Experience Banking with CIT and their "high yield" savings account?

January 11, 2019, 08:47 AM

Looking at moving some money in to a high(er) yield savings account. Someone recommended CIT, who Ive never heard of.

Do we have any customers of CIT?

January 11, 2019, 11:26 AM

reloader-1

I use American Express High Yield Savings, currently 2.10% APY for all balances.

CIT is higher, at 2.45% APY, but only if you maintain a balance above $25,000. Otherwise, it’s a relatively poor 1.17% APY.

January 11, 2019, 11:27 AM

snidera

quote:
Originally posted by MikeGLI:
Looking at moving some money in to a high(er) yield savings account. Someone recommended CIT, who Ive never heard of.

Do we have any customers of CIT?

If you have the 25k minimum, you can do better than 2.45APY. If you're doing the 100/mo, maybe it is OK.
No savings account is worth it right now (I say this having 25k+ in a savings account right now). If you want your money to grow, look elsewhere. If you are amassing funding (like I am), it is what it is. 1/4-1/2% difference is nothing in the short run.
Looks like it's FDIC, don't know how often they change rates (I use discover & they will change quarterly, I think). Ally, Discover, et al are probably about the same.

January 11, 2019, 11:34 AM

grumpy1

Another possible option is to have a brokerage account with Vanguard, Fidelity, etc. I have one with Vanguard and I can link it to my bank account and move funds to Vanguard into their Prime Money Market or anything else they offer. If I want I can also move funds back into bank account. You don't get FDIC if that is a concern though.

January 11, 2019, 12:46 PM

Aeteocles

quote:
Originally posted by snidera:
quote:
Originally posted by MikeGLI:
Looking at moving some money in to a high(er) yield savings account. Someone recommended CIT, who Ive never heard of.

Do we have any customers of CIT?

If you have the 25k minimum, you can do better than 2.45APY. If you're doing the 100/mo, maybe it is OK.
No savings account is worth it right now (I say this having 25k+ in a savings account right now). If you want your money to grow, look elsewhere. If you are amassing funding (like I am), it is what it is. 1/4-1/2% difference is nothing in the short run.
Looks like it's FDIC, don't know how often they change rates (I use discover & they will change quarterly, I think). Ally, Discover, et al are probably about the same.

I think high yield savings outperformed the stock market by like 8% percent or something last year.

January 11, 2019, 03:18 PM

ZSMICHAEL

quote:
I think high yield savings outperformed the stock market by like 8% percent or something last year.

One should never invest through a rear view mirror or in brokers terms past performance is no guarantee of future results. High yield savings should be a small part of an investment portfolio unless you need the money in the immediate future.