Author: Jim Gold
Have you been frustrated by how very little you get in return for keeping your money in the bank? You’re not alone! Even though interest rates are hovering in the lower range, in historical terms, most of us still get less than we could — in fact, according to the FDIC, the national average return on a typical savings account is a measly 0.09%.
But you can do a lot better. CIT Bank offers up to 2.20% (current as of publication date), which is about 24 times higher than the national average.
CIT Bank, part of CIT Group, is a leading commercial finance company that is now offering online consumer banking. The company has a long track record of helping to drive innovation in lending to small- and medium-sized businesses, especially retail, energy, health care, transportation, and technology companies.
“Now CIT Bank is putting this experience to work for you,” the company says.
Regular deposits and higher earnings
Here’s how it works: Open a tiered interest rate account with a $100 minimum deposit and receive upper-tier interest as an introductory offer. You can keep earning the introductory rate by either maintaining a minimum balance of $25,000 or making a monthly deposit of $100 or more. There are no account opening or maintenance fees.
But don’t stop there. If you have some money in checking or savings that isn’t earning for you and you don’t need to have instant access to it — or if you want to move some money from the stock market to a safer investment — consider some other FDIC-insured savings options from CIT Bank.
Other safe ways to grow savings
Often described as a hybrid between a checking account and savings account, a money market account generally pays more interest than a regular savings account but limits access to your funds. CIT currently offers a money market account with these handy features:
- A minimum deposit of just $100.
- Six transfers or withdrawals per statement cycle.
- No account-opening or monthly service fees.
- People Pay transactions — a free service that allows you to send money from your money market account to almost anyone with an email address or mobile phone number.
Source: MRCTV Channel …