There are many banks out there, choosing the right bank could change your financial future for the better, average, or even for the worse if you did not do your research. As interest rate for returns on savings accounts slowly climbing back up as economy improves, you need to make sure that you are on the same page and start investing properly with banks that will yield you the most return.
The problem with saving accounts is that many banks are asking way too high of an initial deposit or require a fee if you do not meet that criteria to start with. As a student, you definitely do not have $15,000-$30,000 available just sitting there to start investing with.
Good news is there are high-yield savings account banks. These banks are very different from the rest, they provide: low deposits, no fees, and much better rates. The only downside is that you probably never heard of them. One bank I am going to talk about today is CIT Bank, it is the top pick from Student Money Adviser. Let’s go over why it is the best and if your checking account has some money in it, consider that you only need $100 to start with and your return will be rewarding.
Why Choose CIT Bank
One thing to know, CIT Bank is in by no means associated with Citi Bank. CIT Bank has been around fo a long time (over 100-years), so you can be assured and confident investing your money with them. Here’s a little info from their website:
“Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.”
What is the Rate that CIT Bank offer?
Current savings rate at CIT bank is 1.85% APY (annual percentage yield). The name of the account is “Premier High Yield Savings“. Remember that you only need $100 to open account.
According to CIT Bank, the average savings rate is at 0.08%, where CIT Bank’s return is about 20x more.
Fees, Security Issues I Should Be Aware Of
As I mentioned this throughout the post many times, there are no monthly fees or catches the you should be aware of. It is safe to say that all you need is $100 to get started with CIT Bank and not worry about any unexpected charges. This is the best possible bank when we talk about growing our money with the best APY out there.
When joining anything involving our money, we think of security issue on top of our head. CIT Bank takes security very serious and passed every regulation that is required by the government, it is safe to say that you will not lose your money.
If you want a simple to use account and get the best possible return with just a little initial deposit of $100 required then CIT Bank is the way to go. The 1.85% APY is the best offering out there right now and been the best for some time now.
If you are convinced, get started here and don’t let your money just seat there, put the money to work.
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Richard Barnett is a student majoring in finance, entrepreneur, marketer, content writer, budget traveler, and financial blog “Student Money Adviser” owner. You can read more about me here.
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