CIT Bank Premier High Yield Savings Account

CIT Bank Premier High Yield Savings Account Review

CIT Bank Premier High Yield Savings Account is no longer available to new customers on SuperMoney. Click here to compare Savings Accounts and quickly find the best options for your needs.

CIT Bank Premier High Yield Savings Account is offered by CIT Bank, a bank founded in 1908 and based in Raleigh, NC. CIT Bank Premier High Yield Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Higher than average APY. CIT Bank Premier High Yield Savings Account has an annual percentage yield of up to 0.25%, which is higher than the average interest rate for savings accounts.
• $0 monthly fee. This account does not charge any monthly account fees.
• $100 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.

CIT Bank savings Pros & Cons

Pros	Cons
Available in all 50 states. Interest-yielding account. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not provide access to a nationwide ATM network. Does not come with a debit card

CIT Bank savings FAQ

Are savings accounts from CIT Bank federally insured?

Yes, your CIT Bank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #58978). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does CIT Bank offer a signup bonus?

CIT Bank savings doesn't offer a signup bonus.

What is the minimum initial deposit for CIT Bank savings?

The minimum deposit to open a CIT Bank savings is $100.

CIT Bank Premier High Yield Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $0
Minimum Balance to Earn APY	$0
Minimum Combined Balance to Avoid Monthly Fee	$0
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $0
Minimum Opening Deposit	Starting at $100

What APY does CIT Bank Premier High Yield Savings Account offer?

CIT Bank savings offers an APY of 0.25% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does CIT Bank savings charge?

CIT Bank savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $10 fee.
• Outgoing international bank transfers come with a $10 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.

What features and perks does CIT Bank savings offer?

This savings account includes the following features:

• Fraud monitoring - CIT Bank savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Mobile Banking Services - CIT Bank savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to CIT Bank savings?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for CIT Bank savings?

The customer support email for CIT Bank savings is custserv@cit.com.