*not sponsored* CIT Bank High Yield Savings Account Review | Is It Worth It?
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- เผยแพร่เมื่อ 30 ก.ค. 2024
- CIT Bank Platinum Savings: bit.ly/cit-platinum
CIT Bank Savings Connect: bit.ly/cit-connect
CIT Bank has some of the highest interest rates around! Today I'm sharing a full review of my experience being a CIT Bank customer for the last few months.
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0:00 - Intro
1:18 - What is a high yield savings account?
3:10 - Why I switched to CIT Bank
4:22 - Pros to CIT Bank
6:17 - CIT Bank cons
12:50 - How to use a HYSA - บันเทิง
This is a reupload from last week. I wanted to correct some information from the last video! ❤
CIT and Ally can take a while to transfer money and you might lose interest while in transit (basically your money disappears for couple of days). It can be 2-3 days of interest.
Hi marissa just wanted to let you know. If you open a savings connect account with cit bank. Once you have 5000.00 cit bank will pay the 5.05 percent
Great job, love your video, came in handy. Keep it up
Used your link to sign up for my new CIT account. Thanks for the info
Great video, thanks!
Wish they had the different buckets like Ally Bank but the current over .75% better interest rate @ CIT definitely makes me think we'll just use a spreadsheet to track our savings buckets lol. Definitely use your link to check it out. Thanks for sharing!
Totally agree! It would be awesome if they added it. Thanks for using my link! 😊
Do you have to open a checking account with the savings connect to acquire that 4.6?
great explanations, thanks!
Can you open multiple savings accounts? Some banks like Sofi only allow you one but they give you "vaults" so you can have multipe savings goals
So it sounds like you should open up a platinum account and a saving connect account so if you dip below that 5k threshold, youre still earning solid interest
Bask Bank is a fantastic high yield account with 5.1% APY. Just sharing!
How is it possible for Marcus Goldman Sacks to be able to do same day transfers and all other high yield savings account 3 to 5 days
Hi , do you still feel comfortable at CIT. Thank you
Thank you for the video!!! What happens if you want to take the money out and close the account?
No fees for opening or closing an account. 😊 you can just transfer the funds to a different bank if you’d like! We still use our regular checking account at a different establishment and then have this CIT account as well.
Thanks for the video! Quick question do they offer joint accounts or beneficiaries for their high yielding savings account?
Yes they do!
Hey! Before I go ahead and use your afiliate link. I want to ask about your honest opinion on " how do you find this savings account so far?"
Thanks !
Hey! It’s been great! I’m going to do an update video soon! I’ve been using CIT Bank for 6 months now. Earned great interest, paid no fees, and it was super easy to transfer to my other bank account and also wire transfer funds (fee-free) for the purchase of our home! Would highly recommend. And thanks for using my link. 😊
I heard it's a pain to deal with CIT customer service ,any input on that.
Thank you.
Pain in the butt or in the wallet? 😂
I saw that too, when I searched the topic on reddit, but most comments were from about a year ago (which, if you remember, is right when interest rates started really getting good). I'm wondering if the shoddy service was due to a huge leap in demand or if they are always bad with that?
So what you think yes, no
Thanks
I agree that dealing with CIT customer service is a pain as of today, April 2024. Having said that, if your money is earning higher interest, it might be worth staying with CIT.
I think I'm going to move someo f my money from ally savings to this for a bit.
I opened an account with CIT bank last week. I was wondering how often the interest is compounded and when the interest is added to your bank account.
It gets deposited once a month. 😊
Do you have to pay taxes on the interest earned?
Yes
You have to pay taxes in America on any income received. The IRS says you need to report every dollar.
Dumb question from u. Sorry.
What is CIT Bank’s customer service like?
Great! I have messaged them in the portal and they have responded that day.
Damn $200,000 in a HYSA is so crazy. Wouldn’t you be better off investing some of that?
$50k will earn $2500 year if rates stay at 5% or buy Tesla stock and hold long term. Look up returns on that last 5 years.
But the stock market is not a good place to keep your emergency fund. A high yield savings account is.
This is why you do both.
Wow , $800 in interest in just one month. Did I hear that right haha.
Be assured that nobody I've asked can actually name a true emergency over $300 that requires an immediate payment in cash... I'll give half credit for bail money for someone else because not all jails accept cards yet.. lol and of course if the girl scouts rob you and leave behind cookies...
Totally. It can usually wait a couple days.
I agree normally you can put it on a credit card and then move the money in enough time to pay off the card.
Remember to save out for taxes on the dividends. Sucks so bad. 😢
Yup! You will owe taxes. But I’d rather make more money to pay a little extra in taxes. 😊
what if u have more than 250000 ? should u stop at that point ?
I personally wouldnt use a HYSA for that much money. It’s not meant for long term investments.
Where would u put that if i reach that point -i figured if u msde $800 in interest u must have round that amount -is why i asked - thank you for reply - much appreciated
First.
Is this a reupload? I thought I watched this already lol
Yes! Lol so sorry. I had to correct some info!