bank rates

CIT Savings Account Is Competitive Again

CIT Bank logoWe’ll take glimmers of hope wherever we can get them.

Four months after CIT Bank (www.bankoncit.com) decreased its savings account rate, the bank has boosted it back to 0.90% APY for balances of $25,000 or higher, putting it in a tie for second place in our rankings of the best nationally available deals.

The top spot still belongs to The Palladian PrivateBank (www.palladianprivatebank.com), which is the sole bank paying 1.00% APY for a nationally available savings account.

To open a savings account at Palladian requires a minimum deposit of $10,000. You don’t need to keep that much in your account to earn interest, but you’ll have to pay a monthly fee of $10 if your balance dips below $10,000.

The Palladian PrivateBank is the online division of The PrivateBank and Trust Co. The Chicago-based bank has about three dozen locations in nine states, mostly in the Midwest.

With its rate increase, CIT Bank is one of three banks that pay 0.90% APY on savings accounts.

They are:

  • CIT Bank, which allows you to open an account with a $100 deposit, but if you don’t have at least $25,000 in your account, you’ll earn a rate of 0.85% APY. The account carries no monthly fees. The bank is a division of New York-based CIT Group. The company provides lending, leasing and advisory services to small and medium-size businesses.
  • Barclays (www.banking.barclaysus.com) pays 0.90% on all balances, and there’s no minimum deposit amount required to open an account. The account has no fees. The bank is part of Barclays Bank PLC of London, which has its U.S. headquarters in Wilmington, Del.
  • GE Capital Bank (www.gecapitalbank.com) also pays 0.90% APY on your entire balance, up to $1 million. There’s no minimum amount required to open the account and it has no fees. The bank is chartered in Utah and is one of two online banks owned by the financial services arm of the manufacturing giant General Electric.

You can compare these rates to the best savings and money market account rates in our extensive database of banks.

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