Make 24 Times More on Your Savings

Cash in a wallet
Photo by Yulia Grigoryeva / Shutterstock.com

Have you been frustrated by how very little you get in return for keeping your money in the bank? You’re not alone! Even though interest rates are hovering in the lower range, in historical terms, most of us still get less than we could — in fact, according to the FDIC, the national average return on a savings account is now a measly 0.07%.

But you can do a lot better. CIT Bank offers up to 1.7% (current as of publication date), or about 24 times the national average.

CIT Bank, part of CIT Group, is a leading commercial finance company that is now offering online consumer banking. The company has a long track record of helping to drive innovation in lending to small and medium-sized businesses, especially retail, energy, health care, transportation and technology companies.

“Now CIT Bank is putting this experience to work for you,” the company says.

Regular deposits and higher earnings

Here’s how it works: Open a tiered interest rate account with a $100 minimum deposit and receive upper-tier interest as an introductory offer. You can keep earning the introductory rate by either maintaining a minimum balance of $25,000 or making a monthly deposit of $100 or more. There are no account-opening or maintenance fees.

Even if you start with just $100 and save at the minimum rate, the higher interest rate is worth hundreds of dollars over the course of a few years. (You can plug in different numbers on this handy compound interest calculator to see how it plays out with different balances and deposits.)

Click here for more information or to open an account.

But don’t stop there. If you have some money in checking or savings that isn’t earning for you and you don’t need to have instant access to it — or if you want to move some money from the stock market to a safer investment — consider some other FDIC-insured savings options from CIT Bank.

Another safe way to grow savings

CIT Bank money market account

Often described as a hybrid between a checking account and savings account, a money market account generally pays more interest than a regular savings account but puts some limits on access to your funds. CIT offers a money market account (currently at 1.75%) with these handy features:

  • A minimum deposit of just $100.
  • Six transfers or withdrawals per statement cycle.
  • No account-opening or monthly service fees.
  • People Pay transactions — a free service that allows you to send money from your money market account to almost anyone with an email address or mobile phone number.

Check here for current offers.

Different accounts for different goals

Why, you may wonder, do you need more than one savings account?

“Setting up in individual savings accounts for short- and long-term savings goals makes smart sense because the reasons for savings vary,” CIT Bank says. “Are you saving for a house, creating an emergency fund or putting money aside for your kid’s college tuition? Keeping accounts separate makes it easier to track savings growth. When you tap your funds, you won’t derail other savings goals.”

As an online bank customer, you won’t have bank branches to visit, nor any CIT Bank ATMs, nor a CIT Bank checking account.

Instead, you can manage your accounts from your computer — view and download statements and account activity, schedule and make transfers to and from other banks, schedule and make transfers between CIT Bank accounts, create banking reports, open new accounts, receive and manage account alerts and send secure messages.

CIT Bank’s mobile app lets you check account balances and transaction history, transfer money between CIT Bank accounts and, if you’re a high-yield savings account customer, deposit checks.

You can also use the bank’s automated telephone banking system or call its customer service center.

The easiest way to make deposits to your new CIT Bank account is to transfer funds electronically from your other bank accounts. You can also mail a check or wire the money. Similar procedures apply to withdrawals, but some accounts have rules about how often you may tap in electronically.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
Medicare Will Not Cover These 6 Medical Costs
Medicare Will Not Cover These 6 Medical Costs

Don’t let these health care expenses catch you off guard in retirement.

Big-Ticket Things You Should Never Buy
Big-Ticket Things You Should Never Buy

In this week’s podcast: Are you wasting big money on these common purchases?

3 Easy Ways to Get Laundry Soap for Nearly Nothing
3 Easy Ways to Get Laundry Soap for Nearly Nothing

Are you washing money down the drain?

5 Ways to Save at Dollar Tree
5 Ways to Save at Dollar Tree

Yes, it’s possible to pay less than a buck for items from a dollar store.

5 Ways to Put an End to Junk Mail
5 Ways to Put an End to Junk Mail

Here’s how to keep unwanted mail from clogging your mailbox and trash can.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Vacuums from this brand can last a half-century, if not longer — and they’re hot on the resale market.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

36 Things That Will Be Obsolete Soon
36 Things That Will Be Obsolete Soon

The writing is on the wall for dozens of things we have grown up with.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

8 Federal Income Tax Breaks for Homeowners
8 Federal Income Tax Breaks for Homeowners

Some of these deductions and credits are available to a wide swath of homeowners.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

10 Types of Retirement Income That Are Not Taxable
10 Types of Retirement Income That Are Not Taxable

There are lots of things Uncle Sam can’t touch — so long as you play by the rules.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

17 Surprising Things You Can Sell for Extra Money
17 Surprising Things You Can Sell for Extra Money

You probably don’t realize these items are worth decent cash.

5 Products You Should Never Buy Generic
5 Products You Should Never Buy Generic

Sometimes the brand-name version is clearly superior.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.