CIT Bank Premier High Yield Savings Review

Many high-yield online savings accounts offer a slate of valuable perks, including a high annual percentage yield (APY) and low fees. For these various reasons, we rated it as one of our top savings accounts. (Read our full list of the best high-yield online savings accounts.)

Bank NameAPYMin. Opening DepositKey Features
CIT Bank Premier High Yield Savings

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1.55% (tiered)$100-Mobile app and deposit

-$0 monthly maintenance fee

-Free wires (terms apply)

What we like about CIT Bank Premier High Yield Savings

  • High APY — 1.55% APY is among the highest rates we’ve found, and it applies to balances up to $250,000. Balances over that amount receive a 1.30% APY. It’s important to pay attention to the fine print in this offer. For example, a $275,000 balance would earn a 1.30% APY for the entire balance, rather than earning 1.55% for the first $250,000 and then 1.30% on the remaining $25,000. That said, while savers with such large balances don’t receive the “headline” rate, 1.30% is still one of the highest rates among popular high-yield online savings accounts.
  • $0 monthly maintenance fee — The account includes a $0 monthly fee, which reduces the cost of doing routine business with CIT Bank.
  • Free wires — Outgoing wires are free for accounts maintaining an average daily balance of at least $25,000 each month. This is a valuable perk that will run you more than $30 per wire at some competing banks.
  • Mobile app — CIT Bank offers key online savings features that make virtual banking convenient. Customers can manage accounts online, transfer funds via electronic transfer, and make mobile deposits within the app.

What could be improved for CIT Bank Premier High Yield Savings

  • $100 minimum deposit — Other high-yield online savings account providers don’t have a minimum deposit, but it is an admittedly low hurdle to secure such a competitively high yield.

How to fund a CIT Bank Premier High Yield Savings account

Standard funding options are available, including free electronic transfer, mobile check deposit, and incoming wires, plus mailing a physical check.

How to withdraw funds

What stands out about the account is the cost of outgoing wires, which are free for qualifying customers and uncommonly low at $10 per wire for all other account holders. Routine, free withdrawal options are available as well — namely, electronic transfers and physical checks.

Other high-yield online savings accounts to consider

If CIT Bank Premier High Yield Savings doesn’t suit your needs, we suggest you visit our Banking Center to compare hundreds of high-yield savings accounts or review a handful of our top high-yield savings accounts below.

FeatureCIT Bank Premier High Yield SavingsDiscover SavingsSynchrony Bank High Yield Savings
APY1.55%1.40%1.45%
Min. opening deposit$100$0

(Deposit requirements must be met to use offer code)

$0
Bonus$0Up to $200 using code FOOL1217 with qualifying deposit*$0
Monthly maintenance fee$0No monthly maintenance fees$0
Withdrawal limit fee$0$15$0
ATM cardNoNoYes
Free ATMsN/AN/A$5 monthly rebate
Mobile appYesYesYes
Mobile depositYesYesYes
Next stepsAPPLY NOWAPPLY NOWAPPLY NOW
Bank reviewDiscover Savings full reviewSynchrony Bank High Yield Savings

*TO GET YOUR BONUS: APPLY FOR YOUR FIRST DISCOVER ONLINE SAVINGS ACCOUNT BY 2/28/18. ENTER OFFER CODE FOOL1217 WHEN APPLYING. DEPOSIT A TOTAL OF AT LEAST $15,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $150 BONUS OR DEPOSIT A TOTAL OF AT LEAST $25,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $200 BONUS. MAXIMUM BONUS ELIGIBILITY IS $200 PER ACCOUNT.
WHAT TO KNOW: OFFER NOT VALID FOR EXISTING OR PRIOR DISCOVER SAVINGS CUSTOMERS. ACCOUNT MUST BE OPEN WHEN BONUS IS CREDITED. BONUS WILL BE CREDITED TO THE ACCOUNT BY 3/28/18. BONUS IS CONSIDERED INTEREST AND WILL BE REPORTED ON IRS FORM 1099-INT. OFFER MAY BE MODIFIED/WITHDRAWN WITHOUT NOTICE.

Final take

CIT Bank Premier High Yield Savings’ high yield will understandably entice savers who have a chunk of cash on hand and want to make that money work harder for them. Add in the fact that the bank also offers low fees plus the mobile convenience that comes with a virtual bank, and you can start to see why we think CIT Bank Premier High Yield Savings is a top-tier option worth considering.