Offer at a glance
- Interest Rate: 1.55% APY
- Minimum Balance: None
- Maximum Balance: None
- Availability: Nationwide
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Insured: FDIC
The Offer
- CIT Bank is offering an APY of 1.55% on their Premier High Yield Savings Account
Avoiding Fees
This account has no monthly fees to worry about.
Our Verdict
The best basic savings rate is currently 1.65% but that requires a balance of at least $50,000. This is the highest APY that is being offered with no balance requirement or any requirements to receive the rate (update DollarSavingsDirect is actually better at 1.6%). There are rewards products that offer up to 5% APY that will be better options for most readers, but this is more a set and forget type of account. Also keep in mind it might make more sense to focus on savings accounts that offer sign up bonuses instead of high APY’s, CIT Bank used to offer a combination of the two but it now looks like they are just focusing on offering the best rate.
It is also worth noting that this is a tiered account, currently both levels earn the 1.55% but I guess it’s possible they will change the lower tier (under $250,000) in the future.
Hat tip to reader SC
what is the minimum required for a hi yield savings account
As of today March 13, 2018 – the interest rate is 1.75 %
Actually the rate on this account is still 1.55%
The 1.75% rate is on the money market account.
CIT 1.85% 11 mo no penalty CD became available recently. You can open more than one, which provides a guaranteed rate for the rest of this year but immediate access if some funds are needed with no penalty. Recently cashed out an earlier 11 mo 1.55% CD, all funds with accrued interest were available in less than 48 hours.
Update: Cit responded after my SM, that my account would be converted to Premier High Yield Savings Account with 1.55%.
Interesting… I was told the wouldn’t convert mine that was part of the summer promotion
Another DP: I can also confirm that CIT will convert the Spring High Yield Savings to a Premier High Yield Savings after asking via SM to earn the higher rate.
Just saying you could be better off with Ally 11 mo. no penalty cd. No bs just set it and forget it until rates move again.
I don’t appreciate ALLY’s dramatic rate cut on the 11 mo no penalty CD to 1.6% on 1/3. The 12 mo rate was also slashed. Many of us had recently opened their puny 1.25% Savings to have a gateway to/from their other products. Also don’t appreciate current ALLY hold times frequently shown on website as 60-75 minutes. Not pro or con CIT (I want the best rates, period) but their telephone hold times aren’t bad, and they even answer on Saturday and Sunday.
That’s because you fell asleep at the wheel. There was plenty of time to lock in that good rate. Rates are always moving up and down and the key is to be ready to pounce.
“lower tier (under $25,000)” (last line)
I see $250,000 not $25,000 ?
Until a few months ago the lower tier had a $100,000 limit, so it’s worth checking the site regularly if that matters to someone.
I second the person above who said their website is errm, not the best. When I first opened an account (some years ago) it was much better, and it’s pretty irritating they removed functionality.
I saw that the tiers are less than 250K and above 250k as well (not 25k)
My bad, probably nothing to worry about then that’s just the FDIC cut off.
Can this account be overdraft? If i have 0 balance will i be able to spend money? I can’t find any overdraft option at cit website so i’m not sure if i’m signed up to overdraft my account or not.
No, it’s a savings account. Also since it’s a savings account, the max withdrawals without penalty is 6 ‘per statement cycle’, meaning effectively per month. See the FAQ
Was just about to transfer some funds to their no penalty CD in the next few days for the same rate. Glad I didn’t, although I expect the CD rates should go up soon, too.
Hi,
I suppose there is always a chance that the rate tied to this type of account may decrease, but is anyone aware if this might just be a ‘teaser’ rate? Or have there been no reductions in the rate at CIT for the past few years?
I’ve had CD and savings accounts with CIT for several years, never had the rates go down although we are talking about 5+years post great recession, so the rates have only been going up. CIT has been good at keeping up with the rising rates so I’ve been pretty happy with parking some money in between bank account bonuses.
How long do ACH transfers take? If I transfer from Amex savings from to another bank account, I usually get it the next day.
I get funds the next day and no maximum on ACH