Once you start your FI journey, your first step is generally to establish an emergency fund. Finding a high-yield savings account is a great way to earn some interest on your savings and this is the first time in 20 years we've seen significant interest rates on savings accounts!
Savings accounts are even becoming a viable (and safe -- all of these accounts are FDIC Insured!) option for putting a more significant percentage of your assets than just a few thousand dollars that might be lying around for an "emergency."
One of our favorite banks (both Brad and Jonathan have their own accounts here) is CIT Bank. We'll run you through their three main savings account options, of which we can definitely recommend either of the first two depending on your circumstances:
- CIT Bank Platinum Savings: 3.7500 APY (with a balance of $5,000 or more)
- CIT Savings Connect: 3.6500 APY
- CIT Savings Builder Account: 1.0000 APY (Minimum balance of $25,000 or $100 monthly deposit. $100 minimum opening deposit.)
How Close Are You to Financial Independence?
Free calculators, a personalized FI roadmap, and a community of 25K+ on the same journey.
Three Options for CIT Savings Accounts
Platinum Savings Account
CIT's CIT Bank Platinum Savings: 3.7500 APY (with a balance of $5,000 or more). You need to open the account with a minimum of a $100 deposit.
If you can reach the balance requirement, the Platinum Savings Account is one of the best bank account options currently available on the market.
Some features and benefits:
- FDIC Insured
- Zero account opening or maintenance fees
- Daily compounding interest
- Remote deposit checks
- Make transfers via CIT's mobile app
Savings Connect
CIT's CIT Savings Connect: 3.6500 APY and there's no minimum balance requirement to get the top rate.
If you can't maintain a larger balance, the Savings Connect Account is a great option for you!
Features and Benefits:
- FDIC insured
- Zero account opening or monthly maintenance fees
- Digital convenience with online banking and the mobile app
- Deposit checks remotely and make transfers easily with the CIT Bank mobile app
Savings Builder
CIT's CIT Savings Builder Account: 1.0000 APY. There is a $100 minimum to open an account. You must maintain a minimum balance of $25,000 or you must make at least a $100 monthly deposit.
Features and Benefits:
- FDIC Insured
- No account opening or monthly service fees
- Daily compounding of interest
- Deposit checks remotely and make transfers with the CIT Bank mobile app
About CIT Bank
There's a lot about CIT that impresses us. First, they have a century of experience, so they know what they're doing. Second, First Citizens Bank and CIT recently merged, which created a top 20 US financial institution with more than $100 billion in assets as of January 2022. making them one of the largest banks in the U.S.
CIT is also great for those who like to hold their money with a company that cares about their community. CIT has a number of community programs; for instance, their employees volunteer throughout the year, they invest in clean energy, and they focus on helping the underserved in their home community of Southern California.
We've been pleased with the ease of setting up an account and how quickly money transfers to and from your online account.
