Whether for an entrepreneur or an average Joe, saving money is vital to a secure financial future. For those looking to save money, access to the best high-interest savings account out there would be quite a boon. With CIT, the ability to save money is made easy and accessible for anyone no matter their needs. With very few drawbacks, CIT makes banking easier.
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What Does CIT Banking Offer?
CIT is, primarily, a commercial banking service meant for business owners of many sizes. They also offer personal banking with a focus on investment and high interest rates on their savings accounts. In particular, their ATM fee reimbursement system is revolutionary for those who get annoyed by nickel and diming done by many other banks. CIT offers reimbursements for up to thirty dollars of fees from using ATMs from other banks. This also means that you can access CIT’s banking system using any ATM from any bank.
Many standard features are also available to CIT users, like the ability to freeze debit cards and insurance on deposited funds, insured by the Federal Deposit Insurance Company of America up to two hundred and fifty thousand dollars.
The feature that attracts most people to CIT, though, is its high-interest rate on savings accounts. With balances lower than twenty-five thousand dollars, you get a 0.10% annual percentage yield, which effectively means that every year, your deposited money gains a tenth of a percent, and although it sounds small, this amount jumps up to 0.25% with balances of twenty-five thousand or higher. This is immensely higher than the American national average of 0.06% annual percentage yield.
Along with all this, access to features that allow the creation of invoices with ease, and the ability to payroll employees make CIT’s systems perfectly suited for business owners. For small businesses, access to funds and services around finance and banking can be vital for getting the jump that many businesses need to get off the ground. At the same time, the high-interest rates make paying back those loans easier than expected, since every sale contributes to a larger balance, and thus more passive income.
CIT acts as more than just a bank as well, with its integrated support for invoicing, payment processing, and employee management using its C-suite digital solutions. By keeping most of its operations online, keeping the workplace COVID-safe is made even easier. The extra time that CIT saves you with its management systems gives you more time to focus on your community and your business’s inner workings so that you can focus on growing your products, services, and brands.
Best High-Interest Savings Account: Accessing CIT’s Banking Options
Simple as going online and signing up, CIT only asks that you deposit a minimum of a hundred dollars to start an account. From there, everything is quite simple. You need your information and tax documents, of course, and a transfer of a hundred dollars, after which you will receive an email that finishes up your account creation.
With that, there is not much more to it. Creating the account is all, and assuming your documentation and money transfer go through, you should receive a debit card in the mail in no time.
From there, accessing all the tools now at your disposal is easy to do using CIT’s mobile banking app, or their website, both of which are easy to use and access.
How CIT is Set Apart from its Competitors
CIT has a myriad of features that make it a superior option to its other competitors, chief of which is its high-interest rate. The protections that CIT has set up for its cardholders as well place it among the safest of banking institutions, along with its convenience of usage, making it an attractive choice for both younger people on the go, and older people who do not want all the hassle a standard bank might offer.
Like many other banks, CIT also offers loans, although those are not the primary focus of this article. That being said, access to loans is a nice plus for those who might need it, especially in the business sector.
The infrastructural support CIT provides puts it in the top-tier of banking in America. By taking care of invoices and payment processing as well as employee payment for you, CIT seeks to give you more time for what matters in your business. Their best high-interest savings account provides you with these services and supports so that your business can be your main focus.
CIT’s always available tech support also means that just in case anything is confusing, there are people ready for you, and they even have some automated services to try and help troubleshoot common problems.
The Audience for CIT
The main focus for CIT is, of course, for business owners. While it is available to anyone, its products and services are centered around people who run independent businesses, in particular, because of its robust infrastructure. That being said, the best high-interest savings account that CIT can offer is still available to anyone, and the interest rates are the same whether you’re a small business, medium business, big business, or even no business.
The ease-of-use markets itself towards either those who are technologically inept, or those who do not have time to manage their technology. Regardless of which group you belong to, CIT is good for such uses.
People who have large amounts of liquid cash that they want to store with a high-interest rate also will be happy with CIT because of the 0.25% annual percentage yield, although people with the interest of generating a passive income likely are better off in investing than in straight interest build-up. It depends on the individual desires of the person choosing the bank, of course.
CIT aims itself mostly towards the small and medium-sized business sector though overall, hoping to earn the trust of new entrepreneurs that can use all the help they can get.
CIT’s Positive Aspects
The ease of use with CIT’s best high-interest savings account is, of course, its main attraction. Most people who use CIT’s banking options go to it for the annual percentage yield, but along with that come the business benefits and ease of use that make CIT comfortable for anyone to use.
The infrastructure CIT provides for its users makes creating a business easier for those interested in such a thing. Particularly, CIT’s payroll, invoice and payment processing systems provide a great alternative to other expensive outsourced options.
CIT charges no fees monthly on its accounts, and they even reimburse other bank’s ATM charges for you so that you can access your cash when you need to through any bank’s ATM.
The online nature of CIT’s accounts makes working remotely due either to international workers making up your workforce, or COVID restrictions, or perhaps even just convenience easy to do without any hassle. This emphasis on E-banking makes CIT particularly attractive to the modern user in today’s time.
The insurance on deposits is nice to have just for some peace of mind for some of the more neurotic users out there. The chance of any vault ever being robbed is nearly zero, yet knowing your cash is safe can help some people rest at night.
The IT service and troubleshooting services via automated phone call are nice additions as well that some banks do not have. Being able to ask for and receive help at any time is useful for businesses where time is money, and an issue with payment could result in tens of thousands to hundreds of thousands of dollars in lost profits.
CIT’s site itself also provides education about the purpose of many of its features and offers business ideas too, although this is not its main selling point and is more of a tacked-on positive, I would say. Ultimately, the purpose of CIT’s best high-interest savings account is, namely, high interest and business infrastructure support above all.
Nothing is perfect, of course, and CIT does have its downsides. Mainly that to access the critically acclaimed interest rates, you need a twenty-five-thousand-dollar balance. This can be tough for some starter businesses that do not have access to such funds right away, but for any medium-sized business should be okay.
Most people who are looking to earn interest on liquid cash should be able to deposit such an amount easily, but nonetheless, it can be a hurdle to overcome for some people.
The troubleshooting services being automated calls is nice and all since it is better than nothing, but being completely honest, automated calls can frustrate some people beyond belief, although reaching a real human for help should not be too tough during most hours.
E-banking is convenient for most people, but sometimes meeting in person with a bank associate to discuss an issue or an idea can not be beaten. The inability to do so can be hard for some to deal with, but others will not care at all.
Since CIT is a small or medium-sized business bank, some people might interpret it as a bank for businesses that are doomed to stay at that size. Colleagues might ask why you are not with a bigger, better bank and why you are sticking with some backwater new bank. The appearance of using CIT can be bad since they are relatively small compared to larger banks. That being said, if you are a medium-sized business looking to head into the big leagues, you can always switch banks when the time comes to get a more well-known name associated with your brand. Then again, maybe working with a small bank is part of your style. Each business is different.
A minor gripe, but a gripe nonetheless, is that some of the features for the bank can feel somewhat tacked on and added as filler for the customer to feel like they are getting more. Having lessons about how to have a bank account can feel condescending at worst, dubious at best for some users who already know how interest works and all.
CIT as a Business Banking Service Overall
CIT is a solid choice for the low to mid-end of business all in all. They provide some convenient infrastructure and a high-interest rate that can greatly benefit growing businesses. They ultimately have many of the downfalls that any smaller-sized bank will have, but they come with some fine features and an excellent interest rate.
Their E-banking system is convenient for remote work, but can be tough for those that prefer in-person contact. The lack of monthly fees and the ATM reimbursements are nice touches that show that CIT cares about the smaller things in banking and the nickel and diming tactics that have infected many larger banks.
Their C-suite digital solutions can provide some nice ideas for business owners looking for inspiration, but ultimately are minor in comparison to the real selling point of a 0.25% annual percentage yield. Compared to America’s average of 0.06%, CIT blows the competition out of the water.
While going with CIT is justified alone by the annual percentage yield, the addition of their services and tech support makes for a nice package that suits a business well, along with the individual banker looking for a nice, secure, high-interest account.
Overall, if you can put up with the small business association, and if you want high interest, CIT will suit you well. The additional services a nice additional set of features, but with CIT’s best high-interest bank account, you get what is being advertised without any strings attached.