This review was updated June 22, 2018. Review The Motley Fool's advertiser disclosure.

Many high-yield online savings accounts offer a slate of valuable perks, including a high annual percentage yield (APY) and low fees. For these various reasons, we rated it as one of our top savings accounts. (Read our full list of the best high-yield online savings accounts.)

Bank Name APY Min. Opening Deposit Key Features

CIT Bank Premier High Yield Savings


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1.55% $100

-Mobile app and deposit

-$0 monthly maintenance fee

-Free wires (terms apply)

RELATED >> Compare hundreds of savings rates to find a high yield

What we like about CIT Bank Premier High Yield Savings

  • High APY -- 1.55% APY is among the highest rates we've found for an online savings account and this rate isn't tiered like many competitors offers all balances earn interest at the same rate.
  • $0 monthly maintenance fee -- The account includes a $0 monthly fee, which reduces the cost of doing routine business with CIT Bank.
  • Free wires -- Outgoing wires are free for accounts maintaining an average daily balance of at least $25,000 each month. This is a valuable perk that will run you more than $30 per wire at some competing banks.
  • Mobile app -- CIT Bank offers key online savings features that make virtual banking convenient. Customers can manage accounts online, transfer funds via electronic transfer, and make mobile deposits within the app.

What could be improved for CIT Bank Premier High Yield Savings

  • $100 minimum deposit -- Other high-yield online savings account providers don't have a minimum deposit, but it is an admittedly low hurdle to secure such a competitively high yield.

WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates

How to fund a CIT Bank Premier High Yield Savings account

Standard funding options are available, including free electronic transfer, mobile check deposit, and incoming wires, plus mailing a physical check.

How to withdraw funds

What stands out about the account is the cost of outgoing wires, which are free for qualifying customers and uncommonly low at $10 per wire for all other account holders. Routine, free withdrawal options are available as well -- namely, electronic transfers and physical checks.

Other high-yield online savings accounts to consider

If CIT Bank Premier High Yield Savings doesn't suit your needs, we suggest you visit our Banking Center to compare hundreds of high-yield savings accounts or review a handful of our top high-yield savings accounts below.

Feature CIT Bank Premier High Yield Savings American Express® Personal Savings   Synchrony Bank High Yield Savings
APY 1.55% 1.75% 1.75%
Min. opening deposit $100

$1 min. to earn the APY

$0
Bonus $0 $0 $0
Monthly maintenance fee $0 $0 $0
Withdrawal limit fee $0 $0 $0
ATM card No No Yes
Free ATMs N/A N/A $5 monthly rebate
Mobile app Yes No Yes
Mobile deposit Yes No Yes
Next steps APPLY NOW APPLY NOW   APPLY NOW
Bank review --  American Express® Personal Savings Review  Synchrony Bank High Yield Savings

Final take

CIT Bank Premier High Yield Savings' high yield will understandably entice savers who have a chunk of cash on hand and want to make that money work harder for them. Add in the fact that the bank also offers low fees plus the mobile convenience that comes with a virtual bank, and you can start to see why we think CIT Bank Premier High Yield Savings is a top-tier option worth considering.

The Motley Fool's Golden Rule is our north star, and we'll guide you to best-in-class offerings, regardless of advertising relationships. We value editorial independence, and reviews are not influenced by compensation. Compensation may influence placement within our list of the best savings accounts, but not inclusion. Click here to read more about how we pick the best banking accounts. We work feverishly to maintain current offer details and some offers may vary from what's included on this page. Review bank sites for full details on costs, fees and other important details before opening an account. The Motley Fool has a disclosure policy. The Motley Fool has no position in any of the stocks mentioned.