or a large purchase.
- Grow your savings faster than at your everyday bank for your first or next dream home.
How to Qualify for 1.25% APY
For the Savings Builder, the fourth business day prior to the end of a month is a monthly Evaluation Day when your account will be reviewed. For the introductory period from the account opening date through the first Evaluation Day, new Savings Builder accounts will be offered the higher-tier interest. After the introductory period, the higher interest rate can be earned by completing one of following requirements: 1) Maintaining an account balance of $25,000 or 2) Making a deposit of $100 or more by the Evaluation Day. Your account will be reviewed on the Evaluation Day to verify that if you have met at least one of the requirements. If you qualify, your account will receive the higher APY tier for one month until the next Evaluation Day. This process will occur every month.
The minimum opening deposit is $100. Your interest will be compounded on a daily basis, which allows you to receive interest earnings for every single day when you make a withdrawal. As for the fees, there is no opening, monthly servicing, online transfer or incoming wire fees.
CIT Bank – a Banking Brand that You can Trust
CIT Bank is a U.S.-based bank with over 100 years of history. As of today, it has approximately $50 billion in assets and more than $30 billion of deposits. It is a public traded company listed on the New York Stock Exchange. Its stock ticker is CIT and it has a market cap in the billions. Its consumer-banking business unit also operates OneWest Bank, one of Southern California’s largest banks. OneWest bank has over 70 brick and mortar branch offices, primarily in the metropolitan Los Angeles and Orange county. CIT Bank is the bank that you can rely on. To learn more about CIT’s background, you can visit CIT’s website.
CIT Bank provides online banking for all customers. New customers in any part of the United States can open and then manage their CIT Bank savings accounts online. Deposits and withdrawals can be managed via inter-bank electronic transfers, checks, or wire transfers. CIT Bank provides FDIC (Federal Deposit Insurance Corporation) insurance on all bank accounts, which gives you insurance coverage to keep you free of any financial loss of up to 250,000 U.S. dollars.
Why We Recommend CIT Bank’s Savings Builder
In the today’s market, the 1.25% interest on savings from CIT Bank is the best option for money-conscious consumers. CIT Bank is a trustworthy bank with many brick and mortar branches in Southern California. Although CIT may not have as much physical presence as some other large banks, it is accessible to remote customers via its online banking system. In addition, it provides telephone customer service during regular business hours.
Give yourself a head start on your personal finance by opening a Savings Builder account at CIT Bank. You can then leave your money in the account to quietly accrue earnings with the nation’s leading interest rate. It will be a smart investment choice you make to steadily grow your wealth.
Alternative Banking Offers
If you are also interested in other savings or checking accounts, you can check out the following banking offers.
- Open a Premier High Yield Savings account and get a 1.30% APY (on balances up to $250k).
- $100 Minimum Opening Deposit
- No Fees to Open or Maintain
- Daily Compounding Interest
- 24/7 Secure Online Banking
- US-based Customer Service
- FDIC Insured
- Open a No-Penalty 11-Month CD account and get 1.20% APY* with $1,000 minimum deposit.
- Lock in a great rate for 11 months. If you need your funds prior to the maturity date, you can withdraw your money - including any interest earned - beginning seven days after the funds have been received.* No penalty. No problem.
- No opening or maintenance fees
- CIT Bank CDs provide a safe, secure way to grow your savings.
- The CIT Bank No-Penalty CD gives you get the security of an 11 month CD with no withdrawal penalty seven days or later after funds have been received. Open an account today!
- Open a CD account and get 1.30% APY on a 1-Year CD
- Competitive rates
- Terms up to 5 years
- Low minimum opening deposit
- Daily compounding interest
- No monthly maintenance fees
- FDIC insured
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go -fast- with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- Offer available in the following eastern states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, D.C.