Image Source: Getty Images
Published December 13th, 2017.
CIT Bank Premier High Yield Savings offers a deep slate of valuable perks, including essentials like a high annual percentage yield (APY) and low fees. What's more, qualifying new accountholders earn a $100 cash bonus when using code FALL17 (terms apply) during the application process. For these various reasons, we rate CIT Bank Premier High Yield Savings as one of the best savings accounts.
What we like about CIT Bank Premier High Yield Savings
- $100 bonus -- Earn a new customer bonus of $100 when opening an account with promo code FALL17 before December 21st, 2017. It's worth paying attention to the bonus terms. Importantly, account holders must maintain a balance of at least $100,000 for the first three full statement cycles and the account must be funded within 30 days of account opening.
- High APY -- 1.35% 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 1.35% 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.
RELATED >> Compare the best online savings account rates
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 the best 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 |
|---|---|---|---|
| APY | 1.35% | 1.30% | 1.30% |
| Min. opening deposit | $100 |
$0 | $0 |
| Bonus | $100 | $0 | $0 |
| Monthly maintenance fee | $0 | No monthly maintenance fees | $0 |
| Withdrawal limit fee | $0 | $15 | $0 |
| ATM card | No | No | Yes |
| Free ATMs | N/A | N/A | $5 monthly rebate |
| Mobile app | Yes | Yes | Yes |
| Mobile deposit | Yes | Yes | Yes |
| Next steps | APPLY NOW | APPLY NOW | APPLY NOW |
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.
