Increase Your Savings By 24 Times.

Have you ever been frustrated by how little you get in return for keeping your money in the bank? You’re not alone. Even though interest rates are at historically low levels, most of us still get less than we could – in fact, according to the FDIC, the national average return on a savings account is now a pitiful 0.07%

You can, however, do a lot better.CIT Bank provides up to 1 year of interest-free credit.7% (as of the date of publication), or roughly 24 times the national average

CIT Bank, a subsidiary of the CIT Group, is a leading commercial finance firm that now offers online consumer banking.The company has a long history of assisting small and medium-sized businesses, particularly in the areas of retail, energy, health care, transportation, and technology.

CIT Bank is now putting its experience to work for you, according to the company.

Higher earnings and regular deposits

As an introductory offer, open a tiered interest rate account with a 100 minimum deposit and receive upper-tier interest.Maintaining a minimum balance of 25000 or making a monthly deposit of 100 or more will allow you to keep earning the introductory rate.There are no fees for opening or maintaining an account.

Even if you start with $100 and save at the bare minimum, the higher interest rate will save you hundreds of dollars over the course of a few years.(You can play around with the numbers in this handy compound interest calculator to see how it works with various balances and deposits.))

For more information or to create an account, go here.

However, don’t stop there.Consider some other FDIC-insured savings options from CIT Bank if you have money in checking or savings that isn’t earning for you and you don’t need instant access to it – or if you want to move money from the stock market to a safer investment.

Another safe way to increase your savings is to invest in real estate.

Money market account at CIT Bank

A money market account, which is often described as a cross between a checking and a savings account, pays higher interest than a regular savings account but restricts access to your funds.CIT offers a money market account (currently at 1%) and a savings account (currently at 2%).75% of the time with these helpful features

  • A deposit of just $100 is required.
  • Per statement cycle, there are six transfers or withdrawals.
  • There are no account setup or monthly service fees.
  • Transactions with People Pay are a free service that allows you to send money from your money market account to almost anyone who has an email address or a mobile phone number.

Current specials can be found here.

Various accounts for various objectives

Why would you want to have more than one savings account?

Because the reasons for saving differ, setting up individual savings accounts for short- and long-term savings goals makes sense, according to CIT Bank.Are you putting money aside for a house, an emergency fund, or your children’s college tuition? Keeping accounts separate makes it easier to track savings growth.You won’t derail other savings goals if you use your funds.

You won’t be able to visit any CIT Bank branches, ATMs, or open a CIT Bank checking account as an online bank customer.

Instead, you can manage your accounts from your computer, including viewing and downloading statements and account activity, scheduling and making transfers to and from other banks, creating banking reports, receiving and managing account alerts, and sending secure messages.

Customers can use CIT Bank’s mobile app to check account balances and transaction history, transfer money between CIT Bank accounts, and deposit checks if they have a high-yield savings account.

You can also call the bank’s customer service center or use the bank’s automated telephone banking system.

Transferring funds electronically from your other bank accounts to your new CIT Bank account is the simplest way to make deposits.You can also send a check or send money via wire transfer.Withdrawals follow the same procedures, but some accounts have limits on how frequently you can tap in electronically.

The information you’ll find on this site is always objective.However, we may be compensated if you click on links within our stories.

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