Open A CIT Bank Savings Account And Earn 2.45% APY

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CIT Bank Now Offering 2.45% APY On A Savings Account

Interest rates continue to climb upwards. For people who want to earn some interest on their savings, but still want to have access to liquid funds, a savings account is likely the best option.

If you fund a CIT Bank savings account with at least $25,000 you’ll now get 2.45% APY, alernatively you can qualify for the 2.45% rate by just making a monthly $100 deposit to the account.

There is no hard credit inquiry performed for opening a CIT account.

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60 Comments On "Open A CIT Bank Savings Account And Earn 2.45% APY"

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AmEx Personal Savings is at 2.1+. Just moved my money from CIT as they weren’t keeping up with the rates others were offering.


Is 2.1 better than 2.45?


Amex requires 25K deposit?


Don’t need $25K, just schedule a monthly $100 deposit.


Is there a fee for taking money out as long as it’s not more than 6 times a month? If so could you theoretically just deposit $100 once a month and then take it out to redeposit it the next month? Does it have to be direct deposit?


No fee, so that would work.
No need for direct deposit.

PFT Commenter

Embrace Debate




2.1 is better than 2.45


Any good saving accounts for a business?


Nope. Seems like the banks want to rip off businesses for as long as they can get away with it.


Last year CIT matched the rate for a biz account for me. Can’t hurt to call and ask


If I just opened it last time (at 2.25) does it automatically go higher, or I need to open a new account?

Dan is the Man

its automatic, i just checked.


If your existing account is the Savings Builder account, your rate will automatically go up. If you have a different type of account, open a Savings Builder and do an internal transfer to fund it. Just leave a few dollars in the previous account until your next interest payment is posted.

Rachel Litzman

Wow awesome!

jonathan nissanoff

open a new account and transfer funds electronically from other account


Do you have to pay tax on the money you earn?


You will be issued a 1099-INT if it is over a certain amount ($40 annually I think).


Is this America? Why wouldn’t you?


The only way you can avoid paying taxes on earnings is by investing in life insurance. That’s where my savings is!


Thanks! opened an account


why does it say up to 2.45 in the application?


If balance is less than 25,000 and you do not do the $100 monthly deposit, the rate is much lower.


Is there a fee for oppening or closing the account
Is there free paper Statements and transfers


I was going to ask if there was a free toaster, not a fee;)

I guess it’s a cultural or generational thing


What is the benefit (difference) to have a Business Account?

Murray Brand

Why is there a need to waste 10 minutes checking pictures of traffic lights, storefronts, busses, mountains in order to sign onto opening a savings account


Welcome to the internet


Who says that they won’t lower the rate to .08% in a month or two? Does anyone know their track record?


That has not happened in my experience. But you can always pull out the money if they do.


What may happen, is that they won’t raise the rates on existing accounts and instead offer a ‘new product’ that has the higher rate for new customers. They have done this in the past, although the last increase 2.25 to 2.45 was applied to existing customers so we’ll see what happens.


I got a dime money market at 2.25%. The difference is you can walk in to the bank and walk out with your money in minutes later. min $2500 checking account and min $25,000 money market.


The site says it is an introductory period – How long is the rate good for? how long is the introductory period??


It only says the introductory period gives the higher interest rate until the first month when, so long as you meet the threshold, you continue with that rate


What are the options for getting the money out?


You can transfer it out at anytime.


Is it possible to (initially) fund with a credit card?
are there other banks that allow it (That won’t charge as cash advance)




mo2, So it sounds like you don’t have the money but you’d borrow the cash from a credit card based on typical 25%- 30% interest in order to open a CD giving you a 2.45% return. Am I following you correctly?




can i sign up online?


Our Homeowners Association has more than $100,000 in a reserve fund, and financial institutions refuse to give us the higher rates allowed to individuals. You would think that the goodwill generated by serving 100 new customers, indirectly, would be worth something.

Johnny D



Dan, personal question; do you have one of those?


I do indeed.


You don’t have permanent life insurance? I thought that’s what we all do.


How is permanent life insurance better investment?


It’s a silly comparison. Whole life insurance funds are not liquid. Commissions are also sky high.


What do you mean it’s not liquid I could pull out the money whenever I want


You are taxed to pull out any money over basis and due to high fees on whole life plans, you will lose a lot if you need to pull everything out.

Premiums can also increase when you pull money out and your policy can lapse if you can’t afford to pay them.


You are only taxed if you surrender the policy which nobody does. Unless they’re doing a 1035 exchange even then they don’t always tax


Who cares what the agent gets commissioned if you end up with what you wanted


Basically you have access to the money that you paid plus the interest the company earned on your money while you’re still alive. It’s more complicated than that but it’s an excellent and safe investment. You just have to be careful which company you use. The only company I trust is New York Life


That interest is most certainly taxable when you pull it out.


If you use a good financial professional You won’t end up getting taxed. The Method generally used by the public to access the cash value is through policy loans which is not taxed.


Many banks will lend against a whole life policy at extremely low rates and high LTV. That way you wouldn’t have to pay tax. Similar to refinancing real estate instead of selling where you avoid capital gains tax.


Or you can borrow from the life insurance policy directly which is usually a 5% interest-rate at least with New York Life. And you could just borrow without any proof of finances or things like that, that usually you would need for a loan

Concerned citizen

Rate dropped to 2.4 without notice?? Dan please get on top of this 🙂