CiT Banks is one of the foremost online banking companies. It offers all the products a traditional bank offers — from savings accounts to CDs to home loans — without having to deal with in-person branches or additional fees. Here a breakdown of what CiT Bank offers and how it can help you with your savings.
CiT actually will cost you a lot less than a traditional bank. Since it is an online bank, and doesn’t have the cost of traditional physical branches, it can offer more savings to its customers, which includes getting rid of a lot of the fees that traditional banks employee.
Fees and minimum deposits: There is no management fee or fee to open a high-yield savings account with CiT Bank. There is, however, a $100 minimum deposit to open an account. CDs also don’t require open or maintenance fees, but there is a $1,000 minimum deposit for a CD. There is also no fee for opening or maintaining a Money Market account with CiT.
CiT works much like a traditional bank would. You go onto its website, pick the savings product you want to open, go through the enrollment process and then fund the account. CiT will maintain the account as long as you have the minimum balance in your account.
You also have the option of opening a Savings Builder account with CiT. These accounts offer a higher interest rate, so you can earn more money, but it requires you to make a minimum deposit of $100 each month, and have a minimum balance of more than $25,000 to get the highest interest rates.
Interest rates obviously vary based on the economy and the federal reserve, but, in general, you’ll get the best interest rates from a CD or Money Market, with savings accounts having slightly lower interest rates because of the flexibility they offer.
If you are looking for a no-hassle, no-monthly-fee savings account, or a high-yield CD or Money Market account, CiT is a good bet for you. It doesn’t charge the same fees as traditional banks and has the ease and flexibility of an online-only bank. Since it is an online-only bank, it also offers higher interest rates than traditional banks, which makes it a better choice for saving your money.
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