How To Get Paid Over 20x More Interest on Your Savings Account

If you look at savings rates lately, you’re probably very disappointed and frustrated with the what most banks are offering on their savings accounts.  
Even in our rising interest rate environment, most banks are still paying you the same .01% interest rate that they have been paying you since the Great Recession. 
Meanwhile, while banks pay you .01% on your money, the banks have your money invested in U.S. Treasury Bills that are currently paying them over 2% interest. Interest rates have risen a lot and most banks are earning tons of money from the spread. 
It's pretty awesome to be the bank!
Fortunately, there are many banks out there to choose from. If you're looking for a much higher rate of interest - over 20 times the amount of interest from a typical savings account - from a FDIC Insured bank - with 0 fees - and are looking to get the interest rate you deserve from your deposited money, then CIT Bank is one bank you might consider.
Who is CIT Bank?
CIT Group was founded in 1908 and is traded on the NYSE (CIT). When they began doing business over a hundred years ago they focused on making business loans. Recently, they have moved into online banking. 
They are a Fortune 500 company and they are on the Small Business Administration Preferred Lender list. They have over one million business clients in over 30 industries. CIT Bank is owned by CIT Group.
CIT Bank is FDIC insured. That means that each depositor is insured up to $250,000. 

Service

You can access your account information and transact 24/7 by phone or web. If you want to speak with a human they also offer service 7 days a week. You can call until 9:00 p.m. (Eastern) during the week, 5:00 p.m. Saturday and 4:00 p.m. on Sunday. 

CIT Bank Fees

There are:
  • No monthly maintenance fees.
  • No incoming wire transfer fees.
  • No outgoing wire transfer fees if you have a daily balance of $25,000 or more.
  • No online transfer fees.
You can either let the interest compound or you can call the service center to get a check sent to you. Alternatively, you can have the interest sent to another institution (or to your home) automatically every month.
Products
CIT offers a nice menu of savings options, but I will focus on their high yield savings account paying over 2.1% interest. 
Savings Builder High Yield Savings Account
With a Savings Builder High Yield Savings account, clients who meet one of two conditions can receive a boosted APY of 2.15%:
1)Maintain an account balance of $25,000 or more  OR
2)Make at least one deposit of $100 or more per month
If you don't meet one of these criteria in any given month, you'll still receive an impressive interest rate of 1.14%. However, you only need to deposit $100 or more per month and you'll get the best rate.
Set your deposits on autopilot and bask in the highest rate each month. 
CIT compounds interest daily and they credit your account monthly.

How to open a CIT account

The account opening process is very simple. All you need is your Social Security number, driver’s license and a check or bank account number to electronically transfer money into your new CIT Bank account.
It will take you about 5-10 minutes to open your account. Here are the steps:
  1. Select what kind of account you’d like to open. They make this very easy to do because the show the rates and the minimum requirement on the menu. 
  2. Complete your application.
  3. Review and accept the terms and conditions.
  4. Set up a few security questions.
  5. Fund the new account.

How to fund your account

You can transfer money into CIT through an ACH transfer. Their account opening process walks you through this. All you need to do this is a check from your other account.
You can also wire the money into your account or send them a check. 
Once you open your account you’ll have 24/7 online access to review your account, view statements and see the recent activity.

Are there any restrictions on savings account transactions?

There are no limits on the number of payments made directly to you or transfers to other accounts, if the transfer or withdrawal is initiated by mail.
Withdrawals by phone are also unlimited, but only if you are requesting that a check be mailed to you. All other types of transfers or withdrawals initiated by phone are limited to six per statement cycle. To withdraw funds from CIT Bank, you need to contact customer service by either phone or mail, rather than initiating a withdrawal or transfer online.

Conclusion

CIT Bank offers you interest rates that are superior when compared to the competition. 
If you are looking for high interest rates & FDIC insurance & no fees, CIT might be for you.
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