This review was updated January 17th, 2018.
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
-Mobile app and deposit
-$0 monthly maintenance fee
-Free wires (terms apply)
What we like about CIT Bank Premier High Yield Savings
- High APY -- 1.55% APY is among the highest rates we've found, and it applies to balances up to $250,000. Balances over that amount receive a 1.30% APY. It's important to pay attention to the fine print in this offer. For example, a $275,000 balance would earn a 1.30% APY for the entire balance, rather than earning 1.55% for the first $250,000 and then 1.30% on the remaining $25,000. That said, while savers with such large balances don't receive the "headline" rate, 1.30% is still one of the highest rates among popular high-yield online savings accounts.
- $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||Discover Savings||Synchrony Bank High Yield Savings|
|Min. opening deposit||$100||
|Bonus||$0||Up to $200 using code FOOL1217 with qualifying deposit*||$0|
|Monthly maintenance fee||$0||No monthly maintenance fees||$0|
|Withdrawal limit fee||$0||$15||$0|
|Free ATMs||N/A||N/A||$5 monthly rebate|
|Next steps||APPLY NOW||APPLY NOW||APPLY NOW|
|Bank review||--||Discover Savings full review||Synchrony Bank High Yield Savings|
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.
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