The best high interest savings account is the CIT Bank Premier High Yield Savings account. This savings account pays a whopping 1.35% APY (Annual Percentage Yield aka interest rate). According to the FDIC, the US government department that insures bank accounts; the average savings account in the United States currently pays a paltry 0.06% APY. That means if you park your savings with CIT Bank you will earn 22.5 times more interest. At 1.35% APY CIT bank beats out Synchrony Bank and Ally Bank in offering the best high interest savings account.
How much money is required to open an account?
One hundred dollars is required to open an account. However, keep in mind that balances over $100k will only earn 1.30% APY
Are there any fees?
There are no fees to open, maintain, or close an account. It is also free to mail a check, preform an online transfer, or receive an incoming wire transfer.
Why is this account the best high interest savings account?
To put it simply you will earn the most money on your savings with the CIT Bank Premier High Yield Savings account. Interest compounds daily at 1.35%. Best of all it is free.
Is this an online only bank account?
No, CIT Bank offers many physical branches. You can access your account online to monitor your balance and complete transactions.
Does the bank offer a Certificate of Deposit (CD)?
Yes, CIT offers a seleciion of five different types of CDs. Interest rates on the CDs are also among the highest in the United States. Furthermore, CIT has a 11 month no-penalty CD. Usually, when you purchase a CD you cannot withdraw your money without facing a penalty and paying hefty fees. However, with the no-penalty CD you can withdraw your money and any interest earned without paying a penalty. Meaning, you can take advantage of the high interest rate and still access your money in an emergency.