2.1% online savings account at CIT (promo)

[jetpack]

CIT bank is having a spring savings account promo

https://bankoncit.com/savenow-direct/

1.15% Plus a cash bonus.

15-100k = $100
100-300k = $250
300k+ = $400

with a 3 month minimum.

So, $100k savings deposit would net about 2.1% APR for 3 months, FDIC insured of course.

Edit: 15k deposit would net 3.8% APR for 3 months..

Might be a good option instead of a CD or other short term savings.

 

[Walt34]

I might bite on that. We have an embarrassingly high amount in savings (it lets DW sleep at night) but it's been earning a pittance. Thanks.

 

[audreyh1]

Thanks for the info. I might have to take advantage.....

1.15% is a better rate than my current high yield accounts.

 

[GTFan]

Highly misleading thread title. Yeah it's a promo but it's not a 2.1% savings account.

 

[dougef]

Highly misleading thread title. Yeah it's a promo but it's not a 2.1% savings account.

+1

 

[MJ]

This past January, I had a truck load of CDs coming to maturity and at that time CIT bank was having a promotion paying $95 when you opened their 1.05% HYS with a minimum of $25K keeping it for 3 statement cycles. Due to an omission of limiting the promotion to only one account, I opened 14 accounts with $25,000 each giving me $95 for each new account. They have had 2 more promotion paying $100 which I took advantage of as well.

 

[audreyh1]

American Express bank just raised their high yield savings rate to 1.05%. It now matches Ally.

Synchrony bank raised their rate to 1.15% a couple of weeks ago.

 

[braumeister]

Discover Bank has been 1.10% for a while now.
I opened mine as an AAII member years ago so I'm getting 1.15%

Nice to see things starting to improve.

 

[MJ]

The GS (Goldman Sachs) Bank account has raised their rate to 1.2% APY.

 

[ExFlyBoy5]

Discover Bank has been 1.10% for a while now.
I opened mine as an AAII member years ago so I'm getting 1.15%

Nice to see things starting to improve.

Yes. the .05% increase will result in [-]hundreds[/-] THOUSANDS of folks retiring early!

 

[Koolau]

Think I'll just keep it in the mattress and not give them the satisfaction!

 

[audreyh1]

Think I'll just keep it in the mattress and not give them the satisfaction!

Really?!?

 

[Blue Collar Guy]

This past January, I had a truck load of CDs coming to maturity and at that time CIT bank was having a promotion paying $95 when you opened their 1.05% HYS with a minimum of $25K keeping it for 3 statement cycles. Due to an omission of limiting the promotion to only one account, I opened 14 accounts with $25,000 each giving me $95 for each new account. They have had 2 more promotion paying $100 which I took advantage of as well.

 

[burch64]

Dollar Savings is offering 1.3%

https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp

 

[target2019]

Think I'll just keep it in the mattress and not give them the satisfaction!

Please don't smoke in bed!

 

[Koolau]

Really?!?

No. But metaphorically, yes. I keep quite a bit in the checking account AND a handful of $20s in the sock drawer. If I wanted to work at it, I could probably find a home for some of that in a 1% setting. I might make $100 in a year. But last time I had $4K in a CD I had to bust it and lose the interest. Most 1% or more money is (as shown in the early posts) either a gimmick or has to be worked at. I'm retired. YMMV

 

[Koolau]

Please don't smoke in bed!

I quit looking!

 

[audreyh1]

No. But metaphorically, yes. I keep quite a bit in the checking account AND a handful of $20s in the sock drawer. If I wanted to work at it, I could probably find a home for some of that in a 1% setting. I might make $100 in a year. But last time I had $4K in a CD I had to bust it and lose the interest. Most 1% or more money is (as shown in the early posts) either a gimmick or has to be worked at. I'm retired. YMMV

No. 1% to 1.15% is easy these days, no gimmicks, no lock up. You might have to work a bit harder or commit to a term (CD) to get higher rates today.

 

[Koolau]

No. 1% to 1.15% is easy these days, no gimmicks, no lock up. You might have to work a bit harder or commit to a term (CD) to get higher rates today.

I'm also talking about the work of being certain I have enough in the check book to meet my quite variable spending. For 1%, I then have to move money around and that to me is work. Plus, if I get it wrong, I lose in one returned check what I made with all my efforts. If it works for you and you are willing to play the game, I'm all for it. To me, it's not worth the effort.

We're all different in how we view money, value, worth, effort, w*rk, etc. I pick up Hawaiian nickels (discarded soda cans and water bottles to be returned for $.05). I'm sure I make less doing that than staying on top of my in-and-out money at 1%. I take pleasure in the former and find drudgery in the latter. If my continued FIRE depended upon it, I'd play the game (probably after dropping cable TV, the extra cell phone, the high-speed vs slow internet, etc., etc.)

Obviously, YMMV.

 

[audreyh1]

I'm also talking about the work of being certain I have enough in the check book to meet my quite variable spending. For 1%, I then have to move money around and that to me is work. Plus, if I get it wrong, I lose in one returned check what I made with all my efforts. If it works for you and you are willing to play the game, I'm all for it. To me, it's not worth the effort.

We're all different in how we view money, value, worth, effort, w*rk, etc. I pick up Hawaiian nickels (discarded soda cans and water bottles to be returned for $.05). I'm sure I make less doing that than staying on top of my in-and-out money at 1%. I take pleasure in the former and find drudgery in the latter. If my continued FIRE depended upon it, I'd play the game (probably after dropping cable TV, the extra cell phone, the high-speed vs slow internet, etc., etc.)

Obviously, YMMV.

When brokerage money market funds stopped paying reasonable interest rates I gradually opened various high yield savings accounts over several years. These also provided the nice advantage of FDIC insurance. Once open, the transfers are super easy, and fast (often next day, sometimes 3). So I have funds sitting various places, and one of them gets the annual spend from the brokerage and holds funds for estimated taxes. Monthly funds get transferred to bank checking for expenses. I occasionally adjust the amount. It runs very smoothly and I rarely make adjustments.

I keep a decent buffer in bank checking, with alerts if it goes below a certain amount, and Quicken let's me see my expected bills for the month.

But, yeah, I can see how someone might think that's too much work.

 

[kaneohe]

I'm also talking about the work of being certain I have enough in the check book to meet my quite variable spending. For 1%, I then have to move money around and that to me is work. Plus, if I get it wrong, I lose in one returned check what I made with all my efforts. ................

If you can find a checking acct w/ a line of credit attached , that can be quite handy . I've had them w/ a CU and w/ a smaller bank. If you overdraft the checking, the LOC pays the overage up to some preset limit that you can determine. There is no $30 overdraft fee........only the interest on the LOC.....granted it may be in the region of 10% APY but it amounts to some cents/day in most cases.

 

[euro]

When brokerage money market funds stopped paying reasonable interest rates I gradually opened various high yield savings accounts over several years. These also provided the nice advantage of FDIC insurance. Once open, the transfers are super easy, and fast (often next day, sometimes 3). So I have funds sitting various places, and one of them gets the annual spend from the brokerage and holds funds for estimated taxes. Monthly funds get transferred to bank checking for expenses. I occasionally adjust the amount. It runs very smoothly and I rarely make adjustments.

I keep a decent buffer in bank checking, with alerts if it goes below a certain amount, and Quicken let's me see my expected bills for the month.

But, yeah, I can see how someone might think that's too much work.

I have a similar set-up in place with automative transfers to replenish the main account. So far, it seems to work really well with little input required.

 

[bjorn2bwild]

Ally bank 1.50% APR, no penalty 11mo CD @25K+ and no gimmicks, looks to be the best in the short term category.

https://www.ally.com/bank/no-penalty-cd/

 

[audreyh1]

Yes - that is a big improvement. Last Dec their 11 month no penalty CD was 1.25%

Thanks!