CIT Bank Review and Savings Rates

A national online bank, CIT Bank, has been offering some of the highest savings account rates for a couple of years now. CIT Bank which is the banking arm of the CIT Group, is offering a High Yield Savings Account which has two different savings rates. Both online savings accounts have current online savings rates which are some of the best  rates available.

CIT Bank's High Yield Savings Account is available for deposits $25,000 and above and below $25,000. Naturally the higher balance account has the higher savings rate. The minimum opening balance for the lower rate account is $1,000.

Current savings rates for account balances of $25,000 or more is at 1.04 percent with an APY of 1.05 percent. Not only do both accounts have high savings rates both accounts also have savings account rates many times the FDIC national average rates. The FDIC national average savings rate is at 0.08 percent which makes CIT Bank' savings rate exactly 13 times the FDIC national average.

The average jumbo savings account rate in this week's FDIC average is also at 0.08 percent so CIT Bank's rate of 1.04 percent is 13 times the national average, plus you don't need the traditional $100,000 to open a CIT bank savings account.

Account balances of less than $25k still earn one of the best savings rates around. The current savings rate is at 0.90 percent with an APY of 0.90 percent. This account rate is more than 11 times the FDIC national average rate.

CIT Bank's savings account has many benefits. Opening a savings account quick, easy and can be done onilne in a matter of minutes. Funding the account is also easy by linking external bank accounts to the CIT savings account. You can deposit money or do an ACH transfer to take money out. Note: Savings account balances of less than $25,000 will incur a $10 fee for wire transfers out.

Opening a CIT Bank savings account online at the bank's website here: CIT Bank Savings Account Application

You can compare CIT Bank savings rates with other bank savings account rates and money market rates by using our rate tables. You will see CIT Bank's rate at the top savings rate available right now and tied with the best money market rate on our list.
Author: Lisa Graham
September 12th, 2012