CIT Bank is consistently an online and with the highest savings interest rate. The reason why is because CIT Bank has no expensive retail chains or large overhead. As a result, savers like you and I can take advantage.
See CIT’s highest savings rates in seconds here. It’ll surprise you!
Due to policies by the Federal Reserve, savings account interest rates were woefully light for years. The average saving interest rate was stuck around 0.1% and wouldn’t budge. That was pretty pathetic.
However, the Fed finally started raising rates again in 2022. And fortunately, saving account interest rates and CD rates followed suit and are attractive for us once again.
Highest Savings Interest Rate Account Benefits
What are some of the main benefits of having a savings account with a high interest rate? They include:
- Easy access to funds
- Capital preservation
- Earning passive income
- Overdraft protection for a linked checking account
- FDIC Insurance up to $250,000
- Automatic bill pay
Keep in mind, the purpose of a savings account is not for investment purposes. The purpose of a savings account is for liquidity and capital preservation purposes. Thus, it’s inappropriate to compare a savings interest rate return to a stock, bond, structured note, or even a CD.
The appropriate comparison to a savings account is another savings account or a checking account.
Many years ago, I had about $80,000 in a Citibank savings account that was only yielding 0.2%. I kept it there because I had property taxes to pay, trips to take, and wanted a cash reserve just in case the stock markets got very ugly so I could invest. The problem was, I hate it when my money isn’t working for me.
It hit me how pathetic my 0.2% savings interest rate was after I noticed just a $197 interest return for the entire year with an average balance of $100,000. As a result, I moved my money to CIT Bank and started earning significantly more interest! They are my go-to bank for high-yield CDs and savings accounts. CIT has consistently offered the best CDs and highest savings interest rate accounts around.
CIT Bank Savings Account Review
CIT Bank currently offers Savings Connect accounts with a phenomenal 4.05% interest rate. If you want a safe place to park your cash, CIT is fantastic. If you have other cash that you want to invest in the markets, be sure to check out my article on growth stocks versus dividend stocks and real estate crowdfunding.
CIT Bank Online Savings Account Fees
A CIT Bank account doesn’t require as many fees due to the lack of overhead given it is an online-only bank. There are no physical branches to maintain, so that savings gets passed down to account holders in the form of fewer fees and higher interest rates. In fact, CIT Bank doesn’t charge any fees at depending on balance.
CIT Bank Highest Savings Account Rates
Even though this account is basically free to maintain, it still offers one of the most competitive interest rates currently available for comparable accounts. CIT Bank consistently has the highest savings interest rate I’ve seen.
How Do I Transfer Money In And Out Of An Online Savings Account?
One of the things that tends to scare people away from online savings accounts is the fact that there’s no physical branch to visit. They wonder how it’s possible to make deposits without putting a check in the mail. Or fear that withdrawing money when it’s urgently needed will take too long. While some online savings accounts are definitely less than convenient, CIT Bank savings accounts make transferring money very easy, fast, and secure.
By linking an existing checking account to the CIT Bank savings account, you can electronically transfer money in and out of the account whenever you want as well. The checking account doesn’t have to be a CIT Bank account either. After linking the checking account, you can call and request an activation of outbound transfer if needed. I’ve got accounts open with multiple banks due to the $250,000 FDIC limit, hence access to cash is quite easy.
You also have the option of requesting a check get mailed to your home. Outgoing wire transfers are also available and free for CIT Bank savings accounts with a balance of $25,000 or greater.
I’ve used CIT Bank for years and have been very pleased with their customer service and offerings. CIT Bank consistently offers the highest savings interest rate accounts today.
Never Stop Optimizing Your Finances
To build wealth, you’ve got to be persistent in looking for the best deals to earn you more and save you more. The internet makes finding the best rates easy. For example, a 1% difference in interest compounded over 30 years makes a huge difference to the amount of money you’ll end up with later.
In the past, I sat on $80,000 cash at 0.2% because I was just too lazy to move money away from my existing bank. Before the internet, it was a pain to move money. Now it just takes several clicks of a button.
The key really is to take stock of all your cash during volatile times and optimize your cash for the best returns possible while you wait.
How To Open An Account With The Highest Savings Interest Rate
If you’re ready to start earning more money through a high-yield savings account, now is the time. You can open a Savings Connect account right now with CIT Bank in minutes and start earning 4.05% interest.
If you want to learn even more about CIT Bank, check out our extensive CIT Bank Review. Also be sure to read about CIT’s high-yield CDs. They offer many different types of CDs including no-penalty 11-month CDs, and my favorite the 18-month CD.
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Related post: How Much Savings Should I Have Accumulated By Age?
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