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 beginning to rise, most of us still get next to nothing on our bank savings accounts. (According to the FDIC, the national average return on typical savings account is a measly 0.1 percent!)
But you can do a lot better. CIT Bank is offering 2.45 percent (current as of publication date), nearly 25 times higher than 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-size 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 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.)
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.