A savings account is a necessary tool for achieving your financial goals. Getting into the habit of saving money early, even in small amounts, can be a powerful way to increase your wealth.
Having savings means that when an emergency strikes or a great opportunity comes your way, you’ll be able to get through it comfortably without maxing your credit cards or taking out a loan.
For something so important, you’ll want to shop around for the best savings account. Newsflash: not all savings accounts are created equal, so it’s crucial that you do your research.
Recently, I’ve started managing more of my finances through online tools, including online banking accounts. CIT Bank, which is an FDIC member, is a completely online bank that is redefining banking in the digital age.
What I’m excited to tell you about is one of their most recent innovations – the CIT Savings Builder account.
The CIT Savings Builder Review
The CIT Savings Builder is an online, high-yield savings account. Unlike your traditional bank’s savings account, which probably earns less than 0.5% interest, the CIT Savings Builder makes it easy to earn up to 2.30% interest annually!
And the best part is you don’t have to be rich to get that high-interest rate either. There are two ways to earn the 2.20% interest rate:
- Maintain an account balance of $25,000 or more per month. OR
- Open an account with as little as $100, and then deposit at least $100 each month.
Maybe you scoffed a bit when you read number one. I know I did. As a millennial, most of my assets are in investments (and yours should be too, but that’s a topic for another article). But I was absolutely astonished when I saw that CIT was offering 2.20% APY just for depositing $100 a month into my savings. That’s it! No fine print, no catch, just a savings account with an interest rate that puts all the traditional banks to shame.
Sign Up For a CIT Savings Builder Account
Other Features of the CIT Savings Builder Account
Qualifying for the high-interest rate is one thing, but what about all the other features you need in a bank? I’m here to tell you that CIT does it all – from the comfort of your living room couch or anywhere else you might be.
- No monthly maintenance or service fees
- No transfer fees for ACH transfers
- 1.00% APY on balances under $25K, regardless of the deposit amount
Who Can Benefit from the CIT Savings Builder Account?
Since 2.20% is one of the highest interest rates available on a savings account, anyone with a savings account can benefit from the CIT Savings Builder product. If you have a steady savings habit, you can automatically earn a high interest even if you’re just getting started building up savings.
Plus, since CIT is an online bank, setting up an automatic deposit from your paycheck or a recurring transfer from your checking account couldn’t be easier.
No Consequences for Withdrawals
Some other banks knock down your interest rate if you withdraw money and fall below a certain threshold. That’s one of the reasons why I think the CIT Savings Builder is so great – you can earn the highest interest rate no matter what your total account balance is. You just need to make sure you’re meeting the monthly $100 deposit required.
The money you put into the account is yours to withdraw. If you’re new to saving and $100 a month sounds like a lot, this factor should put your mind at ease. Try it for a few months, and if it turns out you need the cash you saved, simply withdraw it!
Best Uses for the Savings Builder Account
As you can see, using this account doesn’t have a lot of downsides. I believe that everyone deserves to earn high interest on their savings, and with their new account, it’s clear that CIT Bank does too!
Here are some strategies for making the most of this account:
Long-term savings
The 2.20% APY is better than many other long-term savings options, like CDs. So if you have a chunk of cash that you don’t plan on spending for a while (but aren’t investing), this account is the perfect home for it. You’ll earn interest and, if you’re depositing money regularly, your bundle of cash will steadily grow.
Habit Building
Looking for your very first savings account? This is the best one out there! Because of the monthly $100 deposit required for lower balances, this account is one of the only savings accounts on the market that uses the interest rate as a reward for savings. If you struggle to get motivated to save regularly, this account will help get you on the fast track to building regular savings habits.
Savings Goals
My biggest regret is that this account wasn’t around when I was saving up for a down payment on a house. This account rewards you for saving and can help keep you motivated to save for goals like down payments, vacations, weddings, and any other dream you’re saving for!
No big goals right now? Then at a minimum, this is a better account for your emergency savings than nearly any other bank.
So is the CIT Bank Savings Builder the Best Savings Account on the Market?
My opinion: yes! There’s no other savings account out there that actually rewards people for saving. Plus, they make it so easy for anyone and everyone to earn a high-interest rate, not just people with the highest balances.
It’s a great tool for anyone with savings goals – which means it’s a great tool for everyone!
Sign up for a CIT Savings Builder Account
If you’re ready to kick your savings into high gear, then a CIT Savings Builder account is perfect for you. Earn up to 2.20% APY.
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