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CIT Bank's Premier High Yield Savings Now Earns 1.35% APY

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Deal Summary: Premier High Yield Savings, 1.35% APY up to $100k, 1.30% APY for $100k+.

Availability: Nationwide (internet bank)

The rising rates race continues, with the latest increase coming from CIT Bank, which just added 5 bps to each of the Premier High Yield Savings account’s rate tiers. Tier 1 now earns 1.35% APY on balances up to $100k and Tier 2 earns 1.30% APY on balances over $100k. According to the fine print on the Premier High Yield Savings promotion page,

For example: A balance of $95,000 will earn a 1.35% APY,
and a balance of $105,000 will earn 1.30% APY.

The Premier High Yield Savings can be opened with a minimum $100 deposit; once the account is opened, there is no minimum balance requirement. There is no account opening fee or monthly maintenance fee.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.35*%-$100kCIT BankPremier High Yield Savings
OTHER TIERS: 1.30% $100k+
Accounts mentioned in this post. Rates as of September 19, 2017.

Rate History

CIT Bank has a history of maintaining competitive rates on its savings accounts. Since its launch date in April 2012, the High Yield Savings’ APY ranged from 0.80% to 1.05%. Its last rate increase was in January of this year when the APY increased from 0.95% to 1.05%.

The Premier High Yield Savings is the second new savings account launched this year by CIT Bank; the first was the Spring Savings Account, which made its debut in May earning 1.15% APY. Current CIT Bank savings account customers need to apply for the Premier High Yield Savings to receive the higher interest rate. Opening then new account can be expedited by first logging into CIT Bank’s online banking first.

ACH Transfers

In July, I received information on CIT Bank’s ACH electronic funds transfer system, which allows money to be moved to and from accounts at external institutions fee-free. Once the account is opened, you can set up multiple links to external accounts, with up to 10 links allowed. CIT Bank allows outgoing ACH transfers of up to $2 million per day, with no limit for incoming ACH transfers. The number of ACH withdrawals are limited to six per statement cycle, as required by federal regulation.

Wire transfers are another option to transfer funds. CIT Bank offers free outgoing wire transfers for accounts with balances of at least $25k. There is a $10 fee per outgoing wire transfer fee for accounts with balances under $25k. Incoming wire transfers are fee free.

Availability

Headquartered in Pasadena, California, CIT Bank is a "pure" internet bank, having no brick-and-mortar branches. Accounts can be opened by U.S. citizens or resident aliens, 18 years or older.

Opening a Premier High Yield Savings Account must be done using CIT Bank’s online application. Funding can be done through an electronic funds transfer from an outside bank account, wire transfer, or mailing a check. As is typical with setting up an ACH transfer, you need to provide CIT Bank with the routing and account number of your outside account.

Bank Overview

In 2015, CIT Bank merged with OneWest Bank. The resulting institution is a national bank (National Association) and was re-named CIT Bank, N.A. The OneWest Bank brand remains intact, but now operates as a division of CIT Bank, N.A. Deposits at CIT Bank and OneWest will be counted together for purposes of determining FDIC insurance coverage limits. As of March 31, 2017, the Bank now has combined assets of more than $42 billion and deposits of more than $32 billion.

The new bank (CIT Bank, N.A.) took the financial history and FDIC Certificate number of OneWest Bank (FDIC Certificate # 58978). Based on March 31, 2017 data, CIT Bank, N.A. has an overall health grade at DepositAccounts.com of “A”, with a Texas Ratio of 9.39% (excellent) and is currently financially strong. Please refer to our financial overview of CIT Bank for more details.

Don’t confuse CIT Bank with Citigroup Inc., which is the bank holding company of Citibank. CIT Bank is one of the businesses that makes up CIT Group Inc., a bank holding company best known for providing commercial financing and other services to small and middle market businesses.

OneWest Bank used to be IndyMac Bank. Following the FDIC brokered sale of IndyMac in March 2009, the Bank was re-branded as OneWest Bank. A portion of OneWest Bank’s growth came from the acquisitions of failed banks: in December 2009, First Federal Bank of California was acquired, followed by the acquisition of La Jolla Bank in February 2010.

How the Premier High Yield Savings Compares

When compared to the nationally available Money Market accounts and Savings accounts tracked by DepositAccounts.com that are available nationally with similar balance requirements, CIT Bank’s Premier High Yield Savings APY current shares third place with Salem Five Direct’s New Money eOne Savings.

Interest RateAccount NameCredit Union/Bank
1.41% APYMoney Market Savings ($5k min/$250k max)UFB Direct
1.40% APYSavings Account (no min/$5m max)Live Oak Bank
1.35% APYPremier High Yield Savings Account ($100 min/$100k max)CIT Bank

The above rates are accurate as of 9/8/2017.

To review the top Savings Account rates, both nationwide and state specific, please refer to our Savings Account rates table or our new Rates Map page.

Related Pages: savings accounts, nationwide deals, Internet banks

Comments
Att
Att | | Comment #1
Ken. Dollar Savings is at 1.40% with no minimum.
Ken Tumin
Ken Tumin | | Comment #4
The comparison section only lists a sample of other top rates. For this comp section, Live Oak Bank was chosen instead of Dollar Savings Direct. Both currently offer the same 1.40% APY with no minimum.
Bill Cosby
Bill Cosby | | Comment #2
How about on existing CIT accounts? Can I get the 1.35%
Att
Att | | Comment #3
Only the Premier account gets the 1,35%. What you have to do is open a Premier account. Once done just send them a secure message to send the funds from your old accoumt to your new account and close the old one. I did this about a month ago and also got a $100 bonus that I'm waiting for.
111
111 | | Comment #5
Be careful about closing the old account, in some cases. CIT's previous bonus offer (of up to $400) was based on keeping a certain balance in their "Spring High Savings" account for 3 statement cycles, AND THEN keeping that account OPEN at least until the bonus was received. AFTER the 3 statement cycles, there was no requirement for the bonus that any particular balance remain in the account - $1 would do it.
Bill Cosby
Bill Cosby | | Comment #6
Thanks ATT. I just remembered I opened a second account last month @ CIT just to get the $100 and it has the 1.35% rate. I lose track from all these accounts I have.
111
111 | | Comment #7
Does anyone know whether a customer is allowed to open more than one Premier High Yield Saving account (meaning, under the same type of ownership, not one single, another joint, yet another trust, etc.)?
Dublin
Dublin | | Comment #8
Yes from what I see on the website
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Availability: Nationwide (internet bank)

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